Boot Barn Holdings, Inc. Provides Updated Earnings Guidance for the Third Quarter and Full Fiscal Year Ending March 31, 2023
November 02, 2023 at 04:10 pm EDT
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Boot Barn Holdings, Inc. provided updated earnings guidance for the third quarter and full fiscal year ending March 31, 2023. For the fiscal third quarter ending December 30, 2023, the Company expects total sales of $522 million to $535 million, representing growth of 1.4% to 4.0% over the prior year, Same store sales decline of approximately (10.5)% to (8.0)%, with retail store same store sales declines of (9.5)% to (7.0)% and e-commerce same store sales declines of (15.5)% to (12.5)%. Income from operations between $69.6 million and $74.8 million. This represents approximately 13.3% to 14.0% of sales. Net income per diluted share of $1.67 to $1.79 based on 30.7 million weighted average diluted shares outstanding.
For the full fiscal year ending March 30, 2024, the Company now expects Total sales of $1.677 billion to $1.702 billion, representing growth of 1.2% to 2.7% over the prior year, which was a 53-week year. Same store sales decline of approximately (6.5)% to (5.0)%, with retail store same store sales declines of (5.5)% to (4.0)% and an e-commerce same store sales decline of (13.0)% to (11.0)%. Net income of $145.2 million to $153.4 million. Net income per diluted share of $4.75 to $5.00 based on 30.7 million weighted average diluted shares outstanding.
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.