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

Hi. This is Adam Akerson with Buckle, and this is a recording of Buckle's commentary regarding the company's February 2023 sales press release. Our March 2, 2023, press release reported the comparable store sales for stores opened at least 1 full year for the 4-week period ended February 25, 2023, decreased 6.9% in comparison to the prior year 4-week period ended February 26, 2022. Total net sales for the 4-week fiscal month decreased 6.1% to $82.5 million compared to net sales of $87.9 million in the prior year 4-week fiscal month ended February 26, 2022. On the men's side of the business, total sales for the 4-week fiscal period ended February 25, 2023, decreased 5% in comparison to the prior year 4-week period ended February 26, 2022. The men's business represented approximately 52% of total sales for the month versus approximately 51% in the prior year fiscal February. For the fiscal month, overall price points on the men's side of the business were up approximately 2.5%. On the women's side of the business, total sales for the 4-week fiscal period ended February 25, 2023, decreased 9% in comparison to the prior year 4-week period ended February 26, 2022. The women's business represented approximately 48% of total sales for the month versus approximately 49% in the prior year fiscal February. For the fiscal month, overall price points on the women's side of the business were up approximately 3%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 21% in comparison to the prior year fiscal February while footwear sales were down approximately 46%. These 2 categories accounted for approximately 11% and 7.5%, respectively, of the current fiscal February net sales. This compares with approximately 8.5% and 13%, respectively, for each in the prior year fiscal February. Average accessory price points for the month were up approximately 14%, and average footwear price points were up about 7% for the fiscal month. For the month, UPTs were up slightly, and the average transaction value increased approximately 3% compared to the prior year fiscal February. Buckle currently operates 439 retail stores in 42 states compared to 439 stores in 42 states as of March 2, 2020. 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.