Boot Barn Q3 sales rise, but profits narrow

Boot Barn, a US retailer of western and work-related footwear and apparel, has reported a 5.9 percent increase in net sales in the third quarter.

In the period ended December 24, sales came in at 514.6 million dollars, up from the 485.9 million dollars the prior year.

However, same store sales were down 3.6 percent. The company opened a total of 12 new stores in the period, bringing its total to 333.

Net income for the quarter narrowed to 52.8 million dollars, or 1.74 dollars per diluted share, compared to 69.2 million dollars, or 2.27 dollars per diluted share, in the prior-year period.

President and CEO Jim Conroy told investors: “Over the past few years, our annual average store volume has grown by more than 55 percent, with the elevated level proving sustainable through yet another holiday quarter.

“This growth, coupled with a very successful new store roll-out program has us on track to nearly double our annual sales this year as compared to pre-pandemic levels.”

For the full year, the company upped its sales guidance, now expecting between 1.67 billion dollars and 1.68 billion dollars, compared to previous guidance of between 1.65 billion dollars and 1.67 billion dollars.

But it lowered its profit guidance, now expecting net income of between 167.2 million dollars and 170 million dollars, compared to previous guidance of between 173.3 million dollars and 179.3 million dollars.