Boot Barn Reports 16.9% Revenue Growth to $608.2 Million in Latest Quarter

Boot Barn Holdings, Inc. reported significant financial growth in its latest 10-Q filing for the thirteen and thirty-nine weeks ended December 28, 2024. The company achieved net sales of $608.2 million for the quarter, marking a 16.9% increase from $520.4 million in the same period last year. For the thirty-nine weeks, net sales rose by 14.0% to $1.457 billion compared to $1.279 billion in the prior year. The increase in revenue was driven by a combination of new store openings and a consolidated same-store sales growth of 8.6% for the quarter, with e-commerce sales contributing significantly to this growth.

Gross profit also saw a notable increase, rising 20.0% to $238.9 million for the thirteen weeks, and 15.5% to $548.5 million for the thirty-nine weeks. The gross profit margin improved to 39.3% for the quarter, up from 38.3% in the previous year, primarily due to enhanced merchandise margins and supply chain efficiencies. Selling, general, and administrative (SG&A) expenses increased by 12.5% to $139.4 million for the quarter, reflecting higher payroll and marketing costs associated with the expanded store base. Despite this increase, SG&A as a percentage of net sales decreased to 22.9%, down from 23.8% in the prior year.

Operationally, Boot Barn expanded its footprint, operating 438 stores across 46 states as of December 28, 2024, up from 400 stores in 45 states at the end of the previous fiscal period. The company continues to focus on enhancing its e-commerce capabilities, which accounted for 12% of total sales, up from 11% a year earlier. The average sales per comparable store increased to $1.301 million for the quarter, indicating strong performance across its retail locations.

The company’s financial position improved, with cash and cash equivalents rising to $152.9 million from $75.8 million at the end of the previous fiscal period. Boot Barn's total assets increased to $2.013 billion, up from $1.706 billion, while total liabilities rose to $922.4 million from $761.9 million. The company reported net income of $75.1 million for the quarter, compared to $55.6 million in the same period last year, reflecting a strong operational performance.

Looking ahead, Boot Barn remains optimistic about its growth trajectory, emphasizing its commitment to opening new stores and enhancing its e-commerce platform. The company anticipates capital expenditures between $115 million and $120 million for fiscal 2025, which will support ongoing investments in its distribution center and store improvements. However, management acknowledges that economic conditions and consumer discretionary spending will continue to influence its performance in the near term.