The Buckle, Inc. (BKE) Earnings Call Transcript & Summary

This is Adam Akerson with Buckle, and this is a recording of Buckle's commentary related to the company's December 2020 sales press release. Our January 7, 2021 press release reported the comparable store sales for stores open at least 1 full year for the 5-week period ended January 2, 2021, increased 17.9% in comparison to the prior year 5-week period ended January 4, 2020. Total net sales for the 5-week fiscal month increased 17.7% to $169.4 million compared to net sales of $143.9 million in the prior year 5-week fiscal month ended January 4, 2020. On the men's side of the business, total sales for the 5-week fiscal period ended January 2, 2021, were up 15.5% in comparison to the prior year 5-week period ended January 4, 2020. The men's business represented approximately 58.5% of total sales for the month versus approximately 59.5% in the prior year fiscal December. For the fiscal month, overall price points on the men's side of the business were down approximately 1%. On the women's side of the business, total sales for the 5-week fiscal period ended January 2, 2021, were up approximately 19% in comparison to the prior year 5-week period ended January 4, 2020. The women's business represented approximately 41.5% of total sales for the month versus approximately 40.5% in the prior year fiscal December. For the fiscal month, overall price points on the women's side of the business were up about 4%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 12.5% in comparison to the prior year fiscal December, and footwear sales were up about 63%. These 2 categories accounted for approximately 10% and 12%, respectively, of the current fiscal December net sales. This compares with approximately 10.5% and 8.5%, respectively, for each of these categories in the same period in the prior year. Average accessory price points were down approximately 2%, and average footwear price points were down about 3% for the fiscal month. For the month, UPTs were down slightly, while the average transaction value increased approximately 2% compared to the prior year fiscal December. Buckle currently operates 445 retail stores in 42 states compared to 448 stores in 42 states as of January 7, 2020. It is our company policy not to provide any guidance on current sales or to project results for the next quarter. Additionally, any forward-looking statements made during this commentary involve material risks and uncertainties and are subject to change based on factors which may be beyond the company's control. Accordingly, the company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the company's filings with the Securities and Exchange Commission. I hope this brief commentary has answered your question. If however, you have any further questions, please call Tom Heacock at (308) 238-2443 or myself at (308) 338-2779. Thanks.