Boot Barn keeps stepping it up

Rapidly growing western wear retailer Boot Barn Holdings Inc. showed no signs of slowing down in the fourth quarter.

The Irvine, Calif.-based western apparel and footwear retailer posted a 16% increase in revenue to $103.3 million for the quarter that ended March 28. Same-store sales, which include e-commerce sales, increased 7.3%. The retailer opened 18 new locations for a total of 169 in 26 states. It was the 22nd consecutive quarter of same-store sales growth.

“Our financial results reflect the strength of our business as well as a relentless focus on execution," Chief Executive Jim Conroy said. “I am proud of the team’s strong performance both for the fourth quarter and for the full fiscal year 2015. During the quarter we opened four new stores, expanding our presence in both new and existing markets, and increased our same store sales for the 22nd consecutive quarter. For the fiscal year, I am pleased to report an increase in our adjusted operating margin of over 40 basis points and a 26% increase in pro forma adjusted net income, particularly as we continue to invest in strengthening our management team and building our infrastructure to support future growth. As we look to fiscal 2016, we will continue to build upon this strong foundation to strengthen our business in the years to come.”

The retailer's net income for the fourth quarter was $2.6 million, or 10 cents per diluted share, reflecting the effects of a secondary offering. It earned $1.8 million or 9 cents per diluted share during the same period last year. Earnings were $4.6 million without the adjustments, or 17 cents per diluted share. Analysts anticipated earnings of 12 cents per share.

Full year revenue totaled $402.7 million, a 16.4% uptick from $345.9 million for the same period last year. Full year earnings were $13.7 million, or 54 cents per diluted share, compared with $5.4 million or 28 cents per diluted share for the prior year period. Boot Barn’s adjusted earnings increased 25.7% to $19.9 million, or 76 cents per diluted share. Analysts expected 70 cents per share in earnings.

The company opened four stores in the last three months and expects to open 22 new stores in fiscal year 2016. It said it anticipates same store and e-commerce sales growth in the “low to mid-single digits” and its net income in the range from $21.9 million to $23.1 million.