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

This is Adam Akerson with Buckle, and this is a recording of Buckle's commentary regarding the company's April 2023 sales press release. Our May 4, 2023, press release reported a comparable store sales for stores open at least 1 full year for the 4-week period ended April 29, 2023, decreased 10.2% in comparison to the prior year 4-week period ended April 30, 2022. Total net sales for the 4-week fiscal month decreased 9.7% to $86.9 million compared to net sales of $96.3 million in the prior year 4-week fiscal month ended April 30, 2022. On the men's side of the business, total sales for the 4-week fiscal period ended April 29, 2023, decreased 10% in comparison to the prior year 4-week period ended April 30, 2022. The men's business represented approximately 53.5% of total sales for the month versus approximately 53% in the prior year fiscal April. For the fiscal month, overall price point on the men's side of the business were up approximately 2%. On the women's side of the business, total sales for the 4-week fiscal period ended April 29, 2023, decreased 11% in comparison to the prior year 4-week period ended April 30, 2022. The women's business represented approximately 46.5% of total sales for the month versus approximately 47% in the prior year fiscal April. For the fiscal month, overall price points on the women's side of the business were up approximately 3.5%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 4.5% in comparison to the prior year fiscal April, while footwear sales were down approximately 32.5%. These 2 categories accounted for approximately 11% and 8.5% respectively of the current fiscal April net sales. This compares with approximately 9.5% and 11.5% respectively, for each in the prior year fiscal April. Average accessory price points for the month were up approximately 12% and average footwear price points were up about 6% for the fiscal month. For the month, UPTs were up about 3.5%, and the average transaction value increased approximately 0.5% compared to the prior year fiscal April. Buckle currently operates 440 retail stores in 42 states, compared to 439 stores in 42 states as of May 4, 2022. It is our company policy not to provide any guidance on current sales or 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.