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Mar 30, 2024
Boot Barn Q4 2024 Earnings Report
Boot Barn's Q4 2024 earnings decreased compared to the prior-year period, with net sales and same-store sales declining, but exclusive brand penetration grew.
Key Takeaways
Boot Barn reported a decrease in net sales by 8.7% to $388.5 million and a decrease in same store sales of 5.9%. Net income decreased to $29.4 million, or $0.96 per diluted share, which includes a $2.0 million non-cash charge related to the partial impairment of the Sheplers’ trademark. The company opened 18 new stores, bringing the total store count to 400.
Net sales decreased by 8.7% to $388.5 million compared to the prior-year period.
Same store sales decreased by 5.9%, with retail store same store sales decreasing by 5.7% and e-commerce same store sales decreasing by 7.6%.
Net income was $29.4 million, or $0.96 per diluted share, including a non-cash charge of $2.0 million related to the Sheplers’ trademark impairment.
The company opened 18 new stores, bringing the total store count to 400.
Boot Barn
Boot Barn
Forward Guidance
Boot Barn provided guidance for fiscal year 2025 and the first quarter ending June 29, 2024. They anticipate opening 60 new stores in fiscal year 2025 and expect total sales between $1.766 billion and $1.800 billion. For the first quarter of fiscal 2025, they project total sales of $399 million to $407 million and net income per diluted share of $0.94 to $1.00.
Positive Outlook
- Total sales are expected to grow by 5.9% to 8.0% over the prior year, reaching $1.766 billion to $1.800 billion.
- Gross profit is projected to be between $647.2 million and $664.1 million, or approximately 36.6% to 36.9% of sales.
- The company plans to open 60 new stores.
- For the first quarter ending June 29, 2024, total sales are expected to grow by 4.0% to 6.1% over the prior-year period, reaching $399 million to $407 million.
- Net income per diluted share is projected to be $0.94 to $1.00 for the first quarter of fiscal 2025.
Challenges Ahead
- Same store sales are expected to decline by approximately (3.6)% to (1.6)%.
- Retail store same store sales are projected to decline by approximately (4.0)% to (2.0)%.
- E-commerce same store sales are expected to decline by (0.5)% to growth of 2.0%.
- Income from operations is projected to be between $188.3 million and $200.7 million, or approximately 10.7% to 11.2% of sales.
- Capital expenditures are estimated to be between $115.0 million and $120.0 million.