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Jun 25, 2022
Boot Barn Q1 2023 Earnings Report
Boot Barn's first quarter performance showed a strong start to the new year, achieving double-digit same store sales growth and earnings per share that exceeded expectations.
Key Takeaways
Boot Barn Holdings, Inc. reported a net sales increase of 19.4% to $365.9 million and same store sales increase of 10.0%. Net income was $39.3 million, or $1.29 per diluted share. The company opened 11 new stores, bringing the total count to 311.
Net sales increased by 19.4% to $365.9 million compared to the prior-year period.
Same store sales increased by 10.0%, with retail store same store sales up 10.1% and e-commerce same store sales up 9.3%.
Net income was $39.3 million, or $1.29 per diluted share, compared to $40.6 million, or $1.35 per diluted share in the prior-year period.
The company opened 11 new stores, bringing the total store count to 311.
Revenue by Segment
Forward Guidance
The Company is providing updated guidance for the fiscal year ending April 1, 2023, superseding in its entirety the previous guidance issued in its fourth quarter and fiscal year 2022 earnings report on May 10, 2022.
Positive Outlook
- Total sales of $339 million to $346 million for the fiscal second quarter ending September 24, 2022.
- Same store sales of approximately flat for the fiscal second quarter ending September 24, 2022.
- Net income per diluted share of $0.87 to $0.93 for the fiscal second quarter ending September 24, 2022.
- Total sales of $1.68 billion to $1.70 billion, representing growth of 12.9% to 14.2% over the prior year.
- To open 40 new stores.
Challenges Ahead
- Recent macroeconomic uncertainty.
- Same store sales range of approximately flat to 2.0%.
- Income from operations between $247 million and $255 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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