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Exhibit 99.1
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:
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
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Boot Barn Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Given that EBITDA, Adjusted EBITDA and Adjusted EBIT are measures not deemed to be in accordance with GAAP and are susceptible to varying calculations, our EBITDA, Adjusted EBITDA and Adjusted EBIT may not be comparable to similarly titled measures of other companies, including companies in our industry, because other companies may calculate EBITDA, Adjusted EBITDA and Adjusted EBIT in a different manner than we calculate these measures.
The increase in Adjusted EBITDA and Adjusted EBIT was primarily a result of the year-over-year increase in income from operations driven by an increase in gross profit.
The increase in Adjusted EBITDA and Adjusted EBIT was primarily a result of the year-over-year increase in income from operations driven by an increase in gross profit.
Because EBITDA, Adjusted EBITDA and Adjusted EBIT facilitate internal comparisons of our historical operating performance on a more consistent basis, we also use EBITDA, Adjusted EBITDA and Adjusted EBIT for business planning purposes, 25 in calculating covenant compliance for our credit facilities, in determining incentive compensation for members of our management and in evaluating acquisition opportunities.
Gross profit increased primarily due to increased sales and an increase in merchandise margin rate.
Gross profit increased primarily due...Read more
We expect our selling, general...Read more
In addition, we believe that...Read more
Our cash requirements generally increase...Read more
The higher merchandise margin was...Read more
The higher merchandise margin was...Read more
Specifically, our SG&A; expenses include...Read more
See ?Results of Operations? below...Read more
31 Cash Position and Cash...Read more
Cautionary Statement Regarding Forward-Looking Statements...Read more
Accounts payable and accrued expenses...Read more
SG&A; expenses increased $6.2 million,...Read more
SG&A; expenses increased $11.3 million,...Read more
Recently passed tax reform that...Read more
Recently passed tax reform that...Read more
Pre-opening costs consist of costs...Read more
Other operating expenses?Other operating expenses...Read more
The increase in net sales...Read more
The increase in net sales...Read more
The effective tax rate for...Read more
The effective tax rate for...Read more
The third quarter of our...Read more
Investing Activities Net cash used...Read more
Net cash used in investing...Read more
Borrowings under the June 2015...Read more
Accordingly, same store sales are...Read more
The following table presents a...Read more
General and administrative expenses?General and...Read more
Opening new stores is an...Read more
We are planning to continue...Read more
Borrowings under the 2015 Golub...Read more
Net sales increased $25.0 million,...Read more
Net sales increased $47.6 million,...Read more
Cost of goods sold includes...Read more
Our primary cash needs are...Read more
Specifically, we examine the initial...Read more
Gross profit increased $9.2 million,...Read more
Gross profit increased $19.3 million,...Read more
The June 2015 Wells Fargo...Read more
Inventory increased by $22.1 million...Read more
The increase in SG&A; expenses...Read more
The increase in SG&A; expenses...Read more
Inventory increased by $16.7 million...Read more
Income tax benefit was $1.0...Read more
Our effective tax rate was...Read more
Our effective tax rate was...Read more
The base rate is calculated...Read more
We will cease to be...Read more
Measuring the change in year-over-year...Read more
Income from operations increased $3.1...Read more
Net income increased $3.4 million...Read more
Income from operations increased $7.9...Read more
Net income increased $9.4 million...Read more
We have also used cash...Read more
29 Income tax (benefit)/expense....Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Boot Barn Holdings, Inc. provided additional information to their SEC Filing as exhibits
Ticker: BOOT
CIK: 1610250
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-007932
Submitted to the SEC: Fri Oct 26 2018 12:02:14 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Saturday, September 29, 2018
Industry: Retail Shoe Stores