Poor fourth quarter dulls strong result for Boot Barn

(Source: Boot Barn/Facebook)

Boot Barn Holdings saw net sales rise by a mere 0.6 per cent to $1.67 billion last fiscal year, despite opening 55 new stores during the period.

That was after a fourth quarter where the retailer’s net sales fell 8.7 per cent to $388.5 million and its net income plunged 36.6 per cent to $29.4 million.

“We crossed the 400-store milestone prior to year-end and extended the Boot Barn brand to 45 states across the country,” said Boot Barn president and CEO Jim Conroy.

“In the year, revenue showed modest growth despite experiencing a mid-single digit decline in consolidated same store sales and cycling a 53-week fiscal year.”

Annual same-store sales declined 6.2 per cent while net income fell 13.8 per cent to $147.0 million.

For the first quarter of the new financial year, the company forecasts sales to grow by between 4 per cent and 6.1 per cent year on year to between $399 million and $407 million.

For the full fiscal year, the company plans to open 60 new stores and forecasts sales to rise by between 5.9 per cent and 8 per cent to between $1.77 billion and $1.80 billion.

“While we expect the consumer to continue to be cautious for the foreseeable future, we feel well positioned to further execute on our long-term strategic initiatives,” said Conroy.

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