Boot Barn Holdings Inc · Q1 2022 earnings

Briefing

Reports first quarter fiscal year 2022 financial results, with net sales increasing by 107.3% and net income reaching $40.6 million compared to the prior-year period.

Boot Barn Holdings, Inc. reported a strong start to fiscal 2022, with significant increases in sales and profitability compared to the prior year. Net sales increased by 107.3% to $306.3 million, and net income was $40.6 million, or $1.35 per diluted share.

• Net sales increased 107.3% to $306.3 million compared to the prior-year period.
• Consolidated same store sales increased 78.9%, with retail store same store sales up 104.5% and e-commerce same store sales up 9.8%.
• Gross profit was $116.4 million, or 38.0% of net sales, compared to $40.2 million, or 27.2% of net sales, in the prior-year period.
• Net income was $40.6 million, or $1.35 per diluted share, compared to a net loss of $0.5 million, or $0.02 per diluted share in the prior-year period.

Headline financials

Revenue & EPS history

The Company is providing the following full-year fiscal 2022 guidance: New unit growth of 10%. Exclusive brand penetration growth of 350 basis points, which represents an increase from the Company’s prior outlook of 250 basis points. Effective tax rate of 26.0%. Capital expenditures between $33.0 to $36.0 million.