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 August 2022 sales press release. Our September 1, 2022 press release reported a comparable store sales for stores open at least 1 full year for the 4-week period ended August 27, 2022, increased 4.6% in comparison to the prior year 4-week period ended August 28, 2021. Total net sales for the 4-week fiscal month increased to 5.8% to $118 million compared to net sales of $111.6 million in the prior year 4-week fiscal month ended August 28, 2021. On the men's side of the business, total sales for the 4-week fiscal period ended August 27, 2022, increased 8% in comparison to the prior year 4-week period ended August 28, 2021. The men's business represented approximately 54.5% of total sales for the month versus approximately 53% in the prior year fiscal August. For the fiscal month, overall price points on the men's side of the business were up approximately 5%. On the women's side of the business, total sales for the 4-week fiscal period ended August 27, 2022, increased 1.5% in comparison to the prior year 4-week period ended August 28, 2021. The women's business represented approximately 45.5% of total sales for the month versus approximately 47% in the prior year fiscal August. For the fiscal month, overall price points on the women's side of the business were up approximately 6.5%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 12.5% in comparison to the prior year fiscal August, while footwear sales were down approximately 9.5%. These 2 categories accounted for approximately 9% and 7%, respectively, of the current fiscal August net sales. This compares with approximately 8.5% for each category in the prior year fiscal August. Average accessory price points were up approximately 10.5% and average footwear price points were up about 1.5% for the fiscal month. For the month, UPTs were down slightly, and the average transaction value increased approximately 5.5% compared to the prior year fiscal August. Buckle currently operates 442 retail stores in 42 states compared to 442 stores in 42 states as of September 1, 2021. 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 Peacock at 308 238-2443 or myself at (308) 338-2779. Thanks.