Boot Barn(BOOT) - 2024 Q4 - Annual Results

Sales Performance - Net sales for the fourth fiscal quarter decreased by 8.7% year-over-year to $388.5 million, with a 2.2$28.3 million from the prior year's 14th week[3] - Same store sales declined by 5.9% compared to the prior year, with retail store same store sales down 5.7% and e-commerce same store sales down 7.6%[3] - For the fiscal year, net sales increased by 0.6% to $1.667 billion, with a 2.3$28.3 million from the 53rd week of the prior year[4] - Net sales for the quarter ended March 30, 2024, were $388.459 million, a decrease from$425.661 million for the quarter ended April 1, 2023, representing a decline of approximately 8.7%[35] - Net sales increased 0.6% to $1.667 billion from$1.658 billion in the prior year, with consolidated same store sales decreasing 6.2%[39] Profitability - Net income for the fourth quarter was $29.4 million, or$0.96 per diluted share, down from $46.4 million, or$1.53 per diluted share in the prior year[3] - Net income for the quarter ended March 30, 2024, was $29.439 million, compared to$46.409 million for the quarter ended April 1, 2023, indicating a decline of approximately 36.5%[35] - Gross profit for the quarter ended March 30, 2024, was $139.438 million, down from$155.832 million for the same quarter last year, reflecting a decrease of about 10.5%[35] - Gross profit was $139.4 million, or 35.9$155.8 million, or 36.6% in the prior-year period, primarily due to a decrease in sales[37] - Income from operations decreased by $24.5 million to$38.2 million, or 9.8% of net sales, compared to $62.7 million, or 14.7$1.766 billion and $1.800 billion, representing growth of 5.9$647.2 million and $664.1 million, or approximately 36.6$76 million, with no amounts drawn from the $250 million revolving credit facility[24] - Cash and cash equivalents increased to$75.847 million as of March 30, 2024, up from $18.193 million as of April 1, 2023[33] - Total assets as of March 30, 2024, were$1.706 billion, an increase from $1.517 billion as of April 1, 2023[33] - Total liabilities increased to$761.949 million as of March 30, 2024, compared to $740.931 million as of April 1, 2023[33] - The company reported a cash flow from operating activities of$236.080 million for the quarter ended March 30, 2024[31] Expenses - Selling, general and administrative expenses rose to $101.2 million, or 26.1$93.1 million, or 21.9% in the prior-year period, reflecting higher marketing expenses and normalized incentive-based compensation[45] - Selling, general and administrative expenses for the fiscal year ended March 30, 2024, were $416.2 million, or 25.0$378.8 million, or 22.9% in the prior year[48] Margin Analysis - The decrease in gross profit rate of 70 basis points was driven by 230 basis points of deleverage in buying, occupancy, and distribution center costs[37] - The increase in merchandise margin rate was driven by a 160 basis-point improvement in freight expense and supply chain efficiencies as a percentage of net sales[37]