Boot Barn Holdings Inc. (NYSE: BOOT) forecasts store and proprietary brand growth in the coming quarters amid momentum in its traditional retail locations and from online sales.
The Western-inspired and workwear retailer, which has 276 locations in 36 states, said it expects new store growth of 10% this fiscal year as its in-house brands gain more share.
The guidance came as Boot Barn reported results for its fiscal first quarter ended June 26, which saw net sales of $306.3 million. That was up 107% from the prior year and also beat analyst expectations of $287.3 million.
The retailer reported net income of $40.6 million, compared to a roughly $500,000 net loss in the year-ago period. Analysts on average expected net income of $26.5 million.
Boot Barn’s revenue growth came from both the brick-and-mortar and online channels during the quarter. Physical stores, generated $265.1 million in revenue in the recently ended quarter and were also tracking up in the first five weeks of the current quarterly period.
Online sales, at $41.2 million in Boot Barn’s fiscal first quarter, generates less than the stores but is growing and also up in the first five weeks of the current quarter.
Boot Barn shares were up about 1% in after-hours trading Wednesday following the quarterly results release. The company had a market cap of $2.5 billion.