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

Hi. This is Adam Akerson with Buckle, and this recording on Buckle's commentary regarding the company's August 2023 sales press release. Our August 31, 2023, press release reported the comparable store sales for stores open at least 1 full year for the 4-week period ended August 26, 2023, decreased 5% in comparison to the prior year 4-week period ended August 27, 2022. Total net sales for the 4-week fiscal month decreased 4.7% to $112.5 million compared to net sales of $118 million in the prior year 4-week fiscal month ended August 27, 2022. On the men's side of the business, total sales for the 4-week fiscal period ended August 26, 2023, decreased 3% in comparison to the prior year 4-week period ended August 27, 2022. The men's business represented approximately 55.5% of total sales for the month versus approximately 54.5% in the prior year fiscal August. 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, total sales for the 4-week fiscal period ended August 26, 2023, decreased 6% in comparison to the prior year 4-week period ended August 27, 2022. The women's business represented approximately 44.5% of total sales for the month versus approximately 45.5% in the prior year fiscal August. For the fiscal month, overall price points on the women's side of the business were up approximately 2.5%. Within the men's and women's categories combined, accessory sales for the fiscal month were down approximately 1.5% in comparison to the prior year fiscal August, and footwear sales were down about 30%. These 2 categories accounted for approximately 9.5% and 5%, respectively, of the current fiscal August net sales. This compares with approximately 9% and 7%, respectively, for each in the prior year fiscal August. Average accessory price points for the month were up approximately 4.5%, and average footwear price points were up about 9.5% for the fiscal month. For the month, UPTs were down about 1.5%, while the average transaction value increased approximately 0.5% compared to the prior year fiscal August. Buckle currently operates 442 retail stores in 42 states compared to 442 stores in 42 states as of August 31, 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.