Company Overview - Boot Barn operates 438 stores across 46 states and has a strong e-commerce presence through multiple websites and an app[102]. - Boot Barn's product offerings include western and work-related footwear, apparel, and accessories, targeting a broad demographic[102]. Financial Performance - Net sales increased by $87.8 million, or 16.9%, to $608.2 million for the thirteen weeks ended December 28, 2024, compared to $520.4 million for the same period in 2023[126]. - Gross profit rose by $39.8 million, or 20.0%, to $238.9 million, with a gross profit margin of 39.3%, up from 38.3%[127]. - Income from operations increased by $24.3 million, or 32.4%, to $99.5 million, representing 16.4% of net sales, up from 14.4%[131]. - Net income for the thirteen weeks ended December 28, 2024, was $75.1 million, compared to $55.6 million for the same period in 2023[134]. - For the thirty-nine weeks ended December 28, 2024, net sales increased by $178.8 million, or 14.0%, to $1.457 billion[135]. - Gross profit for the thirty-nine weeks increased by $73.5 million, or 15.5%, to $548.5 million, with a gross profit margin of 37.6%[136]. Expenses - Selling, general and administrative (SG&A) expenses increased by $15.4 million, or 12.5%, to $139.4 million, with SG&A as a percentage of net sales decreasing to 22.9% from 23.8%[128][130]. - SG&A expenses for the thirty-nine weeks rose by $43.8 million, or 13.9%, to $358.8 million, maintaining a percentage of 24.6% of net sales[137][138]. - Selling, general and administrative (SG&A) expenses are anticipated to rise due to stock-based compensation and increased store count[119]. Cash Flow and Investments - Net cash provided by operating activities for the thirty-nine weeks ended December 28, 2024, was $190.7 million, compared to $240.5 million for the same period in 2023[160][161]. - Net cash used in investing activities was $108.3 million for the thirty-nine weeks ended December 28, 2024, compared to $91.3 million for the same period in 2023[162][163]. - Net cash used in financing activities was $5.3 million for the thirty-nine weeks ended December 28, 2024, down from $60.2 million for the same period in 2023[164][165]. - The company plans to invest between $115.0 million and $120.0 million in capital expenditures for fiscal 2025, including a new distribution center in Kansas City[148]. Debt and Credit Facilities - The company has a $250.0 million revolving credit facility with Wells Fargo, maturing on July 11, 2027[149]. - The borrowing base of the Wells Fargo Revolver is calculated monthly based on eligible credit card receivables, commercial accounts, inventory, and available reserves[151]. - As of December 28, 2024, the Company was in compliance with the Wells Fargo Revolver debt covenants[156]. - The Company pays a commitment fee of 0.25% per annum on the actual daily amount of unutilized revolving loans[150]. - The applicable margin for Term SOFR loans ranges from 1.00% to 1.25%[150]. - Total interest expense incurred on the Wells Fargo Revolver during the thirty-nine weeks ended December 28, 2024, was $0.6 million, with a weighted average interest rate of 7.8%[152]. - The Company incurred a total interest expense of $0.4 million and $1.5 million for the thirteen and thirty-nine weeks ended December 30, 2023, respectively, with a weighted average interest rate of 8.5%[152]. Operational Metrics - The company focuses on net sales and gross profit as key performance indicators, with additional metrics including same store sales and new store openings[106]. - Same store sales are calculated from stores open for at least 13 months, and include e-commerce sales, with new store openings contributing to overall growth[109][111]. - Gross profit is calculated as net sales minus cost of goods sold, which includes various operational costs and is expected to increase as the company grows[115]. - The fiscal year ends on the last Saturday of March, with both fiscal 2025 and fiscal 2024 consisting of 52 weeks[124]. - The company emphasizes the importance of consumer discretionary spending and is sensitive to economic conditions and consumer confidence[100]. - The company aims to provide a one-stop shopping experience, leveraging its extensive store network for economies of scale and enhanced supplier relationships[103].

Financial Data and Key Metrics Changes - Revenue increased by 17% in Q3 fiscal 2025, with consolidated same store sales growth of 8.6% [6][15] - Earnings per diluted share reached $2.43, up from $1.81 in the prior year period, exceeding guidance by $0.36 [7][19] - Gross profit increased by 20% to $239 million, with a gross profit rate of 39.3%, reflecting a 100 basis point increase [15][16] Business Line Data and Key Metrics Changes - Same store sales in brick-and-mortar increased by 8.2%, while e-commerce sales grew by 11.1% [6][15] - Merchandise margin expanded by 130 basis points, driven by supply chain efficiencies and better buying economies [7][13] - Exclusive brand penetration increased by 180 basis points, contributing to merchandise margin expansion [13][19] Market Data and Key Metrics Changes - The company opened 13 new stores in Q3, bringing the total to 438 stores across 46 states [8][9] - The company plans to open 21 additional stores in Q4, aiming for a total of 60 new stores for the fiscal year [9][20] - Active customers in loyalty programs increased to 9.4 million, a 15% increase year-over-year [12] Company Strategy and Development Direction - The company is focused on expanding its store base, driving same store sales, strengthening omnichannel leadership, and expanding merchandise margins [8][10][12] - The company believes it has the potential to double its store count in the U.S. over the next several years [9] - The new Chief Digital Officer is expected to enhance the company's digital strategy and e-commerce performance [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current business tone and the start of Q4, with same store sales growth continuing [14] - The company raised its full-year guidance, expecting total sales to reach $1.92 billion, representing a 15% growth over fiscal 2024 [19] - Management noted that inventory levels are healthy, with no significant markdown risks anticipated [37] Other Important Information - The company experienced a $0.22 benefit related to the CEO transition included in Q3 earnings per diluted share [8] - SG&A expenses decreased as a percentage of sales due to the forfeiture of incentive-based compensation related to the CEO transition [16][90] Q&A Session Summary Question: Can you elaborate on traffic and demand in January? - Management noted an acceleration in both men's and women's Western categories, with a strong start to Q4 expected to continue [26][27] Question: What are the drivers of merchandise margin? - Management expects Q4 merchandise margin to increase by 120 basis points, driven by supply chain efficiencies and exclusive brand penetration [29][30] Question: How is inventory positioned for future sales? - Management expressed confidence in inventory levels, stating markdown inventory is lower than previous years and pre-COVID times [37][38] Question: What is the company's exposure to tariffs? - The company has 30% of orders from China and 25% from Mexico, with plans to negotiate pricing with vendors if tariffs increase [51][53] Question: How does the company view store density and cannibalization? - Management indicated that store placement depends on market density, with successful openings within close proximity in urban areas [59][60] Question: What are the opportunities in private label? - The company sees potential in its exclusive brands, particularly in work boots, with plans to expand offerings [70][71] Question: What are the expectations for SG&A expenses next year? - Management anticipates a flat lease expense and potential benefits from reduced incentive-based compensation next year [73][74]

Financial Results Announcement - Boot Barn Holdings, Inc. announced preliminary financial results for Q3 ended December 28, 2024, to be discussed at the 2025 ICR Conference on January 13, 2025 [5] - The investor presentation and press release dated January 10, 2025, are attached as Exhibits 99.1 and 99.2 [10] ICR Conference Participation - The company will host a fireside chat at the 2025 ICR Conference on January 13, 2025, at 10:30 a.m. Eastern Time, which will be webcast live [7] Presentation and Information Disclaimer - The company disclaims any obligation to update or revise the information in the presentation [9] - The presentation is available on the company's investor relations website, but the company reserves the right to discontinue its availability [9]

Store Operations and Growth Strategy - Boot Barn operates 425 stores across 46 states as of September 28, 2024, with a strong e-commerce presence including websites like bootbarn.com and the Boot Barn app[102] - New store openings are a key growth strategy, with pre-opening costs expensed as incurred and initial sales typically higher before normalizing[114][115] - The company operated 425 stores at the end of September 2024, compared to 371 stores in the prior-year period[142] Revenue and Sales Performance - The company's net sales include revenue from retail locations, e-commerce, and shipping fees, with revenue recognized upon purchase or delivery[105] - Net sales increased by $51.3 million (13.7%) to $425.8 million for the thirteen weeks ended September 28, 2024, driven by new store sales and a 4.9% increase in consolidated same-store sales[126] - Net sales increased by $91.0 million (12.0%) to $849.2 million for the twenty-six weeks ended September 28, 2024, with a 3.1% increase in consolidated same-store sales[133] - Same-store sales growth was 4.9% for the thirteen weeks ended September 28, 2024, and 3.1% for the twenty-six weeks ended September 28, 2024[142] Gross Profit and Cost of Goods Sold - Gross profit is derived from net sales minus cost of goods sold, which includes merchandise costs, occupancy, freight, and other inventory-related expenses[116][118] - Gross profit increased by $18.9 million (14.1%) to $152.9 million for the thirteen weeks ended September 28, 2024, with a 10 basis-point increase in gross profit rate to 35.9%[127] - Gross profit increased by $33.7 million (12.2%) to $309.6 million for the twenty-six weeks ended September 28, 2024, with a 10 basis-point increase in gross profit rate to 36.5%[134] Selling, General, and Administrative (SG&A) Expenses - Selling, general, and administrative (SG&A) expenses include labor, operating costs, and corporate expenses, expected to increase with store growth[120][121] - SG&A expenses increased by $17.6 million (18.4%) to $112.9 million for the thirteen weeks ended September 28, 2024, primarily due to higher store payroll, marketing, and legal expenses[128][129] - SG&A expenses increased by $28.3 million (14.8%) to $219.4 million for the twenty-six weeks ended September 28, 2024, driven by higher store payroll, marketing, and incentive-based compensation[135] Net Income and Financial Performance - Net income increased by $1.7 million to $29.4 million for the thirteen weeks ended September 28, 2024, compared to $27.7 million in the prior-year period[133] - Net income increased by $6.4 million to $68.3 million for the twenty-six weeks ended September 28, 2024, compared to $61.9 million in the prior-year period[139] Capital Expenditures and Investments - The company plans to invest between $115.0 million and $120.0 million in capital expenditures for fiscal 2025, including investments in a new distribution center in Kansas City, Missouri, and improvements to e-commerce and IT infrastructure[145] - Net cash used in investing activities was $65.4 million for the twenty-six weeks ended September 28, 2024, primarily due to capital expenditures for store construction and distribution center investments[158] Credit Facility and Debt Management - The company has a $250.0 million syndicated senior secured asset-based revolving credit facility (Wells Fargo Revolver) with a sublimit for letters of credit of $10.0 million, maturing on July 11, 2027[146] - Interest rates for the Wells Fargo Revolver range from 1.00% to 1.25% for Term SOFR loans and from 0.00% to 0.25% for base rate loans, with a commitment fee of 0.25% per annum on unutilized revolving loans[147] - The borrowing base of the Wells Fargo Revolver is calculated monthly based on eligible credit card receivables, commercial accounts, inventory, and available reserves[148] - The company was in compliance with the Wells Fargo Revolver debt covenants as of September 28, 2024[154] - The company is subject to interest rate risk due to variable-rate borrowings under its credit facility, with no amounts outstanding under the Wells Fargo Revolver as of September 28, 2024[162] Cash Flow and Liquidity - As of September 28, 2024, the company had $37.4 million in cash and cash equivalents, a decrease from $75.8 million as of March 30, 2024[155] - Net cash provided by operating activities was $33.5 million for the twenty-six weeks ended September 28, 2024, driven by net income of $68.3 million and non-cash lease expense of $32.2 million[156] - Net cash used in financing activities was $6.6 million for the twenty-six weeks ended September 28, 2024, including $7.6 million paid in taxes related to restricted stock vesting[160] Fiscal Year and Reporting Periods - The company's fiscal year consists of 52 or 53 weeks, with fiscal 2025 and fiscal 2024 both being 52-week years[124] - Same store sales are calculated for stores open at least 13 full fiscal months, with specific criteria for temporary closures, relocations, and acquisitions[107][108]

Financial Data and Key Metrics Changes - Revenue increased by 14% to $426 million, with same-store sales growth of 4.9% [12][24] - Earnings per diluted share were $0.95, compared to $0.90 in the prior year [13][27] - Gross profit increased by 14% to $153 million, with a gross profit rate of 35.9% [25] Business Line Data and Key Metrics Changes - Same-store sales in brick-and-mortar increased by 4.3%, while e-commerce same-store sales grew by 10.1% [12][24] - The men's western boots and apparel business saw high-single-digit positive comps, while ladies' western boots and apparel improved to mid-single digits [16][17] Market Data and Key Metrics Changes - October same-store sales were 5.1%, with store comps increasing by 4.3% and e-commerce increasing by 12.5% [22] - The company expects to open 60 new stores this year, maintaining a commitment to 15% new-store growth annually [15][35] Company Strategy and Development Direction - The company is focused on expanding its store base, driving same-store sales growth, strengthening omnichannel leadership, and expanding merchandise margins [11][20] - The new store pipeline remains healthy, with potential to open an additional 500 stores in the U.S. [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current business tone and preparation for a successful holiday season [22][38] - The company raised its full-year guidance, expecting total sales to reach $1.91 billion, representing a 14% growth over fiscal '24 [32][34] Other Important Information - John Hazen will assume the role of Interim CEO after Jim Conroy's departure [6][7] - The company is testing an AI solution named Cassidy to enhance customer experience and sales conversion [19] Q&A Session Summary Question: Can you elaborate on the material inflection in comps? - Management noted broad-based sequential improvement across categories and channels, with positive same-store sales growth in every major merchandise department and region [40][41] Question: What are the drivers of merchandise margin expansion? - Expected merchandise margin improvement of 100 basis points in Q3, driven by supply-chain efficiencies and better-buying economies of scale [42] Question: What categories are gaining market share? - Management indicated that the company is taking market share, particularly in ladies' western boots and apparel, and attributed this to brand resonance and marketing efforts [45][47] Question: How is the Cody James Black brand performing? - The brand is performing well and is now in 300 stores, contributing positively to the overall business [71] Question: What is the company's exposure to China? - Approximately 30% of products are sourced from China, down from 37% last year, indicating a derisked exposure [67][91] Question: What are the expectations for promotional activity during the holiday season? - The company plans to maintain its everyday low-price model with minimal promotional activity, similar to the previous year [96]

Financial Performance - Q2 Fiscal 2025 - Total sales reached $426 million, exceeding both last year's $374 million and the high-end guidance of $412 million[5] - Q2 GAAP EPS was $0.95, surpassing last year's $0.90 and the high-end guidance of $0.87[5] - Income from Operations was $40 million, compared to $39 million last year, also exceeding the high-end guidance of $36 million[5] - Consolidated Same Store Sales (SSS) increased by 4.9%[7] Strategic Growth Initiatives - The company is targeting 15% new unit growth annually, aiming for 460 stores by FY25 E and potentially reaching 900 stores in the future[11, 13, 14] - New stores are projected to contribute approximately $1.5 billion in sales, with an estimated payback period of around 18 months and a Return on Investment (ROIC) of approximately 60%[14] - The company has expanded its store presence to 425 stores across 46 states[12] Exclusive Brands - Exclusive brands penetration reached 38.8% in FY25 E, a significant increase from 9.7% at the time of IPO[9] - Exclusive brands contribute to a margin enhancement of approximately 1,000 bps compared to third-party brands[32] - Full Year Exclusive Brands Sales are projected to reach $740 million in FY25 E[31] FY25 Financial Guidance - Full year total net sales are projected to be between $1.874 billion and $1.907 billion[39] - Full year consolidated SSS% is expected to be between 3% and 5%[39] - GAAP Earnings per Diluted Share are projected to be between $5.30 and $5.60[39]

Financial Performance - Net sales for Q2 FY2025 increased by 13.7% to $425.8 million compared to $374.5 million in the prior-year period[5]. - Net income for the quarter was $29.4 million, or $0.95 per diluted share, up from $27.7 million, or $0.90 per diluted share, in the prior-year period[5]. - Gross profit for the quarter was $152.9 million, representing a gross margin of 35.9%, compared to $133.9 million and a gross margin of 35.7% in the prior year[25]. - Net income for the quarter was $29.4 million, or $0.96 per diluted share, compared to $27.7 million, or $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 $807.1 million as of September 28, 2024, compared to $729.6 million as of March 30, 2024, marking a 10.6% increase[23]. - The company reported a total of $1.87 billion in assets as of September 28, 2024, up from $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 $37.4 million, a decrease from $75.8 million at the beginning of the period[27]. - Operating cash flow for the quarter was $33.5 million, compared to $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 $1.874 billion and $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 $582 million and $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 $952,000[30]. - Average sales per comparable store was $980,000 in June 2024[30]. Expenses - Selling, general and administrative expenses for FY2025 are projected to be between $476.5 million and $480.4 million, or approximately 25.4% to 25.2% of sales[18]. - Selling, general, and administrative expenses for the quarter were $112.9 million, which is 26.5% of net sales, compared to $95.3 million or 25.5% of net sales in the prior year[25].

Financial Data and Key Metrics Changes - Revenue increased by 10% to $423 million, with consolidated same-store sales growth of 1.4% [4][14] - Earnings per diluted share rose to $1.26 from $1.13 in the prior year [6][14] - Merchandise margin expanded by 100 basis points due to supply chain efficiencies [6][14] Business Line Data and Key Metrics Changes - Retail store same-store sales grew by 0.8%, while e-commerce same-store sales increased by 6.7% [4][14] - Men's Western boots and apparel led the merchandise category with mid-single-digit comp growth [9] - Ladies Western boots saw low single-digit comp growth, while Ladies Apparel experienced a low single-digit decline [9] Market Data and Key Metrics Changes - The company opened 11 new stores, bringing the total to 411 across 46 states [7] - The e-commerce channel showed strong performance, with bootbarn.com sales growing approximately 14% [10] Company Strategy and Development Direction - The company aims to open 60 new stores this fiscal year, maintaining a commitment to 15% square footage growth annually [7][19] - Focus on expanding exclusive brand penetration, which increased to 38.1% [11] - The company is enhancing its omnichannel strategy, with over half of online orders fulfilled by stores [10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding consumer sentiment and macroeconomic uncertainty [12][20] - The company raised its full-year sales guidance to $1.85 billion, reflecting an 11% growth over fiscal '24 [17][18] - Management noted challenges in mid-July due to external factors but reported a return to positive sales growth afterward [12] Other Important Information - Inventory increased by 11% year-over-year to $627 million, with a 6% increase on a same-store basis [15] - The company is focused on supply chain efficiencies and vendor direct purchasing to enhance margins [11][55] Q&A Session All Questions and Answers Question: Can you break down the drivers behind the return to positive same-store sales? - Management noted broad-based sequential improvement across merchandise categories, geographies, and channels, with positive growth in average transactions per store in May and June [22][23] Question: What are the puts and takes in the second quarter gross margin? - Management expects a 60 basis point improvement in merchandise margin driven by supply chain efficiencies, with a 90 basis point deleverage in buying and occupancy costs [26] Question: How are company-specific initiatives impacting sales? - Management highlighted efforts to balance pricing across product assortments and shift marketing focus to generate immediate demand, resulting in positive growth in units per transaction [28][31] Question: What is the impact of the Morgan Wallen sponsorship? - Management reported an uptick in customer capture, particularly among younger and female demographics, correlating with the sponsorship [32] Question: How is the workwear side of the business trending? - Management indicated that work boots saw slight sequential improvement, while work apparel remains negative but is being addressed through assortment changes [35] Question: How is the company managing sourcing exposure from China? - Management has reduced sourcing exposure from China to about 37-38% and continues to monitor risks associated with potential tariff increases [39] Question: What changes have been made in the online channel? - Management implemented assortment changes and improved online marketing strategies, resulting in a recovery in e-commerce sales [42][43]

Financial Performance - Boot Barn reported net income of $38,909,000 for the 13 weeks ended June 29, 2024, compared to $34,253,000 for the same period last year, representing an increase of approximately 13.3%[85]. - Basic earnings per share increased to $1.28 from $1.14 year-over-year, while diluted earnings per share rose to $1.26 from $1.13[85]. - Net sales increased by $39.7 million, or 10.3%, to $423.4 million for the thirteen weeks ended June 29, 2024, compared to $383.7 million for the same period in 2023[113]. - Gross profit rose by $14.7 million, or 10.4%, to $156.7 million, maintaining a gross profit margin of 37.0% for both periods[114]. - Income from operations increased by $4.0 million, or 8.6%, to $50.2 million, with an operating margin of 11.9%[116]. - Net income for the period was $38.9 million, up from $34.3 million, reflecting an increase in the effective tax rate to 22.9% from 24.6%[117]. - Same store sales growth was 1.4%, with e-commerce same store sales increasing by 6.7%[113]. Store Operations and Growth Strategy - As of June 29, 2024, Boot Barn operated 411 stores across 46 states, alongside its e-commerce platforms, indicating a robust retail presence[91]. - The company anticipates that a percentage of future net sales will come from new store openings, which are integral to its growth strategy[100]. - The company operated 411 stores at the end of the period, up from 361 stores in the previous year[118]. Expenses and Profitability - Selling, general and administrative (SG&A) expenses increased by $10.8 million, or 11.3%, to $106.5 million, with SG&A as a percentage of net sales rising to 25.2% from 24.9%[115]. - Selling, general and administrative expenses are expected to rise due to increased stock-based compensation and the growth of the store network[107]. - Gross profit is closely tied to net sales, with the company regularly analyzing components such as initial markups and markdowns to maintain profitability[104]. Cash Flow and Capital Expenditures - Cash and cash equivalents increased to $83.4 million as of June 29, 2024, compared to $75.8 million as of March 30, 2024[126]. - Net cash provided by operating activities was $41.3 million for the thirteen weeks ended June 29, 2024, down from $70.8 million for the same period in 2023[127]. - Net cash used in investing activities was $27.1 million for the thirteen weeks ended June 29, 2024, compared to $29.9 million for the same period in 2023, indicating a decrease of 9.4%[129]. - Total capital expenditures for fiscal 2025 are estimated to be between $115.0 million and $120.0 million, including investments in a new distribution center[120]. - Capital expenditures for store construction and improvements to the Kansas City distribution center were significant contributors to the investing activities in both periods[129]. - Net cash used in financing activities was $6.7 million for the thirteen weeks ended June 29, 2024, a substantial decrease from $42.0 million in the same period of 2023, reflecting a reduction of 84.0%[130]. Market and Economic Factors - Boot Barn's business is sensitive to consumer discretionary spending, with economic conditions and consumer confidence playing significant roles in its performance[90]. - Boot Barn's same store sales metrics are influenced by various factors, including economic trends, consumer preferences, and competition, which are critical for assessing performance[99]. - The company is subject to interest rate risk due to borrowings under its credit facility, which bears interest at variable rates[131]. - There were no material changes in the market risks as described in the "Quantitative and Qualitative Disclosure of Market Risks" section of the Fiscal 2024 10-K[132]. - The company has not reported significant changes to its critical accounting policies and estimates as of the latest filing[109].

Financial Performance - Net sales increased by 10.3% to $423.4 million compared to $383.7 million in the prior-year period[1][2] - Gross profit was $156.7 million, maintaining a gross profit margin of 37.0%[3] - Net income increased to $38.9 million, or $1.26 per diluted share, compared to $34.3 million, or $1.13 per diluted share in the prior-year period[5] - Net sales for the thirteen weeks ended June 29, 2024, were $423,386,000, an increase of 10.4% compared to $383,695,000 for the same period last year[17] - Gross profit for the same period was $156,749,000, representing a gross margin of 37.0%, up from $141,963,000 and a margin of 36.9% in the prior year[17] - Net income for the thirteen weeks ended June 29, 2024, was $38,909,000, compared to $34,253,000 for the same period last year, reflecting a year-over-year increase of 13.3%[17] - Basic earnings per share increased to $1.28 for the current quarter, up from $1.14 in the same quarter last year[17] Sales and Store Performance - Same store sales grew by 1.4%, with retail store same store sales up 0.8% and e-commerce same store sales up 6.7%[1][2] - Same store sales growth for the quarter was 1.4%, a recovery from a decline of 5.9% in the previous quarter[21] - Same store sales are expected to decline approximately (1.0)% to grow by 1.2% for fiscal year 2025[9] Expenses and Financial Guidance - Selling, general and administrative expenses rose to $106.5 million, or 25.2% of net sales, compared to 24.9% in the prior-year period[4] - Total sales guidance for fiscal year 2025 is set between $1.816 billion and $1.850 billion, representing growth of 8.9% to 11.0%[9] Store Expansion and Capital Expenditures - The company plans to open 60 new stores in fiscal year 2025[9] - The company opened 11 new stores during the quarter, bringing the total store count to 411 as of June 29, 2024[20] - Capital expenditures are projected to be between $115.0 million and $120.0 million for fiscal year 2025[11] Cash and Assets - The company had cash of $83 million and no drawn amounts under its $250 million revolving credit facility as of June 29, 2024[8] - Cash and cash equivalents at the end of the period were $83,387,000, up from $17,099,000 at the end of the previous year[19] - Total assets increased to $1,774,459,000 as of June 29, 2024, compared to $1,705,592,000 at the end of the previous quarter[16] Operating Cash Flow - Operating cash flow for the thirteen weeks ended June 29, 2024, was $41,311,000, compared to $70,802,000 for the same period last year[19] - The company reported a total of 4,547 thousand square feet of retail store selling space at the end of the period, an increase from 4,371 thousand square feet in the previous quarter[21]