8-K
Boot Barn Holdings, Inc. (BOOT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 12, 2021
Boot Barn Holdings, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-36711 | 90-0776290 |
|---|---|---|
| (State or other jurisdiction<br><br> of incorporation) | (Commission<br><br> File Number) | (I.R.S. Employer<br><br> Identification No.) |
| 15345 Barranca Parkway,<br> Irvine, California | 92618 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
(949) 453-4400
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.0001 par value | BOOT | The New York Stock Exchange |
Item 2.02 Results of Operations and Financial Condition
On May 12, 2021, Boot Barn Holdings, Inc. issued a press release announcing certain financial results for its fiscal fourth quarter and fiscal year ended March 27, 2021. The press release is attached hereto as Exhibit 99.1.
The information provided in this Item 2.02, including Exhibit 99.1, is intended to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
| Exhibit 99.1 | Earnings press release<br> dated May 12, 2021. |
|---|---|
| Exhibit 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BOOT BARN HOLDINGS, INC. | ||
|---|---|---|
| Date: May 12, 2021 | ||
| By: | /s/ Gregory V. Hackman | |
| Name: Gregory V. Hackman | ||
| Title: Executive Vice President, Chief Operating Officer and Chief Financial Officer |
Exhibit 99.1
Boot Barn Holdings, Inc. Announces Fourth Quarter and Fiscal Year 2021 Financial Results
IRVINE, Calif.--(BUSINESS WIRE)--May 12, 2021--Boot Barn Holdings, Inc. (NYSE: BOOT) today announced its financial results for the fourth fiscal quarter and fiscal year ended March 27, 2021.
For the quarter ended March 27, 2021:
- Net sales increased 37.2% to $258.9 million.
- Same store sales increased 26.9%, comprised of an increase in retail store same store sales of 28.5% and an increase in e-commerce sales of 19.5%.
- Net income was $24.6 million, or $0.82 per diluted share, compared to net income of $5.7 million, or $0.20 per diluted share in the prior-year period. Net income per diluted share in the current-year period includes an approximately $0.07 per share benefit due to income tax accounting for share-based compensation. Net income per diluted share in the prior-year period includes a $0.01 per share benefit due to income tax accounting for share-based compensation and a $0.01 per share benefit from the realization of a state tax operating loss. Excluding the tax benefit in both periods, net income per diluted share in the current-year period was $0.75, compared to $0.18 in the prior-year period.
- The Company opened 8 new stores.
For the fiscal year ended March 27, 2021:
- Net sales increased 5.7% to $893.5 million.
- Same store sales increased 3.1%, comprised of a decrease in retail store same store sales of 1.1% and an increase in e-commerce sales of 23.6%.
- Net income was $59.4 million, or $2.01 per diluted share, compared to net income of $47.9 million, or $1.64 per diluted share in the prior-year period. Net income per diluted share in the current-year period includes an approximately $0.09 per share benefit due to income tax accounting for share-based compensation. Net income per diluted share in the prior-year period includes a $0.07 per share benefit due to income tax accounting for share-based compensation and a $0.01 per share benefit from the realization of a state tax operating loss. Excluding the tax benefit in both periods, net income per diluted share in the current-year period grew 23% to $1.92, when compared to $1.56 in the prior-year period.
- The Company opened 15 new stores.
Jim Conroy, Chief Executive Officer, commented, “I am extremely pleased with the strong finish to fiscal 2021. The pace of our business has been accelerating throughout the year, which along with a recent boost from government stimulus, culminated in record fourth quarter and fiscal year results. Our merchandise, marketing and omni-channel initiatives drove better full-priced selling, fueling margin expansion and solid profitability. At the same time, we increased our store footprint in existing and new geographies, bringing the full Boot Barn experience to a wider consumer audience.”
Mr. Conroy continued, “I am very proud of the entire Boot Barn team, and particularly the stores organization, who have demonstrated incredible resolve throughout the pandemic and have served our customers on the frontline every day. The circumstances of the past year have highlighted the strengths of our business model, enhanced our operational capabilities, and fortified our leadership position in the industry. The combination of solid execution across the organization and macro tailwinds has created tremendously strong topline sales growth in the first six weeks of fiscal 2022. We believe we have started the year with great momentum and sound strategies in place to capitalize on the numerous growth opportunities we believe exist for Boot Barn over the near and long term.”
Operating Results for the Fourth Quarter Ended March 27, 2021
Net sales increased 37.2% to $258.9 million from $188.6 million in the prior-year period. Consolidated same store sales increased 26.9% with retail store same store sales up 28.5% and e-commerce same store sales up 19.5%. The increase in net sales was the result of an increase of 26.9% in same store sales, the sales contribution from temporarily closed stores that were excluded from the comp base, and the incremental sales from new stores opened over the past twelve months.
Gross profit was $92.4 million, or 35.7% of net sales, compared to $58.0 million, or 30.7% of net sales, in the prior-year period. Gross profit increased primarily due to increased sales. The increase in gross profit rate of 500 basis points was driven by a 300-basis point increase in merchandise margin and 200 basis points of leverage in buying and occupancy costs. Merchandise margin increased 300 basis points primarily as a result ofbetter full price selling and a 120-basis point benefit from lower shrink.
Selling, general and administrative expenses were $59.5 million, or 23.0% of net sales, compared to $48.3 million, or 25.6% of net sales, in the prior-year period. The increase in selling, general and administrative expenses was primarily a result of additional costs to support higher sales and increased incentive-based compensation. Selling, general and administrative expenses as a percentage of net sales decreased by 260 basis points primarily as a result of expense leverage on higher sales.
Income from operations increased 238.9% to $32.9 million, or 12.7% of net sales, compared to $9.7 million, or 5.1% of net sales, in the prior-year period. This increase represents approximately 760 basis points of improvement in operating profit margin.
Net income was $24.6 million, or $0.82 per diluted share, compared to net income of $5.7 million, or $0.20 per diluted share in the prior-year period. Net income per diluted share in the current-year period includes an approximately $0.07 per share benefit due to income tax accounting for share-based compensation. Net income per diluted share in the prior-year period includes a $0.01 per share benefit due to income tax accounting for share-based compensation and a $0.01 per share benefit from the realization of a state tax operating loss. Excluding the tax benefit in both periods, net income per diluted share in the current-year period was $0.75, compared to $0.18 in the prior-year period.
Operating Results for the Fiscal Year Ended March 27, 2021
Net sales increased 5.7% to $893.5 million from $845.6 million in the prior-year period. Consolidated same store sales increased 3.1% with retail store same store sales declining 1.1% and e-commerce same store sales up 23.6%. The decrease in retail store sales was primarily due to decreased traffic in our stores in the first half of our fiscal year that resulted from customers staying at home in response to the COVID-19 crisis and temporary store closures. The increase in net sales was the result of incremental sales from new stores opened during the past twelve months and an increase of 3.1% in same store sales.
Gross profit was $294.9 million, or 33.0% of net sales, compared to $276.5 million, or 32.7% of net sales, in the prior-year period. Gross profit increased primarily due to increased sales. The increase in gross profit rate of 30 basis points was driven by a 90-basis point increase in merchandise margin, partially offset by 60 basis points of deleverage in buying and occupancy costs. Merchandise margin increased 90 basis points primarily as a result of better full-price selling, lower shrink and increased exclusive brand penetration.
Selling, general and administrative expenses were $208.6 million, or 23.3% of net sales, compared to $202.8 million, or 24.0% of net sales, in the prior-year period. The increase in selling, general and administrative expenses was primarily a result of higher store labor and increased incentive-based compensation, partially offset by reduced marketing spend. Selling, general and administrative expenses as a percentage of net sales decreased 70 basis points primarily as a result of expense leverage on higher sales.
Income from operations increased 17.2% to $86.3 million, or 9.7% of net sales, compared to $73.7 million, or 8.7% of net sales, in the prior-year period. This increase represents approximately 100 basis points of improvement in operating profit margin.
Net income was $59.4 million, or $2.01 per diluted share, compared to net income of $47.9 million, or $1.64 per diluted share in the prior-year period. Net income per diluted share in the current-year period includes an approximately $0.09 per share benefit due to income tax accounting for share-based compensation. Net income per diluted share in the prior-year period includes a $0.07 per share benefit due to income tax accounting for share-based compensation and a $0.01 per share benefit from the realization of a state tax operating loss. Excluding the tax benefit in both periods, net income per diluted share in the current-year period was $1.92, compared to $1.56 in the prior-year period.
Current Business
The following table includes retail store sales, e-commerce sales, and total net sales for the periods indicated below. It also includes the year-over-year change in retail store sales, e-commerce sales, and total net sales for each of the periods indicated below:
| (all $ in thousands) | Four Weeks Ended April Fiscal 2022 | Four Weeks Ended April Fiscal 2021 | Four Weeks Ended April Fiscal 2020 | % Change Fiscal April 2022 vs. Fiscal April 2021 | % Change Fiscal April 2022 vs. Fiscal April 2020 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Retail Stores | $ | 84,934 | $ | 16,763 | $ | 50,562 | 407 | % | 68 | % |
| E-commerce | $ | 14,149 | $ | 10,414 | $ | 7,902 | 36 | % | 79 | % |
| Total Net Sales | $ | 99,083 | $ | 27,177 | $ | 58,464 | 265 | % | 69 | % |
| (all $ in thousands) | Preliminary First 2 Weeks May Fiscal 2022 | Preliminary First 2 Weeks May Fiscal 2021 | Preliminary First 2 Weeks May Fiscal 2020 | Preliminary % Change First 2 Weeks May 2022 vs. First 2 Weeks May 2021 | Preliminary % Change First 2 Weeks May 2022 vs. First 2 Weeks May 2020 | |||||
| Retail Stores | $ | 38,650 | $ | 13,241 | $ | 24,386 | 192 | % | 58 | % |
| E-commerce | $ | 7,249 | $ | 6,871 | $ | 3,992 | 6 | % | 82 | % |
| Total Net Sales | $ | 45,899 | $ | 20,112 | $ | 28,378 | 128 | % | 62 | % |
Balance Sheet Highlights as of March 27, 2021
- Cash of $73.1 million.
- Average inventory per store decreased approximately 8.7% on a same store basis compared to March 28, 2020.
- Total debt of $111.5 million, including zero balance drawn under the $165 million revolving credit facility.
Subsequent to March 27, 2021, the Company made a voluntary prepayment of $41.5 million on the term loan facility, reducing the outstanding principal balance to $70.0 million.
Fiscal Year 2022 Outlook
The Company is not providing complete full-year fiscal 2022 guidance, but is providing the following outlook for the full fiscal year:
- New unit growth of 10%.
- Exclusive brand penetration growth of 250 basis points.
- Effective tax rate of 26.0%.
- Capital expenditures between $33.0 to $36.0 million.
Conference Call Information
A conference call to discuss the financial results for the fourth quarter and fiscal year 2021 is scheduled for today, May 12, 2021, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to (877) 451-6152. 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 June 12, 2021, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 13719472. 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 275 stores in 36 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: the effect of COVID-19 on our business operations, growth strategies, store traffic, employee availability, financial condition, liquidity and cash flow; 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. <br> Consolidated Balance Sheets <br> (In thousands, except per share data) <br> (Unaudited) | |||
|---|---|---|---|
| March 28, | |||
| 2020 | |||
| Assets | |||
| Current assets: | |||
| Cash and cash equivalents | 73,148 | $ | 69,563 |
| Accounts receivable, net | 12,771 | 12,087 | |
| Inventories | 275,760 | 288,717 | |
| Prepaid expenses and other current assets | 12,777 | 14,284 | |
| Total current assets | 374,456 | 384,651 | |
| Property and equipment, net | 110,444 | 109,603 | |
| Right-of-use assets, net | 186,827 | 170,243 | |
| Goodwill | 197,502 | 197,502 | |
| Intangible assets, net | 60,885 | 60,974 | |
| Other assets | 3,467 | 1,738 | |
| Total assets | 933,581 | $ | 924,711 |
| Liabilities and stockholders’ equity | |||
| Current liabilities: | |||
| Line of credit | — | $ | 129,900 |
| Accounts payable | 104,641 | 95,334 | |
| Accrued expenses and other current liabilities | 77,615 | 52,612 | |
| Short-term lease liabilities | 39,400 | 34,779 | |
| Total current liabilities | 221,656 | 312,625 | |
| Deferred taxes | 21,993 | 19,801 | |
| Long-term portion of notes payable, net | 109,781 | 109,022 | |
| Long-term lease liabilities | 181,836 | 160,935 | |
| Other liabilities | 3,424 | 635 | |
| Total liabilities | 538,690 | 603,018 | |
| Stockholders’ equity: | |||
| Common stock, 0.0001 par value; March 27, 2021 - 100,000 shares authorized, 29,348 shares<br> issued; March 28, 2020 - 100,000 shares authorized, 28,880 shares issued | 3 | 3 | |
| Preferred stock, 0.0001 par value; 10,000 shares authorized, no shares issued or outstanding | — | — | |
| Additional paid-in capital | 183,815 | 169,249 | |
| Retained earnings | 213,027 | 153,641 | |
| Less: Common stock held in treasury, at cost, 96 and 71 shares at March 27, 2021 and March 28,<br> 2020, respectively | (1,954) | (1,200) | |
| Total stockholders’ equity | 394,891 | 321,693 | |
| Total liabilities and stockholders’ equity | 933,581 | $ | 924,711 |
All values are in US Dollars.
| Boot Barn Holdings, Inc. Consolidated Statements of Operations (In thousands, except per share data) <br><br> (Unaudited) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Thirteen Weeks Ended | Thirteen Weeks Ended | Fifty-Two Weeks Ended | Fifty-Two Weeks Ended | |||||
| March 27, 2021 | March 28, 2020 | March 27, 2021 | March 28, 2020 | |||||
| Net sales | $ | 258,872 | $ | 188,628 | $ | 893,491 | $ | 845,575 |
| Cost of goods sold | 166,493 | 130,667 | 598,612 | 569,084 | ||||
| Gross profit | 92,379 | 57,961 | 294,879 | 276,491 | ||||
| Selling, general and administrative expenses | 59,519 | 48,265 | 208,553 | 202,823 | ||||
| Income from operations | 32,860 | 9,696 | 86,326 | 73,668 | ||||
| Interest expense | 2,115 | 2,941 | 9,442 | 13,310 | ||||
| Other income/(loss), net | 71 | (96) | 366 | (45) | ||||
| Income before income taxes | 30,816 | 6,659 | 77,250 | 60,313 | ||||
| Income tax expense | 6,264 | 930 | 17,864 | 12,364 | ||||
| Net income | $ | 24,552 | $ | 5,729 | $ | 59,386 | $ | 47,949 |
| Earnings per share: | ||||||||
| Basic shares | $ | 0.84 | $ | 0.20 | $ | 2.05 | $ | 1.68 |
| Diluted shares | $ | 0.82 | $ | 0.20 | $ | 2.01 | $ | 1.64 |
| Weighted average shares outstanding: | ||||||||
| Basic shares | 29,122 | 28,786 | 28,930 | 28,583 | ||||
| Diluted shares | 30,033 | 29,310 | 29,477 | 29,220 |
| Boot Barn Holdings, Inc. Consolidated Statements of Cash Flows (In thousands) <br><br> (Unaudited) | ||||||
|---|---|---|---|---|---|---|
| Fiscal Year Ended | ||||||
| March 27, | March 28, | March 30, | ||||
| 2021 | 2020 | 2019 | ||||
| Cash flows from operating activities | ||||||
| Net income | $ | 59,386 | $ | 47,949 | $ | 39,022 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation | 24,059 | 21,211 | 18,256 | |||
| Stock-based compensation | 7,158 | 4,908 | 2,873 | |||
| Amortization of intangible assets | 89 | 172 | 646 | |||
| Amortization of right-of-use assets | 34,231 | 31,091 | — | |||
| Amortization of debt issuance fees and debt discount | 884 | 946 | 1,235 | |||
| Loss on disposal of property and equipment | 87 | 417 | 23 | |||
| Gain/(loss) on adjustment of right-of-use assets and lease liabilities | 295 | (186) | — | |||
| Damaged asset write-off | — | — | 312 | |||
| Store impairment charges | 384 | 191 | 455 | |||
| Accretion of above market leases | — | — | (28) | |||
| Deferred taxes | 2,192 | 2,599 | 4,172 | |||
| Changes in operating assets and liabilities, net of acquisitions: | ||||||
| Accounts receivable, net | 8,050 | 5,721 | (3,706) | |||
| Inventories | 12,957 | (45,622) | (27,702) | |||
| Prepaid expenses and other current assets | 1,382 | (2,351) | 4,179 | |||
| Other assets | (1,729) | (548) | (254) | |||
| Accounts payable | 12,360 | (13,810) | 14,191 | |||
| Accrued expenses and other current liabilities | 25,003 | 6,310 | 6,882 | |||
| Other liabilities | 2,789 | (3,611) | 2,704 | |||
| Operating leases | (33,655) | (30,070) | — | |||
| Net cash provided by operating activities | $ | 155,922 | $ | 25,317 | $ | 63,260 |
| Cash flows from investing activities | ||||||
| Purchases of property and equipment | $ | (28,424) | $ | (37,195) | $ | (27,525) |
| Insurance recoveries for property and equipment | — | 717 | 184 | |||
| Acquisition of business, net of cash acquired | — | (3,688) | (4,424) | |||
| Net cash used in investing activities | $ | (28,424) | $ | (40,166) | $ | (31,765) |
| Cash flows from financing activities | ||||||
| (Payments)/borrowings on line of credit - net | $ | (129,900) | $ | 129,900 | $ | (21,006) |
| Repayments on debt and finance lease obligations | (667) | (65,553) | (10,554) | |||
| Debt issuance fees paid | — | (1,221) | — | |||
| Tax withholding payments for net share settlement | (754) | (532) | (474) | |||
| Proceeds from the exercise of stock options | 7,408 | 5,204 | 8,137 | |||
| Net cash (used in)/provided by financing activities | $ | (123,913) | $ | 67,798 | $ | (23,897) |
| Net increase in cash and cash equivalents | 3,585 | 52,949 | 7,598 | |||
| Cash and cash equivalents, beginning of period | 69,563 | 16,614 | 9,016 | |||
| Cash and cash equivalents, end of period | $ | 73,148 | $ | 69,563 | $ | 16,614 |
| Supplemental disclosures of cash flow information: | ||||||
| Cash paid for income taxes | $ | 11,458 | $ | 13,391 | $ | 649 |
| Cash paid for interest | $ | 8,795 | $ | 11,958 | $ | 14,947 |
| Supplemental disclosure of non-cash activities: | ||||||
| Unpaid purchases of property and equipment | $ | 2,642 | $ | 6,066 | $ | 1,877 |
| Equipment acquired through capital lease | $ | — | $ | — | $ | 171 |
| Boot Barn Holdings, Inc. Store Count | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||
| March 27, | December 26, | September 26, | June 27, | March 28, | December 28, | September 28, | June 29, | |||||||||||||||||
| 2021 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | |||||||||||||||||
| Store Count (BOP) | 266 | 265 | 264 | 259 | 251 | 248 | 240 | 240 | ||||||||||||||||
| Opened/Acquired | 8 | 1 | 1 | 5 | 8 | 3 | 8 | 1 | ||||||||||||||||
| Closed | (1) | — | — | — | — | — | — | (1) | ||||||||||||||||
| Store Count (EOP) | 273 | 266 | 265 | 264 | 259 | 251 | 248 | 240 | ||||||||||||||||
| Boot Barn Holdings, Inc. Selected Store Data | ||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Thirteen Weeks Ended | ||||||||||||||||||||||||
| March 27, | December 26, | September 26, | June 27, | March 28, | December 28, | September 28, | June 29, | |||||||||||||||||
| 2021 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | |||||||||||||||||
| Selected Store Data: | ||||||||||||||||||||||||
| Same Store Sales growth/(decline) | 26.9 | % | 4.6 | % | (5.1) | % | (14.9) | % | (4.7) | % | 6.7 | % | 7.8 | % | 9.4 | % | ||||||||
| Stores operating at end of period | 273 | 266 | 265 | 264 | 259 | 251 | 248 | 240 | ||||||||||||||||
| Total retail store square footage, end of period (in thousands) | 2,854 | 2,787 | 2,779 | 2,770 | 2,722 | 2,639 | 2,616 | 2,537 | ||||||||||||||||
| Average store square footage, end of period | 10,455 | 10,477 | 10,486 | 10,491 | 10,508 | 10,514 | 10,549 | 10,570 | ||||||||||||||||
| Average net sales per store (in thousands) | $ | 792 | $ | 889 | $ | 565 | $ | 410 | $ | 590 | $ | 903 | $ | 635 | $ | 660 | ||||||||
| Debt Covenant EBITDA Reconciliation (Unaudited) | ||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Thirteen Weeks Ended | ||||||||||||||||||||||||
| March 27, 2021 | December 26, 2020 | September 26, 2020 | June 27, 2020 | March 28, 2020 | ||||||||||||||||||||
| Boot Barn's Net Income/(Loss) | $ | 24,552 | $ | 29,566 | $ | 5,758 | $ | (490) | $ | 5,729 | ||||||||||||||
| Income tax expense/(benefit) | 6,264 | 9,909 | 1,979 | (289) | 930 | |||||||||||||||||||
| Interest expense | 2,115 | 2,303 | 2,383 | 2,641 | 2,941 | |||||||||||||||||||
| Depreciation and intangible asset amortization (a) | 6,162 | 5,994 | 6,282 | 5,710 | 5,872 | |||||||||||||||||||
| Boot Barn's EBITDA | $ | 39,093 | $ | 47,772 | $ | 16,402 | $ | 7,572 | $ | 15,472 | ||||||||||||||
| Non-cash stock-based compensation (b) | $ | 2,147 | $ | 1,482 | $ | 1,705 | $ | 1,824 | $ | 1,582 | ||||||||||||||
| Non-cash accrual for future award redemptions (c) | (255) | 697 | 372 | (302) | (447) | |||||||||||||||||||
| Loss/(gain) on disposal of assets (d) | 64 | (19) | 46 | (4) | 28 | |||||||||||||||||||
| Loss on adjustment of right-of-use assets and lease liabilities (e) | - | - | 295 | - | - | |||||||||||||||||||
| Store impairment charge (f) | - | - | 384 | - | 191 | |||||||||||||||||||
| Boot Barn's Adjusted EBITDA | $ | 41,049 | $ | 49,932 | $ | 19,204 | $ | 9,090 | $ | 16,826 | ||||||||||||||
| Additional adjustments (g) | 673 | 165 | 1,115 | 1,590 | 2,269 | |||||||||||||||||||
| Consolidated EBITDA per Loan Agreements | $ | 41,722 | $ | 50,097 | $ | 20,319 | $ | 10,680 | $ | 19,095 | ||||||||||||||
| (a) Excludes below-market lease amortization and certain asset depreciation expenses no longer recorded as amortization expense, but as rent<br> expense under ASC 842. | ||||||||||||||||||||||||
| --- | ||||||||||||||||||||||||
| (b) Represents non-cash compensation expenses related to stock options, restricted stock units and performance share units granted to certain<br> 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. | ||||||||||||||||||||||||
| (e) Represents loss on adjustment of right-of-use assets and lease liabilities. | ||||||||||||||||||||||||
| (f) Represents store impairment charges recorded in order to reduce the carrying amount of the assets to their estimated fair values. | ||||||||||||||||||||||||
| (g) Adjustments to Boot Barn's Adjusted EBITDA as provided in the 2015 Golub Term Loan and June 2015 Wells Fargo Revolver include pre-opening<br> costs, franchise and state taxes, and other miscellaneous adjustments. |
Contacts
Investors:
ICR, Inc.
Brendon Frey, 203-682-8216
BootBarnIR@icrinc.com
or
**Media:**
Boot Barn Holdings, Inc.
Jim Watkins, 949-453-4428
Senior Vice President, Finance & Investor Relations
BootBarnIRMedia@bootbarn.com