US' Boot Barn Holdings' sales increase 5.9% to $514.6 mn in Q3 FY23

Consolidated same store sales decreased 3.6 per cent YoY with retail store same store sales decreasing 0.8 per cent YoY and e-commerce same store sales decreasing 15.2 per cent YoY in Q3 FY23. The increase in net sales was the result of the incremental sales from new stores opened over the past twelve months, partially offset by the decrease in consolidated same store sales. Higher average unit retail prices, driven in part by inflation, further contributed to the increase in net sales, the company said in a press release.

In Q3 FY23, selling, general and administrative expenses were $115.3 million, or 22.4 per cent of net sales, compared to $99.5 million, or 20.5 per cent of net sales, in the prior-year period.

Income from operations in Q3 FY23 decreased $19.7 million to $72.5 million, or 14.1 per cent of net sales, compared to $92.2 million, or 19 per cent of net sales, in Q3 FY22, primarily due to the factors noted above.

Boot Barn’s net income in Q3 FY23 was $52.8 million, or $1.74 per diluted share, compared to net income of $69.2 million, or $2.27 per diluted share in the prior-year period.

For the nine months ended December 24, 2022, the company’s net sales increased 11.5 per cent to $1.232 billion from $1.105 billion in the corresponding period of the previous year. Consolidated same store sales increased 1.8 per cent with retail store same store sales increasing 3.6 per cent and e-commerce same store sales decreasing 7.5 per cent.

The company’s gross profit in the first nine months of FY23 was $454.7 million, or 36.9 per cent of net sales, compared to $426.2 million, or 38.6 per cent of net sales, in the prior-year period. Net income was $124.1 million, or $4.09 per diluted share, compared to net income of $147.7 million, or $4.86 per diluted share in the prior-year period.

For FY23, Boot Barn expects to open 43 new stores. Total sales are expected to be around $1.67 billion to $1.68 billion, representing growth of 12.2-12.9 per cent over the prior year. Same store sales are estimated to be in the range of approximately 0.5-1 per cent, with retail store same store sales of approximately 2.5-3 per cent and e-commerce same store sales of minus 10.5 per cent to minus 9.5 per cent. Gross profit is expected to be between $611 million and $615 million, or approximately 36.6 per cent of sales.

For Q4 FY23, the company expects total sales of $438 million to $448 million, representing growth of 14.4 per cent to 17 per cent over the prior year. Gross profit is projected to be between $156 million and $160 million, or approximately 35.7 per cent of sales.

Fibre2Fashion News Desk (DP)