Boot Barn Holdings, Inc. reported preliminary results for the third quarter of the fiscal year 2024, which ended December 30, 2023, before participating in this week’s ICR Conference.
For the third quarter ended December 30, Boot Barn expects to report:
- Net sales of $520.4 million, representing growth of 1.1 percent over the prior year;
- Same-store sales decline of 9.7 percent, with a retail store same-store sales decline of 9.4 percent and an e-commerce same-store sales decline of 11.3 percent; and
- Net income per diluted share at or above the high end of its previously announced guidance range of $1.79 per share.
Boot Barn opened 11 new stores in the third quarter and 37 stores year-to-date, bringing its total store count to 382.
“Our third quarter played out largely as we expected, with new store sales offsetting a decline in same-store sales as we cycled outsized comp growth in prior years,” shared Jim Conroy, president and CEO of Boot Barn Holdings, Inc. “We opened 11 new stores in the quarter, contributing to a 1.1 percent growth in total net sales.
This modest sales growth, combined with discipline around promotions and strong expense control, drove an increase in earnings per share compared to last year.
Conroy said in a release that the company’s performance in the quarter demonstrated the power of the Boot Barn model, where multiple levers can work in tandem to drive earnings growth.
“Additionally, our average store revenue continues to far exceed pre-pandemic sales levels despite the reduction in comparable store sales,” Conroy said. “I am proud of the Boot Barn team for excellent execution and look forward to the new calendar year and our fourth fiscal quarter.”
The company said the preceding expected results are preliminary and remain subject to the completion of normal quarter-end accounting procedures and closing adjustments.
Image courtesy Boot Barn
