Financial Data and Key Metrics Changes - In the third quarter, net sales increased by 1.1% to $520 million, benefiting from new store openings, but offset by a same-store sales decline of 9.7% [11][12] - Income from operations was $75 million, or 14.4% of sales, compared to $72 million, or 14.1% of sales in the prior year [12] - Net income rose to $56 million, or $1.81 per diluted share, compared to $53 million, or $1.74 per diluted share in the prior year [12] - Gross profit increased by 6% to $199 million, reflecting a 180 basis point increase in gross profit rate [111] Business Line Data and Key Metrics Changes - Exclusive brand penetration increased by 310 basis points to 37.3%, despite softness in the Ladies' business [109] - Same-store sales in the more functional categories, such as men's Western boots and work boots, outperformed the discretionary ladies' departments [126] - The most recent 100 new stores generated approximately $3.3 million in annual revenue on average, significantly higher than the typical $2 million expectation [106] Market Data and Key Metrics Changes - Geographically, the West and North regions performed slightly better than the chain average, while the South and East regions were slightly worse [6] - Preliminary consolidated same-store sales for the first four weeks of fiscal fourth quarter declined by 8.1% compared to the prior year [110] Company Strategy and Development Direction - The company plans to open 15% new units in fiscal year 2025, with expectations for new stores to generate at least $3 million in sales during their first year [15] - The focus remains on executing four strategic initiatives, including expanding the store base, driving same-store sales growth, strengthening omnichannel leadership, and enhancing exclusive brands [5][126] - The company aims to maintain merchandise margin growth despite a negative same-store sales environment [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining elevated sales levels and average store volume despite recent declines in same-store sales [7][30] - The company anticipates a return to positive same-store sales growth in fiscal 2025, contingent on stabilizing the discretionary business [40][145] - Management acknowledged the impact of inflation on consumer spending but noted that the core customer remains relatively healthy [145] Other Important Information - The company expects total sales for the full fiscal year to be $1.66 billion, representing growth of 0.4% over fiscal 2023 [14] - SG&A expenses increased to $124 million, or 23.8% of sales, primarily due to higher overhead costs associated with operating additional stores [132] - The company is moving to a new corporate office building, which will increase lease costs and associated depreciation, impacting SG&A [136] Q&A Session All Questions and Answers Question: Can you elaborate on the regional improvement in January sales? - Management noted that the West and South regions improved sequentially, while the North and East regions experienced a decline due to weather impacts [18][130] Question: What is the expected impact of tariffs on sourcing from China? - Management indicated that approximately half of their products are sourced from China, but they do not foresee significant competitive disadvantages arising from potential tariffs [36][74] Question: How do you view the future of the online business and ad spend? - The company is cautious about increasing online marketing spend due to inefficiencies and aims to manage it algorithmically to avoid eroding EBIT [80] Question: When do you expect same-store sales to turn positive? - Management suggested that while it is difficult to predict, they believe improvements could occur in the next few quarters as underlying trends stabilize [175]

Boot Barn (BOOT) reported $520.4 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 1.1%. EPS of $1.81 for the same period compares to $1.74 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $520.34 million, representing a surprise of +0.01%. The company delivered an EPS surprise of +0.56%, with the consensus EPS estimate being $1.80.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ...

Boot Barn (BOOT) came out with quarterly earnings of $1.81 per share, beating the Zacks Consensus Estimate of $1.80 per share. This compares to earnings of $1.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 0.56%. A quarter ago, it was expected that this Western apparel and footwear retailer would post earnings of $0.88 per share when it actually produced earnings of $0.91, delivering a surprise of 3.41%.Over the last four ...

Financial Performance - Net income for the thirteen weeks ended December 30, 2023, was $55,624,000, compared to $52,772,000 for the same period in 2022, representing a year-over-year increase of 3.3%[68] - Basic earnings per share for the thirteen weeks ended December 30, 2023, was $1.84, up from $1.77 in the same period of 2022, reflecting a growth of 3.9%[68] - Gross profit increased by $11.3 million, or 6.0%, to $199.1 million for the thirteen weeks ended December 30, 2023, with a gross profit margin of 38.3% compared to 36.5% for the same period in 2022[112] - Income from operations rose by $2.6 million, or 3.7%, to $75.1 million for the thirteen weeks ended December 30, 2023, representing 14.4% of net sales, up from 14.1% in the prior year[114] - Net sales increased by $5.8 million, or 1.1%, to $520.4 million for the thirteen weeks ended December 30, 2023, while consolidated same store sales decreased by 9.7%[140] - For the thirty-nine weeks ended December 30, 2023, gross profit increased by $20.3 million, or 4.5%, to $475.0 million, with a gross profit margin of 37.2% compared to 36.9% in the previous year[116] - Net sales increased by $46.6 million, or 3.8%, to $1.279 billion for the thirty-nine weeks ended December 30, 2023, compared to $1.232 billion for the same period in 2022[145] Store Operations and Expansion - The company operated 382 stores across 44 states as of December 30, 2023, with a significant expansion in its geographic footprint compared to competitors[98] - The number of stores operating at the end of the period increased to 382 from 333 year-over-year[152] - The company anticipates that a percentage of net sales in the near future will come from new stores not included in same store sales calculations, indicating a focus on growth through new openings[81] - Average net sales per store decreased to $1,185 thousand from $1,320 thousand year-over-year[152] Expenses and Costs - Selling, general and administrative expenses are expected to increase in future periods due to stock-based compensation and growth in the number of stores[109] - SG&A expenses increased by $8.7 million, or 7.5%, to $124.0 million for the thirteen weeks ended December 30, 2023, with SG&A as a percentage of net sales rising to 23.8% from 22.4%[142] - Selling, general and administrative (SG&A) expenses rose by $29.3 million, or 10.3%, to $315.0 million for the thirty-nine weeks ended December 30, 2023[146] - Interest expense decreased to $2.0 million for the thirty-nine weeks ended December 30, 2023, down from $4.3 million for the same period in 2022[149] Revenue Recognition and Profitability - The company recognizes revenue upon the purchase of merchandise by customers at retail locations and upon delivery for e-commerce sales, ensuring accurate revenue reporting[102] - The company’s gross profit is affected by the sales mix of exclusive brand products versus third-party brands, highlighting the importance of product strategy[84] - The increase in gross profit rate of 180 basis points was driven by a 300 basis-point increase in merchandise margin rate, partially offset by 120 basis points of deleverage in buying, occupancy, and distribution center costs[112] Tax and Liquidity - The effective tax rate increased to 25.8% for the thirteen weeks ended December 30, 2023, compared to 24.9% for the same period in 2022, primarily due to changes in state tax rates[115] - The company has a $250.0 million revolving credit facility, with zero amounts outstanding as of December 30, 2023, and a weighted average interest rate of 8.5% for the thirteen weeks ended December 30, 2023[124][125] - The company relies on cash flows from operating activities and its credit facility as primary sources of liquidity, with significant cash needs for inventories and capital expenditures related to new store openings[121] - The company expects the availability of cash under its credit facility to cover working capital requirements for at least the next 12 months[154] E-commerce and Technology - The company launched a Boot Barn app during fiscal 2023, which has become an additional sales channel, enhancing its e-commerce capabilities[98] - The company’s same store sales are influenced by various factors, including new store openings and seasonal trends, which are monitored to assess performance[105] - Consolidated same store sales decreased by 6.3%, with e-commerce same store sales down by 11.4%[145] Investment Activities - Net cash used in investing activities was $91.3 million for the thirty-nine weeks ended December 30, 2023, primarily for capital expenditures and improvements[161] - The company did not have any outstanding amount under the Wells Fargo Revolver as of December 30, 2023[165]

The upcoming report from Boot Barn (BOOT) is expected to reveal quarterly earnings of $1.80 per share, indicating an increase of 3.5% compared to the year-ago period. Analysts forecast revenues of $520.43 million, representing an increase of 1.1% year over year.Over the last 30 days, there has been a downward revision of 1.2% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course ...

Boot Barn Holdings, Inc. (BOOT) is likely to see a top-line improvement when it reports third-quarter fiscal 2024 earnings results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $521.8 million, indicating an improvement of 1.4% from the year-ago figure.The current Zacks Consensus Estimate for earnings is pegged at $1.80, calling for a 3.5% rise from the corresponding period last year. The consensus estimate has experienced a positive revision of 2.3% over the past 30 days.Key Factors ...

Investors are always looking for stocks that are poised to beat at earnings season and Boot Barn Holdings, Inc. (BOOT) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Boot Barn is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Boot Barn (BOOT) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock may m ...

Supplemental Financial Presentation November 2023 This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forwardlooking statements. You can identify forward-looking statements by the fact that they generally include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "outlook" and other words of similar meaning in connection with any disc ...

Boot Barn Holdings, Inc. (NYSE:BOOT) Q2 2024 Earnings Conference Call November 2, 2023 4:30 PM ET Company Participants Mark Dedovesh - SVP, IR and Financial Planning Jim Conroy - President and CEO Jim Watkins - CFO Conference Call Participants Matthew Boss - JPMorgan Steven Zaccone - Citi Max Rakhlenko - TD Cowen Jason Haas - Bank of America Janine Stichter - BTIG Dylan Carden - William Blair Jonathan Komp - Baird Corey Tarlowe - Jefferies Jay Sole - UBS Sam Poser - Williams Trading Jeremy Hamblin - Craig-H ...