Boot Barn Holdings (BOOT) Tops Q1 EPS by 15c

Boot Barn Holdings (NYSE: BOOT) reported Q1 EPS of ($0.02), $0.15 better than the analyst estimate of ($0.17). Revenue for the quarter came in at $147.8 million versus the consensus estimate of $137.48 million.

Jim Conroy, Chief Executive Officer, commented, “I am proud of how our organization has navigated through the difficulties created by the COVID-19 pandemic. We quickly adapted our operations to meet the current needs of our customers in stores and online while taking a number of precautionary measures. During our first fiscal quarter we drove a sequential increase in same store sales each month, improving from negative 45% in April to positive 3% growth in June. We also enacted operating expense reduction measures to help minimize the impact on our bottom line from the temporary slowdown in sales. Despite our lower sales volume, we were able to reduce our average comp store inventory by 3% versus last year, which is a significant improvement from our year-end position. Selling through our inventory at a healthy margin allowed us to increase cash and reduce vendor accounts payable while maintaining our year-end debt levels. The significant reduction in inventories compared with the fiscal 2020 year-end balance, fueled a strong gain in operating cash flow compared to the prior year period.”

Mr. Conroy continued, “As our second fiscal quarter got underway, we continued to see a strong correlation between our customers’ shopping behavior and the number of positive COVID-19 test results in their communities. While July got off to a slow start due to the resurgence in cases, same store sales in our retail stores sequentially improved from mid-July through the first week of our fiscal August as sentiment improved. With the exception of temporary store closures due to COVID-19, we are fortunate to have all of our stores open and believe we are well positioned to reengage in growth when customer confidence in store shopping returns. We have the leading brand in our industry, an extremely loyal customer base, expanded omni channel capabilities and a strong cash position. This combination should enable us to weather these unprecedented times and emerge even stronger post COVID-19.”

GUIDANCE:

The COVID-19 crisis continues to adversely affect the Company’s results. Due to the ongoing uncertainty created by COVID-19, the Company is not providing second quarter and fiscal year 2021 guidance at this time.

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

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