For the 13 weeks ending 30 December, Boot Barn reported a net income of $55.6m vs $52.8m, operating income increased to $75.1m from $72.5m and net sales were flat at $520.4m
Jim Conroy, president and CEO, commented: “I am pleased with our third quarter performance. We added 11 new stores and maintained our consistent track record of delivering growth. Excluding three quarters in calendar 2020 that were impacted by the pandemic, the third quarter marks our 38th consecutive quarter of year-over-year sales growth since our IPO in 2014, nearly 10 years ago.
“Our top line was driven by the sales from the 49 new stores opened over the past 12 months, which more than offset a 9.7% decline in same store sales. We also grew earnings compared to last year through a combination of sales growth, disciplined expense control and an increase in merchandise margin, which benefited from improved freight. These results underscore the strength of the Boot Barn business model and are a testament to solid execution across the organisation.”
Boot Barn FY24 Outlook
The company is providing updated guidance for the fiscal year ending 30 March 2024 as follows:
- Total sales of $1.654bn to $1.664bn, representing a change of (0.2)% to 0.4% over the prior year, which was a 53-week year.
- Same store sales decline of approximately (7.0)% to (6.3)%, with retail store same store sales declines of (6.3)% to (5.5)% and an e-commerce same store sales decline of (11.7)%.
- Net income of $142.8m to $145.8m.
