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Boot Barn Holdings, Inc. Announces Third Quarter Fiscal Year 2019 Financial Results and Increased Annual Guidance
IRVINE, Calif.--(BUSINESS WIRE)--February 5, 2019--Boot Barn Holdings, Inc. (NYSE:BOOT) today announced its financial results for the third fiscal quarter ended December 29, 2018.
Highlights for the quarter ended December 29, 2018, were as follows:
- Net sales increased 13.0% to $254.0 million.
- Same store sales increased 9.2%, with double-digit growth in e-commerce and high single-digit growth in retail stores.
- Net income was $19.0 million, or $0.66 per diluted share, compared to net income of $20.1 million, or $0.73 per diluted share in the prior-year period. Net income per diluted share in the prior-year period was $0.46 when excluding $0.27 related to tax reform.
- The Company opened two new stores during the quarter.
Jim Conroy, Chief Executive Officer, commented, “Our strong results in the third quarter reflect the continued strength across the country and in nearly all major product categories. Our strong merchandising initiatives, segmented marketing, and solid store operations drove double-digit growth in e-commerce and high single-digit growth in retail stores while expanding our consolidated merchandise margin 120 basis points. Our same store sales trend through the first five weeks of the fourth quarter is in line with our third quarter performance and we continue to hold true to our full-price selling model. Notably, our Texas stores also continue to perform better than company average. We are confident that the strategies we have in place have us well positioned to conclude a very successful fiscal 2019 with a strong fourth quarter performance.”
Operating Results for the Third Quarter Ended December 29, 2018
- Net sales increased 13.0% to $254.0 million from $224.7 million in the prior-year period. The increase in net sales was driven by a 9.2% increase in same store sales, the sales contribution from acquired stores and sales from new stores added over the past twelve months.
- Gross profit was $85.7 million, or 33.7% of net sales, compared to $71.9 million, or 32.0% 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 120 basis point increase in merchandise margin rate and a 50 basis point decrease in buying and occupancy costs. The higher merchandise margin was driven by more full-price selling and growth in exclusive brand penetration.
- Selling, general and administrative expense was $56.4 million, or 22.2% of net sales, compared to $47.5 million, or 21.2% of net sales, in the prior-year period. The increase in SG&A expenses was primarily a result of additional costs to support higher sales and expenses for both new and acquired stores. As a percentage of net sales, SG&A increased primarily as a result of higher incentive compensation in the thirteen weeks ended December 29, 2018 and a gain from insurance claims in the thirteen weeks ended December 30, 2017 that did not occur in the current year period.
- Income from operations grew 20.1% to $29.3 million, or 11.5% of net sales, compared to $24.4 million, or 10.9% of net sales, in the prior-year period. This increase represents more than 60 basis points of improvement in operating profit margin.
- Net income was $19.0 million, or $0.66 per diluted share, compared to $20.1 million, or $0.73 per diluted share, in the prior-year period, which included $0.27 related to tax reform.
- Opened 2 new stores, bringing the total count at quarter-end to 234 stores in 31 states.
The following information was filed by Boot Barn Holdings, Inc. (BOOT) on Tuesday, February 5, 2019 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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