The Buckle, Inc. (BKE) Earnings Call Transcript

Hi. This is Adam Akerson with Buckle, and this is a recording of Buckle's commentary regarding the company's June 2023 sales press release. Our July 6, 2023 press release reported the comparable store sales for stores open at least 1 full year for the 5-week period ended July 1, 2023, decreased 2.4% in comparison to the prior year 5-week period ended July 2, 2022. Total net sales for the 5-week fiscal month decreased 1.8% to $108 million compared to net sales of $110 million in the prior year 5-week fiscal month ended July 2, 2022. On the men's side of the business, total sales for the 5-week fiscal period ended July 1, 2023, increased 1% in comparison to the prior year 5-week period ended July 2, 2022. The men's business represented approximately 59% of total sales for the month versus approximately 57% in the prior year fiscal June. For the fiscal month, overall price points on the men's side of the business were up approximately 5%. On the women's side of the business, total sales for the 5-week fiscal period ended July 1, 2023, decreased 6.5% in comparison to the prior year 5-week period ended July 2, 2022. The women's business represented approximately 41% of total sales for the month versus approximately 43% in the prior year fiscal June. For the fiscal month, overall price points on the women's side of the business were up approximately 1.5%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 5% in comparison to the prior year fiscal June, while footwear sales were down about 10%. These 2 categories accounted for approximately 13% and 8%, respectively, of the current fiscal June net sales. This compares with approximately 12% and 8.5%, respectively, for each in the prior year fiscal June. Average accessory price points for the month were up approximately 7.5%, and average footwear price points were up about 10% for the fiscal month. For the month, UPTs were down about 2.5%, while the average transaction value increased approximately 0.5% compared to the prior year fiscal June. Buckle currently operates 440 retail stores in 42 states compared to 441 stores in 42 states as of July 6, 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.