Boot Barn (BOOT) Q4 Earnings Beat, Same-Store Sales Fall Y/Y

Core Insights - Boot Barn Holdings, Inc. reported fourth-quarter fiscal 2024 results with revenues and earnings exceeding Zacks Consensus Estimates, but both metrics declined year over year [1][3][4] - The company is focusing on operational efficiency, cost management, and expanding its retail footprint, having opened 55 new stores in fiscal 2024 [2] Financial Performance - Adjusted earnings per share were $1.01, down 34% from $1.53 in the prior year, but above the consensus estimate of 89 cents [3] - Total sales reached $388.5 million, an 8.7% decline year over year, yet surpassed the consensus estimate of $384 million [4] - Same-store sales fell 5.9% year over year, with retail store same-store sales down 5.7% and e-commerce same-store sales down 7.6% [5] Profitability Metrics - Gross profit decreased by 10.5% to $139.4 million, primarily due to lower sales, although merchandise margins improved [5][6] - Gross margin contracted by 70 basis points to 35.9%, influenced by increased buying, occupancy, and distribution center costs [6] - Selling, general and administrative (SG&A) expenses rose to $101.2 million, an 8.7% increase year over year, representing 26.1% of sales [8] Operational Insights - Operating income decreased by 39% to $38.2 million, with an operating margin of 9.8%, down 490 basis points from the previous year [9] - The company ended the quarter with $75.8 million in cash and did not utilize its $250 million revolving credit facility [11] Future Guidance - For Q1 fiscal 2025, Boot Barn anticipates net sales between $399 million and $407 million, indicating a growth of 4-6.1% year over year [12] - Same-store sales are expected to decline by 2.5-4.5%, with retail store same-store sales projected to decrease by 3-5% [13] - For fiscal 2025, the company plans to open 60 new stores and forecasts total revenues between $1.766 billion and $1.800 billion, reflecting a growth of 5.9-8% [14]