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Boot Barn Holdings Inc. (BOOT-3.35%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
Net sales for the quarter increased by 16.9% to $608.2 million compared to $520.4 million in the same period the previous year. This growth was driven by an 8.6% increase in consolidated same store sales and additional sales from new stores.
Gross profit rose by 20.0% to $238.9 million, with a gross profit margin improvement to 39.3% from 38.3%. The increase in gross margin was attributed to higher merchandise margins and supply chain efficiencies.
Selling, general, and administrative expenses increased by 12.5% to $139.4 million, primarily due to higher store payroll and marketing expenses. However, as a percentage of net sales, SG&A expenses decreased to 22.9% from 23.8% due to cost control measures.
Income from operations grew by 32.4% to $99.5 million, reflecting improved sales and gross margins.
Interest expense for the quarter was $0.4 million, a decrease from $0.5 million in the previous year, due to a lower average debt balance.
The company reported a net income of $75.1 million for the quarter, up from $55.6 million in the previous year. The effective tax rate decreased to 24.3% from 25.8%, primarily due to reductions in nondeductible expenses.
Cash and cash equivalents increased to $152.9 million as of December 28, 2024, from $75.8 million at the beginning of the fiscal year.
The company continues to expand its retail footprint, operating 438 stores across 46 states as of the end of the quarter, up from 400 stores at the end of the previous fiscal year.
Boot Barn Holdings Inc. remains focused on its growth strategy, with plans for continued store openings and enhancements to its e-commerce and distribution infrastructure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Boot Barn Holdings Inc. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.