Boot Barn Holdings Inc. announced preliminary results for the third quarter of fiscal year 2019 ended December 29 that showed both earnings and sales came in well above projections.
For the third quarter ended December 29, 2018, the company expects to report:
- Net sales increased 13 percent to approximately $254 million.
- Same store sales increased approximately 9.2 percent, with double-digit growth in e-commerce and high single digit growth in retail stores. This compares with third quarter guidance of 5.0 percent to 7.0 percent.
- Net income per diluted share of approximately 66 cents a share based on 28.9 million weighted average diluted shares outstanding. Net income per diluted share in the prior-year period was $0.73, or $0.46 when excluding approximately $0.27 related to tax reform.
Previously, Boot Barn had expected same store sales growth of 5.0 percent to 7.0 percent and EPS in the range of 56 to 60 cents.
Jim Conroy, chief executive officer, commented, “I am thrilled with our third quarter performance, which included sales growth in virtually all major product categories and geographic regions while generating strong merchandise margin expansion. Sales momentum in our retail stores continued as we have now reported 7 consecutive quarters of same store sales growth in our stores. We also delivered double-digit growth in e-commerce sales with a healthy increase in margin. The team executed extremely well from a merchandising, marketing and operational perspective, driving strong top line and bottom line growth. While early, I am also quite pleased with current business and a solid start to our fiscal fourth quarter.”
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 on February 5, 2019, at which time it will also provide fourth quarter guidance.