Wed, May 15, 10:17 AM (72 days ago)
Boot Barn Holdings, Inc. filed its annual report for the fiscal year ended March 30, 2024. Key highlights include: 1. **Financial Performance**: - **Revenue**: Increased by 0.6% to $1.667 billion from $1.658 billion in fiscal 2023. - **Net Income**: Decreased by 13.8% to $147.0 million from $170.6 million in fiscal 2023. - **Gross Profit**: Slightly increased to $614.4 million, maintaining a gross margin of 36.9%. - **Operating Expenses**: SG&A expenses rose by 9.9% to $416.2 million, impacting operating income, which decreased by 14.5% to $198.2 million. - **Earnings Per Share**: Not explicitly mentioned, but net income decline indicates potential EPS pressure. 2. **Operational Metrics**: - **Same Store Sales**: Declined by 6.2%. - **New Stores**: Opened 55 new stores, increasing total to 400 stores across 45 states. - **E-commerce**: E-commerce same store sales decreased by 10.6%. 3. **Strategic Overview**: - Focus on omni-channel growth, exclusive brand portfolio expansion, and new store openings. - Investments in e-commerce infrastructure and distribution centers to support growth. 4. **Future Outlook**: - Plans to open more stores and enhance e-commerce capabilities. - Estimated capital expenditures for fiscal 2025 between $115 million and $120 million. 5. **Risk Factors**: - Economic conditions affecting consumer spending. - Competition and potential supply chain disruptions. - Cybersecurity threats and regulatory changes. 6. **Financial Condition**: - Strong liquidity with $75.8 million in cash and no outstanding debt under the Wells Fargo Revolver. - Adequate cash flows from operations expected to support future growth and capital expenditures. Boot Barn remains focused on expanding its market presence and enhancing its product offerings despite a challenging retail environment.