Financial Performance - Net income for the thirteen weeks ended December 30, 2023, was 55,624,000,comparedto52,772,000 for the same period in 2022, representing a year-over-year increase of 3.3%[68] - Basic earnings per share for the thirteen weeks ended December 30, 2023, was 1.84,upfrom1.77 in the same period of 2022, reflecting a growth of 3.9%[68] - Gross profit increased by 11.3million,or6.0199.1 million for the thirteen weeks ended December 30, 2023, with a gross profit margin of 38.3% compared to 36.5% for the same period in 2022[112] - Income from operations rose by 2.6million,or3.775.1 million for the thirteen weeks ended December 30, 2023, representing 14.4% of net sales, up from 14.1% in the prior year[114] - Net sales increased by 5.8million,or1.1520.4 million for the thirteen weeks ended December 30, 2023, while consolidated same store sales decreased by 9.7%[140] - For the thirty-nine weeks ended December 30, 2023, gross profit increased by 20.3million,or4.5475.0 million, with a gross profit margin of 37.2% compared to 36.9% in the previous year[116] - Net sales increased by 46.6million,or3.81.279 billion for the thirty-nine weeks ended December 30, 2023, compared to 1.232billionforthesameperiodin2022[145]StoreOperationsandExpansion−Thecompanyoperated382storesacross44statesasofDecember30,2023,withasignificantexpansioninitsgeographicfootprintcomparedtocompetitors[98]−Thenumberofstoresoperatingattheendoftheperiodincreasedto382from333year−over−year[152]−Thecompanyanticipatesthatapercentageofnetsalesinthenearfuturewillcomefromnewstoresnotincludedinsamestoresalescalculations,indicatingafocusongrowththroughnewopenings[81]−Averagenetsalesperstoredecreasedto1,185 thousand from 1,320 thousand year-over-year[152] Expenses and Costs - Selling, general and administrative expenses are expected to increase in future periods due to stock-based compensation and growth in the number of stores[109] - SG&A expenses increased by 8.7 million, or 7.5%, to 124.0 million for the thirteen weeks ended December 30, 2023, with SG&A as a percentage of net sales rising to 23.8% from 22.4%[142] - Selling, general and administrative (SG&A) expenses rose by 29.3 million, or 10.3%, to 315.0millionforthethirty−nineweeksendedDecember30,2023[146]−Interestexpensedecreasedto2.0 million for the thirty-nine weeks ended December 30, 2023, down from 4.3millionforthesameperiodin2022[149]RevenueRecognitionandProfitability−Thecompanyrecognizesrevenueuponthepurchaseofmerchandisebycustomersatretaillocationsandupondeliveryfore−commercesales,ensuringaccuraterevenuereporting[102]−Thecompany’sgrossprofitisaffectedbythesalesmixofexclusivebrandproductsversusthird−partybrands,highlightingtheimportanceofproductstrategy[84]−Theincreaseingrossprofitrateof180basispointswasdrivenbya300basis−pointincreaseinmerchandisemarginrate,partiallyoffsetby120basispointsofdeleverageinbuying,occupancy,anddistributioncentercosts[112]TaxandLiquidity−Theeffectivetaxrateincreasedto25.8250.0 million revolving credit facility, with zero amounts outstanding as of December 30, 2023, and a weighted average interest rate of 8.5% for the thirteen weeks ended December 30, 2023[124][125] - The company relies on cash flows from operating activities and its credit facility as primary sources of liquidity, with significant cash needs for inventories and capital expenditures related to new store openings[121] - The company expects the availability of cash under its credit facility to cover working capital requirements for at least the next 12 months[154] E-commerce and Technology - The company launched a Boot Barn app during fiscal 2023, which has become an additional sales channel, enhancing its e-commerce capabilities[98] - The company’s same store sales are influenced by various factors, including new store openings and seasonal trends, which are monitored to assess performance[105] - Consolidated same store sales decreased by 6.3%, with e-commerce same store sales down by 11.4%[145] Investment Activities - Net cash used in investing activities was $91.3 million for the thirty-nine weeks ended December 30, 2023, primarily for capital expenditures and improvements[161] - The company did not have any outstanding amount under the Wells Fargo Revolver as of December 30, 2023[165]