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 October 2022 sales press release. Our November 3, 2022, press release reported the comparable store sales for stores open at least 1 full year for the 4-week period ended October 29, 2022, increased 1.4% in comparison to the prior year 4-week period ended October 30, 2021. Total net sales for the 4-week fiscal month increased 2.3% to $98.8 million compared to net sales of $96.6 million in the prior year 4-week fiscal month ended October 30, 2021. On the men's side of the business, total sales for the full week fiscal period ended October 29, 2022, increased 5% in comparison to the prior year 4-week period ended October 30, 2021. The men's business represented approximately 53% of total sales for the month versus approximately 51.5% in the prior year fiscal October. For the fiscal month, overall price points on the men's side of the business were up approximately 7%. On the women's side of the business, total sales for the 4-week fiscal period ended October 29, 2022, decreased 2% in comparison to the prior year 4-week period ended October 30, 2021. The women's business represented approximately 47% of total sales for the month versus approximately 48.5% in the prior year fiscal October. For the fiscal month, overall price points on the women's side of the business were up approximately 7%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 16%. In comparison to the prior year fiscal October, while footwear sales were down approximately 23.5%. These 2 categories accounted for approximately 9% and 8.5%, respectively, of the current fiscal October net sales. This compares with approximately 8% and 11%, respectively, for each in the prior year fiscal October. Average accessory price points were up approximately 9% and average footwear price points were up about 2.5% for the fiscal month. For the month, UPTs were down about 1%, and the average transaction value increased approximately 5.5% in comparison to the prior year fiscal October. Buckle currently operates 441 retail stores in 42 states, which is consistent with the total store count as of November 3, 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. Thanks.