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 January 2021 sales press release. Our February 4, 2021 press release reported the comparable store sales for stores open at least 1 full year for the 4-week period ended January 30, 2021, increased 35.3% in comparison to the prior year 4-week period ended February 1, 2020. Total net sales for the 4-week fiscal month increased 33.6% to $63.1 million compared to net sales of $47.2 million in the prior year 4-week fiscal month ended February 1, 2020. On the men's side of the business, total sales for the 4-week fiscal period ended January 30, 2021 were up 30% in comparison to the prior year 4-week period ended February 1, 2020. The men's business represented approximately 47.5% of total sales for the month, versus approximately 49% in the prior year fiscal January. 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 4-week fiscal period ended January 30, 2021, were up approximately 38% in comparison to the prior year 4-week period ended February 1, 2020. The women's business represented approximately 52.5% of total sales for the month versus approximately 51% in the prior year fiscal January. For the fiscal month, overall price points on the women's side of the business were up about 7%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 26% in comparison to the prior year fiscal January, and footwear sales were up about 75.5%. These 2 categories accounted for approximately 7.5% and 10.5%, respectively, of the current fiscal January net sales. This compares with approximately 8% of sales for each of these categories for the same period in the prior year. Average accessory price points were up approximately 2.5%, and average footwear price points were up about 1% for the fiscal month. For the month, UPTs were down about 2.5%, while the average transaction value increased approximately 1% compared to the prior year fiscal January. Buckle currently operates 442 retail stores in 42 states compared to 448 stores in 42 states as of February 4, 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 questions. If, however, you have any further questions, please call Tom Heacock at (308) 238-2443 or myself at (308) 338-2779. Thanks.