Boot Barn Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 24, 2016; Provides Earnings Guidance for the Fourth Quarter and Fiscal Year Ending April 1, 2017; Plans to Open New Stores
January 31, 2017 at 04:10 pm
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Boot Barn Holdings, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 24, 2016. For the quarter, the company reported net sales of $199,431,000 compared to $193,842,000 a year ago. Sales growth was partially offset by the planned closure of one Sheplers store and the closure of one Boot Barn store over the last 12 months. Income from operations was $20,863,000 compared to $20,193,000 a year ago. The decrease in income from operations compared to the prior-year period's adjusted income from operations was driven primarily by a decrease in adjusted gross profit and an increase in adjusted operating expenses related to increased sales. Income before income taxes was $17,226,000 compared to $16,640,000 a year ago. Net income was $10,507,000 or $0.39 per diluted share compared to $9,928,000 or $0.37 per diluted share a year ago. Adjusted income from operations was $20,863,000 compared to $23,488,000 a year ago. Adjusted net income was $10,507,000 or $0.39 per diluted share compared to $11,998,000 or $0.45 per diluted share a year ago. Adjusted EBITDA was $26,201,000 compared to $28,803,000 a year ago.
For the nine months period, the company reported net sales of $466,813,000 compared to $419,554,000 a year ago. Income from operations was $29,755,000 compared to $24,617,000 a year ago. Income before income taxes was $18,907,000 compared to $15,270,000 a year ago. Net income was $11,609,000 or $0.43 per diluted share compared to $8,856,000 or $0.33 per diluted share a year ago. Net cash provided by operating activities was $68,163,000 compared to $55,668,000 a year ago. Purchases of property and equipment were $17,698,000 compared to $30,094,000 a year ago. Adjusted income from operations was $29,755,000 compared to $35,000,000 a year ago. Adjusted net income was $11,609,000 or $0.43 per diluted share compared to $16,199,000 or $0.60 per diluted share a year ago.
The company provided earnings guidance for the fourth quarter and fiscal year ending April 1, 2017. For the fiscal fourth quarter ending April 1, 2017, the company expects consolidated same store sales growth of flat to 2.0%. Income from operations between $11.4 million and $12.7 million. Net income of $4.6 million to $5.4 million. Net income per diluted share of $0.17 to $0.20 based on 27.1 million weighted average diluted shares outstanding, which includes $0.03 per diluted share attributed to the additional week of the quarter.
The company is updating its guidance for the fiscal year ending April 1, 2017 and now expects consolidated same store sales growth of approximately 1.0%. Income from operations between $41.0 million and $42.3 million. Net income of $16.1 million to $16.9 million. Net income per diluted share of $0.60 to $0.63 based on 26.9 million weighted average diluted shares outstanding, which includes $0.03 per diluted share attributed to the 53rd week. Capital expenditures expect fiscal year 2017 spending to total between $17 million and $18 million.
For the fiscal fourth quarter ending April 1, 2017, the company expects to open two new stores. The company expects to open 12 new stores, including two stores in the fourth quarter in fiscal year ending April 1, 2017.
Boot Barn Holdings, Inc. is a lifestyle retailer of western and work-related footwear, apparel, and accessories in the United States. The Company operates through two segments: retail stores and e-commerce. The retail segment is a specialty retail store that sells western and work boots and related apparel and accessories. Its e-commerce segment sells its merchandise via the Internet. The Company carries an assortment of denim, western shirts, cowboy hats, belts and belt buckles, western-style jewelry, and accessories. The western assortment includes various brands, such as Ariat, Cinch, Cody James, Corral, Dan Post, Durango, El Dorado, Idyllwind, Justin, Laredo, Lucchese, Miss Me, Montana Silversmiths, Moonshine Spirit, Shyanne, Stetson, Tony Lama, Twisted X, Resistol and Wrangler. The work assortment includes rugged footwear, outerwear, overalls, denim, and shirts. Its other brand includes Dickies, Carhartt, Wolverine, and Hawx. It operates approximately 403 stores in 45 states.
Boot Barn Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 24, 2016; Provides Earnings Guidance for the Fourth Quarter and Fiscal Year Ending April 1, 2017; Plans to Open New Stores