Boot Barn Holdings Sees Prelim. Q3 Net Sales $514.6M vs $509.79M Est.

Preliminary Results for the Third Quarter of Fiscal Year 2023

For the third quarter ended December 24, 2022, the Company expects to report:

• Net sales increased 5.9% to approximately $514.6 million.
• Same store sales declined approximately (3.6)%, cycling 54.2% same store sales growth in the prior-year period. Retail store same store sales declined approximately (0.8)% and e-commerce same store sales declined approximately (15.2)%.
• Merchandise margin declined 190 basis points compared to the prior-year period, driven primarily by a 180 basis-point headwind from higher freight expense.
• Net income per diluted share of approximately $1.74 based on 30.3 million weighted average diluted shares outstanding, compared to net income per diluted share of $2.27 in the prior-year period. Net income per diluted share in the prior-year period includes an approximately $0.04 per share benefit primarily due to income tax accounting for share-based compensation.
• The Company opened 12 new stores in the third quarter, or 33 stores year-to-date, bringing its total store count to 333.