The Buckle, Inc. (NYSE:BKE) Q1 2020 Earnings Conference Call - Final Transcript
May 22, 2020 • 10:00 am ET
Ladies and gentlemen, thank you for standing by and welcome to Buckle's First Quarter Earnings Release. [Operator Instructions] And as a reminder, this conference is being recorded.
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 first quarter which ended May 2nd, 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 risk 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. The Company does not undertake to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
Additionally, the Company does not authorize the reproduction or dissemination of transcripts or audio recordings of the Company's quarterly conference calls without its expressed written consent. Any unauthorized reproductions or recordings of the calls should not be relied upon as the information may be inaccurate.
I would now like to turn the conference over to Dennis Nelson. Please go ahead.
Dennis H. Nelson
Good morning and thank you for joining us. It goes without saying that this was the most challenging quarter we ever faced. The quarter started strong as we continued the positive trend of same-store sales growth by posting a 6.3% comp and online sales growth of 33.2% for February. These trends were largely achieved by continuing to deliver fashion right product combined with the expertise of our teams in the stores, enhanced data-driven marketing campaigns, and continued investment in our omnichannel experience.
Then the COVID-19 pandemic struck, which introduced a new set of challenges to overcome. Through that all, I'm incredibly proud of how our teams responded. Our teammates reacted admirably as we made the difficult decision to furlough over 90% of our workforce and reduce salaries for many remaining at work.
Our teammates recognize it is through shared sacrifice that we will be able to maintain the financial security and flexibility necessary to navigate this trying time and emerge ready to capitalize on the opportunities ahead. By making these difficult decisions, we were able to reduce compensation and benefit-related expenses by over $13.5 million for the quarter with additional savings continuing into the second quarter.
Our buying teams worked very closely with our branded and private label vendor partners to extend payment terms, cancel and