Q1 2025 Boot Barn Holdings Inc Earnings Call Transcript
Key Points
- Revenue increased by 10%, with consolidated same-store sales growth of 1.4%.
- E-commerce same-store sales grew 6.7%, driven by improved online marketing capabilities.
- First quarter merchandise margin expanded by 100 basis points due to supply chain efficiencies.
- Boot Barn Holdings Inc (BOOT) opened 11 new stores, ending the period with 411 stores across 46 states.
- Net income for the first quarter was $39 million, or $1.26 per diluted share, exceeding the high end of guidance.
- Workwear segment, particularly work boots and apparel, continues to lag with low single-digit negative growth.
- SG&A expenses increased to $107 million, or 25.2% of sales, up from 24.9% in the prior year period.
- Two weeks of challenging business in mid-July led to negative comp sales, attributed to external factors like weather and concert lineups.
- Higher online marketing expenses and corporate general and administrative expenses contributed to increased SG&A costs.
- Despite positive trends, the company remains cautious due to overall consumer sentiment and macroeconomic uncertainty.
Good day, everyone, and welcome to the Boot Barn Holdings, Inc. first quarter 2025 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, Investor Relations and Finance. Please go ahead.
Thank you. Good afternoon, everyone. Thank you for joining us today to discuss Boot Barn's first quarter fiscal 2025 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 during this call are forward looking statements.
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