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 February 2024 sales press release. Our March 7, 2024 press release reported that comparable store sales for stores open at least 1 full year for the 4-week period ended March 2, 2024 decreased 11.5% in comparison to the prior year 4-week period ended March 4, 2023. Total net sales for the 4-week fiscal month decreased 5.2% to $78.2 million compared to net sales of $82.5 million in the prior year 4-week fiscal month ended February 25, 2023. On the men's side of the business, total sales for the 4-week fiscal period ended March 2, 2024, decreased 9% in comparison to the prior year 4-week period ended March 4, 2023. The men's business represented approximately 53% of total sales for the month versus approximately 52% 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 1.5%. On the women's side of the business, total sales for the 4-week fiscal period ended March 2, 2024, decreased 13% in comparison to the prior year 4-week period ended March 4, 2023. The women's business represented approximately 47% of total sales for the month versus approximately 48% 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 3%. Within the men's and women's categories combined, accessory sales for the fiscal month were down approximately 11% in comparison to the prior year 4-week period ended March 4, 2023, and footwear sales were down about 35%. These 2 categories accounted for approximately 11% and 5.5%, respectively, of the current fiscal February net sales. This compares with approximately 11% 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 were up about 8% for the fiscal month. For the month, UPT decreased about 3.5% while the average transaction value was flat compared to the prior year 4-week period ended March 4, 2023. Buckle currently operates 442 retail stores in 42 states compared to 439 stores in 42 states as of March 7, 2023. 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 had 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.