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Sep 30, 2023
Boot Barn Q2 2024 Earnings Report
Reported solid sales growth and earnings achievement.
Key Takeaways
Boot Barn Holdings, Inc. announced its financial results for the second fiscal quarter ended September 30, 2023, with net sales increasing by 6.5% to $374.5 million compared to the prior-year period. However, same-store sales decreased by 4.8%. Net income was $27.7 million, or $0.90 per diluted share, compared to $32.1 million, or $1.06 per diluted share in the prior-year period. The company opened 10 new stores, bringing the total store count to 371.
Net sales increased 6.5% over the prior-year period to $374.5 million.
Same store sales decreased 4.8% compared to the prior-year period.
Net income was $27.7 million, or $0.90 per diluted share.
Opened 10 new stores, bringing its total store count to 371.
Boot Barn
Boot Barn
Forward Guidance
The Company is providing updated guidance for the fiscal year ending March 30, 2024.
Positive Outlook
- Total sales of $1.677 billion to $1.702 billion, representing growth of 1.2% to 2.7% over the prior year.
- Gross profit between $618.5 million and $630.7 million, or approximately 36.9% to 37.1% of sales.
- Gross profit reflects an estimated 190 basis-point increase in merchandise margin, including a 130 basis-point improvement from freight expense.
- Selling, general and administrative expenses between $419.6 million and $420.8 million. This represents approximately 25.0% to 24.7% of sales.
- Income from operations between $198.9 million and $209.9 million. This represents approximately 11.9% to 12.3% of sales.
Challenges Ahead
- Same store sales decline of approximately (6.5)% to (5.0)%, with retail store same store sales declines of (5.5)% to (4.0)% and an e-commerce same store sales decline of (13.0)% to (11.0)%.
- We anticipate 170 basis points of deleverage in buying, occupancy and distribution center costs.
- Interest expense of $2.4 million.
- Net income of $145.2 million to $153.4 million.
- Net income per diluted share of $4.75 to $5.00 based on 30.7 million weighted average diluted shares outstanding.