The Buckle, Inc. (NYSE:BKE) Q1 2019 Earnings Conference Call Transcript

May 24, 2019 • 10:00 am ET

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The Buckle, Inc. (NYSE:BKE) Q1 2019 Earnings Conference Call Transcript

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Presentation
Executive
Robert Carlberg

in the first quarter of fiscal 2019. For the quarter, our men's business was approximately 51% of net sales compared to 49.5% last year, and average men's price points decreased approximately 2.5% from $51.95 to $50.50. For the quarter, denim held steady with a slight loss in dollars on flat units and denim, our private brands, especially BKE performed well. Footwear continues to be our strongest growth department.

Accessories for the quarter saw nice sell-throughs with particular strength in fragrance and necklace bracelets. Our large investment in elastic-waist shorts was well received by both guests and teammates. This allowed growth in both dollars and units in our shorts category. Other strong categories for the quarter were men's button fronts and youth product.

Now, turning to results on a combined basis. Accessory sales for the fiscal quarter were down approximately 1% against the same 13-week period a year ago, while footwear sales were up about 9.5%. These two categories accounted for approximately 8.5% and 7.5%, respectively, of first quarter net sales, which compares to 8.5% and 6.5% for each in the first quarter of fiscal 2018. Average accessory price points were down approximately 7.5%, and average footwear price points were down about 0.5%. Again, on a combined basis for the quarter, denim accounted for approximately 42.5% of sale, and tops accounted for approximately 30%, which compares to 43% and 30.5% for each in the first quarter of fiscal 2018. Our private label business continues to grow and represented approximately 34.5% of sales for the quarter.

And with that, we welcome your questions.