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Boot Barn Holdings, Inc. Announces Second Quarter Fiscal Year 2019 Financial Results and Increased Annual Guidance
IRVINE, Calif.--(BUSINESS WIRE)--October 25, 2018--Boot Barn Holdings, Inc. (NYSE: BOOT) today announced its financial results for the second fiscal quarter ended September 29, 2018.
Highlights for the quarter ended September 29, 2018, were as follows:
- Net sales increased 17.5% to $168.1 million.
- Same store sales increased 11.3%.
- Net income was $4.5 million, or $0.16 per diluted share, compared to net income of $1.1 million, or $0.04 per diluted share in the prior-year period. Net income per diluted share in the second quarter of fiscal 2019 includes approximately $0.04 per share of tax benefit related to stock option exercises.
- Added 3 stores through new openings and acquisitions.
Jim Conroy, Chief Executive Officer, commented, “We are very pleased with our second quarter results and the underlying strength in the business. Same store sales increased double digits, both in our retail stores and online, which combined with merchandise margin expansion from increased full-price selling and exclusive brand penetration, drove 130 basis points of operating margin improvement over last year. During the quarter, we made significant progress across each of our four strategic growth initiatives. Most notably, in mid-September we successfully launched our new exclusive brand, Idyllwind, Fueled by Miranda Lambert. We are well positioned to continue driving improved results during our upcoming holiday quarter and over the long term.” Mr. Conroy continued, “We are also pleased with sales through the first three weeks of our fiscal third quarter, which continue to be very strong both in our retail stores and online.”
Operating Results for the Second Quarter Ended September 29, 2018
- Net sales increased 17.5% to $168.1 million from $143.1 million in the prior-year period. The increase in net sales was driven by an 11.3% increase in same store sales, the sales contribution from the stores acquired from Wood’s Boots, Lone Star and Drysdales, and sales from new stores added over the past twelve months.
- Gross profit was $50.9 million, or 30.3% of net sales, compared to $41.7 million, or 29.1% of net sales, in the prior-year period. Gross profit increased primarily due to increased sales and an increase in merchandise margin rate. Gross profit rate increased primarily from a 30 basis point increase in merchandise margin rate and 90 basis points of leverage in buying and occupancy costs. The higher merchandise margin was driven by more full-price selling and increased exclusive brand penetration.
- Selling, general and administrative expense was $42.2 million, or 25.1% of net sales, compared to $36.1 million, or 25.2% of net sales, in the prior-year period. Selling, general and administrative expenses increased primarily as a result of increased sales, expenses for new and acquired stores, higher marketing costs as a result of the Idyllwind launch, and costs associated with the addition of a mid-year physical inventory.
- Income from operations was $8.7 million, or 5.2% of net sales, compared to $5.6 million, or 3.9% of net sales, in the prior-year period.
- Net income was $4.5 million, or $0.16 per diluted share, compared to $1.1 million, or $0.04 per diluted share, in the prior-year period. Net income per diluted share in the second quarter of fiscal 2019 includes approximately $0.04 per share of tax benefit related to stock option exercises.
- Added 3 stores through new openings and acquisitions, bringing the total count at quarter-end to 232 stores in 31 states.
The following information was filed by Boot Barn Holdings, Inc. (BOOT) on Thursday, October 25, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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