Boot Barn Holdings, Inc. Unveils Financial Performance for the Third Quarter of Fiscal Year 2024

Boot Barn Holdings, Inc. (NYSE: BOOT) disclosed its financial outcomes for the third fiscal quarter concluding on December 30, 2023. A Supplementary Financial Presentation can be accessed at investor.bootbarn.com.

Highlights for the quarter ending December 30, 2023:

  1. Net sales witnessed a 1.1% increase compared to the previous year, reaching $520.4 million.
  2. Same store sales experienced a 9.7% decline compared to the same period last year, cycling 51% same store sales growth on a 2-year stack basis. This decline included a 9.4% decrease in retail store same store sales and an 11.5% decrease in e-commerce same store sales.
  3. Net income stood at $55.6 million, or $1.81 per diluted share, in contrast to $52.8 million, or $1.74 per diluted share, in the prior-year period.
  4. The company expanded by opening 11 new stores, bringing the total store count to 382.

Jim Conroy, President and CEO, expressed satisfaction with the performance, emphasizing the addition of new stores and sustained growth. He noted the 38th consecutive quarter of year-over-year sales growth since the IPO in 2014, highlighting the resilience of the Boot Barn business model.

Comparing the operating results for the third quarter ended December 30, 2023, with the same period in 2022:

  1. Net sales increased by 1.1% to $520.4 million, primarily attributed to incremental sales from new stores, partially offset by a decrease in consolidated same store sales.
  2. Gross profit was $199.1 million, or 38.3% of net sales, compared to $187.8 million, or 36.5% of net sales, in the prior-year period. The increase was driven by merchandise margin expansion and sales growth.
  3. Selling, general, and administrative expenses were $124.0 million, or 23.8% of net sales, compared to $115.3 million, or 22.4% of net sales, in the prior-year period. The increase was primarily due to higher general and administrative expenses associated with operating new stores.
  4. Income from operations rose by $2.6 million to $75.1 million, or 14.4% of net sales.
  5. Net income increased to $55.6 million, or $1.81 per diluted share, compared to $52.8 million, or $1.74 per diluted share, in the prior-year period.

For the nine months ended December 30, 2023, compared to the same period in 2022:

  1. Net sales increased by 3.8% to $1.279 billion, primarily due to sales growth from new stores.
  2. Gross profit was $475.0 million, or 37.2% of net sales, compared to $454.7 million, or 36.9% of net sales, in the prior-year period.
  3. Consolidated same store sales decreased by 6.3%, with retail store same store sales decreasing 5.6% and e-commerce same store sales decreasing 11.4%. The increase in net sales was attributed to the incremental sales from new stores.

The company attributed the overall positive results to the combined impact of sales growth, disciplined expense control, and increased merchandise margin. Conroy emphasized the robust execution across the organization, highlighting the resilience of the Boot Barn business model in the face of challenges.

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