Q4 2024 Boot Barn Holdings Inc Earnings Call Transcript
Key Points
- Boot Barn Holdings Inc (BOOT) reported record revenue levels and a significant expansion of exclusive brands by 370 basis points.
- The company successfully opened 55 new stores, exceeding the initial plan, and demonstrated a strong cash-on-cash return of 60% in the first year for these new stores.
- Merchandise margin increased by 160 basis points, driven by freight improvements and supply chain efficiencies.
- Boot Barn Holdings Inc (BOOT) has a solid foundation with multiple growth levers, including plans to open at least 500 more stores in the United States.
- The B Rewarded customer database grew by 18% year over year, reaching 8.4 million total active customers, enhancing customer engagement and personalized marketing.
- Same-store sales declined by 5.9% in the fourth quarter, indicating challenges in driving organic store growth.
- E-commerce sales saw a decline of 7.6%, reflecting ongoing challenges in the digital segment despite improvements.
- The company experienced a decrease in net sales by 8.7% in the fourth quarter, influenced by the decrease in consolidated same-store sales.
- Gross profit decreased by 11% to $139 million, with a 70 basis point decrease in gross profit rate due to increased costs.
- Income from operations and net income both saw significant declines in the fourth quarter, with income from operations at $38 million compared to $63 million in the prior year.
Good day, everyone, and welcome to the Boot Barn Holdings Fourth Quarter 2024 earnings call. As a reminder, this call is being recorded.
Now I'd like to turn the conference over to your host, Mr. Mark Dedovesh, Senior Vice President, Financial Planning. Please go ahead, sir.
Thank you. Good afternoon, everyone.
Thank you for joining us today to discuss Boot Barn's Fourth Quarter and Fiscal 2024 earnings results. With me on today's call are Jim Conroy, President and Chief Executive Officer; and Jim Watkins, Chief Financial Officer. A copy of today's press release, along with a supplemental financial presentation, is available on the Investor Relations section of Boot Barn's website at bootbarn.com. Shortly after we end this call, a recording of the call will be available as a replay for 30 days on the Investor Relations section of the company's website.
I would like to remind you that certain statements we will make in this
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