Please wait while we load the requested 10-K report or click the link below:
Boot Barn Holdings, Inc. Announces Fourth Quarter and Fiscal Year 2015 Financial Results
Fiscal Year 2015 Results Exceed Outlook
IRVINE, Calif.--(BUSINESS WIRE)--May 28, 2015--Boot Barn Holdings, Inc. (NYSE:BOOT) today announced its financial results for the fourth quarter and fiscal year ended March 28, 2015.
Highlights for the quarter ended March 28, 2015, were as follows:
- Net sales increased 16.7% to $103.3 million;
- Same store sales, which include e-commerce sales, increased 7.0%;
- Net income was $2.6 million, or $0.10 per diluted share; and
- Pro forma adjusted net income (1) was $4.6 million, or $0.17 per diluted share.
Highlights for the fiscal year ended March 28, 2015, were as follows:
- Net sales increased 16.4% to $402.7 million;
- Same store sales, which include e-commerce sales, increased 7.3%;
- Net income was $13.7 million, or $0.54 per diluted share; and
- Pro forma adjusted net income (1) increased 25.7% to $19.9 million, or $0.76 per diluted share, and exceeded the high end of the Company’s $0.67 to $0.70 outlook range.
1) Pro forma adjusted net income is a non-GAAP measure. An explanation of the computation of this measure and a reconciliation to GAAP net income is included in the accompanying financial data. See also "Non-GAAP Financial Measures."
Jim Conroy, Chief Executive Officer, commented, “I am proud of the team’s strong performance both for the fourth quarter and for the full fiscal year 2015. Our financial results reflect the strength of our business as well as a relentless focus on execution. During the quarter we opened four new stores, expanding our presence in both new and existing markets, and increased our same store sales for the 22nd consecutive quarter. For the fiscal year, I am pleased to report an increase in our adjusted operating margin of over 40 basis points and a 26% increase in pro forma adjusted net income, particularly as we continue to invest in strengthening our management team and building our infrastructure to support future growth. As we look to fiscal 2016, we will continue to build upon this strong foundation to strengthen our business in the years to come.”
Operating Results for the Fourth Quarter Ended March 28, 2015
- Net sales increased 16.7% to $103.3 million from $88.5 million in the fourth quarter of fiscal 2014 due to contributions from 18 new stores opened during the year and an increase in same store sales of 7.0%, which include e-commerce sales.
- Gross profit was $34.0 million or 32.9% of net sales, compared to gross profit of $27.5 million or 31.1% of net sales in the prior year period, which included $1.1 million of one-time costs associated with the Baskins acquisition completed in fiscal 2014. Excluding such one-time costs, adjusted gross profit for the fourth quarter of fiscal 2014 was $28.6 million or 32.4% of net sales in the period. The 50 basis point increase in adjusted gross margin rate was driven by an increase in merchandise margin reflecting increased penetration of private brands and improved mark-up across the store. This increase was offset primarily by increases in store occupancy costs and depreciation expense associated with the acceleration of new store openings compared to the prior year period.
The following information was filed by Boot Barn Holdings, Inc. (BOOT) on Thursday, May 28, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Boot Barn Holdings, Inc.'s financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Boot Barn Holdings, Inc..