SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/31/19 Boot Barn Holdings, Inc. 8-K:2,9 7/31/19 2:167K Business Wire/FA |
Document/Exhibit Description Pages Size 1: 8-K Boot Barn Holdings, Inc. 8-K HTML 14K 2: EX-99.1 Miscellaneous Exhibit HTML 66K
IRVINE, Calif.--(BUSINESS WIRE)--July 31, 2019--Boot Barn Holdings, Inc. (NYSE: BOOT) today announced its financial results for the first fiscal quarter ended June 29, 2019.
Highlights for the quarter ended June 29, 2019, were as follows:
Jim Conroy, Chief Executive Officer, commented, “The underlying strength in the business has continued as evidenced by our strong start to fiscal 2020. First quarter same store sales grew 9.4% driven by a double-digit retail store comp increase, marking the ninth consecutive quarter of positive gains at our physical locations. At the same time, increases in full-price selling and exclusive brand penetration helped fuel a 150 basis point improvement in merchandise margin, which along with SG&A leverage, resulted in significant operating margin expansion. Importantly, we’ve experienced strength across virtually all geographies and merchandise categories and this momentum has continued into the start of the second quarter with same store sales up high-single digits in July, despite eliminating our long-standing anniversary sale in the current year.”
Operating Results for the First Quarter Ended June 29, 2019
Balance Sheet Highlights as of June 29, 2019
Fiscal Year 2020 Outlook
For the fiscal year ending March 28, 2020 the Company now expects:
For the fiscal second quarter ending September 28, 2019, the Company expects:
Conference Call Information
A conference call to discuss the financial results for the first quarter of fiscal year 2020 is scheduled for today, July 31, 2019, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (800) 289-0438. The conference call will also be available to interested parties through a live webcast at investor.bootbarn.com. Please visit the website and select the “Events and Presentations” link at least 15 minutes prior to the start of the call to register and download any necessary software. A telephone replay of the call will be available until August 31, 2019, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 3916127. Please note participants must enter the conference identification number in order to access the replay.
About Boot Barn
Boot Barn is the nation’s leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. As of the date of this release, Boot Barn operates 240 stores in 33 states, in addition to an e-commerce channel www.bootbarn.com. The Company also operates www.sheplers.com, the nation’s leading pure play online western and work retailer and www.countryoutfitter.com, an e-commerce site selling to customers who live a country lifestyle. For more information, call 888-Boot-Barn or visit www.bootbarn.com.
Forward Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to, by way of example and without limitation, our financial condition, liquidity, profitability, results of operations, margins, plans, objectives, strategies, future performance, business and industry. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan“, "intend", "believe", “may”, “might”, “will”, “could”, “should”, “can have”, “likely”, “outlook” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. These forward-looking statements are based on assumptions that the Company’s management has made in light of their industry experience and on their perceptions of historical trends, current conditions, expected future developments and other factors they believe are appropriate under the circumstances. As you consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. These risks, uncertainties and assumptions include, but are not limited to, the following: decreases in consumer spending due to declines in consumer confidence, local economic conditions or changes in consumer preferences; the Company’s ability to effectively execute on its growth strategy; and the Company’s failure to maintain and enhance its strong brand image, to compete effectively, to maintain good relationships with its key suppliers, and to improve and expand its exclusive product offerings. The Company discusses the foregoing risks and other risks in greater detail under the heading “Risk factors” in the periodic reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, the Company cautions that you should not place undue reliance on any of these forward-looking statements. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict those events or how they may affect the Company. Further, any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company does not intend to update or revise the forward-looking statements in this press release after the date of this press release.
Boot Barn Holdings, Inc. |
||||||
June 29, | March 30, | |||||
2019 |
||||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents |
$ |
22,739 |
$ |
16,614 |
||
Accounts receivable, net |
6,552 |
8,095 |
||||
Inventories |
253,895 |
240,734 |
||||
Prepaid expenses and other current assets |
12,889 |
11,900 |
||||
Total current assets |
296,075 |
277,343 |
||||
Property and equipment, net |
93,733 |
98,663 |
||||
Right-of-use assets, net |
162,702 |
— | ||||
Goodwill |
195,858 |
195,858 |
||||
Intangible assets, net |
60,769 |
62,845 |
||||
Other assets |
1,464 |
1,366 |
||||
Total assets |
$ |
810,601 |
$ |
636,075 |
||
Liabilities and stockholders’ equity | ||||||
Current liabilities: | ||||||
Line of credit |
$ |
80,001 |
$ |
— | ||
Accounts payable |
99,471 |
104,955 |
||||
Accrued expenses and other current liabilities |
48,852 |
46,988 |
||||
Right-of-use liabilities, current |
30,830 |
— | ||||
Total current liabilities |
259,154 |
151,943 |
||||
Deferred taxes |
16,155 |
17,202 |
||||
Long-term portion of notes payable, net |
108,464 |
174,264 |
||||
Capital lease obligation | — |
6,746 |
||||
Right-of-use liabilities, non-current |
146,638 |
— | ||||
Other liabilities |
4,495 |
21,756 |
||||
Total liabilities |
534,906 |
371,911 |
||||
Stockholders’ equity: | ||||||
Common stock, $0.0001 par value; June 29, 2019 - 100,000 shares authorized, 28,542 shares issued; March 30, 2019 - 100,000 shares authorized, 28,399 shares issued |
3 |
3 |
||||
Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding | — | — | ||||
Additional paid-in capital |
161,369 |
159,137 |
||||
Retained earnings |
115,413 |
105,692 |
||||
Less: Common stock held in treasury, at cost, 66 and 51 shares at June 29, 2019 and March 30, 2019, respectively |
(1,090) |
(668) |
||||
Total stockholders’ equity |
275,695 |
264,164 |
||||
Total liabilities and stockholders’ equity |
$ |
810,601 |
$ |
636,075 |
||
Boot Barn Holdings, Inc. |
||||||
Thirteen Weeks Ended | ||||||
June 29, | June 30, | |||||
2018 |
||||||
Net sales |
$ |
185,767 |
$ |
161,984 |
||
Cost of goods sold |
123,611 |
110,537 |
||||
Gross profit |
62,156 |
51,447 |
||||
Selling, general and administrative expenses |
46,095 |
41,618 |
||||
Income from operations |
16,061 |
9,829 |
||||
Interest expense, net |
3,904 |
4,100 |
||||
Other income, net |
11 |
— | ||||
Income before income taxes |
12,168 |
5,729 |
||||
Income tax expense/(benefit) |
2,447 |
(1,032) |
||||
Net income |
$ |
9,721 |
$ |
6,761 |
||
Earnings per share: | ||||||
Basic shares |
$ |
0.34 |
$ |
0.24 |
||
Diluted shares |
$ |
0.33 |
$ |
0.24 |
||
Weighted average shares outstanding: | ||||||
Basic shares |
28,380 |
27,604 |
||||
Diluted shares |
29,025 |
28,542 |
Boot Barn Holdings, Inc. |
||||||||
Thirteen Weeks Ended | ||||||||
June 29, | June 30, | |||||||
|
2018 |
|||||||
Cash flows from operating activities | ||||||||
Net income |
$ |
9,721 |
$ |
6,761 |
||||
Adjustments to reconcile net income to net cash (used in)/provided by operating activities: | ||||||||
Depreciation |
4,770 |
4,238 |
||||||
Stock-based compensation |
965 |
612 |
||||||
Amortization of intangible assets |
32 |
193 |
||||||
Amortization of ROU assets |
7,424 |
— | ||||||
Amortization of debt issuance fees and debt discount |
281 |
305 |
||||||
Loss on disposal of property and equipment |
12 |
— | ||||||
Gain on adjustment of ROU asset and liability |
(193) |
— | ||||||
Store impairment charge | — |
213 |
||||||
Deferred taxes |
(1,047) |
394 |
||||||
Changes in operating assets and liabilities, net of acquisition: | ||||||||
Accounts receivable, net |
1,612 |
(1,051) |
||||||
Inventories |
(13,161) |
8,910 |
||||||
Prepaid expenses and other current assets |
(867) |
(1,245) |
||||||
Other assets |
(274) |
(14) |
||||||
Accounts payable |
(6,486) |
(13,468) |
||||||
Accrued expenses and other current liabilities |
2,719 |
(745) |
||||||
Other liabilities |
249 |
403 |
||||||
Operating leases |
(7,306) |
— | ||||||
Net cash (used in)/provided by operating activities |
$ |
(1,549) |
$ |
5,506 |
||||
Cash flows from investing activities | ||||||||
Purchases of property and equipment |
$ |
(6,822) |
$ |
(7,064) |
||||
Acquisition of business, net of cash acquired | — |
(4,424) |
||||||
Net cash used in investing activities |
$ |
(6,822) |
$ |
(11,488) |
||||
Cash flows from financing activities | ||||||||
Borrowings on line of credit - net |
$ |
80,001 |
$ |
9,731 |
||||
Repayments on debt and finance lease obligations |
(65,147) |
(10,123) |
||||||
Debt issuance fees paid |
(1,203) |
— | ||||||
Tax withholding payments for net share settlement |
(422) |
(306) |
||||||
Proceeds from the exercise of stock options |
1,267 |
5,038 |
||||||
Net cash provided by financing activities |
$ |
14,496 |
$ |
4,340 |
||||
Net increase/(decrease) in cash and cash equivalents |
6,125 |
(1,642) |
||||||
Cash and cash equivalents, beginning of period |
16,614 |
9,016 |
||||||
Cash and cash equivalents, end of period |
$ |
22,739 |
$ |
7,374 |
||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for income taxes |
$ |
201 |
$ |
240 |
||||
Cash paid for interest |
$ |
3,370 |
$ |
3,769 |
||||
Supplemental disclosure of non-cash activities: | ||||||||
Unpaid purchases of property and equipment |
$ |
2,879 |
$ |
2,559 |
Boot Barn Holdings, Inc. |
||||||||||
Fiscal Year Ended | Fiscal Year Ended | Fiscal Year Ended | Quarter Ended | |||||||
April 1, | March 31, | March 30, | June 29, | |||||||
|
2018 |
|
2019 |
2019 |
||||||
Store Count (BOP) |
208 |
219 |
226 |
240 |
||||||
Opened/Acquired |
12 |
9 |
17 |
1 |
||||||
Closed Boot Barn Stores |
(1) |
(2) |
(3) |
(1) |
||||||
Store Count (EOP) |
219 |
226 |
240 |
240 |
||||||
Thirteen Weeks Ended | ||||||||||||||||||
June 29, 2019 |
March 30, 2019 |
December 29, 2018 |
September 29, 2018 |
June 30, 2018 |
||||||||||||||
Boot Barn's Net Income |
$ |
9,721 |
$ |
8,697 |
$ |
19,030 |
$ |
4,534 |
$ |
6,761 |
||||||||
Income tax expense/(benefit) |
2,447 |
3,736 |
6,260 |
10 |
(1,032) |
|||||||||||||
Interest expense, net |
3,904 |
4,067 |
4,011 |
4,153 |
4,100 |
|||||||||||||
Depreciation and intangible asset amortization (a) |
4,802 |
5,178 |
4,720 |
4,573 |
4,431 |
|||||||||||||
Boot Barn's EBITDA |
$ |
20,874 |
$ |
21,678 |
$ |
34,021 |
$ |
13,270 |
$ |
14,260 |
||||||||
Non-cash stock-based compensation (b) |
$ |
965 |
$ |
666 |
$ |
791 |
$ |
804 |
$ |
612 |
||||||||
Non-cash accrual for future award redemptions (c) |
97 |
(73) |
526 |
92 |
22 |
|||||||||||||
Loss/(gain) on disposal of assets (d) |
12 |
- |
(4) |
27 |
- |
|||||||||||||
Gain on adjustment of ROU asset and liability (e) |
(193) |
- |
- |
- |
- |
|||||||||||||
Store impairment charge (f) |
- |
- |
150 |
92 |
213 |
|||||||||||||
Secondary offering costs (g) |
- |
- |
- |
- |
176 |
|||||||||||||
Boot Barn's Adjusted EBITDA |
$ |
21,755 |
$ |
22,271 |
$ |
35,484 |
$ |
14,285 |
$ |
15,283 |
||||||||
Additional adjustments (h) |
847 |
1,059 |
455 |
553 |
935 |
|||||||||||||
Consolidated EBITDA per Loan Agreements |
$ |
22,602 |
$ |
23,330 |
$ |
35,939 |
$ |
14,838 |
$ |
16,218 |
||||||||
(a) |
The thirteen weeks ended June 29, 2019 excludes below-market lease amortization and certain asset depreciation expenses no longer recorded as amortization expense, but rent expense under ASC 842. | ||||||||||||||
(b) |
Represents non-cash compensation expenses related to stock options, restricted stock awards and restricted stock units granted to certain of our employees and directors. | ||||||||||||||
(c) |
Represents the non-cash accrual for future award redemptions in connection with our customer loyalty program. | ||||||||||||||
(d) |
Represents loss/(gain) on disposal of assets from store closures. | ||||||||||||||
(e) |
Represents a gain on adjustment of a ROU asset and liability. | ||||||||||||||
(f) |
Represents store impairment charges recorded in order to reduce the carrying amount of the assets to their estimated fair values. | ||||||||||||||
(g) |
Represents professional fees and expenses incurred in connection with the May 2018 secondary offering. | ||||||||||||||
(h) |
Adjustments to Boot Barn's Adjusted EBITDA as provided in the 2015 Golub Term Loan and June 2015 Wells Fargo Revolver include pre-opening costs, franchise and state taxes, and other miscellaneous adjustments. Beginning in the thirteen weeks ended June 29, 2019, adjustments also include below-market lease amortization and certain asset depreciation expenses no longer recorded as amortization expense, but rent expense under ASC 842. |
Investors:
ICR, Inc.
Brendon Frey, 203-682-8216
BootBarnIR@icrinc.com
or
Media:
Boot Barn Holdings, Inc.
Jim Watkins, 949-453-4428
Vice President, Investor Relations
BootBarnIRMedia@bootbarn.com
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
3/28/20 | ||||
9/28/19 | ||||
8/31/19 | ||||
Filed on / For Period end: | 7/31/19 | |||
6/30/19 | ||||
6/29/19 | ||||
3/30/19 | 10-K | |||
12/29/18 | 10-Q | |||
9/29/18 | 10-Q | |||
6/30/18 | 10-Q | |||
6/29/17 | ||||
List all Filings |