Boot Barn Holdings Inc Reports First Fiscal Quarter Earnings for 2024

Boot Barn Holdings, Inc. Reports First Fiscal Quarter Earnings for 2024

Boot Barn Holdings, Inc. (NYSE:BOOT) announced its financial results for the first fiscal quarter ended June 29, 2024. The company's financial performance showed significant growth despite potential macroeconomic challenges.

Key Financial Metrics

Boot Barn reported a strong quarter with revenue increasing by 10.3% year-over-year to $423.4 million, exceeding Wall Street's estimate of $416.58 million. Earnings per share also surpassed expectations, rising to $1.26 from $1.13 in the prior-year period, well above the forecasted $1.08.

Segment Performance

The company's segment breakdown showed robust growth in both retail store and e-commerce channels. Retail store sales increased by 10% year-over-year, while e-commerce sales saw a notable 12% rise. Both segments exceeded the prior-year performance and contributed to the company's impressive revenue growth.

Key Operational Data

Comments from Company's Officers

Jim Conroy, President and Chief Executive Officer, expressed satisfaction with the quarter's results and attributed the success to the Boot Barn team's excellent execution. He highlighted the sequential improvement in consolidated same store sales growth and remained optimistic about the company's long-term strategic positioning, despite potential macroeconomic hurdles.

Dividends or Share Repo Program

No information regarding dividends or share repurchase programs was provided in the earnings release.

Forward Guidance

Boot Barn provided updated guidance for the fiscal year ending March 29, 2025: - Revenue is expected to be between $1.816 billion and $1.850 billion. - Same store sales are expected to range from a decline of (1.0)% to growth of 1.2%. - Net income is projected to be between $156.1 million and $165.4 million, with EPS estimated between $5.05 and $5.35.

For the fiscal second quarter ending September 28, 2024: - Revenue is expected to be between $405 million and $412 million. - Same store sales are expected to range from a decline of (0.5)% to growth of 1.4%. - EPS is estimated between $0.81 and $0.87.

Stock Price Movement

Following the earnings release, Boot Barn's stock price experienced a decrease of approximately 1.58%.

Boot Barn's strong performance highlights its resilient business model and ability to navigate challenging economic conditions while continuing its growth trajectory.