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 January 2024 sales press release. Our February 8, 2024 press release reported the comparable store sales for stores open at least 1 full year for the 5-week period ended February 3, 2024, decreased 17.4% in comparison to the prior year 5-week period, ended February 4, 2023. Total net sales for the 5-week fiscal month increased 4.5% to $72.6 million compared to net sales of $69.4 million in the prior year 4-week fiscal month ended January 28, 2023. Please note that January 2024 was a 5-week fiscal period ending Buckle's 53-week fiscal year. The prior January was a 4-week fiscal period ending a 52-week fiscal year. All comparisons following are against the same 5-week period in the prior year. On the men's side of the business, total sales for the 5-week fiscal period ended February 3, 2024, decreased 14% in comparison to the prior year 5-week period ended February 4, 2023. The men's business represented approximately 50.5% of total sales for the month versus approximately 49.5% for the same period in the prior year. For the fiscal month, overall price points on the men's side of the business were up approximately 3.5%. On the women's side of the business, total sales for the 5-week fiscal period ended February 3, 2024, decreased 17% in comparison to the prior year 5-week period ending February 4, 2023. The women's business represented approximately 49.5% of total sales for the month versus approximately 50.5% for the same period in the prior year. For the fiscal month, overall price points on the women's side of the business increased approximately 4%. Within the men's and women's categories combined, accessory sales for the fiscal month were down approximately 18.5% in comparison to the prior year 5-week period ended February 4, 2023 and footwear sales were down about 42.5%. These 2 categories accounted for approximately 10% and 5%, respectively, of the current fiscal January net sales. This compares with approximately 10% and 7.5%, respectively, for each in the prior year. Average accessory price points for the month were up approximately 3% and average footwear price points for the month were up about 8%. For the month, UPTs decreased about 1.5%, while the average transaction value increased approximately 1.5% compared to the prior year 5-week fiscal period ended February 4, 2023. Buckle currently operates 444 retail stores in 42 states compared to 440 stores in 42 states as of February 8, 2023. It's 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.