Boot Barn marches on in Q3

Boot Barn continued its march of success in the third quarter, which produced another round of positive financial results.

The company reported that for the third quarter ended Dec. 27, net sales increased 13.1% to $130.5 million; same store sales, which include e-commerce sales, increased 7.2%; and net income was $8.8 million, or $0.36 per diluted share, compared to a net income of $6.3 million or $0.33 per diluted share.

Jim Conroy, Chief Executive Officer, said: "Our third quarter performance was highlighted by the continued successful execution of our major growth initiatives. We expanded our nationwide footprint with the opening of eight new stores, increased our same store sales and built out our private brand portfolio with the launch of MoonShine Spirit by Brad Paisley. At the same time, we expanded our merchandise margin and delivered strong bottom line results. We are confident that we have the right strategies in place to take advantage of our leadership position in the marketplace and grow our business."

On a per-share basis, the Irvine, California-based company said it had net income of 36 cents. Earnings, adjusted for non-recurring costs, were 40 cents per share. The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.

The company opened eight new stores and ended the quarter with 166 stores in 26 states.