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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Boot Barn Holdings Inc | NYSE:BOOT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.90 | 3.76% | 107.50 | 107.82 | 103.76 | 104.64 | 220,246 | 17:05:07 |
Boot Barn Holdings, Inc. (NYSE: BOOT) today announced its financial results for the third fiscal quarter ended December 30, 2023. A Supplemental Financial Presentation is available at investor.bootbarn.com.
For the quarter ended December 30, 2023:
Jim Conroy, President and Chief Executive Officer, commented “I am pleased with our third quarter performance. We added 11 new stores and were able to maintain our consistent track record of delivering growth. Excluding three quarters in calendar 2020 that were impacted by the pandemic, the third quarter marks our 38th consecutive quarter of year-over-year sales growth since our IPO in 2014, nearly ten years ago. Our top line was driven by the sales from the 49 new stores opened over the past 12 months, which more than offset a 9.7% decline in same store sales. We also grew earnings compared to last year through a combination of sales growth, disciplined expense control and an increase in merchandise margin, which benefited from improved freight. These results underscore the strength of the Boot Barn business model and are a testament to solid execution across the organization.”
Operating Results for the Third Quarter Ended December 30, 2023 Compared to the Third Quarter Ended December 24, 2022
Operating Results for the Nine Months Ended December 30, 2023 Compared to the Nine Months Ended December 24, 2022
Sales by Channel
The following table includes total net sales growth, same store sales (“SSS”) growth/(decline) and e-commerce as a percentage of net sales for the periods indicated below.
Thirteen Weeks
Preliminary
Ended
Four Weeks
Four Weeks
Five Weeks
Four Weeks
December 30, 2023
Fiscal October
Fiscal November
Fiscal December
Fiscal January
Total Net Sales Growth
1.1
%
3.0
%
4.2
%
(1.2)
%
(14.8)
%*
Retail Stores SSS
(9.4)
%
(8.8)
%
(11.5)
%
(8.5)
%
(7.4)
%
E-commerce SSS
(11.5)
%
(16.8)
%
(15.1)
%
(8.4)
%
(12.9)
%
Consolidated SSS
(9.7)
%
(9.7)
%
(11.9)
%
(8.5)
%
(8.1)
%
E-commerce as a % of Net Sales
13.0
%
9.7
%
10.4
%
16.1
%
11.9
%
*Last year’s fiscal January included the week after Christmas, which is a high-sales volume week. In the current year, the week after Christmas was included in the third fiscal quarter.
Balance Sheet Highlights as of December 30, 2023
Fiscal Year 2024 Outlook
The Company is providing updated guidance for the fiscal year ending March 30, 2024, superseding in its entirety the previous guidance issued in its second quarter earnings report on November 2, 2023. As a result, for the fiscal year ending March 30, 2024, the Company now expects:
For the fiscal fourth quarter ending March 30, 2024, the Company expects:
Conference Call Information
A conference call to discuss the financial results for the second quarter of fiscal year 2024 is scheduled for today, January 31, 2024, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (877) 451-6152. The conference call will also be available to interested parties through a live webcast at investor.bootbarn.com. Please visit the website and select the “Events and Presentations” link at least 15 minutes prior to the start of the call to register and download any necessary software. A Supplemental Financial Presentation is also available on the investor relations section of the Company’s website. A telephone replay of the call will be available until March 2, 2024, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 13744029. Please note participants must enter the conference identification number in order to access the replay.
About Boot Barn
Boot Barn is the nation’s leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. As of the date of this release, Boot Barn operates 382 stores in 44 states, in addition to an e-commerce channel www.bootbarn.com. The Company also operates www.sheplers.com, the nation’s leading pure play online western and work retailer and www.countryoutfitter.com, an e-commerce site selling to customers who live a country lifestyle. For more information, call 888-Boot-Barn or visit www.bootbarn.com.
Forward Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to, by way of example and without limitation, our financial condition, liquidity, profitability, results of operations, margins, plans, objectives, strategies, future performance, business and industry. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan“, “intend”, “believe”, “may”, “might”, “will”, “could”, “should”, “can have”, “likely”, “outlook” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. These forward-looking statements are based on assumptions that the Company’s management has made in light of their industry experience and on their perceptions of historical trends, current conditions, expected future developments and other factors they believe are appropriate under the circumstances. As you consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. These risks, uncertainties and assumptions include, but are not limited to, the following: decreases in consumer spending due to declines in consumer confidence, local economic conditions or changes in consumer preferences; the Company’s ability to effectively execute on its growth strategy; and the Company’s failure to maintain and enhance its strong brand image, to compete effectively, to maintain good relationships with its key suppliers, and to improve and expand its exclusive product offerings. The Company discusses the foregoing risks and other risks in greater detail under the heading “Risk factors” in the periodic reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, the Company cautions that you should not place undue reliance on any of these forward-looking statements. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict those events or how they may affect the Company. Further, any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company does not intend to update or revise the forward-looking statements in this press release after the date of this press release.
Boot Barn Holdings, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
December 30,
April 1,
2023
2023
Assets
Current assets:
Cash and cash equivalents
$
107,166
$
18,193
Accounts receivable, net
10,380
13,145
Inventories
563,378
589,494
Prepaid expenses and other current assets
54,205
48,341
Total current assets
735,129
669,173
Property and equipment, net
308,085
257,143
Right-of-use assets, net
366,745
326,623
Goodwill
197,502
197,502
Intangible assets, net
60,710
60,751
Other assets
5,334
6,189
Total assets
$
1,673,505
$
1,517,381
Liabilities and stockholders’ equity
Current liabilities:
Line of credit
$
—
$
66,043
Accounts payable
131,655
134,246
Accrued expenses and other current liabilities
152,704
122,958
Short-term lease liabilities
59,243
51,595
Total current liabilities
343,602
374,842
Deferred taxes
39,949
33,260
Long-term lease liabilities
375,345
330,081
Other liabilities
3,664
2,748
Total liabilities
762,560
740,931
Stockholders’ equity:
Common stock, $0.0001 par value; December 30, 2023 - 100,000 shares authorized, 30,528 shares issued; April 1, 2023 - 100,000 shares authorized, 30,072 shares issued
3
3
Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding
—
—
Additional paid-in capital
229,322
209,964
Retained earnings
693,587
576,030
Less: Common stock held in treasury, at cost, 227 and 192 shares at December 30, 2023 and April 1, 2023, respectively
(11,967
)
(9,547
)
Total stockholders’ equity
910,945
776,450
Total liabilities and stockholders’ equity
$
1,673,505
$
1,517,381
Boot Barn Holdings, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
December 30,
December 24,
December 30,
December 24,
2023
2022
2023
2022
Net sales
$
520,399
$
514,553
$
1,278,550
$
1,231,954
Cost of goods sold
321,292
326,739
803,564
777,214
Gross profit
199,107
187,814
474,986
454,740
Selling, general and administrative expenses
123,960
115,318
315,016
285,669
Income from operations
75,147
72,496
159,970
169,071
Interest expense
522
2,258
2,008
4,345
Other income/(loss), net
351
63
525
(210
)
Income before income taxes
74,976
70,301
158,487
164,516
Income tax expense
19,352
17,529
40,930
40,372
Net income
$
55,624
$
52,772
$
117,557
$
124,144
Earnings per share:
Basic
$
1.84
$
1.77
$
3.90
$
4.17
Diluted
$
1.81
$
1.74
$
3.84
$
4.09
Weighted average shares outstanding:
Basic
30,293
29,813
30,117
29,790
Diluted
30,649
30,294
30,575
30,340
Boot Barn Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Thirty-Nine Weeks Ended
December 30,
December 24,
2023
2022
Cash flows from operating activities
Net income
$
117,557
$
124,144
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
35,801
25,968
Stock-based compensation
10,429
9,562
Amortization of intangible assets
41
47
Noncash lease expense
40,361
35,203
Amortization and write-off of debt issuance fees and debt discount
81
101
Loss on disposal of assets
660
250
Deferred taxes
6,689
506
Changes in operating assets and liabilities:
Accounts receivable, net
2,905
(4,571
)
Inventories
26,116
(117,851
)
Prepaid expenses and other current assets
(5,945
)
(14,430
)
Other assets
855
(3,194
)
Accounts payable
2,588
19,571
Accrued expenses and other current liabilities
28,476
32,785
Other liabilities
916
423
Operating leases
(27,071
)
(21,464
)
Net cash provided by operating activities
$
240,459
$
87,050
Cash flows from investing activities
Purchases of property and equipment
$
(91,297
)
$
(83,056
)
Net cash used in investing activities
$
(91,297
)
$
(83,056
)
Cash flows from financing activities
(Payments)/Borrowings on line of credit, net
$
(66,043
)
$
30,522
Repayments on debt and finance lease obligations
(655
)
(626
)
Tax withholding payments for net share settlement
(2,420
)
(4,501
)
Proceeds from the exercise of stock options
8,929
329
Net cash (used in)/provided by financing activities
$
(60,189
)
$
25,724
Net increase in cash and cash equivalents
88,973
29,718
Cash and cash equivalents, beginning of period
18,193
20,674
Cash and cash equivalents, end of period
$
107,166
$
50,392
Supplemental disclosures of cash flow information:
Cash paid for income taxes
$
45,637
$
58,324
Cash paid for interest
$
1,931
$
4,002
Supplemental disclosure of non-cash activities:
Unpaid purchases of property and equipment
$
15,427
$
27,474
Boot Barn Holdings, Inc.
Store Count
Quarter
Ended
Quarter
Ended
Quarter
Ended
Quarter
Ended
Quarter
Ended
Quarter
Ended
Quarter
Ended
Quarter
Ended
December 30,
September 30,
July 1,
April 1,
December 24,
September 24,
June 25,
March 26,
2023
2023
2023
2023
2022
2022
2022
2022
Store Count (BOP)
371
361
345
333
321
311
300
289
Opened/Acquired
11
10
16
12
12
10
11
11
Closed
—
—
—
—
—
—
—
—
Store Count (EOP)
382
371
361
345
333
321
311
300
Boot Barn Holdings, Inc.
Selected Store Data
Thirteen Weeks Ended
Fourteen
Weeks
Ended
Thirteen Weeks Ended
December 30,
September 30,
July 1,
April 1,
December 24,
September 24,
June 25,
March 26,
2023
2023
2023
2023
2022
2022
2022
2022
Selected Store Data:
Same Store Sales (decline)/growth
(9.7
)%
(4.8
)%
(2.9
)%
(5.5
)%
(3.6
)%
2.3
%
10.0
%
33.3
%
Stores operating at end of period
382
371
361
345
333
321
311
300
Total retail store square footage, end of period (in thousands)
4,153
4,027
3,914
3,735
3,598
3,451
3,333
3,194
Average store square footage, end of period
10,872
10,855
10,841
10,825
10,806
10,751
10,717
10,648
Average net sales per store (in thousands)
$
1,185
$
909
$
958
$
1,088
$
1,320
$
966
$
1,031
$
1,094
View source version on businesswire.com: https://www.businesswire.com/news/home/20240131235420/en/
Investor Contact: ICR, Inc. Brendon Frey, 203-682-8216 BootBarnIR@icrinc.com or Company Contact: Boot Barn Holdings, Inc. Mark Dedovesh, 949-453-4489 Senior Vice President, Investor Relations & Financial Planning BootBarnIRMedia@bootbarn.com
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