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Dec 30, 2023
Boot Barn Q3 2024 Earnings Report
Reported a net sales increase despite same store sales decrease, driven by new store openings and improved merchandise margin.
Key Takeaways
Boot Barn Holdings, Inc. reported a 1.1% increase in net sales to $520.4 million for the third quarter of fiscal year 2024. This growth was driven by new store openings, which offset a 9.7% decline in same-store sales. 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.
Net sales increased by 1.1% to $520.4 million.
Same store sales decreased by 9.7%.
Net income increased to $55.6 million, or $1.81 per diluted share.
Eleven new stores were opened, bringing the total store count to 382.
Forward Guidance
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.
Positive Outlook
- Total sales of $1.654 billion to $1.664 billion, representing a change of (0.2)% to 0.4% over the prior year
- Gross profit between $605.7 million and $610.6 million, or approximately 36.6% to 36.7% of sales.
- Gross profit reflects an estimated 170 basis-point increase in merchandise margin, including a 130 basis-point improvement from freight expense.
- Net income of $142.8 million to $145.8 million.
- Net income per diluted share of $4.65 to $4.75 based on 30.7 million weighted average diluted shares outstanding.
Challenges Ahead
- Total sales of $376 million to $386 million, representing a decline of (11.7)% to (9.3)% over the prior year, which was a 14-week quarter.
- Same store sales decline of approximately (9.0)% to (6.3)%, with retail store same store sales declines of (8.5)% to (5.5)% and an e-commerce same store sales decline of (13.0)%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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