Boot Barn Holdings, Inc. reported significant financial growth in its latest 10-Q filing for the thirteen and twenty-six weeks ended September 28, 2024. The company achieved net sales of $425.8 million for the thirteen weeks, marking a 13.7% increase from $374.5 million in the same period of the previous year. For the twenty-six weeks, net sales rose to $849.2 million, a 12.0% increase from $758.2 million year-over-year. This growth was supported by a consolidated same-store sales increase of 4.9% for the quarter, with e-commerce sales up 10.1%.
Gross profit for the thirteen weeks was $152.9 million, up 14.1% from $133.9 million, while gross profit for the twenty-six weeks increased by 12.2% to $309.6 million from $275.9 million. The gross profit margin slightly improved to 35.9% for the quarter, driven by a 70 basis-point increase in merchandise margin, despite some cost pressures.
Operating income for the thirteen weeks was $40.0 million, a 3.6% increase from $38.6 million, while for the twenty-six weeks, it rose to $90.2 million, up 6.3% from $84.8 million. Net income for the quarter was $29.4 million, compared to $27.7 million in the prior year, and for the half-year, it increased to $68.3 million from $61.9 million. Basic earnings per share for the quarter rose to $0.96 from $0.92, and for the half-year, it increased to $2.24 from $2.06.
Total assets as of September 28, 2024, were $1.87 billion, up from $1.71 billion in March 2024. Stockholders' equity also increased to $1.02 billion from $943.6 million. However, total liabilities rose to $850.1 million from $761.9 million, with current liabilities increasing to $358.4 million from $312.8 million.
The company’s cash and cash equivalents decreased to $37.4 million from $75.8 million, reflecting a net cash provided by operating activities of $33.5 million, down from $145.5 million in the prior year. The decrease was attributed to higher inventory levels and increased cash paid for income taxes, which rose significantly to $17.8 million from $2.8 million.
Boot Barn continues to expand its retail footprint, operating 425 stores across 46 states as of September 28, 2024, up from 400 stores in March 2024. The company is also investing in a new distribution center in Kansas City, Missouri, with estimated capital expenditures for fiscal 2025 projected between $115 million and $120 million.
In a leadership change, CEO James G. Conroy announced his resignation effective November 22, 2024, with John Hazen appointed as Interim CEO.
About Boot Barn Holdings, Inc.
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