IRVINE, Calif. - Boot Barn (NYSE:BOOT) Holdings, Inc. (NYSE: BOOT), a leading lifestyle retailer of western and work-related products, has announced its preliminary results for the third quarter of fiscal year 2024, which ended on December 30, 2023. The company reported a net sales increase of 1.1% to $520.4 million compared to the previous year, despite experiencing a same store sales decline of 9.7%.
The decline in same store sales was split between a 9.4% decrease in retail store sales and an 11.3% drop in e-commerce sales. However, Boot Barn anticipates net income per diluted share to be at or above the high end of its previously announced guidance range of $1.79.
During the third quarter, Boot Barn continued its expansion strategy, opening 11 new stores. This brings the total number of stores opened year-to-date to 37, with the overall store count reaching 382.
Jim Conroy, President and CEO of Boot Barn, remarked on the company's resilience and the effectiveness of its business model, which allowed for earnings growth despite the downturn in comparable store sales. He emphasized the company's performance in comparison to pre-pandemic levels and credited disciplined promotional strategies and strong expense control for the positive earnings outlook.
The company’s preliminary financial results are subject to the completion of standard quarter-end accounting procedures and adjustments. Boot Barn plans to release its full third quarter results on January 31, 2024, at which time it will also provide guidance for the fourth quarter.
The information provided in this report is based on a press release statement from Boot Barn Holdings, Inc.
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