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Shares of Boot Barn (NYSE:BOOT) were struggling to turn positive late Wednesday after the footwear and apparel chain reported a drop in e-commerce sales and lowered fiscal 2024 guidance.
For fiscal Q3, net income increased from the previous quarter to $1.81 per share on $520M in revenue. This compares to the company’s preliminary results of $1.79 in net income on revenue of $520M.
Gross profit was 38.1% of net sales compared to 36.5% of net sales in the same quarter last year, led by a 300 basis point increase in merchandise margin that was partially offset by 120 basis points of deleveraging in buying, occupancy and distribution center costs.
For the latest quarter, retail same store sales were down 9.4% and e-commerce sales fell 11.5% versus the company’s expectations for a decline of 9.4% and e-commerce sales to drop by 11.3%.
For 2024, Boot Barn (BOOT) set its sales guidance at $1.654B-$1.664B versus last quarter’s estimate of $1.677B-$1.702B. Net income is now estimated to be between $4.65-$4.75 per share, down from the previous estimate of $4.75-$5.00 per share.
For 2024, retail same-store sales are forecasted to drop 6.3%-5.5% versus the prior estimate of -5.5% to -4.0%. E-commerce sales are expected to decrease 11.7% versus the prior estimate for -13.0% to -11.0%.
For Q4, the Irvine, Calif-based company projects total sales between $386-$386M, net income per share of $0.82-$0.92, retail same-store sales to decline 9.0%-6.3%, and e-commerce sales to be down 13.0%.
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