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LONDON, UK / ACCESSWIRE / June 20, 2018 / If you want access to our free earnings report on Boot Barn Holdings, Inc. (NYSE: BOOT) ("Boot Barn"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=BOOT. The Company reported its fourth quarter and full fiscal year 2018 operating and financial results on May 15, 2018. The Western apparel and footwear retailer surpassed revenue and earnings estimates. Additionally, the Company provided guidance for the upcoming quarter and fiscal year. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the 13-week fourth quarter ended March 31, 2018, Boot Barn's net sales increased to $170.8 million from $163.0 million in the 14-week fourth quarter of the fiscal year 2017. The Company's net sales increased during the reported quarter, due to an increase in same-store sales of 12.1%; a contribution from 9 stores added over the past twelve months; and sales from the Country Outfitter site that was acquired in February 2017. Boot Barn's revenue numbers topped analysts' estimates of $158.0 million.
During Q4 FY18, Boot Barn's gross profit was $52.9 million, or 31.0% of net sales, compared to $49.3 million, or 30.3% of net sales, in Q4 FY17. The Company's gross profit rate increased primarily as a result of a 90-basis point increase in merchandise margin rate, partially offset by a 20-basis point increase in buying and occupancy costs.
For Q4 FY18, Boot Barn's selling, general, and administrative expenses (SG&A) were $41.6 million, or 24.4% of net sales, compared to $41.3 million, or 25.3% of net sales, in Q4 FY17. Excluding the $1.2 million of store impairment charges in the prior year's same period, the Company's adjusted SG&A were $40.1 million, or 24.6% of net sales, in Q4 FY18.
Boot Barn's income from operations increased 39.9% to $11.3 million, or 6.6% of net sales, in Q4 FY18 compared to $8.1 million, or 4.9% of net sales, in Q4 FY17. Excluding the impact of the store impairment charges in the prior year's comparable period, the Company's adjusted income from operations was $9.2 million, or 5.7% of net sales, in the reported quarter.
For Q4 FY18, Boot Barn's net income was $6.9 million, or $0.24 per diluted share, compared to $2.6 million, or $0.10 per diluted share, in Q4 FY17. Excluding the impact of the store impairment charges, the Company's adjusted net income was $3.3 million, or $0.12 per diluted share, in the year earlier corresponding quarter, which was a 14-week quarter. Boot Barn's net income per diluted share for Q4 FY18 included approximately $0.06 per share of tax benefit related to stock option exercises and $0.02 per share related to improved tax rates. The Company's earnings numbers beat Wall Street's estimates of $0.11 per share.
For the 52-week full fiscal year 2018, Boot Barn's net sales increased to $677.9 million from $629.8 million in the 53-week full fiscal year 2017. The increase in net sales was due to a 5.2% increase in same store sales; the sales contribution from 9 stores added over the past twelve months; and sales from the Country Outfitter site that was acquired in February 2017.
For FY18, Boot Barn's net income was $28.9 million, or $1.05 per diluted share, compared to $14.2 million, or $0.53 per diluted share, in FY17. The Company's adjusted net income was $14.9 million, or $0.55 per diluted share, in FY18.
For FY18, Boot Barn added 9 stores through new openings and acquisitions and closed 2 underperforming stores, bringing the total count to 226 stores at year-end.
Balance Sheet Highlights
As of March 31, 2018, Boot Barn had cash of $9.0 million. The Company's average inventory per store increased 4.4% on a comparable store basis compared to April 01, 2017. As of March 31, 2018, the Company's total net debt was $204.2 million, including $21.0 million drawn under its revolving credit facility.
For the full fiscal year ended March 30, 2019, Boot Barn is forecasting to open 23 new stores. The Company is expecting same-store sales growth of mid-single digits. For FY18, Boot Barn is estimating income from operations to be between $52.5 million and $56.5 million. The Company is estimating net income to be in the range of $26.2 million to $29.2 million, or $0.92 to $1.02 per diluted share.
For the first fiscal quarter ending June 30, 2018, Boot Barn is projecting same-store sales growth of approximately 10%. The Company is expecting net income per diluted share to be in the band of $0.10 to $0.12.
Stock Performance Snapshot
June 19, 2018 - At Tuesday's closing bell, Boot Barn's stock fell 1.26%, ending the trading session at $22.67.
Volume traded for the day: 616.26 thousand shares.
Stock performance in the last three-month - up 22.54%; previous six-month period - up 51.03%; past twelve-month period - up 229.03%; and year-to-date - up 36.48%
After yesterday's close, Boot Barn's market cap was at $627.05 million.
Price to Earnings (P/E) ratio was at 28.62.
The stock is part of the Services sector, categorized under the Apparel Stores industry.
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