US-based lifestyle retailer Boot Barn has reported preliminary results for the third quarter (Q3) of fiscal 2024 and expects net sales of $520.4m, a 1.1% increase over the previous year.
Boot Barn offers western and work-related footwear, apparel and accessories for women, men and children.
For the quarter ending 31 December 2023, the retailer anticipates same-store sales to decline by 9.7%, with retail stores and e-commerce same-store sales declining 9.4% and 11.3% respectively compared with the same period a year previously.
Boot Barn expects to deliver net income per diluted share at or above the high end of its previously announced $1.79 guidance range.
The company attributes the modest sales growth to the opening of 11 new stores during the quarter, contributing to a total of 37 new stores in the financial year up to the end of December.
Its total store count as of the end of the quarter was 382 in 44 US states.
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Boot Barn president and CEO Jim Conroy stated: “Our third quarter played out largely as we expected with new store sales offsetting a decline in same-store sales as we cycled outsized comp growth in prior years. We opened 11 new stores in the quarter, contributing to a 1.1% growth in total net sales. This modest sales growth combined with discipline around promotions and strong expense control drove an increase in earnings per share compared to last year.
“The performance in the quarter demonstrates the power of the Boot Barn model where multiple levers can work in tandem to drive earnings growth. Additionally, our average store revenue continues to far exceed pre-pandemic sales levels despite the reduction in comparable store sales. I am proud of the Boot Barn team for excellent execution and look forward to the new calendar year and our fourth fiscal quarter.”