Shares for Boot Barn nudged up 2 percent in after-market trading on Wednesday following the company’s earnings beat in the first quarter.
According to the Irvine, Calif.-based footwear company, net sales in the first quarter of fiscal 2025 increased 10.3 percent to $423.4 million from $383.7 million in the prior-year period. This is up from the company’s expectations for the quarter, with sales forecasted to be between $399 million and $407 million, representing growth of 4 percent to 6.1 percent over the prior-year period.
Net income in the period was $38.9 million, or $1.26 per diluted share, compared to net income of $34.3 million, or $1.13 per diluted share in the prior-year period.
The company said in its earnings statement that the quarterly increase in net sales was the result of incremental sales from new stores and the increase in consolidated same store sales. Boot Barn opened 11 new stores in the first quarter, bringing its total store count to 411.
Jim Conroy, president and chief executive officer of Boot Barn was upbeat about the performance in a statement.
“I am very pleased with our first quarter results and want to thank the entire Boot Barn team across the country for excellent execution,” Conroy said. “We increased revenue by more than 10 percent with growth in sales from both new stores and same store sales and exceeded the high end of our guidance range across every metric, including a significant beat of earnings per share.”
The CEO added that the sequential improvement the company has seen in consolidated same store sales growth not only continued into the first quarter but grew consistently from month to month within the quarter itself. “We are encouraged by the building sales momentum we have seen, particularly while maintaining our low promotional posture,” Conroy said.
In light of its first quarter results, Boot Barn is raising its guidance for the full fiscal year. Now, the company expects total sales for fiscal 2025 between $1.816 billion to $1.850 billion, representing growth of 8.9 percent to 11 percent over the prior year. This is up from its previous guidance of total sales for the year of $1.766 billion to $1.800 billion, representing growth of 5.9 percent to 8 percent over the prior year.
In the second quarter, Boot Barn expects total sales of $405 million to $412 million, representing growth of 8.2 percent to 10 percent over the prior-year period.
“Looking forward, despite the potential macroeconomic challenges, we remain steadfast in maintaining our focus on our strategic initiatives and feel that we are well-positioned for long-term success,” Conroy added.
