Net sales of US retailer Boot Barn leap 11.4% in FY23

Gross profit for FY23 stood at $610.6 million, or 36.8 per cent of net sales, compared to $575.1 million, or 38.6 per cent of net sales, in the prior fiscal. The growth in gross profit is mainly due to increased sales, the company said in a press release.

Selling, general and administrative expenses in FY23 rose to $378.8 million, or 22.9 per cent of net sales, compared to $316.7 million, or 21.3 per cent of net sales, in FY22.

Despite the increase in net sales, the income from operations for FY23 fell by $26.6 million to $231.8 million, or 14 per cent of net sales, from $258.3 million, or 17.4 per cent of net sales, in FY22.

Net income for FY23 was $170.6 million, or $5.62 per diluted share, down from net income of $192.5 million, or $6.33 per diluted share, in FY22. Boot Barn opened 45 new stores during FY23, increasing its total store count to 345.

“We experienced double-digit total sales growth while expanding product margin for the 7th consecutive year. While our e-commerce business faced top-line sales pressure, our stores achieved positive same store sales growth for the year as they cycled a remarkable 57 per cent comp store growth in fiscal 2022,” said Jim Conroy, president and chief executive officer.

In the fourth quarter (Q4) of FY23, net sales rose by 11 per cent year-on-year (YoY) to $425.7 million. Same store sales, however, fell by 5.5 per cent compared to the same period last year, due to a 3.3 per cent decrease in retail store sales and an 18.4 per cent drop in e-commerce sales.

The company reported Q4 FY23 net income of $46.4 million, or $1.53 per diluted share, compared to $44.7 million, or $1.47 per diluted share in Q4 FY22. After adjusting for a $0.02 per share tax benefit related to income tax accounting for share-based compensation, net income per diluted share for the quarter was $1.51, the release added.

During Q4, the company opened 12 new stores, maintaining its total store count at 345.

Fibre2Fashion News Desk (DP)