Boot Barn(BOOT)2024-10-28 20:05Financial Performance - Net sales for Q2 FY2025 increased by 13.7% to 374.5 million in the prior-year period[5]. - Net income for the quarter was 0.95 per diluted share, up from 0.90 per diluted share, in the prior-year period[5]. - Gross profit for the quarter was 133.9 million and a gross margin of 35.7% in the prior year[25]. - Net income for the quarter was 0.96 per diluted share, compared to 0.92 per diluted share, in the same quarter last year, reflecting a 6.3% increase in net income[25]. - Total current assets increased to 729.6 million as of March 30, 2024, marking a 10.6% increase[23]. - The company reported a total of 1.71 billion as of March 30, 2024, reflecting a 9.5% increase[23]. - Cash and cash equivalents at the end of the period were 75.8 million at the beginning of the period[27]. - Operating cash flow for the quarter was 145.5 million in the same quarter last year, indicating a decrease in cash generated from operations[27]. Sales and Growth Projections - For the fiscal year ending March 29, 2025, total sales are expected to be between 1.907 billion, representing growth of 12.4% to 14.4%[18]. - Same store sales growth for FY2025 is projected to be approximately 3.0% to 5.0%, with retail store same store sales growth of 2.5% to 4.5% and e-commerce same store sales growth of 7.5% to 9.5%[18]. - For Q3 FY2025, total sales are expected to be between 595 million, representing growth of 11.8% to 14.3% over the prior-year period[19]. - The company anticipates continued growth in net sales and plans to open additional stores in the upcoming quarters as part of its expansion strategy[24]. Store Operations - The company opened 15 new stores, bringing the total store count to 426[5]. - The company opened 15 new stores during the quarter, bringing the total store count to 425 as of September 28, 2024, up from 411 at the end of the previous quarter[29]. - Total retail store selling square footage at the end of September 2024 was 4,720,000 square feet[30]. - Average retail store selling square footage increased to 11,105 square feet in September 2024[30]. - The number of stores operating at the end of the period increased from 411 in June 2024 to 425 in September 2024[30]. - Comparable stores operating during the period increased to 363 from 349 in June 2024[30]. - Same store sales grew by 4.9%, with retail store same store sales increasing by 4.3% and e-commerce same store sales increasing by 10.1%[5]. - Same store sales decline was recorded at (5.9)% for March 2024[30]. - Average sales per comparable store for September 2024 was 980,000 in June 2024[30]. Expenses - Selling, general and administrative expenses for FY2025 are projected to be between 480.4 million, or approximately 25.4% to 25.2% of sales[18]. - Selling, general, and administrative expenses for the quarter were 95.3 million or 25.5% of net sales in the prior year[25].