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

This is Adam Akerson with Buckle, and it is a recording of Buckle's commentary related to the company's September 2022, sales press release. Our October 6, 2022, press release reported that comparable store sales, for stores open at least one full year, for the five-week period ended October 1, 2022, increased 2.7% in comparison to the prior year five-week period ended October 2, 2021. Total net sales for the five-week fiscal month increased 3.8% to $115.5 million compared to net sales of $111.2 million in the prior year five-week fiscal month ended October 2, 2021. On the men's side of the business, total sales for the five-week fiscal period ended October 1, 2022, increased 5% in comparison to the prior year five-week period ended October 2, 2021. The men's business represented approximately 52.5% of total sales for the month versus approximately 51.5% in the prior year fiscal September. 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 five-week fiscal period ended October 1, 2022, increased 0.5% in comparison to the prior year five-week period ended October 2, 2021. The women's business represented approximately 47.5% of total sales for the month versus approximately 48.5% in the prior year fiscal September. For the fiscal month, overall price points on the women's side of the business were up approximately 7.5%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 17.5% in comparison to the prior year fiscal September, while footwear sales were down approximately 17.5%. These two categories accounted for approximately 10% and 7.5%, respectively, of the current fiscal September net sales. This compares with approximately 8.5% and 9.5%, respectively, for each category in the prior year fiscal September. Average accessory price points were up approximately 11.5% and the average footwear price points were up about 4% for the fiscal month. For the month, UPTs were down about 1% and the average transaction value increased approximately 5% compared to the prior year fiscal September. Buckle currently operates 441 retail stores in 42 states compared to 442 stores in 42 states as of October 6, 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 Heacock at (308) 238-2443, or myself at (308) 338-2779.