Boot Barn Holdings (BOOT) Reports In-Line Q3 EPS, Revenues Miss

Boot Barn Holdings (NYSE: BOOT) reported Q3 EPS of $1.00, in-line with the analyst estimate of $1.00. Revenue for the quarter came in at $302.3 million versus the consensus estimate of $303.34 million.

For the quarter ended December 26, 2020:

• Net sales increased 6.5% to $302.3 million.
• Same store sales increased 4.6%, comprised of an increase in retail store same store sales of 1.9% and an increase in e-commerce sales of 16.3%.
• Net income was $29.6 million, or $1.00 per diluted share, compared to net income of $24.8 million, or $0.85 per diluted share in the prior-year period. Net income per diluted share in the current-year period includes an approximately $0.01 per share benefit due to income tax accounting for share-based compensation compared to a $0.04 per share benefit in the prior-year period. Excluding the tax benefit in both periods, net income per diluted share in the current-year period was $0.99, compared to $0.81 in the prior-year period.
• Cash and cash equivalents were $76.3 million.

Jim Conroy, Chief Executive Officer, commented, “Our strong third quarter results against a difficult economic backdrop demonstrate the power of our business model. The work we’ve done over the last several years successfully executing our key strategic initiatives has provided the foundation to navigate the ongoing headwinds from COVID-19 and deliver mid-single digit same store sales growth and a 150-basis point improvement in operating margin. We are encouraged that same store sales have accelerated in the fourth quarter with continued strength in margin. While the near term is likely to remain volatile, we believe our merchandising strategies, omni-channel capabilities and organizational expertise, combined with the adjustments we’ve made to our operating model during the pandemic, have us well positioned to build on our recent accomplishments and head into fiscal 2022 with good momentum.”

For earnings history and earnings-related data on Boot Barn Holdings (BOOT) click here.

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