Boot Barn Holdings, Inc. Announces Third Quarter Fiscal Year 2022 Financial Results
January 27, 2022 at 16:10 PM EST
Boot Barn Holdings, Inc. (NYSE: BOOT) today announced its financial results for the third fiscal quarter ended December 25, 2021.
Due to the impact of COVID-19 on the Company’s results in its third fiscal quarter ended December 26, 2020, it has provided the below quarterly highlights in comparison to its third fiscal quarter ended December 28, 2019, two years ago.
For the quarter ended December 25, 2021:
The Company has also provided the below table which includes year-over-year comparisons of retail store sales, e-commerce sales, and total net sales for each of the periods indicated below. In addition, the following table includes retail store sales and e-commerce sales as a percentage of total net sales for the periods indicated below:
“Our strong third quarter results once again demonstrate Boot Barn is a high growth retailer with significant opportunity ahead of us,” said Jim Conroy, President and Chief Executive Officer. “We increased top-line sales in excess of 64% in each of the first three quarters of fiscal 2022 compared to pre-pandemic levels two years ago and surpassed $1 billion in sales for the first nine-months of this fiscal year, which is greater than any full year period in the Company’s history. On a year to date basis, we expanded merchandise margin 330 basis points and improved earnings per share 235% compared to the same period two years ago. We continue to demonstrate that we have increased the size of our target market as we have extended beyond our legacy western customer. We believe that this expansion has resulted in the tremendous sales growth we have seen with strength in both our store and online channels. Importantly, this top-line growth has been accompanied by multiple years of merchandise margin expansion and outsized growth in earnings. I do want to commend the entire Boot Barn team for overcoming the challenges associated with supply chain, labor shortage and inflation that seem to be disrupting much of the retail landscape.
Operating Results for the Third Quarter Ended December 25, 2021 Compared to the Third Quarter Ended December 26, 2020
Operating Results for the Nine Months Ended December 25, 2021 Compared to the Nine Months Ended December 26, 2020
The following table includes retail store sales, e-commerce sales, and total net sales for the periods indicated below. It also includes the year-over-year change in retail store sales, e-commerce sales, and total net sales for each of the periods indicated below:
Balance Sheet Highlights as of December 25, 2021
Fiscal Year 2022 Outlook
The Company provides the following full-year fiscal 2022 guidance:
Conference Call Information
A conference call to discuss the financial results for the second quarter of fiscal year 2022 is scheduled for today, January 27, 2022, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to (877) 451-6152. The conference call will also be available to interested parties through a live webcast at investor.bootbarn.com. Please visit the website and select the “Events and Presentations” link at least 15 minutes prior to the start of the call to register and download any necessary software. A telephone replay of the call will be available until February 27, 2022, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 13726537. Please note participants must enter the conference identification number in order to access the replay.
About Boot Barn
Boot Barn is the nation’s leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. As of the date of this release, Boot Barn operates 293 stores in 37 states, in addition to an e-commerce channel www.bootbarn.com. The Company also operates www.sheplers.com, the nation’s leading pure play online western and work retailer and www.countryoutfitter.com, an e-commerce site selling to customers who live a country lifestyle. For more information, call 888-Boot-Barn or visit www.bootbarn.com.
Forward Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to, by way of example and without limitation, our financial condition, liquidity, profitability, results of operations, margins, plans, objectives, strategies, future performance, business and industry. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan“, "intend", "believe", “may”, “might”, “will”, “could”, “should”, “can have”, “likely”, “outlook” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. These forward-looking statements are based on assumptions that the Company’s management has made in light of their industry experience and on their perceptions of historical trends, current conditions, expected future developments and other factors they believe are appropriate under the circumstances. As you consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. These risks, uncertainties and assumptions include, but are not limited to, the following: the effect of COVID-19 on our business operations, growth strategies, store traffic, employee availability, financial condition, liquidity and cash flow; decreases in consumer spending due to declines in consumer confidence, local economic conditions or changes in consumer preferences; the Company’s ability to effectively execute on its growth strategy; and the Company’s failure to maintain and enhance its strong brand image, to compete effectively, to maintain good relationships with its key suppliers, and to improve and expand its exclusive product offerings. The Company discusses the foregoing risks and other risks in greater detail under the heading “Risk factors” in the periodic reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, the Company cautions that you should not place undue reliance on any of these forward-looking statements. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict those events or how they may affect the Company. Further, any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company does not intend to update or revise the forward-looking statements in this press release after the date of this press release.