Boot Barn in mixed quarter; to open 52 stores

Boot Barn Holdings’ earnings increased in the fourth-quarter even as its same-store sales fell. 

The retailer of Western-styled and work-related apparel and footwear retailer reported net income of $46.4 million, with earnings per share of $1.53, for the quarter ended April 1,  compared with $44.7 million in the year-ago period. Adjusted earnings came to $1.51 a share, topping analysts’ expectations of $1.44 per share. 

Boot Barn, one of Chain Store Age’s 2023 Breakout Retailers award winners, reported that its net sales increased 11.0% to $425.7 million, cycling 48.1% net sales growth in the prior-year period, but missing analysts expectations of $441 million.

Consolidated same-store sales decreased 5.5%, with retail sales decreasing 3.3% and e-commerce sales decreasing 18.4%.

The retailer opened 12 new stores during the quarter, bringing its total store count to 345 locations. It expects to open 52 new stores during its current fiscal year.

For the full year (fiscal 2023), Boot Barn’s net sales increased 11.4%  to $1.65 billion. Same store sales decreased 0.1% year-over-year, cycling 53.7% same store sales growth in the prior fiscal year. 

Net income was $170.6 million, or $5.62 per diluted share, compared to $192.5 million, or $6.33 per diluted share in the prior fiscal year. 

Boot Barn opened 45 new stores, which included expansion into five new states, in fiscal 2023.  Penetration of its exclusive brands grew almost 6 percentage points year-over year.

 “I am proud of the team for delivering another solid performance as we were able to hold on to the outsized gains from the prior year,” stated CEO Jim Conroy. “We experienced double-digit total sales growth while expanding product margin for the 7th consecutive year. While our e-commerce business faced top-line sales pressure, our stores achieved positive same store sales growth for the year as they cycled a remarkable 57% comp store growth in fiscal 2022.”

Read More: https://chainstoreage.com/boot-barn-benefit-taylor-swift-effect

Looking ahead, Boot Barn expects  total sales of between $1.69 billion and $1.72 billion in its current fiscal year, which would represent growth of between 2% and 4% over the prior year. It  expects to grow its exclusive brands’ penetration by 400 basis points.