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

Hi. This is Adam Akerson with Buckle, and this is a recording of Buckle's commentary with the company's October 2021 sales press release. Our November 4, 2021, press release reported a comparable store sales, for stores opened at least 1 full year for the 4-week period ended October 30, 2021, increased 23.3% in comparison to the prior year 4-week period ended October 31, 2020. Total net sales for the 4-week fiscal month increased 23.6% to $96.5 million compared to net sales of $78.1 million in the prior year 4-week fiscal month at October 31, 2020. On the men's side of the business, total sales for the 4-week fiscal period ended October 30, 2021, were up 26% in comparison to the prior year 4-week period ended October 31, 2020. The men's business represented approximately 51.5% of total sales for the month versus approximately 50.5% in the prior year fiscal October. For the fiscal month, overall price points on the men's side of the business were down approximately 2%. On the women's side of the business, total sales for the 4-week fiscal period ended October 30, 2021, were up approximately 20.5% in comparison to the prior year 4-week period ended October 31, 2020. The women's business represented approximately 48.5% of total sales for the month versus approximately 49.5% in the prior year fiscal October. For the fiscal month, overall price points on the women's side of the business were up approximately 3.5%. Within the men's and women's categories combined, accessories sales for the fiscal month were up approximately 25% in comparison to the prior year fiscal October. And footwear sales were up about 20%. These 2 categories accounted for approximately 8% and 11%, respectively, of the current fiscal October net sales. This compares with approximately 8% and 11.5%, respectively, for each in the prior year fiscal October. Average accessory price points were up approximately 7%, and average footwear price points were up about 1% for the fiscal month. For the month, UPTs were down approximately 2.5%, and the average transaction value decreased approximately 1.5% compared to the prior year fiscal October. Buckle currently operates 441 retail stores in 42 states compared to 446 stores in 42 states as of November 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.