Boot Barn Holdings Inc. met Wall Street expectations for revenue and earnings for the quarter that ended June 25.
The Irvine-based western and work wear retailer reported a 39% uptick in sales to $133.4 million for the first quarter of its fiscal 2017 and earned $600,000 or 2 cents per share, compared to $2.3 million or 8 cents per share, year-over-year.
Analysts had anticipated $132.9 million in revenue and 2 cents per share in profits.
Growth came via the acquisition last year of the Shepler’s retail chain, “17 new Boot Barn stores opened over the past 12 months, and same‐store sales growth of 0.4%,” according to Chief Financial Officer Greg Hackman.
“I am encouraged that we were able to achieve a slightly positive same store sales result in the first quarter,” Chief Executive Jim Conroy said during an earnings call last week.
“We remain in a challenging retail environment which makes forecasting difficult,” he said. The chain is managing expenses and inventory and “remaining focused on” opening stores, improving margins, and growing same store sales.
Boot Barn expects “net income to be between $16.9 million and $19.6 million for fiscal year 2017,” and same store sales to be “between slightly negative to slightly positive.”
Boot Barn has 210 stores in 29 states and a market value of about $284 million.
