BOOT - Boot Barn GAAP EPS of $1.13 beats by $0.30 revenue of $383.7M beats by $21.01M

2023-08-02 16:17:50 ET

• Boot Barn press release ( NYSE: BOOT ): FQ1 GAAP EPS of $1.13 beats by $0.30 .
• Revenue of $383.7M (+4.9% Y/Y) beats by $21.01M .

• Fiscal Year 2024 Outlook

  The Company is providing updated guidance for the fiscal year ending March 30, 2024, superseding in its entirety the previous guidance issued in its fourth quarter and fiscal year 2023 earnings report on May 17, 2023. As a result, for the fiscal year ending March 30, 2024, the Company now expects:

  • To open 52 new stores.
  • Total sales of $1.715 billion to $1.748 billion, representing growth of 3.5% to 5.5% over the prior year, which was a 53-week year. vs. consensus of $1.71B
  • Same store sales decline of approximately (5.0)% to (3.0)%, with retail store same store sales declines of (5.5)% to (3.5)% and an e-commerce same store sales decline of (4.0)% to flat.
  • Gross profit between $629.7 million and $645.7 million, or approximately 36.7% to 36.9% of sales. Gross profit reflects an estimated 160 basis-point increase in merchandise margin, including a 100 basis-point improvement from freight expense. We anticipate 150 basis points of deleverage in buying, occupancy and distribution center costs.
  • Selling, general and administrative expenses between $419.3 million and $422.9 million. This represents approximately 24.4% to 24.2% of sales.
  • Income from operations between $210.4 million and $222.8 million. This represents approximately 12.3% to 12.7% of sales.
  • Interest expense of $3.2 million.
  • Net income of $154.2 million to $163.4 million.
  • Net income per diluted share of $5.05 to $5.35 based on 30.6 million weighted average diluted shares outstanding.
  • Capital expenditures between $90 million and $95 million.

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