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

Hi. This is Adam Akerson with Buckle, and this is the recording of Buckle's commentary related to the company's November 2022 sales press release. Our December 1, 2022, press release reported a comparable store sales for stores open at least 1 full year for the 4-week period ended November 26, 2022, decreased 0.3% in comparison to the prior year 4-week period ended November 27, 2021. Total net sales for the 4-week fiscal month increased 0.5% to $117.9 million compared to net sales of $117.3 million in the prior year 4-week fiscal month ended November 27, 2021. On the men's side of the business, total sales for the 4-week fiscal period ended November 26, 2022, increased 3.5% in comparison to the prior year 4-week period ended November 27, 2021. The men's business represented approximately 57% of total sales for the month versus approximately 55% in the prior year fiscal November. For the fiscal month, overall price points on the men's side of the business were up approximately 8%. On the women's side of the business, total sales for the 4-week fiscal period ended November 26, 2022, decreased 4% in comparison to the prior year 4-week period ended November 27, 2021. The women's business represented approximately 43% of total sales for the month versus approximately 45% in the prior year fiscal November. 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 7% in comparison to the prior year fiscal November, while footwear sales were down approximately 12.5%. These 2 categories accounted for approximately 9% and 9.5%, respectively, of the current fiscal November net sales. This compares with approximately 8.5% and 10.5%, respectively, for each in the prior year fiscal November. Average accessory price points for the month were up approximately 10.5%, while average footwear price points were down about 0.5% for the fiscal month. For the month, UPTs were down about 3%, while the average transaction value increased approximately 6% compared to the prior year fiscal November. Buckle currently operates 441 retail stores in 42 states, which is consistent with the total store count as of December 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 Heacock at (308) 238-2443 or myself at (308) 338-2779. Thanks.