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IRVINE, Calif.--(BUSINESS WIRE)--May 17, 2023--
Boot Barn Holdings, Inc. (NYSE: BOOT) today announced its financial results for the fourth fiscal quarter and fiscal year ended April 1, 2023. A Supplemental Financial Presentation is available at investor.bootbarn.com.
For the quarter ended April 1, 2023 (14 weeks) compared to the quarter ended March 26, 2022 (13 weeks):
For the fiscal year ended April 1, 2023 (53 weeks) compared to the fiscal year ended March 26, 2022 (52 weeks):
Jim Conroy, President and Chief Executive Officer, commented “I am proud of the team for delivering another solid performance as we were able to hold on to the outsized gains from the prior year. We experienced double-digit total sales growth while expanding product margin for the 7th consecutive year. While our e-commerce business faced top-line sales pressure, our stores achieved positive same store sales growth for the year as they cycled a remarkable 57% comp store growth in fiscal 2022. Our new store opening efforts continue to pay off as we added 45 new stores, including expansion into five new states. Once again, our exclusive brands have exceeded our expectations with penetration growing nearly six percentage points during fiscal 2023. I am encouraged by the ongoing progress across each of our four strategic initiatives and feel the Company is well positioned for continued growth.”
Operating Results for the Fourth Quarter Ended April 1, 2023 (14 weeks) Compared to the Fourth Quarter Ended March 26, 2022 (13 weeks)
Operating Results for the Fiscal Year Ended April 1, 2023 (53 weeks) Compared to the Fiscal Year Ended March 26, 2022 (52 weeks)
Sales by Channel
The following table includes total net sales growth/(decline) and same store sales growth/(decline) for the periods indicated below:
| Fourteen Weeks Ended April 1, 2023 | Four Weeks Fiscal 2023 January | Four Weeks Fiscal 2023 February | Six Weeks Fiscal 2023 March | Preliminary Quarter-to-Date through May 15, 2023 | High-End Guidance Thirteen Weeks Ending July 1, 2023 | |||||||||||||||||
| Total Net Sales Growth/(Decline) | 11.0 | % | * | 4.4 | % | 5.7 | % | 19.9 | % | * | 2.1 | % | (0.5) | % | ||||||||
| Retail Stores SSS | (3.3) | % | 0.6 | % | (1.9) | % | (6.2) | % | (4.3) | % | (6.0) | % | ||||||||||
| E-commerce SSS | (18.4) | % | (16.3) | % | (18.7) | % | (19.4) | % | (15.2) | % | (15.0) | % | ||||||||||
| Total SSS | (5.5) | % | (2.1) | % | (4.5) | % | (8.0) | % | (5.8) | % | (7.0) | % | ||||||||||
*Note: Total net sales growth for the six weeks ended fiscal 2023 March compares to the five weeks ended fiscal 2022 March. Total net sales growth for the fourteen weeks ended April 1, 2023 compares to the thirteen weeks ended March 26, 2022. Fiscal 2023 was a 53-week year, compared to fiscal 2022 which was a 52-week year.
Balance Sheet Highlights as of April 1, 2023
Fiscal Year 2024 Outlook
The Company is providing guidance for what it can reasonably estimate at this time. For the fiscal year ending March 30, 2024 the Company expects:
For the fiscal first quarter ending July 1, 2023, the Company expects:
Conference Call Information
A conference call to discuss the financial results for the fourth quarter and fiscal year 2023 is scheduled for today, May 17, 2023, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (877) 451-6152. The conference call will also be available to interested parties through a live webcast at investor.bootbarn.com. Please visit the website and select the “Events and Presentations” link at least 15 minutes prior to the start of the call to register and download any necessary software. A Supplemental Financial Presentation is also available on the investor relations section of the Company’s website. A telephone replay of the call will be available until June 17, 2023, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 13738768. Please note participants must enter the conference identification number in order to access the replay.
About Boot Barn
Boot Barn is the nation’s leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. As of the date of this release, Boot Barn operates 352 stores in 44 states, in addition to an e-commerce channel www.bootbarn.com. The Company also operates www.sheplers.com, the nation’s leading pure play online western and work retailer and www.countryoutfitter.com, an e-commerce site selling to customers who live a country lifestyle. For more information, call 888-Boot-Barn or visit www.bootbarn.com.
Forward Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to, by way of example and without limitation, our financial condition, liquidity, profitability, results of operations, margins, plans, objectives, strategies, future performance, business and industry. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan“, "intend", "believe", “may”, “might”, “will”, “could”, “should”, “can have”, “likely”, “outlook” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. These forward-looking statements are based on assumptions that the Company’s management has made in light of their industry experience and on their perceptions of historical trends, current conditions, expected future developments and other factors they believe are appropriate under the circumstances. As you consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. These risks, uncertainties and assumptions include, but are not limited to, the following: decreases in consumer spending due to declines in consumer confidence, local economic conditions or changes in consumer preferences; the Company’s ability to effectively execute on its growth strategy; the Company’s failure to maintain and enhance its strong brand image, to compete effectively, to maintain good relationships with its key suppliers, and to improve and expand its exclusive product offerings; and the effect of COVID-19 on our business. The Company discusses the foregoing risks and other risks in greater detail under the heading “Risk factors” in the periodic reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, the Company cautions that you should not place undue reliance on any of these forward-looking statements. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict those events or how they may affect the Company. Further, any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company does not intend to update or revise the forward-looking statements in this press release after the date of this press release.
Boot Barn Holdings, Inc. | ||||||||
Consolidated Balance Sheets | ||||||||
(In thousands, except per share data) | ||||||||
(Unaudited) | ||||||||
April 1, | March 26, | |||||||
2023 | 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 18,193 |
| $ | 20,674 |
| ||
| Accounts receivable, net | 13,145 |
| 9,662 |
| ||||
| Inventories | 589,494 |
| 474,300 |
| ||||
| Prepaid expenses and other current assets | 48,341 |
| 37,195 |
| ||||
| Total current assets | 669,173 |
| 541,831 |
| ||||
| Property and equipment, net | 257,143 |
| 155,247 |
| ||||
| Right-of-use assets, net | 326,623 |
| 241,147 |
| ||||
| Goodwill | 197,502 |
| 197,502 |
| ||||
| Intangible assets, net | 60,751 |
| 60,813 |
| ||||
| Other assets | 6,189 |
| 3,315 |
| ||||
| Total assets | $ | 1,517,381 |
| $ | 1,199,855 |
| ||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Line of credit | $ | 66,043 |
| $ | 28,549 |
| ||
| Accounts payable | 134,246 |
| 131,394 |
| ||||
| Accrued expenses and other current liabilities | 122,958 |
| 133,408 |
| ||||
| Short-term lease liabilities | 51,595 |
| 43,117 |
| ||||
| Total current liabilities | 374,842 |
| 336,468 |
| ||||
| Deferred taxes | 33,260 |
| 26,895 |
| ||||
| Long-term lease liabilities | 330,081 |
| 234,584 |
| ||||
| Other liabilities | 2,748 |
| 2,232 |
| ||||
| Total liabilities | 740,931 |
| 600,179 |
| ||||
| Stockholders’ equity: | ||||||||
| Common stock, $0.0001 par value; April 1, 2023 - 100,000 shares authorized, 30,072 shares issued; March 26, 2022 - 100,000 shares authorized, 29,820 shares issued | 3 |
| 3 |
| ||||
| Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding | — |
| — |
| ||||
| Additional paid-in capital | 209,964 |
| 199,054 |
| ||||
| Retained earnings | 576,030 |
| 405,477 |
| ||||
| Less: Common stock held in treasury, at cost, 192 and 135 shares at April 1, 2023 and March 26, 2022, respectively | (9,547 | ) | (4,858 | ) | ||||
| Total stockholders’ equity | 776,450 |
| 599,676 |
| ||||
| Total liabilities and stockholders’ equity | $ | 1,517,381 |
| $ | 1,199,855 |
|
Boot Barn Holdings, Inc. | |||||||||||||
Consolidated Statements of Operations | |||||||||||||
(In thousands, except per share data) | |||||||||||||
(Unaudited) | |||||||||||||
| Fourteen Weeks Ended | Thirteen Weeks Ended | Fifty-Three Weeks Ended | Fifty-Two Weeks Ended | ||||||||||
| April 1, 2023 | March 26, 2022 | April 1, 2023 | March 26, 2022 | ||||||||||
| Net sales | $ | 425,661 | $ | 383,308 |
| $ | 1,657,615 |
| $ | 1,488,256 | |||
| Cost of goods sold |
| 269,829 |
| 234,472 |
|
| 1,047,043 |
|
| 913,183 | |||
| Gross profit |
| 155,832 |
| 148,836 |
|
| 610,572 |
|
| 575,073 | |||
| Selling, general and administrative expenses |
| 93,116 |
| 86,447 |
|
| 378,785 |
|
| 316,735 | |||
| Income from operations |
| 62,716 |
| 62,389 |
|
| 231,787 |
|
| 258,338 | |||
| Interest expense |
| 1,535 |
| 388 |
|
| 5,880 |
|
| 5,780 | |||
| Other income/(loss), net |
| 181 |
| (126 | ) |
| (29 | ) |
| 35 | |||
| Income before income taxes |
| 61,362 |
| 61,875 |
|
| 225,878 |
|
| 252,593 | |||
| Income tax expense |
| 14,953 |
| 17,162 |
|
| 55,325 |
|
| 60,143 | |||
| Net income | $ | 46,409 | $ | 44,713 |
| $ | 170,553 |
| $ | 192,450 | |||
| Earnings per share: | |||||||||||||
| Basic shares | $ | 1.55 | $ | 1.51 |
| $ | 5.72 |
| $ | 6.51 | |||
| Diluted shares | $ | 1.53 | $ | 1.47 |
| $ | 5.62 |
| $ | 6.33 | |||
| Weighted average shares outstanding: | |||||||||||||
| Basic shares |
| 29,847 |
| 29,671 |
|
| 29,805 |
|
| 29,556 | |||
| Diluted shares |
| 30,422 |
| 30,411 |
|
| 30,370 |
|
| 30,391 |
Boot Barn Holdings, Inc. | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Fiscal Year Ended | |||||||||||
April 1, | March 26, | March 27, | |||||||||
2023 | 2022 | 2021 | |||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 170,553 |
| $ | 192,450 |
| $ | 59,386 |
| ||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation | 35,883 |
| 27,280 |
| 24,059 |
| |||||
| Stock-based compensation | 9,711 |
| 9,475 |
| 7,158 |
| |||||
| Amortization of intangible assets | 62 |
| 72 |
| 89 |
| |||||
| Noncash lease expense | 47,869 |
| 39,286 |
| 34,231 |
| |||||
| Amortization and write-off of debt issuance fees and debt discount | 130 |
| 1,878 |
| 884 |
| |||||
| Loss on disposal of property and equipment | 334 |
| 175 |
| 87 |
| |||||
| (Gain)/loss on adjustment of right-of-use assets and lease liabilities | — |
| (259 | ) | 295 |
| |||||
| Store impairment charges | — |
| — |
| 384 |
| |||||
| Deferred taxes | 6,365 |
| 4,902 |
| 2,192 |
| |||||
| Changes in operating assets and liabilities, net of acquisition: | |||||||||||
| Accounts receivable, net | (2,716 | ) | 5,222 |
| 8,050 |
| |||||
| Inventories | (115,194 | ) | (198,540 | ) | 12,957 |
| |||||
| Prepaid expenses and other current assets | (11,276 | ) | (24,577 | ) | 1,382 |
| |||||
| Other assets | (2,874 | ) | (236 | ) | (1,729 | ) | |||||
| Accounts payable | (2,636 | ) | 25,502 |
| 12,360 |
| |||||
| Accrued expenses and other current liabilities | (18,541 | ) | 45,229 |
| 25,003 |
| |||||
| Other liabilities | 516 |
| (1,192 | ) | 2,789 |
| |||||
| Operating leases | (29,299 | ) | (37,803 | ) | (33,655 | ) | |||||
| Net cash provided by operating activities | $ | 88,887 |
| $ | 88,864 |
| $ | 155,922 |
| ||
| Cash flows from investing activities | |||||||||||
| Purchases of property and equipment | $ | (124,534 | ) | $ | (60,443 | ) | $ | (28,424 | ) | ||
| Net cash used in investing activities | $ | (124,534 | ) | $ | (60,443 | ) | $ | (28,424 | ) | ||
| Cash flows from financing activities | |||||||||||
| Borrowings/(payments) on line of credit - net | $ | 37,494 |
| $ | 28,549 |
| $ | (129,900 | ) | ||
| Repayments on debt and finance lease obligations | (838 | ) | (112,304 | ) | (667 | ) | |||||
| Tax withholding payments for net share settlement | (4,689 | ) | (2,904 | ) | (754 | ) | |||||
| Proceeds from the exercise of stock options | 1,199 |
| 5,764 |
| 7,408 |
| |||||
| Net cash provided by/(used in) financing activities | $ | 33,166 |
| $ | (80,895 | ) | $ | (123,913 | ) | ||
| Net (decrease)/increase in cash and cash equivalents | (2,481 | ) | (52,474 | ) | 3,585 |
| |||||
| Cash and cash equivalents, beginning of period | 20,674 |
| 73,148 |
| 69,563 |
| |||||
| Cash and cash equivalents, end of period | $ | 18,193 |
| $ | 20,674 |
| $ | 73,148 |
| ||
| Supplemental disclosures of cash flow information: | |||||||||||
| Cash paid for income taxes | $ | 60,171 |
| $ | 41,684 |
| $ | 11,458 |
| ||
| Cash paid for interest | $ | 5,835 |
| $ | 3,808 |
| $ | 8,795 |
| ||
| Supplemental disclosure of non-cash activities: | |||||||||||
| Unpaid purchases of property and equipment | $ | 21,487 |
| $ | 14,963 |
| $ | 2,642 |
|
Boot Barn Holdings, Inc. | |||||||||||||||||
Store Count | |||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||
2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||||||||||
| Store Count (BOP) | 333 | 321 | 311 | 300 | 289 | 278 | 276 |
| 273 | ||||||||
| Opened/Acquired | 12 | 12 | 10 | 11 | 11 | 11 | 3 |
| 3 | ||||||||
| Closed | — | — | — | — | — | — | (1 | ) | — | ||||||||
| Store Count (EOP) | 345 | 333 | 321 | 311 | 300 | 289 | 278 |
| 276 |
Boot Barn Holdings, Inc. | |||||||||||||||||||||||||
Selected Store Data | |||||||||||||||||||||||||
Fourteen Weeks | Thirteen Weeks Ended | ||||||||||||||||||||||||
April 1, | December 24, | September 24, | June 25, | March 26, | December 25, | September 25, | June 26, | ||||||||||||||||||
2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||||||||||||||||||
| Selected Store Data: | |||||||||||||||||||||||||
| Same Store Sales (decline)/growth | (5.5) | % | (3.6) | % | 2.3 | % | 10.0 | % | 33.3 | % | 54.2 | % | 61.7 | % | 78.9 | % | |||||||||
| Stores operating at end of period | 345 | 333 | 321 | 311 | 300 | 289 | 278 | 276 | |||||||||||||||||
| Total retail store square footage, end of period (in thousands) | 3,735 | 3,598 | 3,451 | 3,333 | 3,194 | 3,063 | 2,940 | 2,915 | |||||||||||||||||
| Average store square footage, end of period | 10,825 | 10,806 | 10,751 | 10,717 | 10,648 | 10,597 | 10,575 | 10,563 | |||||||||||||||||
| Average net sales per store (in thousands) | $ | 1,088 | $ | 1,320 | $ | 966 | $ | 1,031 | $ | 1,094 | $ | 1,372 | $ | 965 | $ | 942 |
View source version on businesswire.com:https://www.businesswire.com/news/home/20230517005362/en/
CONTACT: Investors:
ICR, Inc.
Brendon Frey, 203-682-8216
BootBarnIR@icrinc.comorCompany:
Boot Barn Holdings, Inc.
Mark Dedovesh, 949-453-4489
Vice President, Investor Relations & Financial Planning
BootBarnIRMedia@bootbarn.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: WOMEN FOOTWEAR MEN CHILDREN ONLINE RETAIL CONSUMER FASHION RETAIL
SOURCE: Boot Barn
Copyright Business Wire 2023.
PUB: 05/17/2023 04:10 PM/DISC: 05/17/2023 04:10 PM
http://www.businesswire.com/news/home/20230517005362/en