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 December 2022 sales press release. Our January 5, 2023 press release reported the comparable store sales for stores opened at least 1 full year for the 5-week period ended December 31, 2022, increased 7% in comparison to the prior year 5-week period ended January 1, 2022. Total net sales for the 5-week fiscal month increased 7.9% to $214.5 million compared to net sales of $198.7 million in the prior year 5-week fiscal month ended January 1, 2022. On the men's side of the business, total sales for the 5-week fiscal period ended December 31, 2022, increased 12.5% in comparison to the prior year 5-week period ended January 1, 2022. The men's business represented approximately 60.5% of total sales for the month versus approximately 57.5% in the prior year fiscal December. For the fiscal month, overall price points on the men's side of the business were up approximately 7.5%. On the women's side of the business, total sales for the 5-week fiscal period ended December 31, 2022, increased 0.5% in comparison to the prior year 5-week period ended January 1, 2022. The women's business represented approximately 39.5% of total sales for the month versus approximately 42.5% in the prior year fiscal December. For the fiscal month, overall price points on the women's side of the business were up approximately 5.5%. 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 December, while footwear sales were down approximately 4%. These 2 categories accounted for approximately 12% and 9.5%, respectively, of the current fiscal December net sales. This compares with approximately 11% and 10.5%, respectively, for each in the prior year fiscal December. Average accessory price points for the month were up approximately 9%, while average footwear price points were up slightly for the fiscal month. For the month, UPTs were up slightly, while the average transaction value increased approximately 7.5% compared to the prior year fiscal December. Buckle currently operates 441 retail stores in 42 states compared to 440 stores in 42 states as of January 5, 2022. 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.