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 May 2023 sales press release. Our June 1, 2023, press release reported the comparable store sales for stores open at least 1 full year, for the 4-week period ended May 27, 2023, decreased 6.4% in comparison to the prior year 4-week period ended May 28, 2022. Total net sales for the 4-week fiscal month decreased 5.3% to $89.3 million, compared to net sales of $94.3 million in the prior year 4-week fiscal month ended May 28, 2022. On the men's side of the business, total sales for the 4-week fiscal period ended May 27, 2023, decreased 4.5% in comparison to the prior year 4-week period ended May 28, 2022. The men's business represented approximately 55% of total sales for the month versus approximately 54% in the prior year fiscal May. For the fiscal month, overall price points on the men's side of the business were up approximately 4%. On the women's side of the business, total sales for the 4-week fiscal period ended May 27, 2023, decreased 8% in comparison to the prior year 4-week period ended May 28, 2022. The women's business represented approximately 45% of total sales for the month versus approximately 46% in the prior year fiscal May. For the fiscal month, overall price points on the women's side of the business were up approximately 4%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 3% in comparison to the prior year fiscal May, while footwear sales were down about 13.5%. These 2 categories accounted for approximately 11.5% and 8.5%, respectively, of the current fiscal May net sales. This compares with approximately 10.5% and 9.5%, respectively, for each in the prior year fiscal May. Average accessory price points for the month were up approximately 11% and average footwear price points were up about 7.5% for the fiscal month. For the month, UPTs were down about 1%, while the average transaction value increased slightly compared to the prior year fiscal May. Buckle currently operates 440 retail stores in 42 states, which is consistent with the total store count a year ago. 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.