Friday afternoon and Monday morning saw a host of preliminary sales and updated guidance releases from companies presenting at the ICR Conference, being held in Orlando, FL. Here’s a roundup of what retail and consumer brands announced over the last couple of days. Look for analysis on some of these companies, including summaries of their ICR presentations, in SGB Executive this week.
Here’s a rundown on each (click the company name to read the full news story):
Boot Barn Holdings Inc.
The company 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 that net sales increased 13 percent to approximately $254 million. Also, same store sales increased approximately 9.2 percent, up from third quarter guidance of 5 percent to 7 percent. And net income per diluted share of approximately 66 cents a share based on 28.9 million weighted average diluted shares outstanding, up from the expected range of 56 to 60 cents.
The company is now anticipating fourth-quarter revenues of $211 million to $214 million, up from the prior guidance of $195 million to $205 million. Crocs continues to expect gross margin to increase by 80 to 100 basis points over 45.4 percent in the fourth quarter of 2017. And the company now expects SG&A to be approximately 54 percent of revenues compared to 60.6 percent of revenues in the fourth quarter of 2017. Crocs now anticipates 2018 revenues to grow approximately 6 percent, up from its prior guidance predicting revenue growth of 4 to 5 percent over 2017 revenues of $1,023.5 million.
Delta Apparel Inc.
The company anticipates overall net sales for the first quarter of its 2019 fiscal year to come in ahead of expectations at approximately $101 million, or about a 12 percent increase from prior year net sales of $90.3 million, driven by strength in its Salt Life business. Delta Apparel expects earnings per share for the quarter to be above the prior year period’s reported earnings per share, and it expects adjusted earnings per share for the quarter to be approximately in line with prior year adjusted results of 8 cents after excluding the financial impact of this expense and the impact of United States tax reform legislation.
Genesco reported fourth quarter same-store sales increased 4 percent while reiterating its most recent EPS guidance. Same store sales increased 3 percent and sales for the company’s e-commerce businesses increased 8 percent on a comparable basis for that period. The company continues to expect adjusted earnings per diluted share for the fiscal year ending February 2, 2019, in the range of $3.10 to $3.40, viewing results near the middle of the range as most likely.
Lululemon Athletica Inc.
For the fourth quarter of fiscal 2018, Lululemon now anticipates that net revenue will be in the range of $1.140 billion to $1.150 billion based on a total comparable sales increase in the mid-to-high teens on a constant dollar basis. This compares to previous guidance of net revenue of $1.115 billion to $1.125 billion based on a total comparable sales increase in the high-single to low-double digits on a constant dollar basis. The company now expects diluted earnings per share will be in the range of $1.72 to $1.74 for the fourth quarter based on a 30 percent effective tax rate. This compares to previous diluted earnings per share guidance of $1.64 to $1.67 based on a 30 percent effective tax rate.
Shoe Carnival Inc.
Shoe Carnival now expects fiscal 2018 net sales to be approximately $1.028 billion and expects comparable store sales to increase approximately 4 percent. Earnings per diluted share for fiscal 2018 are expected to be in the range of $2.41 to $2.43. In fiscal 2017, net sales were $1.019 billion, comparable store sales increased 0.3 percent and the company earned $1.15 per diluted share. Adjusted earnings per diluted share for fiscal 2017 were $1.49.
Tilly’s now expects its earnings per diluted share for the fiscal 2018 fourth quarter ending February 2, 2019, to be approximately 24 cents to 26 cents per diluted share, within the upper half of its original earnings outlook range of 22 cents to 26 cents per diluted share. This outlook assumes an anticipated effective tax rate of approximately 27.3 percent and weighted average diluted shares of approximately 29.9 million based on the latest available information.
Unifi reiterated its top-line guidance for the year and adjusted its outlook for fiscal 2019 operating income and adjusted EBITDA. For the second quarter of fiscal 2019, the company expects net sales of approximately $167 million; gross margins of approximately 8.4 percent; operating loss between ($1.5) million and ($0.5) million; loss before income taxes between ($1.5) million and ($0.5) million; and adjusted EBITDA between $4.5 million and $5.5 million.
Yeti Holdings Inc.
Yeti updated its Fiscal 2018 outlook. Net income per diluted share is now expected to be 67 cents to 69 cents (versus the previous outlook of 60 cents to 64 cents), as compared to 19 cents last year, representing an increase of 253 percent and 263 percent, respectively. Adjusted net income per diluted share is now expected to be 88 cents to 90 cents (versus the previous outlook of 79 cents to 82 cents ), as compared to 28 cents last year, representing an increase of 214 percent and 221 percent, respectively. Adjusted EBITDA is now expected to be $147 million to $149 million (versus the previous outlook of $141 million to $144 million), as compared to $97.5 million last year, representing an increase of 51 percent and 52 percent, respectively.
Photo courtesy Yeti Holdings Inc.