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

This is Adam Akerson with Buckle, and this is the recording of Buckle's commentary related to the company's November 2021 sales press release. Our December 2, 2021 press release reported a comparable store sales for stores open at least 1 full year for the 4-week period ended November 27, 2021, increased 36% in comparison to the prior year 4-week period ended November 28, 2020. Total net sales for the 4-week fiscal month increased 35.9% to $117.3 million compared to net sales of $86.3 million in the prior year 4-week fiscal month ended November 28, 2020. On the men's side of the business, total sales for the 4-week fiscal period ended November 27, 2021, were up 36.5% in comparison to the prior year 4-week period ended November 28, 2020. The men's business represented approximately 55% of total sales for the month versus approximately 54.5% in the prior year fiscal November. 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 November 27, 2021, were up approximately 34% in comparison to the prior year 4-week period ended November 28, 2020. The women's business represented approximately 45% of total sales for the month versus approximately 45.5% in the prior year fiscal November. 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, accessory sales for the fiscal month were up approximately 38% in comparison to the prior year fiscal November, and footwear sales were up about 26.5%. These 2 categories accounted for approximately 8.5% and 10.5%, respectively, of the current fiscal November net sales. This compares with approximately 8.5% and 11.5%, respectively, for each in the prior year fiscal November. Average accessory price points were up approximately 6.5% and average footwear price points were up about 3.5% for the fiscal month. For the month, UPTs were down approximately 2%, and the average transaction value decreased approximately 1% compared to the prior year fiscal November. Buckle currently operates 441 retail stores in 42 states compared to 446 stores in 42 states as of December 2, 2020. It is our company policy not to provide any guidance on current sales or 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.