Boot Barn posts third consecutive quarter of sales growth

Boot Barn achieved its third consecutive quarter of positive same store sales growth in its third quarter of fiscal 2017.


KMLE Country 107.9/CBS
 
The company this week reported a 2.9% net sales increase to $199.4 million. The net sales boost was partially offset by the planned closure of one Sheplers store and the closure of one Boot Barn store.
 
Jim Conroy, Chief Executive Officer, commented, “This performance is a testament to our diversified business model as we continue to find opportunities for sales growth despite the ongoing sales pressure in markets dependent on oil and other commodities. We also continue to invest in and improve our omni-channel capabilities.
 
Conroy added that the third quarter marked the fifth consecutive quarter of double-digit growth in e-commerce. The e-commerce sales impacted gross profit, however, which decreased 1.3% to $63.4 million
 
Net income increased slightly to $10.5 million, or $0.39 per diluted share, from $9.9 million, or $0.37 per diluted share, in the prior year.
 
For the nine month period ended December 24, 2016, net sales increased 11.3% to $466.8 million and gross profit increased 7.4% to $140.6 million. The opening of 14 new stores and a 0.7% increase in consolidated same store sales contributed to the net sales boost but was offset by the store closures.
 
Net income jumped to $11.6 million from $8.9 million in the previous year.
 
Boot Barn expects its fourth quarter consolidated same store sales to range from flat to 2.0% and net income to range from $4.6 million to $5.4 million. For the fiscal year, the company expects consolidated same store sales growth of 1.0% and net income to range from $16.1 million to $16.9 million.

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