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Dec 24, 2022
Boot Barn Q3 2023 Earnings Report
Boot Barn reported a net sales increase of 5.9% to $514.6 million, but same store sales decreased by 3.6%. Net income was $52.8 million, resulting in earnings per diluted share of $1.74.
Key Takeaways
Boot Barn Holdings, Inc. announced its financial results for the third fiscal quarter ended December 24, 2022. Net sales increased 5.9% to $514.6 million, while same store sales decreased 3.6%. Net income was $52.8 million, or $1.74 per diluted share. The company opened 12 new stores, bringing the total store count to 333.
Net sales increased 5.9% to $514.6 million.
Same store sales decreased 3.6%, with retail store same store sales decreasing 0.8% and e-commerce same store sales decreasing 15.2%.
Net income was $52.8 million, or $1.74 per diluted share.
Opened 12 new stores, bringing the total store count to 333.
Boot Barn
Boot Barn
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 second quarter earnings report on October 26, 2022.
Positive Outlook
- Total sales of $1.67 billion to $1.68 billion, representing growth of 12.2% to 12.9% over the prior year.
- Same store sales range of approximately 0.5% to 1.0%, with retail store same store sales of approximately 2.5% to 3.0% and e-commerce same store sales of (10.5)% to (9.5)%.
- Gross profit between $611 million and $615 million, or approximately 36.6% of sales. Gross profit includes an estimated 140 basis point decline from freight expense, partially offset by 40 basis points of product margin expansion.
- Income from operations between $228 million and $232 million. This represents approximately 13.7% to 13.8% of sales.
- Net income of $167.2 million to $170.0 million.
Challenges Ahead
- Same store sales range of approximately (3.0)% to (0.5)%, with retail store same store sales of flat to 2.0% growth and e-commerce same store sales of (20.0)% to (16.0)%.
- Gross profit between $156 million and $160 million, or approximately 35.7% of sales. Gross profit includes an estimated 290 basis point decline from freight expense, partially offset by 40 basis points of product margin expansion.
- Income from operations between $59 million and $63 million. This represents approximately 13.5% to 14.0% of sales.
- Effective tax rate of 25.1% for the remaining three months of the year.
- Net income per diluted share of $1.42 to $1.51 based on 30.4 million weighted average diluted shares outstanding.