Boot Barn Holdings, Inc. Announces Preliminary Third Quarter Results and Participation in the 2023 ICR Conference
06 Janvier 2023 - 2:30PM
Business Wire
Boot Barn Holdings, Inc. (NYSE: BOOT) today announced
preliminary results for the third quarter of fiscal year 2023 ended
December 24, 2022 in advance of its participation in the ICR
Conference on Monday, January 9, 2023.
Preliminary Results for the Third Quarter of Fiscal Year
2023
For the third quarter ended December 24, 2022, the Company
expects to report:
- Net sales increased 5.9% to approximately $514.6 million.
- Same store sales declined approximately (3.6)%, cycling 54.2%
same store sales growth in the prior-year period. Retail store same
store sales declined approximately (0.8)% and e-commerce same store
sales declined approximately (15.2)%.
- Merchandise margin declined 190 basis points compared to the
prior-year period, driven primarily by a 180 basis-point headwind
from higher freight expense.
- Net income per diluted share of approximately $1.74 based on
30.3 million weighted average diluted shares outstanding, compared
to net income per diluted share of $2.27 in the prior-year period.
Net income per diluted share in the prior-year period includes an
approximately $0.04 per share benefit primarily due to income tax
accounting for share-based compensation.
- The Company opened 12 new stores in the third quarter, or 33
stores year-to-date, bringing its total store count to 333.
Jim Conroy, President and Chief Executive Officer, commented “I
am extremely proud of the entire Boot Barn team for their
tremendous execution as we delivered total sales at the high end of
our guidance, despite late December storms that negatively impacted
sales during the highest volume days of the quarter. New store
sales continued to overperform our expectations and we were able to
deliver retail store same store sales that were roughly flat as we
cycled an incredible 55.7% retail comp growth in the same period
last year. Once again, we were able to maintain our predominantly
full-price selling environment in what seemed to be a highly
promotional holiday period across retail. Normalizing for expected
freight headwinds, we were able to achieve a merchandise margin
rate nearly in line with last year’s record-setting
performance.
As we enter 2023, we feel great about the new store pipeline,
our current inventory levels, and the overall tone of the business.
With store productivity levels continuing to far exceed
pre-pandemic levels, combined with the significant opportunity to
increase our current store footprint, we believe the future growth
prospects for Boot Barn are extremely bright.”
The foregoing expected results are preliminary and remain
subject to the completion of normal quarter end accounting
procedures and closing adjustments. The Company currently plans to
report third quarter results in late January 2023, at which time it
will also provide fourth quarter guidance.
2023 ICR Conference
The Company will be presenting at the 2023 ICR Conference on
Monday, January 9, 2023 at 10:30 am Eastern Standard Time. The
slide presentation is available on the “Events & Presentations”
section at http://investor.bootbarn.com. The presentation will be
webcast live over the internet and can also be accessed at
http://investor.bootbarn.com. An online archive will be available
for a period of 90 days following the presentation.
About Boot Barn
Boot Barn is the nation’s leading lifestyle retailer of western
and work-related footwear, apparel and accessories for men, women
and children. The Company offers its loyal customer base a wide
selection of work and lifestyle brands. As of the date of this
release, Boot Barn operates 333 stores in 41 states, in addition to
an e-commerce channel www.bootbarn.com. The Company also operates
www.sheplers.com, the nation’s leading pure play online western and
work retailer and www.countryoutfitter.com, an e-commerce site
selling to customers who live a country lifestyle. For more
information, call 888-Boot-Barn or visit www.bootbarn.com.
Forward Looking Statements
This press release contains forward-looking statements that are
subject to risks and uncertainties. All statements other than
statements of historical fact included in this press release are
forward-looking statements. Forward-looking statements refer to our
current expectations and projections relating to, by way of example
and without limitation, our financial condition, liquidity,
profitability, results of operations, margins, plans, objectives,
strategies, future performance, business and industry. You can
identify forward-looking statements by the fact that they do not
relate strictly to historical or current facts. These statements
may include words such as "anticipate", "estimate", "expect",
"project", "plan“, "intend", "believe", “may”, “might”, “will”,
“could”, “should”, “can have”, “likely”, “outlook” and other words
and terms of similar meaning in connection with any discussion of
the timing or nature of future operating or financial performance
or other events, but not all forward-looking statements contain
these identifying words. These forward-looking statements are based
on assumptions that the Company’s management has made in light of
their industry experience and on their perceptions of historical
trends, current conditions, expected future developments and other
factors they believe are appropriate under the circumstances. As
you consider this press release, you should understand that these
statements are not guarantees of performance or results. They
involve risks, uncertainties (some of which are beyond the
Company’s control) and assumptions. These risks, uncertainties and
assumptions include, but are not limited to, the following: the
effect of COVID-19 on our business operations, growth strategies,
store traffic, employee availability, financial condition,
liquidity and cash flow; decreases in consumer spending due to
declines in consumer confidence, local economic conditions or
changes in consumer preferences; the Company’s ability to
effectively execute on its growth strategy; and the Company’s
failure to maintain and enhance its strong brand image, to compete
effectively, to maintain good relationships with its key suppliers,
and to improve and expand its exclusive product offerings. The
Company discusses the foregoing risks and other risks in greater
detail under the heading “Risk factors” in the periodic reports
filed by the Company with the Securities and Exchange Commission.
Although the Company believes that these forward-looking statements
are based on reasonable assumptions, you should be aware that many
factors could affect the Company’s actual financial results and
cause them to differ materially from those anticipated in the
forward-looking statements. Because of these factors, the Company
cautions that you should not place undue reliance on any of these
forward-looking statements. New risks and uncertainties arise from
time to time, and it is impossible for the Company to predict those
events or how they may affect the Company. Further, any
forward-looking statement speaks only as of the date on which it is
made. Except as required by law, the Company does not intend to
update or revise the forward-looking statements in this press
release after the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230106005224/en/
Investor Contact: ICR, Inc. Brendon Frey, 203-682-8216
BootBarnIR@icrinc.com or Company Contact: Boot Barn
Holdings, Inc. Mark Dedovesh, 949-453-4489 Vice President, Investor
Relations & Financial Planning BootBarnIRMedia@bootbarn.com
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