IRVINE, Calif.--(BUSINESS WIRE)--
Boot Barn Holdings, Inc. (NYSE:BOOT) today announced its financial
results for the first fiscal quarter ended June 25, 2016.
Highlights for the quarter ended June 25, 2016, were as follows:
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Net sales increased 39% to $133.4 million.
-
Consolidated same store sales increased 0.4%.
-
Net income was $0.6 million, or $0.02 per diluted share, compared to
$2.3 million, or $0.08 per diluted share in the prior-year period.
-
The Company opened two new stores.
Jim Conroy, Chief Executive Officer, commented, “We are pleased to have
achieved positive same store sales growth without any significant
increase in promotions in a challenging retail environment. The growth
was led by outsized sales in our e-commerce business with a particularly
strong performance from the Sheplers online business. From a merchandise
perspective, our initiatives in the work boots and work apparel
categories continue to drive modest growth in those departments. I
believe we have taken the appropriate steps to manage through the
external pressures on our business, as we continue to build our leading
position in the industry.”
Operating Results for the First Quarter Ended June 25, 2016
-
Net sales increased 39.0% to $133.4 million from $96.0 million in the
prior-year period. Net sales increased due to contributions from
Sheplers (which was acquired in the second quarter of fiscal 2016), a
0.4% increase in same store sales, and 17 new stores opened over the
past twelve months.
-
Gross profit increased 32.4% to $40.8 million, or 30.5% of net sales,
compared to gross profit of $30.8 million, or 32.1% of net sales, in
the prior-year period, driven by the addition of the Sheplers business
and 17 new stores opened over the past twelve months. As a percentage
of sales, consolidated gross margin declined primarily due to a higher
percentage of historically lower-margin Sheplers sales compared to the
prior-year period when the Company did not own Sheplers.
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Income from operations decreased 8.0% to $4.5 million, compared to
$4.8 million in the prior-year period. The decrease was driven
primarily by additional expenses associated with Sheplers, and higher
depreciation and amortization expense associated with new stores
opened, in line with the Company’s strategic growth objectives.
Excluding acquisition-related expenses of $0.9 million, adjusted
income from operations was $5.7 million in the first quarter of fiscal
year 2016.
-
The Company opened 2 new stores and ended the quarter with 210 stores
in 29 states.
-
Interest expense was $3.6 million, an increase of $2.8 million, or
$0.06 per diluted share, compared to the prior-year period, reflecting
additional debt associated with the acquisition of Sheplers in the
second quarter of fiscal year 2016.
-
Net income was $0.6 million, or $0.02 per diluted share, compared to
$2.3 million or $0.08 per diluted share in the prior-year period.
Excluding acquisition-related expenses and the adjusted provision for
income taxes, adjusted net income was $3.0 million or $0.11 per
diluted share, in the first quarter of fiscal year 2016.
A reconciliation of adjusted income from operations, adjusted net income
and adjusted net income per diluted share for the first quarter of
fiscal year 2016, each a non-GAAP financial measure, to their most
directly comparable GAAP financial measures is included in the
accompanying financial data. Adjusted measures are not presented for the
first quarter of fiscal year 2017 as there were no adjustments. See also
"Non-GAAP Financial Measures."
Balance Sheet Highlights as of June 25, 2016
-
Cash: $5.8 million
-
Inventories: Average inventory per store was flat compared to June 27,
2015
-
Total debt: $253.5 million
-
Line of credit: $60.2 million outstanding on revolving credit facility
Fiscal Year 2017 Outlook
For the fiscal year ending April 1, 2017, the Company continues to
expect:
-
To open 15 new stores, including two opened in the first quarter.
-
Consolidated same store sales between slightly negative to slightly
positive.
-
Income from operations between $42.4 million and $46.8 million.
-
Net income of $16.9 million to $19.6 million.
-
Net income per diluted share of $0.63 to $0.73 based on 26.8 million
weighted average diluted shares outstanding.
For the fiscal second quarter ending September 24, 2016 the Company
expects:
-
Consolidated same stores sales to be slightly negative to slightly
positive;
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Net income per diluted share of $0.00 to $0.02 based on 26.7 million
weighted average diluted shares outstanding.
Conference Call Information
A conference call to discuss the financial results for the first quarter
of fiscal year 2017 is scheduled for today, July 26, 2016, at 4:30 p.m.
ET (1:30 p.m. PT). Investors and analysts interested in participating in
the call are invited to dial (877) 407-4018. The conference call will
also be available to interested parties through a live webcast at investor.bootbarn.com.
Please visit the website and select the “Events and Presentations” link
at least 15 minutes prior to the start of the call to register and
download any necessary software. A telephone replay of the call will be
available until August 26, 2016, by dialing (877) 870-5176 (domestic) or
(858) 384-5517 (international) and entering the conference
identification number: 13641203. Please note participants must enter the
conference identification number in order to access the replay.
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. The Company offers its loyal customer base a wide selection of
work and lifestyle brands. Boot Barn now operates 210 stores in 29
states, in addition to an e-commerce channel www.bootbarn.com.
The Company also operates www.sheplers.com,
the nation’s leading pure play online western and work retailer.
Sheplers has been part of the western, outdoor, and work lifestyle for
over 100 years. For more information, call 888-Boot-Barn or visit www.bootbarn.com.
Non-GAAP Financial Measures
The Company presents adjusted income from operations, adjusted net
income and adjusted net income per diluted share to help the Company
describe its 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 gross profit, actual income
from operations, actual net income and actual earnings per diluted 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
companies. 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 adjusted income from operations to income from
operations, adjusted net income to net income, and adjusted net income
per diluted share to net income per diluted share.
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. Forward-looking statements refer to our current expectations
and projections relating to, by way of example and without limitation,
our financial condition, liquidity, profitability, results of
operations, margins, plans, objectives, strategies, future performance,
business and industry. You can identify forward-looking statements by
the fact that they do not relate strictly to historical or current
facts. These statements may include words such as "anticipate",
"estimate", "expect", "project", "plan“, "intend", "believe", “may”,
“might”, “will”, “could”, “should”, “can have”, “likely”, “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: decreases in consumer spending due to declines in
consumer confidence, local economic conditions or changes in consumer
preferences and the Company’s ability to effectively execute on its
growth strategy; the failure to realize the anticipated synergies from
the Sheplers acquisition and other risks of integration, 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 periodic reports filed by the Company with the Securities and
Exchange Commission. 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.
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Boot Barn Holdings, Inc.
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Consolidated Balance Sheets
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(In thousands, except per share data)
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(Unaudited)
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|
|
|
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|
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June 25,
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March 26,
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|
|
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2016
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2016
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Assets
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Current assets:
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|
|
|
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Cash and cash equivalents
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$
|
5,839
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|
$
|
7,195
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Accounts receivable, net
|
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|
3,460
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|
|
4,131
|
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Inventories
|
|
|
179,225
|
|
|
176,335
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Prepaid expenses and other current assets
|
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|
16,004
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|
|
15,558
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Total current assets
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204,528
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|
|
203,219
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Property and equipment, net
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76,443
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|
76,076
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Goodwill
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|
193,095
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193,095
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Intangible assets, net
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64,300
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|
64,861
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Other assets
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|
1,035
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|
|
2,075
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Total assets
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$
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539,401
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$
|
539,326
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Liabilities and stockholders’ equity
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Current liabilities:
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Line of credit
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$
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60,190
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$
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48,815
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Accounts payable
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57,961
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|
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66,553
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Accrued expenses and other current liabilities
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|
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32,230
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|
|
35,896
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Current portion of notes payable, net of unamortized debt issuance
costs
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1,037
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|
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1,035
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Total current liabilities
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151,418
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152,299
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Deferred taxes
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11,426
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12,255
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Long-term portion of notes payable, net of unamortized debt
issuance costs
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192,314
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192,579
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Capital lease obligation
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8,169
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8,272
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Other liabilities
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12,984
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|
|
12,431
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Total liabilities
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$
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376,311
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$
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377,836
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Stockholders’ equity:
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Common stock, $0.0001 par value; June 25, 2016 - 100,000 shares
authorized, 26,419 shares issued; March 26, 2016 - 100,000 shares
authorized, 26,354 shares issued
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3
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3
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Preferred stock, $0.0001 par value; 10,000 shares authorized, no
shares issued or outstanding
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-
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-
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Additional paid-in capital
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138,894
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137,893
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Retained earnings
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24,218
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23,594
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Less: Common stock held in treasury, at cost, 7 and 4 shares at June
25, 2016 and March 26, 2016, respectively
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(25)
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-
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Total stockholders’ equity
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163,090
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|
|
161,490
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Total liabilities and stockholders’ equity
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$
|
539,401
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$
|
539,326
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Boot Barn Holdings, Inc.
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Consolidated Statements of Operations
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(In thousands, except per share data)
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(Unaudited)
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Thirteen Weeks Ended
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|
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June 25,
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June 27,
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2016
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2015
|
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Net sales
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$
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133,414
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$
|
96,000
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Cost of goods sold
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92,664
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65,221
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Gross profit
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40,750
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30,779
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Operating expenses:
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Selling, general and administrative expenses
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36,300
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25,053
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Acquisition-related expenses
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-
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891
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Total operating expenses
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36,300
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25,944
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Income from operations
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4,450
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|
4,835
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Interest expense, net
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3,560
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|
791
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Income before income taxes
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|
|
890
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|
4,044
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Income tax expense
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|
266
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|
|
1,773
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Net income
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$
|
624
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$
|
2,271
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Earnings per share:
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Basic shares
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$
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0.02
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$
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0.09
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Diluted shares
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$
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0.02
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$
|
0.08
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Weighted average shares outstanding:
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Basic shares
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26,373
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|
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25,865
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Diluted shares
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26,616
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26,973
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Boot Barn Holdings, Inc.
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Consolidated Statements of Cash Flows
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(In thousands)
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(Unaudited)
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Thirteen Weeks Ended
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June 25,
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June 27,
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2016
|
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2015
|
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Cash flows from operating activities
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|
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Net income
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$
|
624
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|
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$
|
2,271
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|
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Adjustments to reconcile net income to net cash (used in)/provided
by operating activities:
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Depreciation
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3,518
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2,008
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Stock-based compensation
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756
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653
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Excess tax benefit
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-
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(2,111
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)
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Amortization of intangible assets
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561
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629
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Amortization and write-off of debt issuance fees and debt discount
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281
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69
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Loss on disposal of property and equipment
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59
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11
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Accretion of above market leases
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(14
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)
|
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(19
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)
|
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Deferred taxes
|
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|
(141
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)
|
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|
154
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|
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Changes in operating assets and liabilities:
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Accounts receivable, net
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671
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|
|
861
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Inventories
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(2,890
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)
|
|
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(7,103
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)
|
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Prepaid expenses and other current assets
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|
|
(1,201
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)
|
|
|
3,121
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|
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Other assets
|
|
|
1,040
|
|
|
|
(235
|
)
|
|
Accounts payable
|
|
|
(7,815
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)
|
|
|
4,318
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|
|
Accrued expenses and other current liabilities
|
|
|
(3,666
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)
|
|
|
(591
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)
|
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Other liabilities
|
|
|
567
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|
|
|
1,202
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|
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Net cash (used in)/provided by operating activities
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$
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(7,650
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)
|
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$
|
5,238
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Cash flows from investing activities
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|
|
|
|
|
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Purchases of property and equipment
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|
$
|
(4,721
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)
|
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$
|
(7,085
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)
|
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Net cash used in investing activities
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|
$
|
(4,721
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)
|
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$
|
(7,085
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)
|
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Cash flows from financing activities
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|
|
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Line of credit - net
|
|
$
|
11,375
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|
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$
|
10,900
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|
|
Repayments on debt and capital lease obligations
|
|
|
(603
|
)
|
|
|
(477
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)
|
|
Debt issuance fees
|
|
|
-
|
|
|
|
(439
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)
|
|
Tax withholding for net share settlement
|
|
|
(25
|
)
|
|
|
-
|
|
|
Excess tax benefit from stock options
|
|
|
-
|
|
|
|
2,111
|
|
|
Proceeds from the issuance of common stock related to stock-based
compensation
|
|
|
268
|
|
|
|
1,224
|
|
|
Net cash provided by financing activities
|
|
$
|
11,015
|
|
|
$
|
13,319
|
|
|
|
|
|
|
|
|
|
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Net (decrease)/increase in cash and cash equivalents
|
|
|
(1,356
|
)
|
|
|
11,472
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
7,195
|
|
|
|
1,448
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
5,839
|
|
|
$
|
12,920
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
Cash paid for income taxes
|
|
$
|
399
|
|
|
$
|
124
|
|
|
Cash paid for interest
|
|
$
|
3,306
|
|
|
$
|
707
|
|
|
Supplemental disclosure of non-cash activities:
|
|
|
|
|
|
|
|
Unpaid purchases of property and equipment
|
|
$
|
1,253
|
|
|
$
|
791
|
|
|
|
|
|
|
|
|
|
Boot Barn Holdings, Inc.
Supplemental Information -
Consolidated Statements of Operations
Reconciliation of GAAP to
Non-GAAP Financial Measures
(In thousands, except per share
amounts)
(Unaudited)
The tables below reconcile the non-GAAP financial measures of adjusted
income from operations, adjusted net income, and adjusted diluted
earnings per share, with the most directly comparable GAAP financial
measures of income from operations, net income, and diluted earnings per
share.
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
|
|
June 25,
|
|
June 27,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Reconciliation of GAAP income from operations to adjusted income
from operations
|
|
|
|
Income from operations, as reported
|
|
$
|
4,450
|
|
$
|
4,835
|
|
|
Acquisition-related expenses (a)
|
|
|
-
|
|
|
891
|
|
|
Adjusted income from operations
|
|
$
|
4,450
|
|
$
|
5,726
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net income to adjusted net income
|
|
|
|
Net income, as reported
|
|
$
|
624
|
|
$
|
2,271
|
|
|
Acquisition-related expenses (a)
|
|
|
-
|
|
|
891
|
|
|
Provision for income taxes, as reported
|
|
|
-
|
|
|
1,773
|
|
|
Adjusted provision for income taxes
|
|
|
-
|
|
|
(1,942
|
)
|
|
Adjusted net income
|
|
$
|
624
|
|
$
|
2,993
|
|
|
|
|
|
|
|
|
Reconciliation of adjusted net income per diluted share to net
income per diluted share
|
|
|
|
Net income per share, diluted:
|
|
|
|
|
|
Net income per share, as reported
|
|
$
|
0.02
|
|
$
|
0.08
|
|
|
Adjustments
|
|
|
-
|
|
|
0.03
|
|
|
Adjusted net income per share, diluted
|
|
$
|
0.02
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding
|
|
|
26,616
|
|
|
26,973
|
|
|
|
|
|
|
|
(a) Includes direct costs and fees related to the Sheplers acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boot Barn Holdings, Inc.
|
|
|
Store Count
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
|
|
|
March 28
|
|
June 27
|
|
September 26
|
|
December 26
|
|
March 26
|
|
June 25
|
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2016
|
|
|
Store Count (BOP)
|
|
152
|
|
|
169
|
|
176
|
|
|
201
|
|
206
|
|
|
208
|
|
|
Opened/Acquired
|
|
18
|
|
|
7
|
|
31
|
|
|
5
|
|
4
|
|
|
2
|
|
|
Closed Boot Barn Stores
|
|
(1
|
)
|
|
-
|
|
(1
|
)
|
|
-
|
|
(1
|
)
|
|
-
|
|
|
Closed Sheplers Stores
|
|
-
|
|
|
-
|
|
(5
|
)
|
|
-
|
|
(1
|
)
|
|
-
|
|
|
Store Count (EOP)
|
|
169
|
|
|
176
|
|
201
|
|
|
206
|
|
208
|
|
|
210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Covenant EBITDA Reconciliation
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Thirteen Weeks Ended)
|
|
|
|
|
June 25,
|
|
March 26,
|
|
December 26,
|
|
September 26,
|
|
June 27,
|
|
|
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
|
Boot Barn's Net income/(loss)
|
|
$
|
624
|
|
$
|
1,012
|
|
|
$
|
9,928
|
|
|
$
|
(3,343
|
)
|
|
$
|
2,271
|
|
|
|
Income tax expense/(benefit)
|
|
|
266
|
|
|
1,029
|
|
|
|
6,712
|
|
|
|
(2,071
|
)
|
|
|
1,773
|
|
|
|
Interest expense, net
|
|
|
3,560
|
|
|
3,576
|
|
|
|
3,553
|
|
|
|
5,003
|
|
|
|
791
|
|
|
|
Depreciation and intangible asset amortization
|
|
|
4,079
|
|
|
4,494
|
|
|
|
3,593
|
|
|
|
3,292
|
|
|
|
2,637
|
|
|
|
Boot Barn's EBITDA
|
|
$
|
8,529
|
|
$
|
10,111
|
|
|
$
|
23,786
|
|
|
$
|
2,881
|
|
|
$
|
7,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation (a)
|
|
$
|
756
|
|
$
|
737
|
|
|
$
|
761
|
|
|
$
|
730
|
|
|
$
|
653
|
|
|
|
Non-cash accrual for future award redemptions (b)
|
|
|
42
|
|
|
(797
|
)
|
|
|
961
|
|
|
|
88
|
|
|
|
(248
|
)
|
|
|
Acquisition-related expenses (c)
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
891
|
|
|
|
Acquisition-related integration costs (d)
|
|
|
-
|
|
|
1,817
|
|
|
|
3,153
|
|
|
|
5,368
|
|
|
|
-
|
|
|
|
Amortization of inventory fair value adjustment (e)
|
|
|
-
|
|
|
(47
|
)
|
|
|
(228
|
)
|
|
|
(225
|
)
|
|
|
-
|
|
|
|
Loss on disposal of assets and contract termination costs (f)
|
|
|
59
|
|
|
267
|
|
|
|
53
|
|
|
|
1,042
|
|
|
|
11
|
|
|
|
Secondary offering costs (g)
|
|
|
-
|
|
|
-
|
|
|
|
317
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Boot Barn's Adjusted EBITDA
|
|
$
|
9,386
|
|
$
|
12,088
|
|
|
$
|
28,803
|
|
|
$
|
9,884
|
|
|
$
|
8,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional adjustments1
|
|
|
1,345
|
|
|
959
|
|
|
|
655
|
|
|
|
718
|
|
|
|
2,904
|
|
|
|
Consolidated EBITDA per Loan Agreements
|
|
$
|
10,731
|
|
$
|
13,047
|
|
|
$
|
29,458
|
|
|
$
|
10,602
|
|
|
$
|
11,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Adjustments to Boot Barn's Adjusted EBITDA as stipulated in
the 2015 Golub Term Loan and June 2015 Wells Fargo Revolver include
pre-opening costs, franchise and state taxes, and other miscellaneous
adjustments. For the thirteen weeks ended June 27, 2015, the adjustments
also include Sheplers EBITDA, as Sheplers' results were not included in
Boot Barn consolidated results until the thirteen weeks ended September
26, 2015, the period in which Boot Barn acquired Sheplers.
(a) Represents non-cash compensation expenses related to stock options,
restricted stock awards and restricted stock units granted to certain of
our employees and directors.
(b) Represents the non-cash accrual for future award redemptions in
connection with our customer loyalty program.
(c) Includes direct costs and fees related to the Sheplers Acquisition.
(d) Represents certain store integration, remerchandising, inventory
obsolescence and corporate consolidation costs incurred in connection
with the integration of Sheplers. Includes an adjustment to normalize
the gross margin impact of discontinued inventory from Sheplers, which
was sold at a discount or written off. The adjustment assumes such
inventory was sold at Sheplers' normalized margin rate.
(e) Represents the amortization of purchase-accounting adjustments that
decreased the value of inventory acquired to its fair value.
(f) Represents loss on disposal of assets and contract termination costs
from store closures and unused office and warehouse space.
(g) Represents professional fees and expenses incurred in connection
with a Form S-1 Registration Statement filing in July 2015 and withdrawn
in November 2015.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160726006399/en/
Source: Boot Barn Holdings, Inc.