American firm Boot Barn's sales at $1.66 bn in FY24

Gross profit for the year was $614.4 million, representing 36.9 per cent of net sales, compared to $610.6 million, or 36.8 per cent of net sales, in the prior year. Selling, general, and administrative expenses rose to $416.2 million, or 25.0 per cent of net sales, from $378.8 million, or 22.9 per cent of net sales, in the previous year. This increase in expenses as a percentage of net sales led to a decrease in income from operations, which fell by $33.6 million to $198.2 million, or 11.9 per cent of net sales, compared to $231.8 million, or 14 per cent of net sales, in the prior year, the company said in a press release.

Net income for FY24 was $147 million, or $4.80 per diluted share, down from $170.6 million, or $5.62 per diluted share, in the previous year.

In the fourth quarter of FY24 (Q4 FY24), Boot Barn experienced a more challenging period. Net sales decreased by 8.7 per cent to $388.5 million compared to the same period last year. When excluding $28.3 million of sales from the 14th week of the prior-year period, net sales decreased by 2.2 per cent.

Same store sales in Q4 FY24 fell by 5.9 per cent, following a robust 55 per cent growth on a 3-year stack basis in the prior-year period. This decline includes a 5.7 per cent decrease in retail store same store sales and a 7.6 per cent decrease in e-commerce same store sales.

Net income for the quarter was $29.4 million, or $0.96 per diluted share, compared to $46.4 million, or $1.53 per diluted share, in the same quarter last year.

Boot Barn continued its expansion strategy by opening 18 new stores during the fiscal, bringing its total store count to 400.

“I am pleased with our fourth quarter performance and proud of the efforts of the entire Boot Barn team. We crossed the 400-store milestone prior to year-end and extended the Boot Barn brand to 45 states across the country. In the year, revenue showed modest growth despite experiencing a mid-single digit decline in consolidated same store sales and cycling a 53-week fiscal. We also grew exclusive brand penetration by 370 basis points which contributed to merchandise margin expansion,” said Jim Conroy, president and chief executive officer.

Fibre2Fashion News Desk (DP)