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

Hi. This is Adam Akerson with Buckle, and this is a recording of Buckle's commentary related to the company's March 2022 sales press release. Our April 7, 2022, press release reported that comparable store sales for stores open at least 1 full year for the 5-week period ended April 2, 2022, decreased 9.7% in comparison to the prior year 5-week period ended April 3, 2021. Total net sales for the 5-week fiscal month decreased 10.4% to $124.9 million compared to net sales of $139.4 million in the prior year 5-week fiscal month ended April 3, 2021. On the men's side of the business, total sales for the 5-week fiscal period ended April 2, 2022, were down 10% in comparison to the prior year 5-week period ended April 3, 2021. The men's business represented approximately 51% of total sales for both the current and prior year fiscal March. For the fiscal month, overall price points on the men's side of the business were down approximately 1.5%. On the women's side of the business, total sales for the 5-week fiscal period ended April 2, 2022, were down approximately 10.5% in comparison to the prior year 5-week period ended April 3, 2021. The women's business represented approximately 49% of total sales for both the current and prior year fiscal March. For the fiscal month, overall price points on the women's side of the business were down approximately 2.5%. Within the men's and women's categories combined, accessory sales for the fiscal month were down approximately 4% in comparison to the prior year fiscal March, and footwear sales were down about 8%. These 2 categories accounted for approximately 9% and 12%, respectively, of the current fiscal March net sales. This compares with approximately 8.5% and 11.5%, respectively, for each in the prior year fiscal March. Average accessory price points were down approximately 3.5% and average footwear price points were up about 3.5% for the fiscal month. For the month, both UPTs and the average transaction value were down approximately 2.5% compared to the prior year fiscal March. Buckle currently operates 439 retail stores in 42 states compared to 442 stores in 42 states as of April 7, 2021. It's 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.