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Thursday, Jun 13, 2024

Boot Barn Preliminary Q3 Results Come in Better Than Expected

Western retailer Boot Barn Holdings Inc. (NYSE: BOOT) reported better-than-expected results for its fiscal third quarter, with the chain notching revenue and earnings growth as the recovery in its physical stores continued.

The preliminary results for the quarter ended Dec. 26 come ahead of the Irvine-based company’s expected presentation at the ICR Conference Monday.

Boot Barn said net sales in the December quarter totaled $302.3 million, up 6.5% from a year earlier and beating consensus estimates of $298.7 million.

Net income for the quarter is expected to come in at $29.6 million, also exceeding analyst estimates of $24.6 million.

Comparable sales for the quarter rose 4.6%.

CEO Jim Conroy in a statement credited a mix of merchandising, supply chain management and control on heavy discounting as contributing to the earnings growth in the December quarter.

Shares of the company closed up 2.1% to $48.59 on Friday for a market cap of $1.4 billion.

Boot Barn, with 266 stores, is focused on a multi-prong strategy that includes same-store sales growth, an omnichannel approach to selling, brand exclusives in the product mix and store growth.

Western styles made up the bulk, about 70%, of sales for the fiscal year ended March 28. Footwear accounted for about half of sales during that same period with apparel making up 34%.

The retailer said its e-commerce business peaked with the height of shelter-in-place orders before business began normalizing in its brick-and-mortar channel.

Physical stores continue to be the biggest generator of revenue, accounting for 84% of sales. That paves the way for store growth at what the company said could be 10% annually post-pandemic.

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