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Boot Barn Holdings, Inc. Announces Fourth Quarter and Fiscal Year 2016 Financial Results
IRVINE, Calif.--(BUSINESS WIRE)--May 18, 2016--Boot Barn Holdings, Inc. (NYSE:BOOT) today announced its financial results for the fourth quarter and fiscal year ended March 26, 2016.
Highlights for the quarter ended March 26, 2016, were as follows:
- Net sales increased 45% to approximately $149.5 million;
- Opened four new stores;
- Consolidated same store sales declined 1.2%;
- Pro forma adjusted net income was $2.5 million, or $0.09 per diluted share, compared to $0.17 per diluted share in the prior-year period. Net income was $1.0 million, or $0.04 per diluted share, on a GAAP basis.
Highlights for the year ended March 26, 2016, were as follows:
- Net sales increased 41% to $569.0 million;
- Acquired 25 Sheplers stores and closed six of those stores. Opened 22 new stores and closed two stores, ending the fiscal year with 208 stores;
- Consolidated same store sales essentially flat at -0.1%;
- Pro forma adjusted net income was $18.7 million, or $0.69 per diluted share, compared to $0.72 per diluted share in fiscal year 2015. Net income was $9.9 million, or $0.37 per diluted share, on a GAAP basis.
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 below. See also "Non-GAAP Financial Measures."
Jim Conroy, Chief Executive Officer, commented, “While the continued impact from low commodities prices on some of our key markets resulted in fourth quarter performance that was below our expectations, we made further progress towards our long-term targets. During the quarter we grew net sales, increased our higher-margin private brand penetration, and opened four new Boot Barn stores. During the fiscal year we opened 22 new Boot Barn stores and completed the acquisition and integration of Sheplers, which has significantly elevated our e-commerce capabilities and expanded our market share in key markets. Overall, we solidified our position as the largest omni-channel western and work wear retailer in the U.S. While the current market environment remains challenging, and it is difficult to predict when external pressures to our business will subside, we believe we have appropriately positioned our merchandise offering, marketing strategy, and inventory levels to manage through this cycle and we continue to appropriately invest in our business for long-term growth and increased value for our shareholders.”
The following information was filed by Boot Barn Holdings, Inc. (BOOT) on Wednesday, May 18, 2016 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.
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