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 July 2024 sales press release. Our August 8, 2024, press release reported a comparable store sales for stores open at least 1 full year for the 4-week period ended August 3, 2024, decreased 6.8% in comparison to the prior year 4-week period in August 5, 2023. Total net sales for the 4-week fiscal month increased 3.8% to $98.7 million compared to net sales of $95.1 million in the prior year 4-week fiscal month, ended July 29, 2023. On the men's side of the business, total sales for the 4-week fiscal period ended August 3, 2024, decreased 8% in comparison to the prior year 4-week period ended August 5, 2023. The men's business represented approximately 53.5% of total sales for the month versus approximately 54.5% 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%. On the women's side of the business, total sales for the 4-week fiscal period ended August 3, 2024, decreased 4% in comparison to the prior year 4-week period ended August 5, 2023. The women's business represented approximately 46.5% of total sales for the month versus approximately 45.5% in the same period a year ago. For the fiscal month, overall price points on the women's side of the business increased about 1%. Within the men's and women's categories combined, accessory sales for the fiscal month were down approximately 5% in comparison to the prior year 4-week period ended August 5, 2023, and footwear sales were down about 22.5%. These 2 categories accounted for approximately 10% and 4.5%, respectively, of the current fiscal July net sales. This compares with approximately 10% and 5.5%, respectively, for each in the prior year. Average accessory price points for the month were up about 0.5% and average footwear price points were up about 5.5% for the fiscal month. For the month, UPTs decreased about 1%, while the average transaction value increased approximately 1% compared to the prior year 4-week period ended August 5, 2023. The Buckle currently operates 440 retail stores in 42 states, compared to 442 stores in 42 states as of August 8, 2023. It is our company policy not to provide any guidance on current sales or 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.