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

Hi. This is Adam Akerson with The Buckle, and this is a recording of The Buckle's commentary regarding the company's June 2024 sales press release. Our July 11, 2024 press release reported the comparable store sales for stores open at least 1 full year for the 5-week period ended July 6, 2024, decreased 5.7% in comparison to the prior year 5-week period ended July 8, 2023. Total net sales for the 5-week fiscal month decreased 5.8% to $101.7 million compared to net sales of $108 million in the prior year 5-week fiscal month ended July 1, 2023. On the men's side of the business, total sales for the 5-week fiscal period ended July 6, 2024 decreased 5.5% in comparison to the prior year 5-week period ended July 8, 2023. The men's business represented approximately 59% of total sales for the month, consistent with the same period a year ago. 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 July 6, 2024, decreased 5% in comparison to the prior year 5-week period ended July 8, 2023. The women's business represented approximately 41% of total sales for the month, consistent with the same period a year ago. For the fiscal month, overall price points on the women's side of the business decreased slightly. Within the men's and women's categories combined, accessory sales for the fiscal month were down approximately 4% in comparison to the prior year 5-week period ended July 8, 2023, and footwear sales were down about 25%. These 2 categories accounted for approximately 13% and 6%, respectively, of the current fiscal June net sales. This compares with approximately 13% and 7.5%, respectively, for each in the prior year. Average accessory price points for the month were up slightly and average footwear price points were up about 3.5% for the fiscal month. For the month, UPTs decreased about 1%, while the average transaction value increased slightly compared to the prior year 5-week period ended July 8, 2023. The Buckle currently operates 439 retail stores in 42 states compared to 440 stores in 42 states as of July 11, 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 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.