Lifestyle retailer Boot Barn has announced a 10.3% increase in net sales for the first quarter of fiscal 2025, reaching $423.38m, up from $383.69m in the same period of fiscal 2024.
The company’s consolidated same-store sales saw a 1.4% rise, with a notable 6.7% increase in e-commerce sales.
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This growth is attributed to new store openings and a boost in same-store sales.
Boot Barn’s income from operations rose to $50.22m, representing 11.9% of net sales, a slight increase from the previous year’s $46.24m.
Its net income for the quarter ending 29 June 2024 climbed to $38.90m, compared to $34.25m in the same quarter of 2023.
The retailer posted earnings per diluted share of $1.26 in Q1 FY25, up from $1.13 in the corresponding quarter of the previous fiscal year.
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By GlobalDataGross profit remained steady at 37.0% of net sales, amounting to $156.7m, driven by higher sales and merchandise margin, despite the additional occupancy costs from new stores.
Selling, general and administrative expenses increased to $106.5m, or 25.2% of net sales.
Boot Barn president and CEO Jim Conroy said: “I am very pleased with our first quarter results and want to thank the entire Boot Barn team across the country for excellent execution. We increased revenue by more than 10% 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 sequential improvement we have 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. 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.”
For fiscal 2025, Boot Barn forecasts total sales between $1.816bn and $1.850bn, which would mark 8.9% to 11% year-on-year growth.
Net income is projected to be between $156.1m and $165.4m.
The retailer also plans to expand its footprint by opening 60 new stores.
