Boot Barn(BOOT) - 2024 Q4 - Annual Results

Sales Performance - Net sales for the fourth fiscal quarter decreased by 8.7% year-over-year to $388.5 million, with a 2.2% decrease when excluding $28.3 million from the prior year's 14th week[3] - Same store sales declined by 5.9% compared to the prior year, with retail store same store sales down 5.7% and e-commerce same store sales down 7.6%[3] - For the fiscal year, net sales increased by 0.6% to $1.667 billion, with a 2.3% increase when excluding $28.3 million from the 53rd week of the prior year[4] - Net sales for the quarter ended March 30, 2024, were $388.459 million, a decrease from $425.661 million for the quarter ended April 1, 2023, representing a decline of approximately 8.7%[35] - Net sales increased 0.6% to $1.667 billion from $1.658 billion in the prior year, with consolidated same store sales decreasing 6.2%[39] Profitability - Net income for the fourth quarter was $29.4 million, or $0.96 per diluted share, down from $46.4 million, or $1.53 per diluted share in the prior year[3] - Net income for the quarter ended March 30, 2024, was $29.439 million, compared to $46.409 million for the quarter ended April 1, 2023, indicating a decline of approximately 36.5%[35] - Gross profit for the quarter ended March 30, 2024, was $139.438 million, down from $155.832 million for the same quarter last year, reflecting a decrease of about 10.5%[35] - Gross profit was $139.4 million, or 35.9% of net sales, down from $155.8 million, or 36.6% in the prior-year period, primarily due to a decrease in sales[37] - Income from operations decreased by $24.5 million to $38.2 million, or 9.8% of net sales, compared to $62.7 million, or 14.7% in the prior-year period[46] Store Operations - The company opened 18 new stores in the fourth quarter, bringing the total store count to 400[3] - The company reported a total of 400 stores at the end of the period, with 18 new stores opened during the quarter[32] - The company expects to open 60 new stores in the fiscal year ending March 29, 2025, with total sales projected between $1.766 billion and $1.800 billion, representing growth of 5.9% to 8.0%[13] Future Projections - Same store sales for the upcoming fiscal year are expected to decline by approximately 3.6% to 1.6%, with retail store same store sales declines of 4.0% to 2.0%[13] - Gross profit for the upcoming fiscal year is projected to be between $647.2 million and $664.1 million, or approximately 36.6% to 36.9% of sales[13] Financial Position - Cash on hand was reported at $76 million, with no amounts drawn from the $250 million revolving credit facility[24] - Cash and cash equivalents increased to $75.847 million as of March 30, 2024, up from $18.193 million as of April 1, 2023[33] - Total assets as of March 30, 2024, were $1.706 billion, an increase from $1.517 billion as of April 1, 2023[33] - Total liabilities increased to $761.949 million as of March 30, 2024, compared to $740.931 million as of April 1, 2023[33] - The company reported a cash flow from operating activities of $236.080 million for the quarter ended March 30, 2024[31] Expenses - Selling, general and administrative expenses rose to $101.2 million, or 26.1% of net sales, compared to $93.1 million, or 21.9% in the prior-year period, reflecting higher marketing expenses and normalized incentive-based compensation[45] - Selling, general and administrative expenses for the fiscal year ended March 30, 2024, were $416.2 million, or 25.0% of net sales, up from $378.8 million, or 22.9% in the prior year[48] Margin Analysis - The decrease in gross profit rate of 70 basis points was driven by 230 basis points of deleverage in buying, occupancy, and distribution center costs[37] - The increase in merchandise margin rate was driven by a 160 basis-point improvement in freight expense and supply chain efficiencies as a percentage of net sales[37]