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Boot Barn Holdings, Inc. Announces First Quarter Fiscal Year 2021 Financial Results
IRVINE, Calif.--(BUSINESS WIRE)--August 4, 2020--Boot Barn Holdings, Inc. (NYSE: BOOT) today announced its financial results for the first fiscal quarter ended June 27, 2020.
For the quarter ended June 27, 2020:
- Net sales decreased 20.5% to $147.8 million.
- Same store sales decreased 14.9%, comprised of a decrease in retail store same store sales of 27.1% and an increase in e-commerce sales of 51.9%.
- Net loss was $0.5 million, or $0.02 per diluted share, compared to net income of $9.7 million, or $0.33 per diluted share in the prior-year period. Net income per diluted share in the prior-year period includes a $0.01 per share benefit due to income tax accounting for share-based compensation.
- The company opened 5 new stores during the quarter.
- Cash and cash equivalents increased to $83.1 million.
Jim Conroy, Chief Executive Officer, commented, “I am proud of how our organization has navigated through the difficulties created by the COVID-19 pandemic. We quickly adapted our operations to meet the current needs of our customers in stores and online while taking a number of precautionary measures. During our first fiscal quarter we drove a sequential increase in same store sales each month, improving from negative 45% in April to positive 3% growth in June. We also enacted operating expense reduction measures to help minimize the impact on our bottom line from the temporary slowdown in sales. Despite our lower sales volume, we were able to reduce our average comp store inventory by 3% versus last year, which is a significant improvement from our year-end position. Selling through our inventory at a healthy margin allowed us to increase cash and reduce vendor accounts payable while maintaining our year-end debt levels. The significant reduction in inventories compared with the fiscal 2020 year-end balance, fueled a strong gain in operating cash flow compared to the prior year period.”
Mr. Conroy continued, “As our second fiscal quarter got underway, we continued to see a strong correlation between our customers’ shopping behavior and the number of positive COVID-19 test results in their communities. While July got off to a slow start due to the resurgence in cases, same store sales in our retail stores sequentially improved from mid-July through the first week of our fiscal August as sentiment improved. With the exception of temporary store closures due to COVID-19, we are fortunate to have all of our stores open and believe we are well positioned to reengage in growth when customer confidence in store shopping returns. We have the leading brand in our industry, an extremely loyal customer base, expanded omni channel capabilities and a strong cash position. This combination should enable us to weather these unprecedented times and emerge even stronger post COVID-19.”
The following information was filed by Boot Barn Holdings, Inc. (BOOT) on Tuesday, August 4, 2020 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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