The retailer of Western-styled and work-related apparel and footwear reported net income of $46.4M, with earnings per share of $1.53, for the quarter ended 1 April, compared with $44.7M in the year-ago period.
Boot Barn, one of Chain Store Age’s 2023 Breakout Retailers award winners, reported that its net sales increased 11 per cent to $425.7M, cycling 48.1 per cent net sales growth in the prior-year period, but missing analyst’s expectations of $441M.
Consolidated same-store sales decreased 5.5 per cent, with retail sales decreasing 3.3 per cent and e-commerce sales decreasing 18.4 per cent. The retailer opened 12 new stores during the quarter, bringing its total store count to 345 locations. It expects to open 52 new stores during its current fiscal year.
“I am proud of the team for delivering another solid performance as we were able to hold on to the outsized gains from the prior year,” stated CEO Jim Conroy. “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.”
