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Apr 01, 2023
Boot Barn Q4 2023 Earnings Report
Reported an increase in net sales but a decrease in same store sales compared to the prior-year period.
Key Takeaways
Boot Barn Holdings Inc. announced its Q4 2023 financial results, revealing an 11.0% increase in net sales to $425.7 million. However, same store sales decreased by 5.5%. Net income increased to $46.4 million, or $1.53 per diluted share.
Net sales increased 11.0% to $425.7 million.
Same store sales decreased 5.5%, with retail store same store sales decreasing 3.3% and e-commerce same store sales decreasing 18.4%.
Net income was $46.4 million, or $1.53 per diluted share.
The company opened 12 new stores, bringing the total store count to 345.
Boot Barn
Boot Barn
Forward Guidance
The Company is providing guidance for the fiscal year ending March 30, 2024. Total sales are expected to be between $1.690 billion and $1.723 billion, while same store sales are expected to decline approximately (6.5)% to (4.5)%.
Positive Outlook
- To open 52 new stores.
- Total sales of $1.690 billion to $1.723 billion, representing growth of 2.0% to 4.0% over the prior year.
- Gross profit between $613.7 million and $629.7 million, or approximately 36.3% to 36.5% of sales.
- Gross profit reflects an estimated 150 basis point increase in merchandise margin which includes a 100 basis point improvement from freight expense.
- We expect to grow exclusive brand penetration by 400 basis points.
Challenges Ahead
- Same store sales decline of approximately (6.5)% to (4.5)%.
- Retail store same store sales declines of approximately (7.0)% to (5.2)%.
- E-commerce same store sales declines of (3.0)% to growth of 1.0%.
- We anticipate 180 basis points of deleverage in buying, occupancy and distribution center costs primarily resulting from negative same store sales, higher occupancy from new stores, and the cost of the new Kansas City distribution center.
- Income from operations between $197.5 million and $209.9 million.