BOOT - Boot Barn Holdings Inc. (BOOT) Q4 2024 Earnings Call Transcript
2024-05-14 20:18:09 ET
Boot Barn Holdings, Inc. (BOOT)
Q4 2024 Earnings Conference Call
May 14, 2024 4:30 PM ET
Company Participants
Mark Dedovesh - SVP, IR and Financial Planning
Jim Conroy - President and CEO
Jim Watkins - CFO
Conference Call Participants
Matthew Boss - JPMorgan
Alexia Morgan - Piper Sandler
Steven Zaccone - Citi
Max Rakhlenko - TD Cowen
Dylan Carden - William Blair
Janine Stichter - BTIG
Jay Sole - UBS
Jonathan Komp - Baird
Jeremy Hamblin - Craig-Hallum
Mitch Kummetz - Seaport Global Securities
Corey Tarlowe - Jefferies
Sam Poser - Williams Trading
Presentation
Operator
Good day everyone and welcome to the Boot Barn Holdings Fourth Quarter 2024 Earnings Call. As a reminder, this call is being recorded. Now I'd like to turn the conference over to your host, Mr. Mark Dedovesh, Senior Vice President of Financial Planning. Please go ahead, sir.
Mark Dedovesh
Thank you. Good afternoon, everyone. Thank you for joining us today to discuss Boot Barn's Fourth Quarter and Fiscal 2024 Earnings Results. With me on today's call are Jim Conroy, President and Chief Executive Officer, and Jim Watkins, Chief Financial Officer. The copy of today's press release, along with a supplemental financial presentation, is available on the Investor Relations section of Boot Barn's website at bootbarn.com. Shortly after we end this call, a recording of the call will be available as a replay for 30 days on the investor relations section of the company’s website.
I would like to remind you that certain statements we will make in this presentation are forward-looking statements. These forward-looking statements reflect Boot Barn's judgment and analysis only as of today, and actual results may differ materially from current expectations based on a number of factors affecting Boot Barn's business. Accordingly, you should not place undue reliance on these forward-looking statements. For a more thorough discussion of the risks and uncertainties associated with forward-looking statements to be made during this conference call and webcast, we refer you to the disclaimer regarding forward-looking statements that is included in our fourth quarter and fiscal 2024 earnings release, as well as our filings with the SEC referenced in that disclaimer. We do not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.
I will now turn the call over to Jim Conroy, Boot Barn's President and Chief Executive Officer. Jim?
Jim Conroy
Thank you, Mark, and good afternoon. Thank you everyone for joining us. On this call, I will review our fourth quarter fiscal 2024 results, discuss the progress we have made across each of our four strategic initiatives, and provide an update on current business. Following my remarks, Jim Watkins will review our financial performance in more detail, and then we will open the call up for questions. We are pleased with fiscal 2024 results, as we grew revenue to record levels, opened 55 new stores, which exceeded our original plan, and expanded exclusive brands by 370 basis points.
Our full year fiscal 2024 revenue grew to approximately $1.7 billion, which is nearly 100% growth over pre-pandemic levels just four years ago. When excluding the 53rd week of fiscal 2023, total revenue grew 2% year-over-year with growth driven by the new stores added over the last 12 months, which offset a mid single digit same store sales decline. Full year merchandise margin grew 160 basis points comprised of 120 basis points of free improvement and 40 basis points of product margin expansion....
Boot Barn Holdings, Inc. (BOOT) Q4 2024 Earnings Call Transcript