Fourth Quarter Same Store Sales Increased 33%
Total Addressable Market Now Estimated to be $40 Billion vs. $20 Billion
Increases Store Count Potential to 900 Stores
IRVINE, Calif.--(BUSINESS WIRE)--Boot Barn Holdings, Inc. (NYSE: BOOT) today announced its financial results for the fourth fiscal quarter and fiscal year ended March 26, 2022. The Company has also filed a Supplemental Financial Presentation that has been made available on the investor relations section of its website.
For the quarter ended March 26, 2022:
For the fiscal year ended March 26, 2022:
The Company has also provided the below table which includes year-over-year comparisons of retail store sales, e-commerce sales, and total net sales for each of the periods indicated below. In addition, the following table includes retail store sales and e-commerce sales as a percentage of total net sales for the periods indicated below:
(all $ in thousands) | Q4 FY2022 | Q4 FY2021 | Q4 FY2020 | % Change Q4 FY2022 vs. Q4 FY2021 |
% Change Q4 FY2022 vs. Q4 FY2020 |
|||||||||||||
Retail Stores | $ | 328,221 |
$ | 221,631 |
$ | 156,769 |
48 |
% |
109 |
% |
||||||||
E-commerce | $ | 55,087 |
$ | 37,242 |
$ | 31,859 |
48 |
% |
73 |
% |
||||||||
Total Net Sales | $ | 383,308 |
$ | 258,873 |
$ | 188,628 |
48 |
% |
103 |
% |
||||||||
Retail Stores as a % of Net Sales | 86 |
% |
86 |
% |
83 |
% |
||||||||||||
E-commerce as a % of Net Sales | 14 |
% |
14 |
% |
17 |
% |
||||||||||||
“It was an incredible year by every measure,” said Jim Conroy, President and Chief Executive Officer. “With our top-line increasing 67% over the previous year, we far surpassed the one-billion-dollar mark for the first time, generating $1.5 billion in sales for fiscal 2022. Importantly, our performance was highlighted by very strong full-price selling, which contributed to a 270-basis point increase in merchandise margin and a more than tripling of our earnings per share to a record $6.33. We are excited about the strength in the business through the first six weeks of fiscal 2023, with consolidated same store sales growth of approximately 12% compared to the prior-year period.”
Mr. Conroy continued, “Looking forward, I am excited to announce that, based in part on a third-party study, we have updated our estimated total addressable market to $40 billion, compared to our previous $20 billion estimate. Additionally, we have established a new long-term store count target and now believe we can triple from our current base to 900 stores. We believe our progress in expanding our business and attracting new consumers to our brand is proving successful and has established a strong foundation for future growth.”
Operating Results for the Fourth Quarter Ended March 26, 2022 Compared to the Fourth Quarter Ended March 27, 2021
Operating Results for the Fiscal Year Ended March 26, 2022 Compared to the Fiscal Year Ended March 27, 2021
Balance Sheet Highlights as of March 26, 2022
Fiscal Year 2023 Outlook
The Company is providing guidance for what it can reasonably estimate at this time. For the fiscal year ending April 1, 2023 the Company expects:
For the fiscal first quarter ending June 25, 2022, the Company expects:
Conference Call Information
A conference call to discuss the financial results for the fourth quarter and fiscal year 2022 is scheduled for today, May 10, 2022, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (866) 524-3160. 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 Supplemental Financial Presentation will also be available on the investor relations section of the Company’s website at least 15 minutes prior to the conference call. A telephone replay of the call will be available until June 10, 2022, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10166886. 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. As of the date of this release, Boot Barn operates 304 stores in 38 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 and www.countryoutfitter.com, an e-commerce site selling to customers who live a country lifestyle. 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: the effect of COVID-19 on our business operations, growth strategies, store traffic, employee availability, financial condition, liquidity and cash flow; decreases in consumer spending due to declines in consumer confidence, local economic conditions or changes in consumer preferences; the Company’s ability to effectively execute on its growth strategy; and the Company’s failure 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.
Boot Barn Holdings, Inc.
|
||||||
March 26, | March 27, | |||||
2022 |
2021 |
|||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 20,674 |
$ | 73,148 |
||
Accounts receivable, net | 9,662 |
12,771 |
||||
Inventories | 474,300 |
275,760 |
||||
Prepaid expenses and other current assets | 37,195 |
12,777 |
||||
Total current assets | 541,831 |
374,456 |
||||
Property and equipment, net | 155,247 |
110,444 |
||||
Right-of-use assets, net | 241,147 |
186,827 |
||||
Goodwill | 197,502 |
197,502 |
||||
Intangible assets, net | 60,813 |
60,885 |
||||
Other assets | 3,315 |
3,467 |
||||
Total assets | $ | 1,199,855 |
$ | 933,581 |
||
Liabilities and stockholders’ equity | ||||||
Current liabilities: | ||||||
Line of credit | $ | 28,549 |
$ | — |
||
Accounts payable | 131,394 |
104,641 |
||||
Accrued expenses and other current liabilities | 133,408 |
77,615 |
||||
Short-term lease liabilities | 43,117 |
39,400 |
||||
Total current liabilities | 336,468 |
221,656 |
||||
Deferred taxes | 26,895 |
21,993 |
||||
Long-term portion of notes payable, net | — |
109,781 |
||||
Long-term lease liabilities | 234,584 |
181,836 |
||||
Other liabilities | 2,232 |
3,424 |
||||
Total liabilities | 600,179 |
538,690 |
||||
Stockholders’ equity: | ||||||
Common stock, $0.0001 par value; March 26, 2022 - 100,000 shares authorized, 29,820 shares issued; March 27, 2021 - 100,000 shares authorized, 29,348 shares issued | 3 |
3 |
||||
Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding | — |
— |
||||
Additional paid-in capital | 199,054 |
183,815 |
||||
Retained earnings | 405,477 |
213,027 |
||||
Less: Common stock held in treasury, at cost, 135 and 96 shares at March 26, 2022 and March 27, 2021, respectively | (4,858) |
(1,954) |
||||
Total stockholders’ equity | 599,676 |
394,891 |
||||
Total liabilities and stockholders’ equity | $ | 1,199,855 |
$ | 933,581 |
||
Boot Barn Holdings, Inc.
|
||||||||||||
Thirteen Weeks Ended |
Thirteen Weeks Ended |
Fifty-Two Weeks Ended |
Fifty-Two Weeks Ended |
|||||||||
March 26, 2022 |
March 27, 2021 |
March 26, 2022 |
March 27, 2021 |
|||||||||
Net sales | $ |
383,308 |
|
$ |
258,872 |
$ |
1,488,256 |
$ |
893,491 |
|||
Cost of goods sold |
|
234,472 |
|
|
166,493 |
|
913,183 |
|
598,612 |
|||
Gross profit |
|
148,836 |
|
|
92,379 |
|
575,073 |
|
294,879 |
|||
Selling, general and administrative expenses |
|
86,447 |
|
|
59,519 |
|
316,735 |
|
208,553 |
|||
Income from operations |
|
62,389 |
|
|
32,860 |
|
258,338 |
|
86,326 |
|||
Interest expense |
|
388 |
|
|
2,115 |
|
5,780 |
|
9,442 |
|||
Other (loss)/income, net |
|
(126 |
) |
|
71 |
|
35 |
|
366 |
|||
Income before income taxes |
|
61,875 |
|
|
30,816 |
|
252,593 |
|
77,250 |
|||
Income tax expense |
|
17,162 |
|
|
6,264 |
|
60,143 |
|
17,864 |
|||
Net income | $ |
44,713 |
|
$ |
24,552 |
$ |
192,450 |
$ |
59,386 |
|||
Earnings per share: | ||||||||||||
Basic shares | $ |
1.51 |
|
$ |
0.84 |
$ |
6.51 |
$ |
2.05 |
|||
Diluted shares | $ |
1.47 |
|
$ |
0.82 |
$ |
6.33 |
$ |
2.01 |
|||
Weighted average shares outstanding: | ||||||||||||
Basic shares |
|
29,671 |
|
|
29,122 |
|
29,556 |
|
28,930 |
|||
Diluted shares |
|
30,411 |
|
|
30,033 |
|
30,391 |
|
29,477 |
|||
Boot Barn Holdings, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||||||||
Fiscal Year Ended | |||||||||
March 26, | March 27, | March 28, | |||||||
2022 |
|
2021 |
|
2020 |
|||||
Cash flows from operating activities | |||||||||
Net income | $ | 192,450 |
$ | 59,386 |
$ | 47,949 |
|||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation | 27,280 |
24,059 |
21,211 |
||||||
Stock-based compensation | 9,475 |
7,158 |
4,908 |
||||||
Amortization of intangible assets | 72 |
89 |
172 |
||||||
Noncash lease expense | 39,286 |
34,231 |
31,091 |
||||||
Amortization and write-off of debt issuance fees and debt discount | 1,878 |
884 |
946 |
||||||
Loss on disposal of property and equipment | 175 |
87 |
417 |
||||||
(Gain)/loss on adjustment of right-of-use assets and lease liabilities | (259) |
295 |
(186) |
||||||
Store impairment charges | — |
384 |
191 |
||||||
Deferred taxes | 4,902 |
2,192 |
2,599 |
||||||
Changes in operating assets and liabilities, net of acquisition: | |||||||||
Accounts receivable, net | 5,222 |
8,050 |
5,721 |
||||||
Inventories | (198,540) |
12,957 |
(45,622) |
||||||
Prepaid expenses and other current assets | (24,577) |
1,382 |
(2,351) |
||||||
Other assets | (236) |
(1,729) |
(548) |
||||||
Accounts payable | 25,502 |
12,360 |
(13,810) |
||||||
Accrued expenses and other current liabilities | 45,229 |
25,003 |
6,310 |
||||||
Other liabilities | (1,192) |
2,789 |
(3,611) |
||||||
Operating leases | (37,803) |
(33,655) |
(30,070) |
||||||
Net cash provided by operating activities | $ | 88,864 |
$ | 155,922 |
$ | 25,317 |
|||
Cash flows from investing activities | |||||||||
Purchases of property and equipment | $ | (60,443) |
$ | (28,424) |
$ | (37,195) |
|||
Insurance recoveries for property and equipment | — |
— |
717 |
||||||
Acquisition of business, net of cash acquired | — |
— |
(3,688) |
||||||
Net cash used in investing activities | $ | (60,443) |
$ | (28,424) |
$ | (40,166) |
|||
Cash flows from financing activities | |||||||||
Borrowings/(payments) on line of credit - net | $ | 28,549 |
$ | (129,900) |
$ | 129,900 |
|||
Repayments on debt and finance lease obligations | (112,304) |
(667) |
(65,553) |
||||||
Debt issuance fees paid | — |
— |
(1,221) |
||||||
Tax withholding payments for net share settlement | (2,904) |
(754) |
(532) |
||||||
Proceeds from the exercise of stock options | 5,764 |
7,408 |
5,204 |
||||||
Net cash (used in)/provided by financing activities | $ | (80,895) |
$ | (123,913) |
$ | 67,798 |
|||
Net (decrease)/increase in cash and cash equivalents | (52,474) |
3,585 |
52,949 |
||||||
Cash and cash equivalents, beginning of period | 73,148 |
69,563 |
16,614 |
||||||
Cash and cash equivalents, end of period | $ | 20,674 |
$ | 73,148 |
$ | 69,563 |
|||
Supplemental disclosures of cash flow information: | |||||||||
Cash paid for income taxes | $ | 41,684 |
$ | 11,458 |
$ | 13,391 |
|||
Cash paid for interest | $ | 3,808 |
$ | 8,795 |
$ | 11,958 |
|||
Supplemental disclosure of non-cash activities: | |||||||||
Unpaid purchases of property and equipment | $ | 14,963 |
$ | 2,642 |
$ | 6,066 |
|||
Boot Barn Holdings, Inc.
|
|||||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||
March 26, | December 25, | September 25, | June 26, | March 27, | December 26, | September 26, | June 27, | ||||||||||||
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|||||
Store Count (BOP) | 289 |
278 |
276 |
273 |
266 |
265 |
264 |
259 |
|||||||||||
Opened/Acquired | 11 |
11 |
3 |
3 |
8 |
1 |
1 |
5 |
|||||||||||
Closed | — |
— |
(1) |
— |
(1) |
— |
— |
— |
|||||||||||
Store Count (EOP) | 300 |
289 |
278 |
276 |
273 |
266 |
265 |
264 |
|||||||||||
Boot Barn Holdings, Inc.
|
|||||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||||||||||
March 26, | December 25, | September 25, | June 26, | March 27, | December 26, | September 26, | June 27, | ||||||||||||||||||
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
||||
Selected Store Data: | |||||||||||||||||||||||||
Same Store Sales growth/(decline) | 33.3 |
% |
54.2 |
% |
61.7 |
% |
78.9 |
% |
26.9 |
% |
4.6 |
% |
(5.1) |
% |
(14.9) |
% |
|||||||||
Stores operating at end of period | 300 |
289 |
278 |
276 |
273 |
266 |
265 |
264 |
|||||||||||||||||
Total retail store square footage, end of period (in thousands) | 3,194 |
3,063 |
2,940 |
2,915 |
2,854 |
2,787 |
2,779 |
2,770 |
|||||||||||||||||
Average store square footage, end of period | 10,648 |
10,597 |
10,575 |
10,563 |
10,455 |
10,477 |
10,486 |
10,491 |
|||||||||||||||||
Average net sales per store (in thousands) | $ | 1,094 |
$ | 1,372 |
$ | 965 |
$ | 942 |
$ | 792 |
$ | 889 |
$ | 565 |
$ | 410 |
Продажи В Том Же Магазине В Четвертом Квартале Выросли На 33%
Общий объем Адресуемого рынка В настоящее время оценивается в 40 миллиардов долларов против 20 миллиардов долларов
Увеличивает Потенциальное количество магазинов до 900 Магазинов
ИРВИН, Калифорния.--(BUSINESS WIRE)--Boot Barn Holdings, Inc. (NYSE: BOOT) сегодня объявила о своих финансовых результатах за четвертый финансовый квартал и финансовый год, закончившийся 26 марта 2022 года. Компания также представила Дополнительную финансовую презентацию, которая была размещена в разделе по связям с инвесторами на ее веб-сайте.
За квартал, закончившийся 26 марта 2022 г.:
За финансовый год, закончившийся 26 марта 2022 года:
Компания также предоставила нижеприведенную таблицу, которая включает годовые сравнения продаж розничных магазинов, продаж электронной коммерции и общих чистых продаж за каждый из указанных ниже периодов. Кроме того, в следующей таблице представлены продажи в розничных магазинах и продажи электронной коммерции в процентах от общего объема чистых продаж за указанные ниже периоды:
(all $ in thousands) | Q4 FY2022 | Q4 FY2021 | Q4 FY2020 | % Change Q4 FY2022 vs. Q4 FY2021 |
% Change Q4 FY2022 vs. Q4 FY2020 |
|||||||||||||
Retail Stores | $ | 328,221 |
$ | 221,631 |
$ | 156,769 |
48 |
% |
109 |
% |
||||||||
E-commerce | $ | 55,087 |
$ | 37,242 |
$ | 31,859 |
48 |
% |
73 |
% |
||||||||
Total Net Sales | $ | 383,308 |
$ | 258,873 |
$ | 188,628 |
48 |
% |
103 |
% |
||||||||
Retail Stores as a % of Net Sales | 86 |
% |
86 |
% |
83 |
% |
||||||||||||
E-commerce as a % of Net Sales | 14 |
% |
14 |
% |
17 |
% |
||||||||||||
“Это был невероятный год по всем показателям”, - сказал Джим Конрой, президент и главный исполнительный директор. “С увеличением нашей выручки на 67% по сравнению с предыдущим годом мы впервые значительно превысили отметку в миллиард долларов, обеспечив объем продаж в размере 1,5 миллиарда долларов в 2022 финансовом году. Важно отметить, что наши результаты были отмечены очень высокими продажами по полной цене, что способствовало увеличению товарной маржи на 270 базисных пунктов и более чем утроению нашей прибыли на акцию до рекордных 6,33 доллара. Мы рады росту бизнеса в течение первых шести недель 2023 финансового года, при этом консолидированный рост продаж в том же магазине составил примерно 12% по сравнению с предыдущим годом”.
Г-н Конрой продолжил: “Заглядывая вперед, я рад сообщить, что, частично основываясь на исследовании третьей стороны, мы обновили нашу оценку общего адресуемого рынка до 40 миллиардов долларов по сравнению с нашей предыдущей оценкой в 20 миллиардов долларов. Кроме того, мы установили новую долгосрочную цель по количеству магазинов и теперь считаем, что можем утроить нашу текущую базу до 900 магазинов. Мы считаем, что наш прогресс в расширении нашего бизнеса и привлечении новых потребителей к нашему бренду оказался успешным и заложил прочную основу для будущего роста”.
Операционные результаты за Четвертый квартал, закончившийся 26 марта 2022 года, по сравнению с Четвертым кварталом, закончившимся 27 марта 2021 года
Операционные результаты за Финансовый год, закончившийся 26 марта 2022 года, по сравнению с финансовым годом, закончившимся 27 марта 2021 года
Основные данные бухгалтерского баланса по состоянию на 26 марта 2022 года
Прогноз на 2023 финансовый год
Компания предоставляет рекомендации относительно того, что она может разумно оценить на данный момент. На финансовый год, заканчивающийся 1 апреля 2023 года, Компания ожидает:
В первом финансовом квартале, заканчивающемся 25 июня 2022 года, Компания ожидает:
Информация о конференц-звонке
Селекторное совещание для обсуждения финансовых результатов за четвертый квартал и 2022 финансовый год запланировано на сегодня, 10 мая 2022 года, в 16:30 вечера по восточному времени (1:30 вечера по североамериканскому времени). Инвесторам и аналитикам, заинтересованным в участии в конкурсе, предлагается набрать (866) 524-3160. Конференц-связь также будет доступна заинтересованным сторонам через прямую веб-трансляцию по адресу investor.bootbarn.com . Пожалуйста, посетите веб-сайт и выберите ссылку “Мероприятия и презентации” по крайней мере за 15 минут до начала звонка, чтобы зарегистрироваться и загрузить любое необходимое программное обеспечение. Дополнительная Финансовая презентация также будет доступна в разделе по связям с инвесторами веб-сайта Компании по крайней мере за 15 минут до телефонной конференции. Телефонный повтор вызова будет доступен до 10 июня 2022 года, набрав (844) 512-2921 (внутренний) или (412) 317-6671 (международный) и введя идентификационный номер конференции: 10166886. Пожалуйста, обратите внимание, что участники должны ввести идентификационный номер конференции, чтобы получить доступ к воспроизведению.
О Сарае для ботинок
Boot Barn - ведущий в стране ритейлер западной и рабочей обуви, одежды и аксессуаров для мужчин, женщин и детей. Компания предлагает своим постоянным клиентам широкий выбор брендов для работы и образа жизни. На дату этого выпуска Boot Barn управляет 304 магазинами в 38 штатах, в дополнение к каналу электронной коммерции www.bootbarn.com . Компания также осуществляет свою деятельность www.sheplers.com , ведущий в стране интернет-магазин pure play и work, а также www.countryoutfitter.com , сайт электронной коммерции, продающий товары клиентам, которые ведут загородный образ жизни. Для получения дополнительной информации позвоните по телефону 888-Boot-Barn или посетите www.bootbarn.com .
Прогнозные Заявления
Настоящий пресс-релиз содержит прогнозные заявления, которые подвержены рискам и неопределенностям. Все заявления, кроме заявлений об исторических фактах, включенных в этот пресс-релиз, являются прогнозными заявлениями. Прогнозные заявления относятся к нашим текущим ожиданиям и прогнозам, касающимся, в качестве примера и без ограничений, нашего финансового состояния, ликвидности, прибыльности, результатов операций, прибыли, планов, целей, стратегий, будущих результатов, бизнеса и отрасли. Вы можете определить прогнозные заявления по тому факту, что они не относятся строго к историческим или текущим фактам. Эти утверждения могут включать такие слова, как "предвидеть", "оценивать", "ожидать", "проектировать", "планировать“, "намереваться", "верить", “может”, “может”, “будет”, “мог”, “должен”, “может иметь”, “вероятно”, “прогноз” и другие слова и термины с аналогичным значением в связи с любым обсуждением сроков или характера будущих операционных или финансовых показателей или других событий, но не все прогнозные заявления содержат эти идентифицирующие слова. Эти прогнозные заявления основаны на предположениях, сделанных руководством Компании в свете их отраслевого опыта и на их восприятии исторических тенденций, текущих условий, ожидаемых будущих событий и других факторов, которые, по их мнению, уместны в данных обстоятельствах. Рассматривая этот пресс-релиз, вы должны понимать, что эти заявления не являются гарантией эффективности или результатов. Они связаны с рисками, неопределенностями (некоторые из которых находятся вне контроля Компании) и допущениями. Эти риски, неопределенности и допущения включают, но не ограничиваются ими, следующее: влияние COVID-19 на наши бизнес-операции, стратегии роста, посещаемость магазинов, доступность сотрудников, финансовое состояние, ликвидность и денежные потоки; снижение потребительских расходов из-за снижения потребительского доверия, местных экономических условий или изменения в предпочтениях потребителей; способность Компании эффективно реализовывать свою стратегию роста; и неспособность Компании поддерживать и укреплять свой сильный имидж бренда, эффективно конкурировать, поддерживать хорошие отношения со своими ключевыми поставщиками, а также улучшать и расширять свои эксклюзивные предложения продуктов. Компания более подробно обсуждает вышеуказанные риски и другие риски в разделе “Факторы риска” в периодических отчетах, представляемых Компанией в Комиссию по ценным бумагам и биржам. Хотя Компания считает, что эти прогнозные заявления основаны на разумных предположениях, вы должны знать, что многие факторы могут повлиять на фактические финансовые результаты Компании и привести к их существенному отличию от ожидаемых в прогнозных заявлениях. Из-за этих факторов Компания предупреждает, что вы не должны чрезмерно полагаться ни на одно из этих прогнозных заявлений. Время от времени возникают новые риски и неопределенности, и Компания не может предсказать эти события или то, как они могут повлиять на Компанию. Кроме того, любое прогнозное заявление относится только к дате, на которую оно сделано. За исключением случаев, предусмотренных законом, Компания не намерена обновлять или пересматривать прогнозные заявления, содержащиеся в настоящем пресс-релизе, после даты настоящего пресс-релиза.
Boot Barn Holdings, Inc.
|
||||||
March 26, | March 27, | |||||
2022 |
2021 |
|||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 20,674 |
$ | 73,148 |
||
Accounts receivable, net | 9,662 |
12,771 |
||||
Inventories | 474,300 |
275,760 |
||||
Prepaid expenses and other current assets | 37,195 |
12,777 |
||||
Total current assets | 541,831 |
374,456 |
||||
Property and equipment, net | 155,247 |
110,444 |
||||
Right-of-use assets, net | 241,147 |
186,827 |
||||
Goodwill | 197,502 |
197,502 |
||||
Intangible assets, net | 60,813 |
60,885 |
||||
Other assets | 3,315 |
3,467 |
||||
Total assets | $ | 1,199,855 |
$ | 933,581 |
||
Liabilities and stockholders’ equity | ||||||
Current liabilities: | ||||||
Line of credit | $ | 28,549 |
$ | — |
||
Accounts payable | 131,394 |
104,641 |
||||
Accrued expenses and other current liabilities | 133,408 |
77,615 |
||||
Short-term lease liabilities | 43,117 |
39,400 |
||||
Total current liabilities | 336,468 |
221,656 |
||||
Deferred taxes | 26,895 |
21,993 |
||||
Long-term portion of notes payable, net | — |
109,781 |
||||
Long-term lease liabilities | 234,584 |
181,836 |
||||
Other liabilities | 2,232 |
3,424 |
||||
Total liabilities | 600,179 |
538,690 |
||||
Stockholders’ equity: | ||||||
Common stock, $0.0001 par value; March 26, 2022 - 100,000 shares authorized, 29,820 shares issued; March 27, 2021 - 100,000 shares authorized, 29,348 shares issued | 3 |
3 |
||||
Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding | — |
— |
||||
Additional paid-in capital | 199,054 |
183,815 |
||||
Retained earnings | 405,477 |
213,027 |
||||
Less: Common stock held in treasury, at cost, 135 and 96 shares at March 26, 2022 and March 27, 2021, respectively | (4,858) |
(1,954) |
||||
Total stockholders’ equity | 599,676 |
394,891 |
||||
Total liabilities and stockholders’ equity | $ | 1,199,855 |
$ | 933,581 |
||
Boot Barn Holdings, Inc.
|
||||||||||||
Thirteen Weeks Ended |
Thirteen Weeks Ended |
Fifty-Two Weeks Ended |
Fifty-Two Weeks Ended |
|||||||||
March 26, 2022 |
March 27, 2021 |
March 26, 2022 |
March 27, 2021 |
|||||||||
Net sales | $ |
383,308 |
|
$ |
258,872 |
$ |
1,488,256 |
$ |
893,491 |
|||
Cost of goods sold |
|
234,472 |
|
|
166,493 |
|
913,183 |
|
598,612 |
|||
Gross profit |
|
148,836 |
|
|
92,379 |
|
575,073 |
|
294,879 |
|||
Selling, general and administrative expenses |
|
86,447 |
|
|
59,519 |
|
316,735 |
|
208,553 |
|||
Income from operations |
|
62,389 |
|
|
32,860 |
|
258,338 |
|
86,326 |
|||
Interest expense |
|
388 |
|
|
2,115 |
|
5,780 |
|
9,442 |
|||
Other (loss)/income, net |
|
(126 |
) |
|
71 |
|
35 |
|
366 |
|||
Income before income taxes |
|
61,875 |
|
|
30,816 |
|
252,593 |
|
77,250 |
|||
Income tax expense |
|
17,162 |
|
|
6,264 |
|
60,143 |
|
17,864 |
|||
Net income | $ |
44,713 |
|
$ |
24,552 |
$ |
192,450 |
$ |
59,386 |
|||
Earnings per share: | ||||||||||||
Basic shares | $ |
1.51 |
|
$ |
0.84 |
$ |
6.51 |
$ |
2.05 |
|||
Diluted shares | $ |
1.47 |
|
$ |
0.82 |
$ |
6.33 |
$ |
2.01 |
|||
Weighted average shares outstanding: | ||||||||||||
Basic shares |
|
29,671 |
|
|
29,122 |
|
29,556 |
|
28,930 |
|||
Diluted shares |
|
30,411 |
|
|
30,033 |
|
30,391 |
|
29,477 |
|||
Boot Barn Holdings, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||||||||
Fiscal Year Ended | |||||||||
March 26, | March 27, | March 28, | |||||||
2022 |
|
2021 |
|
2020 |
|||||
Cash flows from operating activities | |||||||||
Net income | $ | 192,450 |
$ | 59,386 |
$ | 47,949 |
|||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation | 27,280 |
24,059 |
21,211 |
||||||
Stock-based compensation | 9,475 |
7,158 |
4,908 |
||||||
Amortization of intangible assets | 72 |
89 |
172 |
||||||
Noncash lease expense | 39,286 |
34,231 |
31,091 |
||||||
Amortization and write-off of debt issuance fees and debt discount | 1,878 |
884 |
946 |
||||||
Loss on disposal of property and equipment | 175 |
87 |
417 |
||||||
(Gain)/loss on adjustment of right-of-use assets and lease liabilities | (259) |
295 |
(186) |
||||||
Store impairment charges | — |
384 |
191 |
||||||
Deferred taxes | 4,902 |
2,192 |
2,599 |
||||||
Changes in operating assets and liabilities, net of acquisition: | |||||||||
Accounts receivable, net | 5,222 |
8,050 |
5,721 |
||||||
Inventories | (198,540) |
12,957 |
(45,622) |
||||||
Prepaid expenses and other current assets | (24,577) |
1,382 |
(2,351) |
||||||
Other assets | (236) |
(1,729) |
(548) |
||||||
Accounts payable | 25,502 |
12,360 |
(13,810) |
||||||
Accrued expenses and other current liabilities | 45,229 |
25,003 |
6,310 |
||||||
Other liabilities | (1,192) |
2,789 |
(3,611) |
||||||
Operating leases | (37,803) |
(33,655) |
(30,070) |
||||||
Net cash provided by operating activities | $ | 88,864 |
$ | 155,922 |
$ | 25,317 |
|||
Cash flows from investing activities | |||||||||
Purchases of property and equipment | $ | (60,443) |
$ | (28,424) |
$ | (37,195) |
|||
Insurance recoveries for property and equipment | — |
— |
717 |
||||||
Acquisition of business, net of cash acquired | — |
— |
(3,688) |
||||||
Net cash used in investing activities | $ | (60,443) |
$ | (28,424) |
$ | (40,166) |
|||
Cash flows from financing activities | |||||||||
Borrowings/(payments) on line of credit - net | $ | 28,549 |
$ | (129,900) |
$ | 129,900 |
|||
Repayments on debt and finance lease obligations | (112,304) |
(667) |
(65,553) |
||||||
Debt issuance fees paid | — |
— |
(1,221) |
||||||
Tax withholding payments for net share settlement | (2,904) |
(754) |
(532) |
||||||
Proceeds from the exercise of stock options | 5,764 |
7,408 |
5,204 |
||||||
Net cash (used in)/provided by financing activities | $ | (80,895) |
$ | (123,913) |
$ | 67,798 |
|||
Net (decrease)/increase in cash and cash equivalents | (52,474) |
3,585 |
52,949 |
||||||
Cash and cash equivalents, beginning of period | 73,148 |
69,563 |
16,614 |
||||||
Cash and cash equivalents, end of period | $ | 20,674 |
$ | 73,148 |
$ | 69,563 |
|||
Supplemental disclosures of cash flow information: | |||||||||
Cash paid for income taxes | $ | 41,684 |
$ | 11,458 |
$ | 13,391 |
|||
Cash paid for interest | $ | 3,808 |
$ | 8,795 |
$ | 11,958 |
|||
Supplemental disclosure of non-cash activities: | |||||||||
Unpaid purchases of property and equipment | $ | 14,963 |
$ | 2,642 |
$ | 6,066 |
|||
Boot Barn Holdings, Inc.
|
|||||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||
March 26, | December 25, | September 25, | June 26, | March 27, | December 26, | September 26, | June 27, | ||||||||||||
2022 |
|
2021 |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|||||
Store Count (BOP) | 289 |
278 |
276 |
273 |
266 |
265 |
264 |
259 |
|||||||||||
Opened/Acquired | 11 |
11 |
3 |
3 |
8 |
1 |
1 |
5 |
|||||||||||
Closed | — |
— |
(1) |
— |
(1) |
— |
— |
— |
|||||||||||
Store Count (EOP) | 300 |
289 |
278 |
276 |
273 |
266 |
265 |
264 |
|||||||||||
Boot Barn Holdings, Inc.
|
|||||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||||||||||
March 26, | December 25, | September 25, | June 26, | March 27, | December 26, | September 26, | June 27, | ||||||||||||||||||
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
||||
Selected Store Data: | |||||||||||||||||||||||||
Same Store Sales growth/(decline) | 33.3 |
% |
54.2 |
% |
61.7 |
% |
78.9 |
% |
26.9 |
% |
4.6 |
% |
(5.1) |
% |
(14.9) |
% |
|||||||||
Stores operating at end of period | 300 |
289 |
278 |
276 |
273 |
266 |
265 |
264 |
|||||||||||||||||
Total retail store square footage, end of period (in thousands) | 3,194 |
3,063 |
2,940 |
2,915 |
2,854 |
2,787 |
2,779 |
2,770 |
|||||||||||||||||
Average store square footage, end of period | 10,648 |
10,597 |
10,575 |
10,563 |
10,455 |
10,477 |
10,486 |
10,491 |
|||||||||||||||||
Average net sales per store (in thousands) | $ | 1,094 |
$ | 1,372 |
$ | 965 |
$ | 942 |
$ | 792 |
$ | 889 |
$ | 565 |
$ | 410 |