Buckle Inc (BKE) 2007 Q4 法說會逐字稿

Ladies and gentleman, thank you for standing by and welcome to the fourth quarter year-end earnings release conference call. At this time, all participants are in a listen only mode. Later we will conduct a question-and-answer session with instructions being given at that time. As a reminder, this conference is being recorded. Members of Buckle's management on the call today are Dennis Nelson, President and CEO, Karen Rhoads, Vice-President of Finance & CFO, Kyle Hanson, Corporate Secretary and General Counsel, and Tom Heacock, Corporate Controller. As they review the operator results for the fourth quarter and fiscal year which ended February 2, 2008, 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 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 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 experienced or future changes make it clear that any projected results, expressed or implied therein, will not be realized. I would now like to turn the conference over to your host, Ms. Karen Rhoads. Please go ahead.

Thank you. Good morning, everyone. I will start off reviewing some of our financial results, and then I will turn it over to Dennis who is calling in from the road today. But to start off with, our March 11, 2008 press release, reported our net income for the fourth quarter that ended February 2, 2008 was $29.1 million or $0.94 per share on a diluted basis, and that compares to $22.1 million or $0.73 per share on a diluted basis for the prior year quarter that ended February 3, of 2007. Our net income for the fiscal year ended February 2, 2008, was $75.2 million or $2.44 per share on a diluted basis, and that compares to $55.7 million or $1.86 per share on a diluted basis for the fiscal year that ended February 3, 2007.

Our net sales for the 13 weeks fourth quarter increased 18.3% to $207 million compared to net sales of $175 million for the prior year 14-week fourth quarter. Compared to the same 13-week period in the prior year, our comparable store sales for the quarter increased 18.7%. In total net sales for that 13-week comparison increased 25.2%. Our net sales for the 52-week fiscal year increased 16.9% to $619.9 million from net sales of $530.1 million for the prior year 53-week fiscal year. Then compared to the same 52 weeks of the prior year, our comparable store sales increased 13.2% and our total net sales increased 18.7%.

Gross margin for the quarter improved approximately 120 basis points to 44.4%. This improvement was driven by an increase in merchandise margin which had about a 65-basis point impact, and then also by leveraging buying occupancy and distribution costs which had about a 95-basis point impact, t Then also by a reduction in the stock option compensation expense for the quarter. These improvements were partially offset by an increase in expense related to the incentive bonus accrual. For the fiscal year, our gross margin improved approximately 200 basis points to 41.1%. This improvement was driven primarily by an increase in merchandise margin which had about 100-basis point impact and by leveraging buying distribution and occupancy costs which had a 120-basis point impact, and then those improvements were partially offset by increase in expense just related to the incentive bonus accrual.

Selling expense for the quarter was 18.5% of net sales which was a reduction of approximately 180 basis points from the fourth quarter of fiscal 2006. The decrease was driven primarily by reduction as a percentage of net sales in stock option compensation expense, store payroll expense, advertising expense, and by the leveraging of certain other selling expenses in these improvements were partially offset by an increase in our bank card fees as a percentage of net sales. For the fiscal year, selling expense was 19.2% of net sales which was a reduction of approximately 110 basis points from the prior year. The decrease was driven primarily by a reduction as a percentage of net sales, in-store payroll expense, stock option compensation expense. advertising expense, and again by the leveraging of certain other selling expenses. These improvements were partially offset by increases in expense that related to our incentive bonus accrual, bank per fees and health insurance expense.

General and administrative expenses for the quarter were 5.1% of net sales which was an increase of approximately 30 basis points from the fourth quarter of fiscal 2006. The increase was primarily attributable to an increase in expense related to the incentive bonus accrual which was partially offset by a reduction in equity compensation, and by the leveraging of certain other G&A expenses. For the full fiscal year, general and administrative expenses were 4.2% of net sales which was an increase of approximately 30 basis points from the prior year. This increase was primarily attributable to increases in expense related to the incentive bonus accrual and equity compensation expense related to outstanding shares of nonvested stock which were partially offset by the leveraging of certain other G&A expenses.

Our operating margin for the quarter was 20.7% compared to 18.1% for the fourth quarter of fiscal 2006. For the full fiscal year, our operating margin was 17.7% compared to 14.9% in the prior year. Other income for the fourth quarter was $2.6 million compared to $3 million for the fourth quarter of fiscal 2006. For the fiscal year, other income was $9.2 million which compares to $9.0 million for fiscal 2006. This increase in other income was due to an increase in income earned on our Company's cash and investments which was partially offset by the impact of other income recognized during the second quarter of fiscal 2006, that related to previously mentioned proceeds from insurance claims in from a settlement on a lawsuit with the Visa Master Card interchange fees.

Income tax expense as a percentage of pre-tax net income was 36.2% for the fourth quarter of both fiscal 2007 and fiscal 2006, bringing fourth quarter net income to $29.1 million for fiscal 2007 versus the $22.1 million for fiscal 2006, an increase of 31.7%. Income tax expense for the full fiscal year was 36.7% of pre-tax net income in both fiscal 2007 and fiscal 2006. This brings our full-year net income to $75.2 million in the current year versus $55.7 million for the prior year, an increase of 35%. Our press release also includes a balance sheet as of February 2, 2008 which included some of the following. Inventory of $77.6 million which was up 10.4% from inventory of $70.3 million at the end of fiscal 2006. Our total cash and investments totaled $248.4 million compared to $183.4 million at the end of fiscal 2006.

Our short-term investments include $88.9 million in option rate securities. And please note that in the current year balance sheet, $56.9 million of option rate securities have been classified as long-term investments. The option rate securities that are included in the long-term investments have not had a successful option subsequent to our fiscal year-end. Our investment in option rate securities are all stated at fair market value which approximate par value. Subsequent to the end of our fiscal year, we have successfully liquidated $62.6 million of the $88.9 million of option rate securities that are classified in short-term investment at the end of the year.

We also ended the year with $102.3 million in fixed assets, net of accumulated depreciation. In our capital expenditures for the year, were $27.5 million dollars and depreciation expense was $20.4 million. For the quarter, our units per transaction increased approximately 1%, The average transaction value increased approximately 4% and the average unit retail increased approximately 2.5%. For our full fiscal year, our UPTs increased slightly, the average transaction value increased about 3.5% and the average unit retail increased approximately 2.5%. Additionally during the fiscal year, we increased our average sales-per-square-foot from $302 per-square-foot in fiscal 2006 to $335 per-square-foot in fiscal 2007.

We also increased our average sales-per-store. going from $1.49 million in fiscal 2006 to $1.67 million per store in fiscal 2007. The Buckle ended the year with 368 retail stores in 38 states compared to 350 stores in 38 states at the end of fiscal 2006. With the opening of two new stores during --- so far during fiscal 2008, we currently operate 370 retail stores in 38 states. And with that, I will now turn the call over to Dennis Nelson, our President and CEO.

Thank you, Karen. Good morning. I would like to start by highlighting the performance from our various merchandise categories that led to our net sales increase of 18.3% for the fourth quarter and 16.9% for the full fiscal year. Men's merchandise sales for the fourth quarter increased approximately 24.5%. Highlights were denim, and woven and knit shirts, each of which experienced double-digit sales growth. Our average denim price points increased from $70.65 in the fourth quarter of fiscal 2006 to $75.85 in the fourth quarter of fiscal 2007.

For the quarter, our men's business was approximately 47.5% of net sales compared to approximately 45% last year. And the average men's price points increased from $46.20 in the fourth quarter of fiscal 2006 to $47.55 in the fourth quarter of fiscal 2007. For the fiscal year, men's merchandise sales increased approximately 20.5%. Highlights include denim, woven and knit shirts, active apparel which would be men's shorts and sweaters, each of which experienced double-digit sales gains. Average denim price points increased from $70.15 in fiscal 2006 to $74.40 in fiscal 2007. For the full fiscal year, our men's business was approximately 45% of net sales compared to approximately 43.5% in the prior year and the average men's price points increased from $42.40 to $43.55.

On the women's merchandise sales for the fourth quarter increased approximately 13.5%. Highlights were denim, knit tops and outer wear, each of which experienced double-digit sales growth. Average denim price points increased from $75.45 in the fourth quarter of fiscal 2006 to $79 in the fourth quarter of fiscal 2007. For the quarter, our women's business was approximately 52.5% of net sales compared to approximately 55% last year. The average women's price points increased from $41.60 in the fourth quarter of fiscal 2006 to $42.40 in the fourth quarter of fiscal 2007. For the fiscal year, women's merchandise sales increased approximately 14%. Highlights were denim, woven and knit tops and active apparel which all experienced double-digit sales growth. Our average denim price points increased from $74 in fiscal 2006 to $77.85 in fiscal 2007.

For the full fiscal year, our women's business was approximately 55% of net sales compared to 56.5% in the prior year. And the average women's price points increased from $39.15 to $39.80. For the quarter, combined accessory sales were down approximately 6% and combined footwear sales were down approximately 15%. These two categories accounted for approximately 8% and 4.5% respectively, of fourth quarter net sales which compares to approximately 10.5% and 6% for each in the fourth quarter of fiscal 2006. Average accessory price points were down approximately 5.5% and average footwear price points were down approximately 10%. The fiscal year combined accessory sales were down approximately 2% and combined footwear sales were down 6%. These two categories accounted for approximately 7.5% and 5.5% respectively, of fiscal 2007 net sales which compares to approximately 9% and 7% for each in fiscal 2006. Average accessory price points were down 6% and average footwear price points were down 7.5%.

For the quarter, denim accounted for approximately 45% of our sales which compares to approximately 46.5% in the fourth quarter of last year. For the full fiscal year, denim accounted for approximately 43% of our sales compared to approximately 44.5% in fiscal 2006. Our private label business was down slightly as a percentage of net sales, for both the fourth quarter and for the full fiscal year, due to the strength and variety of selection in our branded merchandise, but continues to represent approximately one-third of sales. As Karen mentioned, total inventory at the end of the year was up approximately 10.4%, but our total markdown inventory at the end of the period was down compared to the same time a year ago.

During the fourth quarter, we opened two stores --- two new stores and completed one substantial remodel, bringing our full count for the full fiscal year to 20 new stores and seven substantial remodels. As at the end of the fiscal year, 148 of our stores were in our newest format. We anticipate opening 19 new stores during fiscal 2008, including two stores in Maryland which will represent our entry into the 39th state. By season, we anticipate nine of the new stores for spring, seven for back-to-school and three for holiday. We also anticipate completing 13 substantial remodels during fiscal 2008. Based on this, we expect our fiscal 2008 total cap expenditures to be in the range of 30 to $32 million.

Given our strong financial position and consistent performance, we remain committed to enhancing value of our shareholders. With that in mind, we increased our quarterly dividend rate in the thirst quarter, bringing our annual dividend rate to $1 per share and we also repurchased 642,500 shares during the fiscal year at a total cost of $21.6 million, leaving us with 237,600 shares remaining on our current authorization. In closing, we were pleased with our results for both the quarter and the fiscal year, and feel that both our people and our product have us well-positioned for continued success in 2008. And with that, we welcome your questions. Thank you.

Thank you. (OPERATOR INSTRUCTIONS) First question comes from the line of Tom Filandro SIG. Please go ahead.

Thank you. I actually have a couple of questions. First, congratulations. Just a tremendous job. Are you guys seeing --- look most feel we're in a recession. Are you guys seeing any regional variance in the business? That's my first question. My second question is, given the strong gross margin experience in '07, what opportunities are there to --- see growth gross margins in '08? And then my third question is -- I see you increased dividend and you're buying a little bit of stock back. The stock has been up a lot, but yet over $8 in cash per share. There is a comfort level of cash that you would like to have in the balance sheet? Thank you.

This is Dennis. On the regional variance, we see most of our areas pretty strong. We get questioned about Florida, and several of our new stores have just opened recently in Florida so we don't have a long experience there. For the most part, we have been happy to very happy with all our new openings. And we see maybe a little bit of sales off in Michigan, a little bit in a couple of areas. Then, some areas are strong. So overall, our variance is mainly due to the performance of our store managers.

On the opportunity for gross margin growth, the team has been doing a very good job of eliminating mistakes and improving opportunities on the gross margin. It's at a point that we're probably not promising improvement there, although we won't give up trying to improve it. On the strong balance sheet of cash, we review that quarterly at our board meetings. But we feel, especially at this time, having a very strong balance sheet, and working with our developers and our vendors that there is a lot of advantage to having their comfort of how strong we are. We will keep that in mind as we review.

Thanks, Dennis.

Yes.

Okay. Thank you. And the next question comes from Shaun Smolarz of Sidoti. Please go ahead.

Good morning, everyone.

Good morning.

My first question is how surprised were you with the fourth quarter that seems to have results and also with February, were they much better than you even imagined?

I would say yes. We had some strong sales last fall, so we felt fairly confident going into holiday we would have a good season, but the results would have exceeded any estimates we would have had. We also felt good about our product going into February, and what was going on, but we would have never estimated a 24 comp.

A few minutes ago, you mentioned that you thought the store management was really enabled the Company to stand out from the competition, and even in the tough retail and economic environment. Could you just elaborate on like --- what about the store management did you think enabled for the excellent results?

Well, I think we have done a nice job with our sales management team in proving managers or recruiting a better staff of managers with our sales meetings, our videos. Everybody is learning and growing together that way. But just with stronger teams that creates even a -- attracts better teammates, creates a fun environment to shop. They are doing a better job at presenting our product. We've added a lot of new fixtures for all stores over the past couple years to help in the presentation. But then also the better the staffs, they do a great job of being able to fit almost any guest into a pair of jeans that looks nice, is comfortable. We emphasize finding that favorite denim fit. Our strongest stores do a great job of satisfying the guest and making it a long-term guest out of their shopping experience.

I think this question is probably for Karen. Could you go over again on the exposure to the option rates securities?

Sure. Of the option rate securities at the end of the year, we split them between short-term investments and long-term investments. The portion that we took to long-term investments had not had a successful option since prior to the end of the fiscal year. That would include both failed options and ones that had not come up for reset yet in -- I think that we just feel I think part -- we had a low footnote on the balance sheet and I don't know if you had a chance to read that, Shaun. We can't predict the timing of when those options will be successful. We took the position to move those all to long-term. Although some of those may be liquidated or have successful options prior to that. But that was our seeing point that we took at the end of the year as we continue to look at the option rates and review those. But then as we also mentioned, subsequent to February 2, we have sold over $62-million worth of our option rate securities, and have those at the current time are a part of our cash and cash equivalents now.

So since the end of fiscal 2007, you sold $62 million of option rate?

$62.6 million actually. Yes.

And at the end of the year, the total exposure of $57 million and the 89, for a total exposure of $146 million?

Right.

Okay. Understood. Do you have any concern over the remaining option rate securities?

At this time, no we don't.

And from expense management perspective, how is potentially reactive -- seems to sales trends slowdown or turn negative later this year? We had our inventory pretty well-managed last year where we were flat, up a little, down a little. So we understand there is a tough environment out there. We've raised the inventory a little bit at the start of this year, based on I think just a better product selection. We think it's a cleaner inventory than before. And so the product -- we respond to selling and what's going on. We feel pretty good about our product selection, or management staffs will have flexibility with their payroll if they need to reduce hours that way. But we just continually try to be as smart as we can about the business process during the good times. and if it gets tougher we will take the same approach.

And then one of my last questions would be --- what do you attribute the weaknesses on accessories and footwear to and have you considered exiting those and placing them with stronger categories if it comes down to that?

I think the accessory market was very strong a few years ago, and the belt trend was very hot. Maybe even little before that. the watch market was very hot. We see accessories continue to cycle in and out, and they will always be a part of our business. It's just depends how much newness, or what our guests are looking for and we try to respond. A couple years ago, we didn't have bags or purses and that's a good category for us. So we just try to stay on the trends. We don't see it going away. Our best estimate or guess would be that those categories have probably leveled out to their low points of our business.

In the footwear business, we are careful there because it can be a tricky business. It's still a good business for us, a profitable business. The gals, depending what's going on in the market, will try to buy accordingly. Overall, that's worked pretty well this year. On the guy's side, the flips and sandals have been good. We are looking for a good season on that. The brown shoe part of it, there is not much going on now. I think the team did a good job of reducing inventory and minimizing markdowns. So we are in a good position there once we find things that we think will work in the store.

Last question just on the housekeeping, could you --- repeat the sales (inaudible) number for 2006 and 2007? And also, the Cap Ex expectation for this year?

Sales per-square-foot for the year that just ended, Shaun, were $335, and that compared to $302 for the prior year.

And Cap Ex for this year?

In Cap Ex, we have a range of 30 to $32 million is what we are looking at right now.

Thank you very much.

Thank you, Shaun.

Thank you. And the next question comes from the line of Marc Bettinger of Stanford Group. Please go ahead.

Hi Karen. Hi Dennis. How are you?

Good morning, Marc.

Congratulations on the dynamite quarter and the year.

Thank you.

Really fabulous. Karen, a few quick questions. The 19 stores, is that net or gross?

For '08?

The 19 stores, correct.

That is gross.

That's gross. Okay. What do you think your net number is?

We won't really decide if there is any stores we're going to close probably until next holiday, January. We don't have any stores planned to close at this time. We closed I think one last January.

Okay. And the Cap Ex of 30, $32 million, that's also a gross number?

Yes, it is.

Okay. So the --- allowance is how much?

Allowance at this point in time would be budgeted to be 5 to $6 million.

Five to six million. Okay. And Dennis, what did you say for the year, the increase in the price points were on, I guess the men's and women's side?

Let me see.

Is that '07 over '06?

On the lady's side, women's price points increased from $39.15 to $39.80. And on the men's price points, they increased from $42.40 to $43.55.

Okay. Now for those increases, what accounts for that?

I think some of it is attributed to where we added more branded merchandise and selling some higher priced denim. There is probably also been some net price points that have been higher than we sold the year before or sold more of it. Maybe a small amount of less markdown to clear.

Okay. So it's less mark down, some price point increases, and just really something in mix of higher price point brand?

Yes.

Does that sound right?

Yes.

Okay. It looks like last year the comp was largely made on really, a fantastic increase in transactions. What would you attribute that to? It looks like double-digit trends --- just about double-digit increase in transactions for the year. What would you attribute that to? Can you break it out between traffic and increase in conversions?

We don't really have anyway to track traffic, so that would only be speculation. I just think our -- as we've mentioned previous, that our staff is better in doing a nice job. We are probably with our denim being strong, I think we are a destination for a lot of people, coming in that they are --- coming in knowing they are going to find probably denim or something new to buy. We are also probably stretching our age a little bit on some of the guests that have shopped us for many years. We are finding and hearing from our stores that we are having ladies in the 30s, 40s and up that are buying denim from us as well, especially in certain markets where we have been there for awhile. So I think it's just a combination of those things.

Okay. Well, the thing is though, you've always had phenomenal customer service. The sales associates have always done a great job. I think you have been a destination for a long time. What was different about 2007 as opposed to 2006, when you had a flat comp in '06 and 13% comp in '07? It's a breakout year.

Yes. I think we did -- the merchandisers did a great job with adding more brands and better variety of selection to our guests at different price points. The brands, the variety giving us different looks so that it attracted a wider range of guests, probably.

So then, as you look forward, what's your sense in being able to sustain this or increase it?

We aren't going to give projections where we see the sales going. But we were certainly taking --

Your comfort level.

We still feel good about our product mix, and our merchandising teams are working hard and developing new product, and trying to build off other winners that we have going. So as we mentioned at the end there, we think our people and our product are well-positioned to continue our success.

Okay. And I guess lastly, Dennis, were you surprised by the year of just how good things turned out?

Yes. I would say, yes. We expected to have a good year, and felt real good about our product and people all the way along, but would never have guessed to have the sales increases that we did have.

Okay. So it seemed that even to your expectations, this was something of just a spectacular year.

True.

In the back drop of recession in the second half of the year?

Uh-huh.

So you're not planning 2008 or in terms of inventory and so on for this kind of year again, correct?

Well, we work very closely or close as we can. But as I mentioned, we think we have positioned ourself to have a good '08 and we will plan accordingly.

Okay. But does that mean a low single-digit comp or are you planning for another -- after seeing what you did, are you planning for a double digit comp?

I don't think we are giving that guidance.

Well in that case, listen, best of luck and congratulations again.

Okay. Thank you, Marc.

Thank you. (OPERATOR INSTRUCTIONS) We have a follow-up question from the line of Tom Filandro at SIG. Please go ahead.

Two questions, actually three. First Karen, could you just give us a sense of what same store sales gross do you need to leverage both occupancy and SG&A? And maybe Dennis or Karen, can you give us an update on your west coast brand push? Any kind of customer response on that front? Then a final question as related to just sales-per-square-foot, strong growth obviously at 9%. What are you seeing in productivity gains in the newer store openings over the last couple of years, in particular the new markets where I consider them an A-market as opposed to B-market? Thank you.

On the leverage, I couldn't speak to the selling and the generally administrative expenses. Looking on the occupancy costs on their -- haven't had a lot of time to study last year yet, but typically --- I would say historically, we looked at meaning about 2% comp to leverage the occupancy costs.

I'm sorry, the SG&A front, Karen, you said you haven't done the math there?

Correct.

Thank you.

Tom, your question about the west coast brands, could you kind of say what you are looking for there?

I know right now you are currently -- there is an event in trying to push some of these west coast brands or at least get a read on how they might perform in the stores. Kind of tell us --- maybe you could tell the audience what it is exactly that you are doing, and whether or not you are seeing a noteworthy customer response? Any particular brand emerging as winners?

Okay. This marketing event we are doing is -- we are encouraging people to try it on, hopefully shorts or swimwear, board shorts. They want to do it with denim, that's fine. We have a Buckle bag that we can give, that they can use to go to the beach, and shorts and stuff. Then, we also have an opportunity where they can go on-line to win other prizes that the west coast people are helping us offer. But the promotion just started this last week. So it's a little early to say there is any reads.

Based on February, we've had on our early receipts, we've had some nice response. What we try to do with our promotions is get the guests and our teammates to interact. One of the best things that can happen is they try on our product, and see that our product fits well, it's comfortable, looks good on. Then whether they buy today or another day, it works out well for us. That's something we've done with our denim over the years. So we just try to do --- we put a twist of the spring product with that.

Thanks and then the sales per-square-foot question?

In the new markets?

Yes, I'm curious about the productivity performance you are seeing in the newer markets versus the older markets.

We are very happy with our new store openings. Usually in the bigger markets and a new store, we ramp up to the store average or better quicker than several years ago. Karen, do you have any other comments on that.

I think you are right. Part of it is just the demographics of those markets that we are opening in general, in the current years, compared to some of those smaller markets or middle markets in the past.

When you guys first opened up those stores, do you tend to open up those stores with more -- with a fairly as you are consistently and other stores conservative inventory commitments?

For the most part we -- we have an idea of what the market is going to be like. So we will try to match a store that we think will sell similar product, and also the quantity that we think would be good. So we will fill the store according to our estimate of that. But we don't bring -- we almost never bring any sale product in or old products. So sometimes, depending on the time of year it opens, they might open a little light on inventory.

So opportunity to still see comp growth out of those stores in the future, sort of what I'm getting at?

Yes, especially after the 13th, 14th month.

Terrific. All right, thanks again. Hi, Kyle.

Hi, how are you.

Good.

Thank you. And the next question comes from the line of Marc Bettinger of Stanford Group. Please go ahead.

Karen, quick follow-up. Ten allowances for 2007, I take it would have been around the four or five number?

From last fiscal year, I don't have that with me, to be honest.

No problem. Everything related to the option rate securities, bottom line is --- do you have principle at risk here?

I mean, I think there is always probably principle at risk. Right now, we feel like everything that we have is strong-rated. It's good paper. So I can't say there is no risk because that's the market. But we feel very good about option rate securities that we have in our portfolio.

Okay. So the 248 that you have all together you think is pretty good number of cash to have going forward?

Well, the 248 -- I mean, the 248 was made up of cash and cash equivalents, the option rates, some short-term and long-term municipal bonds as well as U.S. government bonds. So there is a wide variety of paper that makes up the $248 million at the end of the year.

Okay. And your occupancy buying and distribution, do you have that in an absolute number or percent of sales?

I'm sorry?

If you took collectively for 2007, the occupancy buying and distribution, what was the total number on that?

I don't know that we usually give that out, Tom -- Mark, sorry.

Okay. So no even like historical kind of numbers?

I think just what we disclosed in our financial statement.

Okay, great. Thank you.

Great. Thank you.

Thank you. (OPERATOR INSTRUCTIONS) One moment, please. There are no further questions. Please continue.

All right. Well I don't think we have anything else from the The Buckle's end, do we, Dennis?

No. Thanks for calling in and appreciate their interest.

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