Boot Barn is making progress in its goal to open 900 stores across the U.S. by 2030.
The western retailer on Wednesday announced that it opened its 400th store, located in Vallejo, Calif. The announcement follows a steady stream of store openings throughout the last year that brought the chain’s store presence to 45 states across the U.S. In fiscal 2024, Boot Barn opened 55 stores at an average cadence of more than one store opening per week.
“We’re proud to have reached a significant milestone with the recent opening of our 400th store,” said Boot Barn chief executive officer Jim Conroy in a statement. “This accomplishment verifies the loyalty of Boot Barn customers across the U.S. and the desire for new markets to connect with the roots of America across its long history.”
Boot Barn has previously outlined a goal to have 900 stores by fiscal 2030, all of which are expected to contribute approximately $1.5 billion in sales.
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In a call with analysts on May 14, Conroy said that new stores were seeing much higher first year sales volumes than the company’s historical average. He added that about one third of the new stores are opening in brand new markets or in under-penetrated markets for Boot Barn.
“The store portfolio is extremely healthy, and we see no signs of slowing momentum as new stores are generating a 60 percent cash-on-cash return on capital in their first year,” Conroy said in the call. “As we look at the road map for the future, we continue to believe that we have the opportunity to open at least 500 more stores in the United States alone and plan to maintain our recent pace of adding 15 percent new units annually.”
Boot Barn wrapped up fiscal 2024 with mixed results last week, reporting a decrease in sales in the fourth quarter and a slight gain for the year overall. According to the Irvine, Calif.-based footwear company, net sales in the fourth quarter of 2024 decreased 8.7 percent over the prior year period to $388.5 million. Net income in the period was $29.4 million, or 96 cents per diluted share, compared to $46.4 million, or $1.53 per diluted share the same time last year.
The company said in its earnings statement that the quarterly decline was the result of the decrease in consolidated same store sales and the impact of a 13-week quarter when compared to a 14-week quarter in the prior-year period. These declines were partially offset by the incremental sales from new stores opened over the past twelve months, Boot Barn noted.
As for the full fiscal year 2024, the company said net sales increased 0.6 percent over the prior year to $1.67 billion. Net income for the year was $147.0 million, or $4.80 per diluted share, compared to $170.6 million, or $5.62 per diluted share in fiscal 2023.
