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 November 2023 sales press release. Our November 30, 2023, press release reported the comparable store sales for stores open at least one full year for the 4-week period ended November 25, 2023, decreased 10.8% in comparison to the prior year 4-week period ended November 26, 2022. Total net sales for the 4-week fiscal month decreased 10.1% to $106 million compared to net sales of $117.9 million in the prior year 4-week fiscal month ended November 26, 2022. On the men's side of the business, total sales for the 4-week fiscal period ended November 25, 2023, decreased 8.5% in comparison to the prior year 4-week fiscal period ended November 26, 2022. The men's business represented approximately 58% of total sales for the month versus approximately 57% in the prior-year fiscal November. 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 of the business, total sales for the 4-week fiscal period ended November 25, 2023, decreased 12.5% in comparison to the prior year 4-week period ended November 26, 2022. The women's business represented approximately 42% of total sales for the month versus approximately 43% in the prior-year fiscal November. For the fiscal month, overall price points on the women's side of the business decreased approximately 0.5%. Within the men's and women's categories combined, accessory sales for the fiscal month were down approximately 4.5% in comparison to the prior-year fiscal November. Footwear sales were down about 43%. These 2 categories accounted for approximately 9.5% and 6%, respectively, of the current fiscal November net sales. This compares with approximately 9% and 9.5%, respectively, for each in the prior-year fiscal November. Average accessory price points for the month were up approximately 1%, and average footwear price points were up about 9.5% for the fiscal month. For the month, UPTs increased about 2% and the average transaction value increased approximately 1.5% compared to the prior-year fiscal November. Buckle currently operates 445 retail stores in 42 states compared to 441 stores in 42 states as of November 30, 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.