IRVINE, Calif.--(BUSINESS WIRE)--
Boot Barn Holdings, Inc. (NYSE:BOOT) today announced preliminary results
for the third quarter of fiscal year 2017 ended December 24, 2016 in
preparation for participation in the ICR Conference on Tuesday, January
10, 2017.
Preliminary Results for the Third Quarter of Fiscal Year 2017
Estimated results for the third quarter ended December 24, 2016 were as
follows:
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Preliminary net sales increased 3% to approximately $199 million.
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Preliminary consolidated same store sales increased approximately
0.2%, with e-commerce sales outperforming stores. This compares with
previous third quarter guidance of slightly positive consolidated same
store sales.
-
Preliminary net income per diluted share of approximately $0.39,
compared to previous guidance of $0.38 to $0.43.
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The Company opened seven new stores.
Jim Conroy, Chief Executive Officer, commented, “I am pleased with our
performance in the third quarter, in which we delivered positive same
store sales growth, achieved earnings in line with our guidance, and
opened seven new stores. Despite macro challenges of unseasonably warm
weather in our core markets, the presidential election, and continued
sales pressure in markets impacted by oil and other commodities, we were
able to achieve 0.2% same store sales growth. November was particularly
challenging given external factors, but the business strengthened in
December with same store sales growth of 2.3% and we have seen that
trend continue into the first two full weeks of our fiscal January.
Additionally, we remained true to the Boot Barn brand by maintaining our
everyday low price value proposition.”
Mr. Conroy continued, “We also reaffirmed our approach to omni-channel,
with strong growth across both of our e-commerce sites as well as a very
successful launch of our in-store touch screen shopping tablets, which
enabled us to deliver on our We Have It Promise by offering our store
customers access to a much broader assortment available for two-day
shipping.”
At December 24, 2016, the Company’s cash balance was $31 million and
borrowings on the $125 million line of credit were reduced to $23
million. Average inventory per store was lower than the prior year by
approximately 3%.
The Company will report full third quarter fiscal 2017 results and
update full-year guidance on January 31, 2017.
ICR Conference 2017
The Company will be presenting at the ICR Conference 2017 held at the JW
Marriott Orlando Grande Lakes in Orlando, Florida, on Tuesday, January
10, 2017 at 3:30 pm 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. The Company offers its loyal customer base a wide selection of
work and lifestyle brands. Boot Barn now operates 219 stores in 31
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.
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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Source: Boot Barn Holdings, Inc.