The Buckle, Inc. (BKE) 20 Nov 202020 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the Buckle’s Third Quarter Earnings Release Conference Call.

We will begin today’s call with a Safe Harbor statement. Members of Buckle’s management on the call today are Dennis Nelson, President and CEO; Tom Heacock, Senior Vice President of Finance, Treasurer and CFO; Kelli Molczyk, Vice President of Women’s Merchandising; Bob Carlberg, Senior Vice President of Men’s Merchandising; and Brady Fritz, General Counsel and Corporate Secretary.

As they review the operating results for the third quarter, which ended October 31, 2020, they would like to reiterate their policy of not giving future sales or earnings guidance and have the following Safe Harbor statement, Safe Harbor statement under the Private Securities Litigation Reform Act of 1995. All forward-looking statements made by the company involve material risks and uncertainties and are subject to change based on factors, which maybe beyond the company’s control. performance or results forward-looking implied future from differ statements. company’s expressed those in the and may financial materially Accordingly, any such in Such to, the are but and the described Securities factors with company’s Commission. not Exchange filings include, those limited undertake future be company or or or revise if make implied results realized. expressed it clear therein publicly any The to update not statements forward-looking not even projected will does changes experience that any

audio reproductions or of Additionally, expressed should or of as does dissemination may inaccurate. upon quarterly the calls the the the relied not reproduction conference be transcripts company company’s the written authorize of consent. or calls recordings without its information be Any not unauthorized recordings

now Heacock. conference Mr. turn our host, As go Please to the recorded. reminder, a conference to is over Tom this sir. being ahead, like I would

Good us morning for thank and joining today. you

$XX.X Comparable Net share X, net ended the for November quarter increased prior or for the prior net the on diluted the million sales to net of XX-week quarter sales XX.X% Year-to-date share XXXX a ended of for XX.X% for prior net the Year-to-date XX-week year on a XX% for to press million quarter period year share million were diluted compared XXXX on year for XX, X.X% on prior ended store year November period comparison XXXX million quarter XXXX. year year-to-date per basis or of a compared the prior quarter. to XX-week $XXX ended increased October our or third and sales sales store ended $X.XX XX, the for ended online income basis net $XX million $XXX.X third October release $XX.X fiscal XXXX. XX-week to increased XX, $X.XX or XXXX XX-week compared October diluted X, period million was net third XX-week in the the prior income million. per November year Our for $XXX.X basis $XX.X million. period to to period share same in sales XX-week sales the XX.X% online XX-week decreased to in $XXX.X same period in diluted net fiscal X, XX-week $XX.X with million $XXX.X increased XX, sales was period sales XXXX. to reported the the compared X.X% of the income comparison and Comparable down third for the XX-week per basis $X.XX million $X.XX income to November per for

For the the approximately about increased the basis increase points X%, in X%, retail approximately the X%, and buying and X%. XX.X% basis quarter, UPTs average XXX approximately increased The transaction the for performance average quarter. given quarter X%. approximately year from transaction and strong result unit value X%, improvement margins the UPTs prior up of increased points XX.X%, XXX margin Gross Year-to-date, XXX a approximately top and distribution was increased the quarter. the point unit merchandise line average the for average basis occupancy value increased the retail of leverage costs increased in third year-over-year was

These for categories. of up margin the result partially across merchandise year-over-year XX e-com labor and to of and The expense savings of were point XXX the point XX a incentive expense expenses in were a along store a related basis These costs, period from in travel a basis in was sales to improvement The margins leverage to administrative a year. our incentive point basis SG&A point XX partially performance expenses improvement strong to period, result is basis basis XX.X% the and labor deleveraged net for ago. of store expenses basis compensation reduction improvement and For same in reduction increase by offset same expense accruals. a in performance point strong the in the costs offset and in increase The buying with year-over-year were of to costs. in occupancy shipping point net a continued costs shipping Selling, year-over-year an reduction year-to-date point the period XX compared gross XXX XX.X%, travel XXX due general same for a ago. increase point savings the accruals. for to last quarter by in increase related XX% offset was a e-com is result basis SG&A period XX were XX.X% XX.X% expenses basis XX.X% year XXX and sales basis related year point for partially compared due distribution year-to-date XXX points continued related basis by costs. increase several period the a reduction other compensation

XXXX. of Our XX.X% third for was quarter margin quarter the operating to fiscal for XX.X% the compared

margin XXXX also year-to-date last For period income year-to-date quarter income to million income to $XX.X was current quarter XXXX million to pre-tax $XX.X the was Other income XX.X% compared to a XX.X%, fiscal for the income as million for XX.X% third both our the percentage million third $XX.X as income quarter Income and million to of Income and of year. for $X.X net last for net expense year the quarter pre-tax million $X year was for year-to-date compared XXXX $X.X fiscal expense fiscal $X tax XXXX. prior operating was the other XX.X%, fiscal year. to year. and the for was compared period last year-to-date bringing bringing current of fiscal tax periods million prior period, compared for same for both the percentage versus for $XX net a million

XX, XXXX approximately from was of inventory October sheet of as of We $XXX.X fiscal of XXXX, $XXX.X million net at release assets total in cash and compares investments X, ended $XXX.X press XXXX and depreciation. of which which million the $XXX.X of $XXX.X which fixed also of Our with inventory XXXX. as as included XX.X% end and down of balance November million, quarter following: to the accumulated X, included $XXX.X million, million the November a million

Our depreciation capital expenditures the million. for quarter $X.X expense $X.X million was were and

new For broken million depreciation spending the store upgrades corporate million year-to-date and center. and were construction, for follows: and Year-to-date at technology million. store $X.X period, down and $X.X headquarters the million distribution was capital capital expenditures $X.X expense for spending is remodels capital $XX.X as

remodels, counts X year-to-date X stores, quarter, full X to During our the and which full remodels we completed new closures. store store brings X

quarter the Vice XXX of ended year. in XX our We expenditures includes Buckle XX also will in scheduled states, store XXX and investments. Merchandising. And at for be to in President QX. quarter million, store IT range year to planned for now, additional the to $X with the Based stores the I last end X which have still which both full of compares projects in third current turn retail we of million $X remodels Molczyk, Kelli expect on Women’s over states plans, the store to capital stores completion it

prior merchandise sales like would women’s to category. year I up quarter. the merchandise highlighting fiscal our Women’s for performance Tom. fiscal start the of against were approximately Thanks, quarter by the XX%

increased our denim points net prior XXXX. For women’s business $XX.XX. both the to and overall year Average women’s in about sales. XX.X% $XX.XX from $XX.XX points $XX.XX of increased And quarter, represented fiscal the price third quarter approximately fiscal of in fiscal the price quarter to third XXXX current from of X.X%

the women’s being We categories are pleased our for business quarter to with nice and sweaters, knit-tops report denim, another key footwear.

fall private guests we denim, the continues fall country, The continue expansion to footprint brands opening in rises key offering exclusive of along key categories. within of upon bottom mix of readiness been a and teammates. guest well with delays by openings. received their nice well denim, with for and to building our broadening addition the build, assortment flared as For In our delayed and our later has was of release the apparel evolve large our and a back-to-school traffic the in denim bottom part for the aligned label our

Soft graphic well wear fashion with our denim. fabrics, statement to and purchases top drove tees pair sweaters knits, ease of

our footwear we as casual our several added assortment new and to selection shoe business silhouettes exclusive expanded Our continued mix. drive our into

handbags dollars the For drive hats in branded and help industry, fragrance, fashion department.

In smaller offering youth we momentum business as versions of gained assortment addition, items. our Mini has evolve Me key adult our

knit-tops drive youth, majority continue business. For denim and of our the to

inventory allowing our the season our to in sellers, to offer closely us and We newness to to flow consistent market. react in opportunities of respond manage a to guests continue best

and build Vice changes for category. And Men’s Senior in into President holiday, discuss deliver performance amazing the products job Men’s I of an exciting it our team move and and to that, continues over vendors we to to our working will market Carlberg, to the Merchandising, Bob alongside the our to As turn Merchandise unique guests. with of fit do reacting

Merchandise fiscal Thanks, year quarter. the sales were Men’s up comparison for fiscal to prior XX% the in Kelli. quarter

quarter $XX.XX business the men’s the from of and to fiscal slightly approximately $XX.XX. XXXX price both in current increased quarter, For net third price overall Average $XX.XX decreased from fiscal XX.X% sales. in prior to third while year $XX.XX represented quarter, the men’s our of denim points points

our to and down Both overall increases. although our brands Markdown allowed knits, the great the back good December. private product in helped inventory led added Buckle wanted to brand I with have fall. along the we our boots November for business. comment Outpost our and to quarter. us with strongly along of have and way, in balance. efforts private selection such graphic the our It of footwear sourcing of hats of our strong casual and add is as our towards well These us to product BKE our Guests our For is brands for QX, together brand new our our and partners has guests have with T-Shirts teammates thank from who some good boots the end continues to to had deliver with wanted for also floor private Departwest. and quickly to responded youth Footwear and received. with denim, good came grow relationships expanded with product a exciting providing be about leading closings. well Veece new more shoes the teams success accessories, way is see the inventory collective to substantially come unique and also great QX especially all been majority been Denim as new two brand

of which Now, accessory These respectively compares categories two to the a combined accounted to accessory footwear XX%. each of sales quarter XX% fiscal That sales, against results XXXX. were XXXX. each denim down were third up while points tops sales in XX% and accounted quarter a X% average the about approximately fiscal XX.X% Again approximately the points fiscal fiscal approximately and the compares and for for were Average basis prior basis, combined approximately for XX%. the price third about XX% for X.X% of on and for turning year XX% approximately on quarter, third footwear up price to sales and in for were quarter quarter XX%. were X.X%, quarter of net X.X% up

For represented our part of Thank we being label call. private And the that, quarter, with questions. sales. XX% of you welcome the approximately for your business

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negative this reporting Buckle managed way has so, a lately? of through negative has the mid-July [indiscernible] Buckle XXXX. months or X pandemic for the beginning is sales all of Every ignore XXXX. started since should last impressive from one sales period I mall-based reported becomes been lockdown this same-store If of it apparel Buckle last same-store comp year toughest on the we question for growth rate then, This growth. how Hi, the XX Investments. retailers. has with months growth – have struggling impressive since be

comp to are positive months However, I out? insight Buckle there we Merchandise you. this the turnaround? positive has Thank managed But provide what during XX to to be showing Woman’s last missing changed you to else that Could that started see out-sign anything has Buckle growth. peers. us the would is report XX insight helpful? with Any

we weeks to question And last morning. back Good to third year, we year. solid In of – the fourth first pretty and improvement Dennis. it quarter is another our start. Well, different X as think last or all our this think good X finish a the departments. your This I had of were continued among the part year well I finished goes

those some retail high Our has improve branded team in growth we evolved excellent. as doing price points. the sales years it And product negatives, was have denim The past caused then, over talked difference brands In about And sales are denim. we substantial our been been the we been and own bit have sell-through sales. actually are women’s other have as And very the since a the we having this that up were of and leveled and has denim of was of on very prices men’s the little of in and great to a those payroll. lot The kind private brands, a our depression success that lot both good quarter. out.

they several done ways the And the to it. much e-commerce and so pretty good largest the marketing have very sales want can. on they giving teams site, shop – probably past, how that also of a issue, in improved us, of so was affecting to the job our guest We have shop we the our

year We inventory this have fourth kind that’s a And of that. ship-from-store, and year, which we e-commerce our we to for plus have business. our started improved that of quarter tested expanded categories been and then we cover our worked doing most our expanded on last through

has of improving. And we on been stores good our specialty store the been a lot And in teams have that have so approach and great. things working the

of and used We before us new very that women’s. a to return guests are lot are to answers for this shopped enjoying our your product on. And that men’s that naturally, the shop the guests what’s year and have change and during that now received both hadn’t back responded guests Hopefully, going loyal several There continue of our us experience. question. loyal to favorable

detailed will you. the question. for Thank thanks But go another Yes, answer. have queue. I I to back the

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year-over-year. was would million know, due I inventory you economy, challenges quarter. wondered Yes, congratulations the down And that domestically? or I sourcing to about inventory so were on having to $XX and internationally like the noticed quarter the difficulties if I this in any

was always vendors we our orders changes. not and is month were There some year, cancelled. think this teams but In just back, lot responding in nice to for well. There some the are some of part challenges, But a there now that product early the it’s of in having the did was vendors that I time October react come difficult make. the receipts with doing pretty the

product weeks. the we So, have next X coming over a X of nice in to flow

think we shape we good will be on that. So in

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been worked that channel I your and measure you hasn’t has well? effectiveness Buckle marketing digital be on do any Instagram, have and to Pinterest, Facebook, way which marketing Hi. effective etcetera of Ads, the which to noticed has spending most out as granular too proven Google dollars

measurement I don’t the of any have specifics on marketing. the

about Buckle been the public putting out to metrics they with us that. excited and very positive we the that’s And seeing ways have the have are been you We half they the quite getting new know product any marketing new year and on and been manager not results now. a a have very and feel been a has out good of? that we been do Tom, have they you have

then and don���t working things that’s so, of job adapting as response are social is specific of have done you seen stores. mean, Dennis things, online. well really marketing we have traffic the been walk and different and no both to media has working of I and always and marketing and e-mails drivers guests have driving in each as mentioned, to what’s lot the the and we makes And a into in-store Search well. and all a performed traffic mean as adjusting looking them, well of well metric. I trying performed are well, team, testing both one positive continually we nice side buckets a then through it performed attractive, getting response I think think but of and I to new that And which lots there at

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have that Good you stores a maybe able good. Buckle gathered, morning, on a doing And Dennis, retail now on void she want what’s Kelli are mentioned revenues you guess question basis? and on have you stores pretty it, Buckle to Buckle that Buckle something Youth with in Is intention very have the out they are capitalize marketplace there expand the Youth this everyone. for I I a it. eventually X – from what called been Youth is and stores my have well. is with question the all to I the your you Youth brick-and-mortar disruption and

the on would like men’s you envision down category, you anyways, road and the Somewhere Youth the out great? that business can category Youth be breaking Youth, you and do women’s, men’s in us give women’s thoughts any Buckle

Yes, very thanks, We opened been a we going we still have business, pleased or be we but in it’s markets had if stores are three Okay, do and with continue at basis know that at very it are but small our least in evaluate, business. our add going results Jon. Youth stores are would challenging future we to Youth established we with pleased we’ve to to if a the this and in be point. we – not, will we

Okay.

business. we it to And Youth will be girls break more out the important, glad becomes and boys

you opened X think? Sure. this been it new have you some stores for had pandemic, the not the do would Dennis beyond year

all No. was and… planned This

Okay.

of for least year be Youth. in at us half challenging first The can the

back-to-school early to a do plans. opening, probably would so store, that type our if planned so a with year and we for nothing last And we open had we plan which

favorable of If you – some that have terms from companies do number Okay, vendors. that did, your will think alright. from gotten Tom, question, their favorable have next reverse and in one reverse? terms you gotten some there seen of you will Have vendors year?

well? I Jon, one take that as might

Okay.

We happen, deferrals not and or our any working we all working some on did so that this to have We we our with on – working negotiating savings had leases going we such be and go lease from and but knowing we but we what as that be renewals not vendors like had are forward. one-time cost forward. will terms mean deferrals payment just such, of with I would just different that’s year would early we setup out fine. other

Jon, or vendors? was your question leases about merchandise

that might Working capital make year? you investment have to next

extended generally with merchandise lot have We our vendors of terms well. as

So, payables a and the is and that place. of in was some up pay in extension to little a in little timeframe is terms has that reaction and bit and of of most stayed longer bit again March

thank Alright, Okay. you.

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third gross inventory margin the the first Did merchandise margin quarter? taken particular morning, write-downs that Good benefit everybody. quarter at from were all the in in

those No, was at think the not strongly sell-through were of in any margins sell-through even up stronger up it priced merchandise and and or I not, points there just things. regular XXX general, XXX strong year-to-date QX and inventory in but product, reduced I of of mean basis reversal I was markdown kinds write-downs mean, that’s

X in X And can bit that also the thank online will Okay, a months? you be about added talk to say anticipate the you you. next little capabilities

big inventory guests broader those from little better, experience for on give but insight, the year of been really side and like so that can we a priority both making online get touched to ship being guest long was from capabilities. to this to from us ship inventory. them on and really expense then selection and our have orders business store, Dennis way. the a the a store our or those access As That’s come a and our just to marketing bit that quicker also able grow and again you with started We feel to

year. this in it on that through year starting So, and have this with and we year last expand that it tested to and limited SKUs holiday continued expanded build

online the it if get-it-today to store that we giving store, inventory can available, capability, buy them pickup so month, can buy they that last that exposing shop they can capability added product that store up it’s pick online they again, in and day. Just selection their buy guests, local

really company their they giving choice, the it they to to – want how we far giving really in as whether the guest to it, goes they home, of goes them the to again, choices get whether them up get So gets how that pick inventory or back store in it. have given it could and as it access all shipped

lot is made get-it-today but we buy of a progress, new. So, online the

continue just pieces it, a have launched foundational So in nice and last seen but a there feel the the to think this month, will response have like we are I evolve, lot it, to of now.

will forward. it – going smaller it’s changes be So,

in Regarding now? order the stores know moment can it that the the at many that and store capability pickup-in-store, they nearby their available have customer that is also right how

Yes, the their they I mean, store. and local have – ability they and search there toggle to shop

know will to confirmation from and pick they a all they available so a it’s can is and and available And stores. will get that store and on ready confirmation the they that it go pickup for product get store up the that is that

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morning, the your everybody. sales you us percentage that willing – give can you – Good of are I Is about question provide? a that online? something to have are

did value break in press online and We sales. dollar Yes. out disclose the the release, of

And and quarter for And so for those were think XX%, are from the I XX.X% it was the ago, year ago. I don’t closer quarter significantly up it remember it but number a where exact was of the over XX.X%. was are for the both to period, year-to-date both which year-to-date they pretty a XX%, which year

issues is was you obviously at stores are exchange the you. mean, Are positioning then you online – year are – this mall and standpoint, obviously the in. the are things just about have year – how the of we that of of than are the of wanted come like consensus as looking strategic some that your that out that have weaker sales? part stores change. sort Thank are most this, I that a do that? versus you even going is understand in mall and And So, malls any it of there malls is within or position thinking from And all tremendous a malls to versus necessitates

number you am the how about guys understand changes, environment based, to to that stores have it talked have are just you wanted and with significant adapting lot. I the mall you whatever So, sure a of strategic

what Just those [indiscernible]? conversations trying to understand

And will to that XX majority the have we close our Kyle, industry community. would of but type reviewing, as store right in XX a we classified be in location. feel estimated that center months, be maybe location or we several next is would good probably we the C-mall that move now or And on malls locations maybe will a would we the have do locations. still setup have like been over malls those by always to we that we have might each best start lifestyle for still be got move strip particular that. that as There the we of

its a one own handle we worked has good well. working, a review out we of certainly and done number that and each on on this merits very already So, we on have feel locations that got

process And we and so that we going feel about good what on. continue have

understand so like Wall like view I C-malls so pretty from is point going the my point assumption of and Street’s view, of just are much So away.

are your kind there only will that itself you economics certain the So the saying C-malls to survive? case, able is in longer be as of not term mall viable store are

I be location ready the move. time. near-term. a I this up, And And spots have will community at particular Yes, least at to And or we changing those for the something better situation every of opening and mentioned, like say, we as that year we we look at those sense being if we see a best lot see would leases. short-term in the in

currently about your then deferrals were previous Were kind you Got question, you you and it. that And talking vendor of on about have I deferrals deferrals. any talking stores? rent of misunderstood do

referring this it I was rent to think are was are certain advantage back if and that There that of was Dennis payroll then some some tax it April of are the correctly, significantly smaller of couple than is deferred we of, items. rent deferrals balance that that think but took I There what deferrals. sheet deferrals that our the on Yes, the end of some year did I next pay year. of that and we we and number into rent will landlords before May, remember in defer for

stores in are how Okay, many deferral?

exactly. in to close $XX is dollar $XX amount The stores of million but number total less the know don’t I million, than deferrals.

Okay.

going to extend catch to So you lease deferral up by the end? are catch by are up the year just amount, to you – just going not are going you

the just those those it sheet on a And of rest a for And months. both cash impact item no didn’t for holiday we essentially back had lease again, just that just a rent will payment pay expense periods pay balance was It and year. for Correct. we or the later. that’s really

And guys been customer somebody learnings, significantly just on think engagement, And about a asked your your this to question just guess, up last one online about I that’s ramped year, major I understand your and positive. you advertising stuff. engagement have online wanted online

maybe So, again strategy priorities, maybe top view like from developing what kind in put the that how of your you top view, you two three kind priorities? one online your point of or there, of maybe just strategic one

mean online – really mentioned our stores. is it think, like so giving – it in it’s just and earlier, and I choice think, choice I I making fantastic guests experience a we about the it

have of think stock-outs of making long choice mean, are reducing selection, access a online. we broader expand we and our come I selection, I giving inventory them as in and terms we inventory, ways all to sure the and choice

So, a how guests driver about to to our that’s deliver want choice they big them. been giving

the think stores the continue and want piece I what that and we that business of are guests. driver our next in an have important do the with a differentiator to teammates big and to relationships our they

sales. business, to the managers but with stores, both also stores, utilize our next probably and drive in to stores and interact our be the would in-store and in have guests initiative traffic teams again and strategic online the So, utilize online them traffic

the Thank Glenn from line and you. Alan of comes Main. Concord And with question our next

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don’t been nothing buyback $X and own few Buckle for was small have Board see in shares. There question the a using I I you. capital years, million dividends has since it special its allocation. buying on then. providing Thank past but back Though XXXX, cash

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emerge restrictions your emerge been lot their over at a has couple the operating last affected restrictions Dennis, this state of Are being local new affected, of we are weeks. and any stores seeing point? dollar of

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