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

This is Adam Akerson of Buckle, and this is a recording of Buckle's commentary related to the company's March 2021 sales press release. Please note that due to the significant impact of the company's closures, all brick-and-mortar stores as a result of the COVID-19 pandemic beginning March 18, 2020, all comparisons in this commentary will be against the same 5-week period in fiscal 2019. Our April 8, 2021 press release reported that net sales for the 5-week period ended April 3, 2021, increased 69.5% to $139.4 million, compared to net sales of $82.3 million in the 5-week fiscal month ended April 6, 2019. On the men's side of the business, total sales for the 5-week fiscal period ended April 3, 2021, were up 72% in comparison to the 5-week period ended April 6, 2019. The men's business represented approximately 51% of total sales for the month versus approximately 50.5% in March of fiscal 2019. Compared to fiscal 2019, overall price points on the men's side of the business were down approximately 0.5%. On the women's side of the business, total sales for the 5-week fiscal period ended April 3, 2021, were up approximately 67% in comparison to the 5-week period ended April 6, 2019. The women's business represented approximately 49% of total sales for the month versus approximately 49.5% in March of fiscal 2019. Compared to fiscal 2019, overall price points on the women's side of the business were up approximately 8%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 75% comparison to -- in comparison to March of fiscal 2019, and footwear sales were up about 160.5%. These 2 categories accounted for approximately 8.5% and 11.5%, respectively of the current fiscal March net sales. This compares with approximately 8% and 7.5%, respectively, for each in March of fiscal 2019. Average accessory price points were up approximately 5.5%, while average footwear price points were down about 2% for the same comparison period. For the month, UPTs were down approximately 2%, while average transaction value increased approximately 5.5% compared to March of fiscal 2019. Buckle currently operates 442 stores in 42 states, compared to 446 stores in 42 states as of April 8, 2020, and 450 stores in 42 states as of April 8, 2019. 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.