IRVINE, Calif.--(BUSINESS WIRE)--
Boot Barn Holdings, Inc. (NYSE:BOOT) today announced preliminary sales
results for the third quarter of fiscal year 2015 ended December 27,
2014 in preparation for participation in the ICR XChange Conference on
Monday, January 12.
Preliminary Sales Results for the Third Quarter Fiscal Year 2015
Estimated sales highlights for the third quarter ended December 27, 2014
were as follows:
-
Preliminary net sales of approximately $130.5 million, with growth
accelerating to approximately 13.1%, compared to net sales of $115.4
million for the third quarter of fiscal 2014;
-
8 new stores opened, bringing our store count from 158 stores at the
start of the quarter to 166 stores; and
-
Preliminary same store sales, which include e-commerce sales,
increased approximately 7.2%.
Jim Conroy
, Chief Executive Officer, commented, “I am pleased with our
performance in the third quarter. We opened 8 new stores, delivered
strong same store sales growth and merchandise margin, and successfully
launched MoonShine Spirit by
Brad Paisley
, a new merchandise line
available exclusively at Boot Barn.”
Given the strong sales performance, the Company has raised its outlook
for its fiscal year 2015, which ends March 28, 2015:
-
18 stores expected to open, adding four stores in the fourth quarter
to the 14 stores opened year to date
-
Same store sales growth, including e-commerce sales, of approximately
6.0-7.0%
-
Income from operations between $32.0 million and $33.5 million
-
Net income of $12.6 million to $13.5 million or $0.49 to $0.53 per
diluted share based on 22.9 million weighted average diluted shares
outstanding. The calculation of diluted earnings per share reflects a
$1.4 million cash payment paid in April 2014 to holders of vested
stock options.
-
Pro forma adjusted net income of $16.9 million to $17.8 million, or
$0.64 to $0.68 per diluted share based on 26.2 million weighted
average diluted shares outstanding. Pro forma adjusted net income has
been adjusted to include the full year impact of the initial public
offering and subsequent repayment of a portion of the existing term
loan.
Conroy continued, “I am further encouraged that our overall growth
strategy continues to build momentum as we successfully expand the store
base further across the country, drive growth in private brands and
continue to build upon our strong omni-channel foundation.”
The company will report actual third quarter fiscal 2015 results on
February 4, 2015.
Strategic Organizational Changes
Boot Barn also announced the hiring of
Greg Hackman
as Chief Financial
Officer. Greg will serve in this position beginning January 26 and will
be an important addition to the Boot Barn Senior Management Team. He
will lead the ongoing evolution of the Finance organization as Boot Barn
continues to grow as a publicly traded retailer.
Greg joins Boot Barn with considerable relevant experience. Most
recently he served as Vice President Finance, Global Controller for
Claire’s Stores, a specialty retailer with more than $1.5 billion in
annual sales across more than 40 countries. At Claire’s, Greg had
responsibility for accounting, SEC reporting, financial systems and risk
management. Prior to Claire’s, he spent more than 20 years working with
both May Department Stores and then Macy’s in various financial roles,
including financial planning, reporting and analysis, expense planning,
and payroll. Greg also has experience in public accounting.
Jim Conroy
, CEO of Boot Barn, commented, “Greg is a highly capable
Finance leader with a strong background in the retail industry. He has
extensive experience managing the requirements of public company
reporting and will add tremendous leadership to the overall Boot Barn
team. As Boot Barn continues to grow as a public company, Greg’s
experience interacting with investors and analysts will be invaluable. I
had the opportunity to work with Greg for several years at Claire’s, and
I am looking forward to working with him again.”
“Boot Barn is a terrific lifestyle retailer with an impressive record of
consistent growth. I look forward to joining the senior team and
partnering with Jim to continue the growth trajectory of the Company,”
said
Greg Hackman
.
Paul Iacono
, the current CFO of Boot Barn, will redirect his efforts in
a new role as Vice President, Business Development. In this capacity,
Paul will help accelerate growth in key areas including new store
development and will lead several internal projects that will enable
Boot Barn to develop the appropriate infrastructure for a specialty
retailer with national scope. Paul will also assist Greg to transition
into the CFO role in an expedited manner by providing historical context.
“Paul has added tremendously to the accelerated growth of Boot Barn for
the past five years as CFO,” said
Jim Conroy
. “He has grown the
capabilities of the organization and played a critical role in our
successful IPO this past October. His new role in Business Development
will leverage his institutional knowledge of the Company and enable us
to continue to execute on our growth initiatives.”
ICR XChange Conference
The Company will be presenting at the 17th Annual ICR XChange Conference
held at the JW Marriott Orlando Grande Lakes in Orlando, Florida, on
Monday, January 12, 2015 at 9:00 am Eastern Standard Time.
The audio portion of the presentation will be webcast live over the
internet and can be accessed under the Investor Relations section at www.investor.bootbarn.com.
An online archive will be available for a period of 90 days following
the presentation.
About Boot Barn
Boot Barn is the nation’s leading lifestyle retailer of western and
work-related footwear, apparel and accessories for men, women and
children. With 166 stores in 26 states today, the Company offers its
loyal customer base a wide selection of more than 200 work and lifestyle
brands. For more information, visit www.bootbarn.com
Non-GAAP Financial Measures
The Company presents pro forma adjusted net income and pro forma
adjusted diluted earnings per share guidance to help the Company
describe its anticipated operating and financial performance. These
financial measures are non-GAAP financial measures and should not be
construed in isolation or as an alternative to actual net income and
actual basic and diluted earnings per share and other income or cash
flow statement data (as presented in the Company’s consolidated
financial statements in accordance with generally accepted accounting
principles in the United States, or GAAP), or as a better indicator of
operating performance or as a measure of liquidity. These non-GAAP
financial measures, as defined by the Company, may not be comparable to
similar non-GAAP financial measures presented by other issuers. The
Company’s management believes that these non-GAAP financial measures
provide investors with transparency and help illustrate financial
results by excluding items that may not be indicative of, or are
unrelated to, the Company’s core operating results, thereby providing a
better baseline for analyzing trends in the underlying business. See the
table at the end of this press release for a reconciliation of pro forma
adjusted net income to net income, its nearest GAAP financial measure.
Forward Looking Statements
This press release contains forward-looking statements that are subject
to risks and uncertainties. All statements other than statements of
historical fact included in this press release are forward-looking
statements. You can identify forward-looking statements by the fact that
they generally include words such as "anticipate," "estimate," "expect,"
"project," "plan,“ "intend," "believe," “outlook” and other words and
terms of similar meaning in connection with any discussion of the timing
or nature of future operating or financial performance or other events
but not all forward-looking statements contain these identifying words.
These forward-looking statements are based on assumptions that the
Company’s management has made in light of their industry experience and
on their perceptions of historical trends, current conditions, expected
future developments and other factors they believe are appropriate under
the circumstances. As you consider this press release, you should
understand that these statements are not guarantees of performance or
results. They involve risks, uncertainties (some of which are beyond the
Company’s control) and assumptions. These risks, uncertainties and
assumptions include, but are not limited to, the following: declines in
consumer spending or changes in consumer preferences and the Company’s
ability; to effectively execute on its growth strategy; to maintain and
enhance its strong brand image; to compete effectively; to maintain good
relationships with its key suppliers; and to improve and expand its
exclusive product offerings. The Company discusses the foregoing risks
and other risks in greater detail under the heading “Risk factors” in
the registration statement filed by the Company with the SEC in
connection with the Company’s IPO. Although the Company believes that
these forward-looking statements are based on reasonable assumptions,
you should be aware that many factors could affect the Company’s actual
financial results and cause them to differ materially from those
anticipated in the forward-looking statements. Because of these factors,
the Company cautions that you should not place undue reliance on any of
these forward-looking statements. New risks and uncertainties arise from
time to time, and it is impossible for the Company to predict those
events or how they may affect the Company. Further, any forward-looking
statement speaks only as of the date on which it is made. Except as
required by law, the Company does not intend to update or revise the
forward-looking statements in this press release after the date of this
press release.
Boot Barn Holdings, Inc.
|
Supplemental Information - Reconciliation of GAAP to Non-GAAP
Financial Measures
|
|
|
|
|
|
|
|
FY 2015 Outlook
|
(Dollars in thousands)
|
|
Low
|
|
High
|
|
|
|
|
|
Reconciliation of forecasted GAAP net income attributed to Boot
Barn Holdings, Inc. to forecasted pro forma adjusted net income
attributed to Boot Barn Holdings, Inc.
|
|
Net income guidance
|
|
$
|
12.6
|
|
|
$
|
13.5
|
|
Loss on disposal of assets
|
|
|
0.1
|
|
|
|
0.1
|
|
Other unusual or non-recurring expenses (a)
|
|
|
0.9
|
|
|
|
0.9
|
|
Interest expense
|
|
|
11.0
|
|
|
|
11.0
|
|
Pro forma interest expense (b)
|
|
|
(4.8
|
)
|
|
|
(4.8
|
)
|
Provision for income taxes
|
|
|
8.4
|
|
|
|
9.0
|
|
Pro forma adjusted provision for income taxes
|
|
|
(11.2
|
)
|
|
|
(11.8
|
)
|
Forecasted pro forma adjusted net income attributed to Boot Barn
Holdings, Inc.
|
|
$
|
16.9
|
|
|
$
|
17.8
|
|
(a) Represents professional fees and expenses incurred in connection
with other acquisition activity.
(b) The net decrease in interest expense resulting from a reduction in
our LIBOR floor and our pay down of principal balance on our term loan
agreement with Golub Capital from the IPO proceeds, as if it had
occurred on March 31, 2013.
Source: Boot Barn Holdings, Inc.