American firm Boot Barn's gross profit at $199.1 mn in Q3 FY24

The company saw a slight increase in net sales, up by 1.1 per cent to $520.4 million, compared to $514.6 million in the same period last year. This increase was primarily driven by sales from new stores opened in the past twelve months. However, consolidated same store sales decreased by 9.7 per cent, with retail store same store sales down by 9.4 per cent and e-commerce same store sales dropping by 11.5 per cent.

Selling, general and administrative expenses increased to $124 million, or 23.8 per cent of net sales, compared to $115.3 million, or 22.4 per cent of net sales, in the same period last year, the company said in a press release.

Income from operations for the quarter showed a positive trend, increasing by $2.6 million to $75.1 million, or 14.4 per cent of net sales. This is up from $72.5 million, or 14.1 per cent of net sales, in the prior-year period. Net income also saw an increase, reaching $55.6 million, or $1.81 per diluted share, compared to a net income of $52.8 million, or $1.74 per diluted share in the prior-year period.

In the nine months ending December 30, 2023, Boot Barn Holdings reported a 3.8 per cent increase in net sales to $1.279 billion, up from $1.232 billion in the same period the previous year. However, consolidated same store sales decreased by 6.3 per cent, with a 5.6 per cent decline in retail store same store sales and an 11.4 per cent decrease in e-commerce same store sales.

Gross profit for the nine-month period was $475.0 million, or 37.2 per cent of net sales, compared to $454.7 million, or 36.9 per cent of net sales, in the prior-year period. Selling, general and administrative expenses increased to $315.0 million, or 24.6 per cent of net sales, from $285.7 million, or 23.2 per cent of net sales, in the same period last year. Income from operations saw a decline, dropping by $9.1 million to $160.0 million, or 12.5 per cent of net sales, compared to $169.1 million, or 13.7 per cent of net sales, in the prior-year period. Net income also decreased to $117.6 million, or $3.84 per diluted share, from $124.1 million, or $4.09 per diluted share in the prior-year period.

“I am pleased with our third quarter performance. We added 11 new stores and were able to maintain our consistent track record of delivering growth. Excluding three quarters in calendar 2020 that were impacted by the pandemic, the third quarter marks our 38th consecutive quarter of year-over-year sales growth since our IPO in 2014, nearly ten years ago. Our top line was driven by the sales from the 49 new stores opened over the past 12 months, which more than offset a 9.7 per cent decline in same store sales,” said Jim Conroy, president and chief executive officer.

Fibre2Fashion News Desk (DP)