Boot Barn Holdings, Inc. (NYSE: BOOT) has reported its preliminary results for the third quarter of fiscal year 2024, ended December 30, 2023. The company expects to report net sales of $520.4 million, indicating a growth of 1.1% over the prior year. However, same store sales declined by 9.7%, with a retail store same store sales decline of 9.4% and an e-commerce same store sales decline of 11.3%.
Jim Conroy, President and CEO of Boot Barn, commented on the results, stating, "Our third quarter played out largely as we expected with new store sales offsetting a decline in same store sales as we cycled outsized comp growth in prior years. We opened 11 new stores in the quarter, contributing to a 1.1% growth in total net sales. This modest sales growth combined with discipline around promotions and strong expense control drove an increase in earnings per share compared to last year."
Conroy added, "The performance in the quarter demonstrates the power of the Boot Barn model where multiple levers can work in tandem to drive earnings growth. Additionally, our average store revenue continues to far exceed pre-pandemic sales levels despite the reduction in comparable store sales. I am proud of the Boot Barn team for excellent execution and look forward to the new calendar year and our fourth fiscal quarter."
The company also announced its participation in the 2024 ICR Conference on Monday, January 8, 2024, at 2:30 pm Eastern Standard Time. The presentation will be webcast live over the internet and will be available for a period of 90 days following the presentation.
As of the date of the press release, Boot Barn operates 382 stores in 44 states, in addition to an e-commerce channel, www.bootbarn.com. The company also operates www.sheplers.com and www.countryoutfitter.com.
The company's full 8-K submission is available here.
