Boot Barn Holdings Inc

Latest Results (07.08.2024):

Net Sales Decrease

Boot Barn Holdings Inc. reported a net sales decrease of 8.7% for the fourth fiscal quarter ended March 30, 2024, compared to the same period in the previous year. The net sales for this quarter were $388.5 million, down from $425.7 million in the prior-year period. This decline was partly due to the comparison with a 14-week quarter in the previous year.

Same Store Sales Decline

For the fourth quarter of fiscal year 2024, Boot Barn Holdings Inc. experienced a 5.9% decrease in consolidated same store sales. This decline included a 5.7% decrease in retail store same store sales and a 7.6% decrease in e-commerce same store sales. The company noted that this decline was against a backdrop of a 55% same store sales growth on a 3-year stack basis.

Net Income Drop

Boot Barn Holdings Inc. reported a net income of $29.4 million, or $0.96 per diluted share, for the fourth quarter of fiscal year 2024. This was a significant drop from the $46.4 million, or $1.53 per diluted share, reported in the same period of the previous year. The net income for this quarter included a non-cash charge of $2.0 million related to the partial impairment of the Sheplers’ trademark.

Annual Net Sales Growth

For the fiscal year ended March 30, 2024, Boot Barn Holdings Inc. saw a slight increase in net sales, which rose by 0.6% to $1.667 billion from $1.658 billion in the prior year. When excluding the $28.3 million of sales from the 53rd week of the prior year, net sales increased by 2.3%. This growth was driven by the incremental sales from new stores opened over the past twelve months.

Store Expansion

During the fiscal year ended March 30, 2024, Boot Barn Holdings Inc. opened 55 new stores, bringing its total store count to 400. This expansion contributed to the company's overall sales growth, despite the challenges faced in same store sales. The company now has a presence in 45 states across the United States.