Boot Barn Holdings Q1 FY21 sales down to $148 mn

18 Sep '20

2 min read

Pic: Shutterstock

Boot Barn Holdings Inc, a lifestyle retailer of footwear, apparel and accessories, reported 20.5 per cent sales decline to $147.8 million in its first quarter (Q1) FY21 ended on June 27, 2020, compared to the sales of $185.7 million in the same period last year. Company incurred a net loss of $490 million compared to net income of $9.7 million in Q1 FY20.

“During our first fiscal quarter we drove a sequential increase in same store sales each month, improving from negative 45 per cent in April to positive 3 per cent growth in June. We also enacted operating expense reduction measures to help minimise the impact on our bottom line from the temporary slowdown in sales,” Jim Conroy, chief executive officer at Boot Barn, said in a press release.

Gross profit for Q1 FY21 fell to $40.2 million (Q1 FY20: $62.1 million). Selling, general and administrative expenses were down to $38.4 million ($46.0 million). Company’s income from operations dropped to $1.7 million ($16.0 million).

“As our second fiscal quarter got underway, we continued to see a strong correlation between our customers’ shopping behaviour and the number of positive Covd-19 test results in their communities. While July got off to a slow start due to the resurgence in cases, same store sales in our retail stores sequentially improved from mid-July through the first week of our fiscal August as sentiment improved,” Conroy said.

Fibre2Fashion News Desk (JL)

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