Boot Barn Holdings, Inc. Provides Earnings Guidance for the Third Quarter and Full Year of 2023
October 26, 2022 at 04:10 pm EDT
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Boot Barn Holdings, Inc. provided earnings guidance for the third quarter and full year of 2023. For the fiscal third quarter ending December 24, 2022, the Company expects: Total sales of $502 million to $514 million, representing growth of 3.3% to 5.8% over the prior year. Same store sales range of approximately (5.0)% to (3.0)%, with retail store same store sales of (2.0)% to flat and e-commerce same store sales of (21.0)% to (17.0)%. Income from operations between $71 million and $76 million. This represents approximately 14.1% to 14.8% of sales. Net income per diluted share of $1.71 to $1.83 based on 30.3 million weighted average diluted shares outstanding.
For the fiscal year ending April 1, 2023, the Company now expects: Total sales of $1.65 billion to $1.67 billion, representing growth of 10.9% to 12.2% over the prior year. Same store sales range of approximately (1.0)% to 0.5%, with retail store same store sales of approximately 2.0% to 3.0% and e-commerce same store sales of (13.0)% to (11.0)%. Income from operations between $235 million and $243 million. This represents approximately 14.2% to 14.6% of sales. Net income of $173.3 million to $179.3 million. Net income per diluted share of $5.70 to $5.90 based on 30.4 million weighted average diluted shares outstanding. Fiscal year 2023 is a 53-week year and the Company expects to generate approximately $34.0 million of sales and earn approximately $0.19 per diluted share in the 53rd week, which is included in the above guidance range.
Boot Barn Holdings, Inc. is a lifestyle retailer of western and work-related footwear, apparel, and accessories in the United States. The Company operates through two segments: retail stores and e-commerce. The retail segment is a specialty retail store that sells western and work boots and related apparel and accessories. Its e-commerce segment sells its merchandise via the Internet. The Company carries an assortment of denim, western shirts, cowboy hats, belts and belt buckles, western-style jewelry, and accessories. The western assortment includes various brands, such as Ariat, Cinch, Cody James, Corral, Dan Post, Durango, El Dorado, Idyllwind, Justin, Laredo, Lucchese, Miss Me, Montana Silversmiths, Moonshine Spirit, Shyanne, Stetson, Tony Lama, Twisted X, Resistol and Wrangler. The work assortment includes rugged footwear, outerwear, overalls, denim, and shirts. Its other brand includes Dickies, Carhartt, Wolverine, and Hawx. It operates approximately 345 stores in 43 states.