Boot Barn Holdings reports 8.8% sales growth in FY20

Boot Barn Holdings Inc, a lifestyle retailer of footwear, apparel and accessories, posted 8.8 per cent sales growth to $845.6 million in fiscal 2020 ended on March 28, 2020 compared to sales of $776.8 million in previous fiscal year. Net income for the year increased to $47.9 million (FY19: $39.0 million). Gross profit were $276.4 million ($251.4 million).

 

Boot Barn Holdings Inc, a lifestyle retailer of footwear, apparel and accessories, posted 8.8 per cent sales growth to $845.6 million in fiscal 2020 ended on March 28, 2020 compared to sales of $776.8 million in previous fiscal year. Net income for the year increased to $47.9 million (FY19: $39.0 million). Gross profit were $276.4 million ($251.4 million).#

The increase in net sales was driven by the 5 per cent increase in same store sales and sales from stores added over the past twelve months, partially offset by the significant decline in net sales in the final three weeks of the fiscal year due to the Covid-19 crisis. E-commerce sales jumped 7.4 per cent in FY20.

 

Boot Barn Holdings Inc, a lifestyle retailer of footwear, apparel and accessories, posted 8.8 per cent sales growth to $845.6 million in fiscal 2020 ended on March 28, 2020 compared to sales of $776.8 million in previous fiscal year. Net income for the year increased to $47.9 million (FY19: $39.0 million). Gross profit were $276.4 million ($251.4 million).#

“From a financial perspective, in mid-March we were expecting to conclude another solid quarter with results tracking within our guidance range. However, as a result of Covid-19 and stay-at-home directives, our business slowed dramatically,” Jim Conroy, chief executive officer at Boot Barn Holdings, said in a press release. 

 

Boot Barn Holdings Inc, a lifestyle retailer of footwear, apparel and accessories, posted 8.8 per cent sales growth to $845.6 million in fiscal 2020 ended on March 28, 2020 compared to sales of $776.8 million in previous fiscal year. Net income for the year increased to $47.9 million (FY19: $39.0 million). Gross profit were $276.4 million ($251.4 million).#

Same store sales turned negative, declining 8 per cent in the third week of fiscal March and more than 50 per cent during the final two weeks of the quarter.”

 

Boot Barn Holdings Inc, a lifestyle retailer of footwear, apparel and accessories, posted 8.8 per cent sales growth to $845.6 million in fiscal 2020 ended on March 28, 2020 compared to sales of $776.8 million in previous fiscal year. Net income for the year increased to $47.9 million (FY19: $39.0 million). Gross profit were $276.4 million ($251.4 million).#

Selling, general and administrative expenses in FY20 were $202.8 million ($187.1 million). Income from the operations rose to 14.5 per cent to $73.7 million ($64.3 million).

 

Boot Barn Holdings Inc, a lifestyle retailer of footwear, apparel and accessories, posted 8.8 per cent sales growth to $845.6 million in fiscal 2020 ended on March 28, 2020 compared to sales of $776.8 million in previous fiscal year. Net income for the year increased to $47.9 million (FY19: $39.0 million). Gross profit were $276.4 million ($251.4 million).#

Boot Barn Holdings added 20 stores during the year, including 19 new stores and 1 acquired store. 

 

Boot Barn Holdings Inc, a lifestyle retailer of footwear, apparel and accessories, posted 8.8 per cent sales growth to $845.6 million in fiscal 2020 ended on March 28, 2020 compared to sales of $776.8 million in previous fiscal year. Net income for the year increased to $47.9 million (FY19: $39.0 million). Gross profit were $276.4 million ($251.4 million).#

“While the majority of our stores remain open, they are operating at reduced hours and are experiencing significant declines in traffic. This headwind has been partially offset by an acceleration in demand on our e-commerce sites,” Conroy said. 

 

Boot Barn Holdings Inc, a lifestyle retailer of footwear, apparel and accessories, posted 8.8 per cent sales growth to $845.6 million in fiscal 2020 ended on March 28, 2020 compared to sales of $776.8 million in previous fiscal year. Net income for the year increased to $47.9 million (FY19: $39.0 million). Gross profit were $276.4 million ($251.4 million).#

Despite these challenging times, I am confident that we will emerge from this crisis well positioned to resume our momentum and deliver against our long-term financial objectives.”