Boot Barn ended fiscal 2022 on a high note, reporting revenue and sales increases in the fourth quarter and full fiscal year, marked by an increase in margin and “very strong” full-price sales.
In the fourth quarter of 2022, the California-based footwear company reported a net sales increase of 48.1% over the prior-year period to $383.3 million. Net income for the quarter was $44.7 million, compared to $24.6 million in the prior-year period.
As for the full year, Boot Barn reported a net sales increase of 66.6% to $1.488 billion in fiscal 2022. Net income was $192.5 million for the year, compared to $59.4 million in the prior-year period.
“It was an incredible year by every measure,” said Jim Conroy, president and CEO of Boot Barn, in a statement. “With our top-line increasing 67% over the previous year, we far surpassed the one-billion-dollar mark for the first time, generating $1.5 billion in sales for fiscal 2022. Importantly, our performance was highlighted by very strong full-price selling, which contributed to a 270-basis point increase in merchandise margin and a more than tripling of our earnings per share to a record $6.33. We are excited about the strength in the business through the first six weeks of fiscal 2023, with consolidated same store sales growth of approximately 12% compared to the prior-year period.”
Looking ahead, Conroy noted that the company has updated its estimated total addressable market to $40 billion, compared to its previous $20 billion estimate. Additionally, the retailer has established a new long-term store count target and now believes it can triple from its current base to 900 stores. “We believe our progress in expanding our business and attracting new consumers to our brand is proving successful and has established a strong foundation for future growth,” Conroy added.
Boot Barn now expects to open 40 new stores in fiscal 2023, with same store sales growth expected to be 4.8% for the year. The company is also forecasting total sales for the year to reach $1.740 billion, with a net income of $197 million.
For the first quarter of 2023, Boot Barn expects same store sales growth of 10%, with total sales in the quarter reaching $367 million.