8-K - BOOT - Equibles

UNITED STATESSECURITIES 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): January 8, 2021

Boot Barn Holdings, Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-36711	90-0776290
(State or other jurisdiction<br>of incorporation)	(Commission<br>File Number)	(I.R.S. Employer<br>Identification No.)


15345 Barranca Parkway , 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)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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	New York Stock Exchange

Item 7.01 Regulation FD Disclosure.

Boot Barn Holdings, Inc. (the “Company”) is presenting at the 2021 ICR Conference on Monday, January 11, 2021 at 2:30 p.m. Eastern Time. A copy of the Company’s presentation materials (the “Presentation”) is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The Presentation will be webcast live over the internet and can also be accessed at http://investor.bootbarn.com. An online archive will be available for a period of 90 days following the Presentation.

The information provided in this Item 7.01, 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.

The Company expressly disclaims any obligation to update or revise any of the information contained in the Presentation.

The Presentation is available on the Company’s investor relations website located at investor.bootbarn.com, although the Company reserves the right to discontinue that availability at any time.

Item 9.01. Financial Statements and Exhibits.


Exhibit 99.1	January 2021 ICR Conference Presentation
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: January 8, 2021	By:	/s/ Gregory V. Hackman
		Name: Gregory V. Hackman
		Title: Executive Vice President, Chief Operating Officer and Chief Financial Officer

Exhibit 99.1

1<br>ICR Conference January 2021
2<br>IMPORTANT INFORMATION<br>Forward-Looking Statements<br>This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward-<br>looking statements. You can identify forward-looking statements by the fact that they generally include words such as "anticipate," "estimate," "expect," "project," "plan,“ "intend," "believe,"<br>“outlook” and other words 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<br>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<br>their perceptions of historical trends, current conditions, expected future developments and other factors they believe are appropriate under the circumstances. As you consider this presentation,<br>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.<br>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,<br>financial condition, liquidity and cash flow; decreases in consumer spending due to declines in consumer confidence, local economic conditions or changes in consumer preferences and the<br>Company’s ability to effectively: execute on its growth strategy; maintain and enhance its strong brand image; compete effectively; maintain good relationships with its key suppliers; and improve<br>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<br>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<br>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<br>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<br>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<br>not intend to update or revise the forward-looking statements in this presentation after the date of this presentation.<br>Industry and Market Information<br>Statements in this presentation concerning our industry and the markets in which we operate, including our general expectations and competitive position, business opportunity and market size,<br>growth and share, are based on information from independent industry organizations and other third-party sources, data from our internal research and management estimates. Management<br>estimates are derived from publicly available information and the information and data referred to above, and are based on assumptions and calculations made by us based upon our<br>interpretation of such information and data. The information and data referred to above are imprecise and may prove to be inaccurate because the information cannot always be verified with<br>complete certainty due to the limitations on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. As a result, please<br>be aware that the data and statistical information in this presentation may differ from information provided by our competitors or from information found in current or future studies conducted<br>by market research institutes, consultancy firms or independent sources.<br>COVID-19 Impact<br>The extent to which COVID-19 impacts our operations will depend on future developments, which are highly uncertain and difficult to predict, including, among others, the duration of the<br>outbreak, new information that may emerge concerning the severity of COVID-19 and the actions, especially those taken by governmental authorities, to contain the pandemic or treat its impact.<br>As events are rapidly changing, additional impacts may arise that we are not aware of currently. For more information about the risks, uncertainties, and other factors that could affect our future<br>results, please see the risks described in our Annual Report on Form 10-K, our Quarterly Report on Form 10-Q and our subsequent filings with the Securities and Exchange Commission.<br>Non-GAAP Financial Measures<br>The Company presents Adjusted EBIT because it is an important financial measure that its management, board of directors and lenders use to assess the Company’s operating performance.<br>However, Adjusted EBIT is a non-GAAP financial measure and should not be considered in isolation or as an alternative to net income or any other measure of financial performance calculated and<br>presented in accordance with GAAP. The Company defines Adjusted EBIT as earnings before interest and income tax, adjusted to exclude non-cash stock-based compensation, the non-cash<br>accrual for future award redemptions, acquisition-related expenses, acquisition-related integration costs, amortization of inventory fair value adjustment, loss on disposal of assets and contract<br>termination costs, loss/(gain) on adjustment of ROU asset and liability, store impairment charges, secondary offering costs, and other due diligence expenses. In addition, for fiscal year 2017,<br>which was a 53-week fiscal year, the Company has made further adjustments to account for the extra week. Since Adjusted EBIT is a non-GAAP financial measure, it is susceptible to varying<br>calculations and the Company’s Adjusted EBIT may not be comparable to similarly titled measures of other companies, including companies in its industry. See the Appendix to this presentation<br>for a reconciliation of Adjusted EBIT to Net Income.
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3<br>METRICS<br>PRELIMINARY Q3<br>FY 2021 RESULTS<br>Q3 FY 2020<br>RESULTS<br>Q3 FY 2019<br>RESULTS<br>Total sales growth +6.5% +11.8% +13.0%<br>Same store sales growth +4.6%<br>Stores +1.9%<br>E-commerce +16.3%<br>• EBIT growth YOY ~80%<br>• Bootbarn.com +36.6%<br>+6.7%<br>Stores +5.7%<br>E-commerce +11.0%<br>• Bootbarn.com +31.2%<br>+9.2%<br>Stores +8.6%<br>E-commerce +11.6%<br>• Bootbarn.com +51.6%<br>SOLID 3RD QUARTER GROWTH AMIDST COVID-19 BACKDROP<br>1Net income per diluted share in Q3 FY 2021 was approximately $1.00, or $0.99 when excluding an approximately $0.01 per share benefit due to income tax accounting for share-based compensation.<br>2Net income per diluted share in Q3 FY 2020 was approximately $0.85, or $0.81 when excluding an approximately $0.04 per share benefit due to income tax accounting for share-based compensation.<br>Merchandise margin rate<br>growth<br>+150 bps +50 bps +120 bps<br>Net income per diluted share ~$1.001 $0.852 $0.66
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4<br>INVESTMENT THESIS<br>STRATEGIC INITIATIVES<br>CONTINUE OMNI-CHANNEL LEADERSHIP<br>BUILD OUT EXCLUSIVE BRAND PORTFOLIO<br>EXPAND OUR STORE BASE<br>1<br>2<br>3<br>4<br>BOOT BARN STORY<br>AGENDA<br>DRIVE SAME STORE SALES GROWTH
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5 1 Reuters 1/6/2020, “Table: Top 20 vehicles sold in the United States in 2019”; 2 “2018 GfK Consumer Life Survey: 9% Five Year Growth Rate”<br>OUR CUSTOMERS’ LIFESTYLE<br>Country music popularity continues to rise2 Top 3 vehicles sold in 2019 were pick-up trucks1<br>Hundreds of rodeos held in the U.S. Popular spectator sport
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6 1Fiscal year ended March 28, 2020.<br>2During the fiscal year ended March 28, 2020, western styles comprised approximately 70% of our sales, with work related and other styles making up the balance.<br>PRODUCT MIX1<br>DIVERSIFIED SALES MIX MITIGATES RISK<br>END USER1<br>CHANNEL1<br>Footwear 51%<br>Hats, Accessories & Other 15%<br>Apparel 34%<br>Women 23%<br>Unisex 7%<br>Men 65%<br>Kids 5%<br>E-commerce 16%<br>Stores 84%<br>Western: ~70% of Sales2<br>Work & Other: ~30% of Sales2
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7<br>EVERYDAY MERCHANDISE WITH LIMITED FASHION RISK<br>• Low fashion quotient minimizes markdown exposure<br>• Limited promotional activity maintains margin rate<br>RUGGED FOOTWEAR OUTERWEAR FLAME RESISTANT PANTS SHIRTS<br>WORK & OTHER<br>BOOTS DENIM WESTERN SHIRTS COWBOY HATS BELTS<br>WESTERN
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8<br>HISTORY OF PROFITABLE GROWTH<br>Note: Fiscal year ends March. FY13 includes 29 stores acquired from RCC with 7 month net sales of $35.5 million. FY14 includes 30 stores acquired from Baskins with 10 month net sales of<br>$63.4 million. Sheplers was acquired June 29, 2015, the beginning of Q2 FY16.<br>¹CAGR calculated using FY13 through FY20 data. 2Fiscal 2017 was a 53-week year. The fiscal 2017 reported results have been adjusted above to reflect management’s estimated 52-week<br>results. The Company estimated that included in fiscal 2017 reported earnings per share was $0.03 attributed to the 53rd week. See the reconciliation included in the Appendix. 3All TTM Q3<br>Fiscal 2021 results are preliminary and contain an estimate of results for the thirteen weeks ended December 26, 2020. 4See Adjusted EBIT reconciliation in the Appendix.<br>$233<br>$346 $403<br>$569 $619 $678<br>$777<br>$846 $823<br>FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 TTM<br>Q3 FY21<br>NET SALES ($MM)<br>$23<br>$32<br>$39<br>$46 $41<br>$49<br>$68<br>$79<br>$71<br>FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 TTM<br>Q3 FY21<br>ADJUSTED EBIT ($MM)4<br>2<br>2<br>CAGR ~20%1<br>CAGR ~19%1<br>3<br>3
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9<br>$0.85<br>$1.00<br>Q3 FY20 Q3 FY21<br>$284 $302<br>Q3 FY20 Q3 FY21<br>THIRD QUARTER STRENGTH<br>NET SALES ($MM)1 OPERATING INCOME ($MM) 1<br>$35.0 $41.6<br>Q3 FY20 Q3 FY21<br>6.5%<br>~19%<br>1All Q3 Fiscal 2021 results are preliminary and contain an estimate of results for the thirteen weeks ended December 26, 2020.<br>2Net income per diluted share in Q3 FY20 was approximately $0.85, or $0.81 when excluding an approximately $0.04 per share benefit due to income tax accounting for share-based compensation.<br>3Net income per diluted share in Q3 FY21 was approximately $1.00, or $0.99 when excluding an approximately $0.01 per share benefit due to income tax accounting for share-based compensation.<br>EPS1<br>2 3<br>TAX ADJUSTED EPS1<br>$0.81<br>$0.99<br>Q3 FY20 Q3 FY21 2 3<br>22.2% 17.6%
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10 10<br>STRATEGIC INITIATIVES<br>CONTINUE OMNI-CHANNEL LEADERSHIP<br>BUILD OUT EXCLUSIVE BRAND PORTFOLIO<br>EXPAND OUR STORE BASE<br>1<br>2<br>3<br>4<br>DRIVE SAME STORE SALES GROWTH
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11<br>Western Work Wonderwest<br>TARGETED CUSTOMER SEGMENTATION STRATEGY<br>Western Work Wonderwest<br>11<br>Men’s Country Men’s Work<br>Women’s Country Women’s Work<br>Women’s<br>Contemporary<br>Men’s Western<br>Women’s Western<br>Country<br>Women’s<br>Men’s<br>• Expanded customer segmentation to include “Just Country”<br>• Geared towards the rugged outdoor adventure enthusiast and recreationalist<br>• Curated assortment of ball caps, men’s and women’s apparel, hiking boots, outwear<br>and more
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12<br>JUST COUNTRY BROADENS CUSTOMER BASE
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13<br>ENHANCED CREATIVE & MARKETING
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14<br>JUST COUNTRY MARKETING
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15<br>13.3%<br>17.5%<br>11.9%<br>6.7% 7.3%<br>-0.1%<br>0.3%<br>5.2%<br>10.0%<br>5.0%<br>FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020<br>A DECADE OF SSS GROWTH<br>CONSOLIDATED SSS%<br>9.4% 7.8% 6.7%<br>-4.7%<br>-14.9%<br>-5.1%<br>4.6%1<br>Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21<br>Recovery in same store<br>sales following the initial<br>impact of COVID-19 in<br>March 2020 (Q4’20)<br>Average SSS% growth of ~8% over the last 10 years<br>1Q3 Fiscal 2021 results are preliminary and contain an estimate of results for the thirteen weeks ended December 26, 2020.
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16<br>STRATEGIC INITIATIVES<br>CONTINUE OMNI-CHANNEL LEADERSHIP<br>EXPAND OUR STORE BASE<br>1<br>2<br>3<br>4<br>DRIVE SAME STORE SALES GROWTH<br>BUILD OUT EXCLUSIVE BRAND PORTFOLIO
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17<br>BROADENING OUR OMNI-CHANNEL CAPABILITIES<br>1. SALES ORIGINATING IN STORE<br>o Range Finder<br>o WHIP (endless aisle)<br>2. SALES ORIGINATING ONLINE<br>o Buy Online Return in Store<br>o Buy Online Ship (from DC) to Store<br>o Buy Online Pick Up in Store<br>o Buy Online Curbside Pickup<br>o In-Store Fulfillment<br>o Same Day Delivery (Roadie)<br>• ~19% of Q3 FY21 bootbarn.com orders were picked up in a store<br>• ~67% of Q3 FY21 bootbarn.com returns were completed in a store
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18<br>STRATEGIC INITIATIVES<br>BUILD OUT EXCLUSIVE BRAND PORTFOLIO<br>EXPAND OUR STORE BASE<br>1<br>2<br>3<br>4<br>DRIVE SAME STORE SALES GROWTH<br>CONTINUE OMNI-CHANNEL LEADERSHIP
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19<br>EXCLUSIVE BRANDS POSITIONED STRATEGICALLY<br>2.6%<br>22.0% 21.4%<br>23.4%<br>FY2012 FY2020 YTD Q3<br>FY2020<br>YTD Q3<br>FY2021<br>(% of Sales)<br>• Margin enhancement ~1,000 bps<br>• FY 2021 growth penetration ~200 bps<br>• Q3 FY 2021 growth penetration ~80 bps2<br>1Represents total company exclusive brand penetration.<br>2YTD Q3 and Q3 Fiscal 2021 results are preliminary and contain an estimate of results for<br>the thirteen weeks ended December 26, 2020<br>EXCLUSIVE BRAND SALES PENETRATION1<br>2
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20<br>EXCLUSIVE BRANDS ARE LEADING BRANDS IN THE STORE<br>Western Work / Other Top 5 Brands1<br>2<br>1<br>3<br>4<br>5<br>= Exclusive brands 1Represents top 5 brands in the stores during the fiscal year ended March 28, 2020.
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21<br>STRATEGIC INITIATIVES<br>CONTINUE OMNI-CHANNEL LEADERSHIP<br>BUILD OUT EXCLUSIVE BRAND PORTFOLIO<br>EXPAND OUR STORE BASE<br>1<br>2<br>3<br>4<br>DRIVE SAME STORE SALES GROWTH
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22<br>85.8% 74.8%<br>14.2% 25.2%<br>Q1'20 Q1'21<br>CUSTOMERS CONTINUE TO FAVOR THE IN-STORE EXPERIENCE<br>84.9% 82.9%<br>15.1% 17.1%<br>Q2'20 Q2'21<br>81.5% 80.2%<br>18.5% 19.8%<br>Q3'20 Q3'21<br>SALES MIX BY CHANNEL<br>Stores E-commerce<br>Following initial impact of COVID-19<br>•E-commerce mix of business peaked with the initial impact of COVID-19<br>and stay-at-home orders in place<br>• Recent months have seen retail store sales penetration normalize to ~80%<br>• Customers’ desire to shop in store underscores opportunity to grow new<br>units
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23<br>COMPELLING NEW STORE ECONOMICS<br>METRIC GOALS<br>Store Size (sq. ft.) 10,000<br>Year 1 Net Sales $1.7mm<br>Net Cash Investment $0.8mm<br>Cash on Cash Return (Yr. 1) ~30%<br>Payback Period ~3 Years<br>New stores/Tuck-ins FY12 – Q3’21 122
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24<br>OPPORTUNITY EXISTS TO GROW NEW UNITS 10% ANNUALLY<br>86<br>117<br>152 169<br>208 219 226 240<br>259 ~274<br>FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21<br>Outlook<br>HISTORICAL STORE BASE<br>~15% CAGR<br>1<br>1Reflects estimated store count with Fiscal 2021 guidance to open or acquire 15 stores .
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25<br>EXPANSION INTO NEW AND EXISTING MARKETS<br>• 266 stores<br>• 36 states<br>CURRENT 2012<br>• 86 stores<br>• 8 states<br>• Stores in new markets in the Northeast outperforming expectations<br>• Cannibalization from new stores in existing markets less than anticipated<br>• Expansion into new markets enhances e-commerce sales<br>• Opportunity exists to accelerate annual new unit growth beyond 10% post COVID-19<br>• Total store potential appears conservative
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26<br>INVESTMENT THESIS
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27<br>LONG TERM ALGORITHM<br>+ Same-store sales growth<br>+ Merchandise margin expansion<br>= Annual EPS growth<br>+ Annual new unit growth 10%+<br>Low to mid single digits<br>25-30 bps<br>20%+<br>Note: These are not projections; they are goals and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of<br>which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary<br>and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the “Risk Factors” section in the periodic reports of the<br>Company’s filings with the Securities and Exchange Commission. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved and the<br>Company undertakes no duty to update its goals.
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28<br>BOOT BARN IS A COMPELLING INVESTMENT STORY<br>• Strong variety of omni-channel<br>offerings in place<br>• Ability to drive incremental traffic<br>to stores<br>• Improved customer satisfaction<br>with added convenience and<br>quicker delivery<br>WORLD CLASS OMNI-<br>CHANNEL CAPABILITIES<br>NATIONAL LEADER IN<br>ATTRACTIVE NICHE<br>• Leader and authority in the western<br>and work industry with minimal<br>direct competition<br>• Brick-and-mortar presence in 36<br>states and online sales in all 50<br>states plus international<br>• Pressure-tested model<br>• Proven ability to open stores in<br>both new and existing markets<br>• Store-preferred shopping<br>experience<br>• Minimal sales cannibalization from<br>opening stores in existing markets<br>STRONG NEW UNIT<br>GROWTH OPPORTUNITIES<br>LIFESTYLE BRAND WITH<br>LOYAL CUSTOMER<br>PROFIT ENHANCEMENT<br>OPPORTUNITIES<br>• Genuine lifestyle retail brand<br>• Extremely loyal customers seeking<br>authenticity<br>• Lifestyle experience across stores,<br>e-commerce and events<br>HOUSE OF BRANDS<br>STRATEGY<br>• Proven ability to drive merchandise<br>margin expansion with full-price<br>selling model<br>• Incremental profitability<br>opportunity in online channel<br>• Economies of scale in purchasing &<br>ability to leverage expenses<br>• Deep breadth and depth of<br>assortment<br>• Comprehensive and unique<br>assortment of hundreds of brands<br>and thousands of styles<br>• Successful and growing exclusive<br>brand presence
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29<br>APPENDIX
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30<br>ADJUSTED EBIT RECONCILIATION<br>(a) Represents non-cash compensation expenses related to stock options, restricted stock awards, restricted stock units and performance share units granted to certain of our employees and<br>directors.<br>(b) Represents the non-cash accrual for future award redemptions in connection with our customer loyalty program.<br>(c) Includes direct costs and fees related to the acquisitions of RCC, Baskins and Sheplers, which we acquired in August 2012, May 2013 and June 2015, respectively.<br>(d) Represents certain store integration, remerchandising, inventory obsolescence and corporate consolidation costs incurred in connection with the integration of RCC, Baskins and Sheplers, which<br>we acquired in August 2012, May 2013 and June 2015, respectively. Fiscal 2016 includes an adjustment to normalize the gross margin impact of sales of discontinued inventory from Sheplers, which<br>was sold at a discount or written off. The adjustment assumes such inventory was sold at Sheplers’ normalized margin rate.<br>(e) Represents the amortization of purchase-accounting adjustments that adjusted the value of inventory acquired to its fair value.<br>(f) Represents loss/(gain) on disposal of assets and contract termination costs.<br>(g) Represents a gain on adjustment of a ROU asset and liability.<br>(h) Represents professional fees and expenses incurred in connection with secondary offerings conducted in January 2018, May 2018 and February 2015 and a Form S-1 Registration Statement filed<br>in July 2015 and withdrawn in November 2015.<br>(i) Represents professional fees and expenses incurred in connection with acquisition activity.<br>(j) Represents store impairment charges recorded in order to reduce the carrying amount of the assets to their estimated fair values.<br>1All TTM Q3 Fiscal 2021 results are preliminary and contain an estimate of results for the thirteen weeks ended December 26, 2020.<br>2The fiscal 2017 column has been adjusted to reflect management’s estimated 52-week results as fiscal 2017 was a 53-week year. The Company estimated that included in fiscal 2017 reported earnings<br>per share was $0.03 attributed to the 53rd week. As such, the Company has estimated fiscal 2017 net income, excluding the 53rd week, to be $13.4 million compared to GAAP net income of $14.2<br>million. In calculating estimated Adjusted EBIT on a 52-week basis, the Company also adjusted income tax expense, interest expense, and stock based compensation expense by taking 52/53rds of the<br>GAAP reported fiscal 2017 numbers.
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