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 September 2023 sales press release. Our October 5, 2023, press release reported the comparable store sales for stores open at least 1 full year for the 5-week period ended September 30, 2023, decreased 11.1% in comparison to the prior year 5-week period ended October 1, 2022. Total net sales for the 5-week fiscal month decreased 10.7% to $103.1 million compared to net sales of $115.5 million in the prior year 5-week fiscal month ended October 1, 2022. On the men's side of the business, total sales for the 5-week fiscal period ended September 30, 2023, decreased 9% in comparison to the prior year 5-week period ended October 1, 2022. The men's business represented approximately 53.5% of total sales for the month versus approximately 52.5% in the prior year fiscal September. For the fiscal month, overall price points on the men's side of the business were up approximately 2%. On the women's side of the business, total sales for the 5-week fiscal period ended September 30, 2023, decreased 12.5% in comparison to the prior year 5-week period ended October 1, 2022. The women's business represented approximately 46.5% of total sales for the month versus approximately 47.5% in the prior year fiscal September. For the fiscal month, overall price points on the women's side of the business were up approximately 1%. Within the men's and women's categories combined, accessory sales for the fiscal month were down approximately 7% in comparison to the prior year fiscal September, and footwear sales were down about 26%. These 2 categories accounted for approximately 10.5% and 6%, respectively, of the current fiscal September net sales. This compares with approximately 10% and 7.5%, respectively, for each in the prior year fiscal September. Average accessory price points for the month were up approximately 1%, and average footwear price points were up about 7.5% for the fiscal month. For the month, both UPTs and the average transaction value were down about 0.5% compared to the prior year fiscal September. Buckle currently operates 443 retail stores in 42 states compared to 441 stores in 42 states as of October 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.