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

Hi. This is Adam [indiscernible] with Buckle. And this is a recording of Buckle's commentary regarding the company's October 2023 sales press release. Our November 2, 2023, press release reported that comparable store sales for stores open at least 1 full year for the 4-week period ended October 28, 2023, decreased 11.9% in comparison to the prior year 4-week period ended October 29, 2022. Total net sales for the 4-week fiscal month decreased 11.1% to $87.8 million compared to net sales of $98.8 million in the prior year 4-week fiscal month ended October 29, 2022. On the men's side of the business, total sales for the 4-week fiscal period ended October 28, 2023, decreased 9.5% in comparison to the prior year 4-week period ended October 29, 2022. The men's business represented approximately 54% of total sales for the month versus approximately 53% in the prior year fiscal October. 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 4-week fiscal period ended October 28, 2023, decreased 12.5% in comparison to the prior year 4-week period ended October 29, 2022. The women's business represented approximately 46% of total sales for the month versus approximately 47% in the prior year fiscal October. For the fiscal month, overall price points on the women's side of the business were flat. 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 October, and footwear sales were down about 37%. These 2 categories accounted for approximately 9.5% and 6%, respectively, of the current fiscal October net sales. This compares with approximately 9% and 8.5%, respectively, for each in the prior year fiscal October. Average accessory price points for the month were up approximately 2%, and average footwear price points were up about 9.5% for the fiscal month. For the month, both UPTs and the average transaction value were up about 0.5% compared to the prior year fiscal October. Buckle currently operates 443 retail stores in 42 states compared to 441 stores in 42 states as of November 2, 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.