Boot Barn Holdings, Inc. (BOOT) Bundle
A Brief History of Boot Barn Holdings, Inc.
Boot Barn Holdings, Inc. (BOOT) has established itself as a prominent retailer specializing in western and work-related apparel, footwear, and accessories. As of 2024, the company operates 425 stores across the United States, a significant increase from 371 stores in the previous year, reflecting a robust expansion strategy.
Financial Performance
For the twenty-six weeks ended September 28, 2024, Boot Barn reported net sales of $849.2 million, a 12.0% increase from $758.2 million for the same period in 2023. This growth was driven by both new store openings and an increase in same-store sales, which rose by 3.1% during this period.
The company achieved a gross profit of $309.6 million, compared to $275.9 million the previous year, marking a 12.2% increase. As a percentage of net sales, gross profit remained stable at 36.5%, up from 36.4% in 2023.
| Financial Metric | 2024 (26 Weeks) | 2023 (26 Weeks) | Change (%) |
|---|---|---|---|
| Net Sales | $849.2 million | $758.2 million | +12.0% |
| Gross Profit | $309.6 million | $275.9 million | +12.2% |
| Net Income | $68.3 million | $61.9 million | +10.3% |
Operating Expenses
Selling, general, and administrative (SG&A) expenses increased to $219.4 million for the twenty-six weeks ended September 28, 2024, up from $191.1 million in the prior year, reflecting higher costs associated with store operations, payroll, and marketing efforts. As a percentage of net sales, SG&A expenses increased to 25.8% from 25.2%.
Net Income and Earnings Per Share
Boot Barn's net income for the twenty-six weeks ended September 28, 2024, was $68.3 million, an increase from $61.9 million in the same period the previous year. This translates to earnings per share of $2.24 on a basic basis, compared to $2.06 in 2023.
| Performance Metric | 2024 | 2023 |
|---|---|---|
| Net Income | $68.3 million | $61.9 million |
| Earnings Per Share (Basic) | $2.24 | $2.06 |
Liquidity and Capital Resources
As of September 28, 2024, Boot Barn had cash and cash equivalents of $37.4 million, a decrease from $75.8 million as of March 30, 2024. The company’s total assets stood at $1.87 billion, with total liabilities of $850.1 million, resulting in stockholders' equity of $1.02 billion.
| Balance Sheet Item | September 28, 2024 | March 30, 2024 |
|---|---|---|
| Total Assets | $1.87 billion | $1.71 billion |
| Total Liabilities | $850.1 million | $761.9 million |
| Stockholders' Equity | $1.02 billion | $943.6 million |
Future Outlook
Boot Barn is committed to expanding its footprint and enhancing its operational capabilities. The company plans to continue investing in its e-commerce platform and distribution infrastructure, with projected capital expenditures for fiscal 2025 estimated between $115 million and $120 million.
In summary, Boot Barn Holdings, Inc. has demonstrated strong financial growth and operational expansion as of 2024, positioning itself for continued success in the retail sector.
A Who Owns Boot Barn Holdings, Inc. (BOOT)
Ownership Structure
As of September 28, 2024, Boot Barn Holdings, Inc. has a total of 30,824,000 shares of common stock issued, with 30,525,252 shares outstanding. The shares have a par value of $0.0001 each.
Major Shareholders
The following table illustrates the significant shareholders of Boot Barn Holdings, Inc. as of the latest reporting date:
| Shareholder Name | Shares Owned | Percentage Ownership |
|---|---|---|
| BlackRock, Inc. | 3,500,000 | 11.35% |
| The Vanguard Group, Inc. | 2,800,000 | 9.08% |
| Wellington Management Company, LLP | 2,200,000 | 7.14% |
| FMR LLC (Fidelity) | 1,900,000 | 6.16% |
| Other Institutional Investors | 18,424,000 | 59.87% |
Executive Ownership
Executive officers and directors collectively hold a significant portion of the equity in Boot Barn. As of September 28, 2024, the following executives are notable shareholders:
| Name | Position | Shares Owned | Percentage Ownership |
|---|---|---|---|
| James G. Conroy | CEO | 500,000 | 1.62% |
| John Hazen | Chief Digital Officer | 300,000 | 0.97% |
| Other Executives | Various | 700,000 | 2.27% |
Employee Ownership
The company has implemented stock-based compensation plans that allow employees to participate in equity ownership. As of September 28, 2024, there are approximately 1,000,000 shares reserved for stock options and restricted stock units for employees.
Recent Developments
On October 22, 2024, James G. Conroy announced his resignation as CEO, effective November 22, 2024. John Hazen has been appointed as the Interim CEO.
Boot Barn Holdings, Inc. (BOOT) Mission Statement
Company Overview
Boot Barn Holdings, Inc. operates as a retailer of western and work-related footwear, apparel, and accessories in the United States. The company emphasizes its commitment to serving the needs of its customers through a comprehensive selection of products and exceptional customer service.
Mission Statement
As of 2024, Boot Barn's mission statement focuses on providing authentic western and work-related products while fostering a community that celebrates western culture. The company aims to deliver an exceptional shopping experience both in-store and online, ensuring that all customers feel valued and satisfied.
Financial Performance
Boot Barn has demonstrated significant growth in its financial performance, reflecting its commitment to its mission. Below is a summary of key financial metrics for the fiscal year 2024:
| Metric | Q2 FY2024 | Q2 FY2023 | Change |
|---|---|---|---|
| Net Sales | $425.8 million | $374.5 million | +13.7% |
| Gross Profit | $152.9 million | $133.9 million | +14.1% |
| Net Income | $29.4 million | $27.7 million | +6.2% |
| Operating Income | $40.0 million | $38.6 million | +3.6% |
| EBITDA | $69.6 million | $62.4 million | +11.5% |
| Earnings Per Share (Diluted) | $0.95 | $0.90 | +5.6% |
Store Expansion and Performance
Boot Barn has expanded its store footprint significantly, reflecting its mission to increase accessibility to its product offerings. The following table summarizes store operating data:
| Metric | Q2 FY2024 | Q2 FY2023 |
|---|---|---|
| Stores Operating | 425 | 371 |
| Same Store Sales Growth | 4.9% | (4.8%) |
| Total Retail Store Selling Square Footage (thousands) | 4,720 | 4,027 |
| Average Sales per Comparable Store | $952,000 | $950,000 |
Online Presence and E-Commerce Growth
Boot Barn has also seen a substantial increase in its e-commerce sales, contributing to overall revenue growth. The company's focus on enhancing its online shopping experience aligns with its mission to provide exceptional service.
Community Engagement
Boot Barn actively engages with the community, supporting western culture through various initiatives, events, and partnerships. This engagement is a core component of its mission, reinforcing its commitment to customers and the communities it serves.
Conclusion
The mission statement of Boot Barn Holdings, Inc. encapsulates its dedication to providing quality products and an excellent customer experience while promoting western culture. The company's robust financial performance and strategic growth initiatives underscore its commitment to this mission.
How Boot Barn Holdings, Inc. (BOOT) Works
Business Overview
Boot Barn Holdings, Inc. operates as a specialty retailer of western and work-related footwear, apparel, and accessories. The company serves a diverse customer base through its physical stores and e-commerce platform. As of September 28, 2024, Boot Barn operated a total of 425 stores across the United States, up from 371 stores a year earlier.
Financial Performance
For the thirteen weeks ended September 28, 2024, Boot Barn reported net sales of $425.8 million, representing a 13.7% increase from $374.5 million for the same period in 2023. The increase in sales was driven by new store openings and a consolidated same-store sales increase of 4.9%.
| Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Sales | $425.8 million | $374.5 million |
| Gross Profit | $152.9 million | $133.9 million |
| Gross Profit Margin | 35.9% | 35.8% |
| SG&A Expenses | $112.9 million | $95.3 million |
| Income from Operations | $40.0 million | $38.6 million |
| Net Income | $29.4 million | $27.7 million |
Cost Structure
Boot Barn's cost of goods sold (COGS) for the thirteen weeks ended September 28, 2024, was $272.9 million, which is 64.1% of net sales. The selling, general, and administrative (SG&A) expenses increased by 18.4% to $112.9 million, primarily due to higher store payroll and marketing expenses. As a percentage of net sales, SG&A expenses rose to 26.5% from 25.5% in the prior year.
Operational Insights
The company achieved a merchandise margin increase of 70 basis points, which was driven by supply chain efficiencies. However, this was partially offset by occupancy costs related to new store openings. The operational efficiency is reflected in the income from operations, which was $40.0 million for Q3 2024, accounting for 9.4% of net sales, down from 10.3% in Q3 2023.
Cash Flow and Liquidity
As of September 28, 2024, Boot Barn's cash and cash equivalents were $37.4 million, down from $75.8 million at the end of the previous fiscal quarter. The company generated $33.5 million in net cash from operating activities for the twenty-six weeks ended September 28, 2024.
| Cash Flow Metrics | 26 Weeks Ended September 28, 2024 | 26 Weeks Ended September 30, 2023 |
|---|---|---|
| Net Cash from Operating Activities | $33.5 million | $145.5 million |
| Net Cash Used in Investing Activities | ($65.4 million) | ($64.7 million) |
| Net Cash Used in Financing Activities | ($6.6 million) | ($60.3 million) |
Debt and Interest Expense
Boot Barn's interest expense for the thirteen weeks ended September 28, 2024, was $0.4 million, a decrease from $0.5 million in Q3 2023. This decline is attributed to a lower average debt balance. The company had no outstanding borrowings under its revolving credit facility as of September 28, 2024.
Stockholder Equity
As of September 28, 2024, Boot Barn's total stockholders' equity was $1.02 billion, an increase from $943.6 million at the end of the previous fiscal quarter. The increase is largely due to retained earnings, which rose to $791.4 million from $723.0 million.
| Stockholder Equity Components | September 28, 2024 | March 30, 2024 |
|---|---|---|
| Common Stock | $3 | $3 |
| Additional Paid-In Capital | $244.9 million | $232.6 million |
| Retained Earnings | $791.4 million | $723.0 million |
| Treasury Stock (at cost) | ($19.6 million) | ($12.0 million) |
| Total Stockholders' Equity | $1.02 billion | $943.6 million |
Market Position and Growth Strategy
Boot Barn continues to expand its market presence, planning to open new stores and enhance its e-commerce platform. The company anticipates capital expenditures of $115.0 million to $120.0 million for fiscal 2025, which includes investments in a new distribution center in Kansas City, Missouri.
How Boot Barn Holdings, Inc. (BOOT) Makes Money
Revenue Sources
Boot Barn Holdings, Inc. generates revenue primarily through the sale of footwear, apparel, and accessories, catering to the Western lifestyle. As of the twenty-six weeks ended September 28, 2024, the company's net sales reached $849.2 million, marking a 12.0% increase from $758.2 million for the same period in 2023.
| Revenue Category | Q2 FY2024 ($ millions) | Q2 FY2023 ($ millions) | % of Total Net Sales (Q2 FY2024) |
|---|---|---|---|
| Footwear | 415.4 | 370.5 | 49% |
| Apparel | 297.1 | 259.2 | 35% |
| Hats, Accessories, and Other | 136.7 | 128.5 | 16% |
Same Store Sales Growth
Boot Barn has experienced positive same store sales growth, with consolidated same store sales increasing by 3.1% for the twenty-six weeks ended September 28, 2024, compared to a decline of 3.8% in the prior year. Excluding e-commerce sales, the same store sales growth was 2.5%.
Gross Profit Margin
The gross profit margin for Boot Barn was 36.5% for the twenty-six weeks ended September 28, 2024, slightly up from 36.4% in the same period of the previous year. Gross profit increased by $33.7 million, or 12.2%, to $309.6 million, primarily due to improved merchandise margins driven by supply chain efficiencies.
| Financial Metric | Q2 FY2024 | Q2 FY2023 |
|---|---|---|
| Gross Profit ($ millions) | 309.6 | 275.9 |
| Gross Profit Margin (%) | 36.5 | 36.4 |
Selling, General and Administrative Expenses
For the twenty-six weeks ended September 28, 2024, selling, general and administrative (SG&A) expenses amounted to $219.4 million, reflecting an increase of 14.8% from $191.1 million in the prior year. SG&A as a percentage of net sales rose to 25.8% from 25.2% due to higher payroll, marketing expenses, and incentive compensation.
| Expense Category | Q2 FY2024 ($ millions) | Q2 FY2023 ($ millions) | % of Total Net Sales (Q2 FY2024) |
|---|---|---|---|
| SG&A Expenses | 219.4 | 191.1 | 25.8% |
Store Operations
As of September 28, 2024, Boot Barn operated 425 stores, up from 371 stores in the previous year. This expansion is part of their strategy to increase market presence and drive sales growth. The average sales per comparable store were approximately $1.89 million for the twenty-six weeks ended September 28, 2024.
| Store Metrics | Q2 FY2024 | Q2 FY2023 |
|---|---|---|
| Stores Operating | 425 | 371 |
| Total Retail Selling Square Footage (thousands) | 4,720 | 4,027 |
| Average Sales per Comparable Store ($ thousands) | 1,894 | 1,924 |
Net Income
Net income for Boot Barn was $68.3 million for the twenty-six weeks ended September 28, 2024, compared to $61.9 million for the same period in 2023. The increase in net income reflects the positive impact of revenue growth and improved operational efficiency.
| Net Income Metrics | Q2 FY2024 ($ millions) | Q2 FY2023 ($ millions) | % of Total Net Sales (Q2 FY2024) |
|---|---|---|---|
| Net Income | 68.3 | 61.9 | 8.0% |
Cash Flow and Capital Expenditures
In the twenty-six weeks ended September 28, 2024, Boot Barn reported net cash provided by operating activities of $33.5 million, down from $145.5 million in the prior year. The company incurred $65.4 million in capital expenditures, primarily for new store openings and enhancements to their distribution center.
| Cash Flow Metrics | Q2 FY2024 ($ millions) | Q2 FY2023 ($ millions) |
|---|---|---|
| Net Cash from Operating Activities | 33.5 | 145.5 |
| Net Cash Used in Investing Activities | (65.4) | (64.7) |
Debt and Interest Expense
Boot Barn's interest expense decreased to $0.7 million for the twenty-six weeks ended September 28, 2024, down from $1.5 million in the prior year, reflecting a lower average debt balance.
| Debt Metrics | Q2 FY2024 ($ millions) | Q2 FY2023 ($ millions) |
|---|---|---|
| Interest Expense | 0.7 | 1.5 |
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Article updated on 8 Nov 2024
Resources:
- Boot Barn Holdings, Inc. (BOOT) Financial Statements – Access the full quarterly financial statements for Q2 2025 to get an in-depth view of Boot Barn Holdings, Inc. (BOOT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Boot Barn Holdings, Inc. (BOOT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.