Boot Barn Holdings Inc (NYSE:BOOT) reported weaker-than-expected results for its fourth quarter. Its same-store sales declined 4.7% during the quarter.
The Irvine, Calif.-based net sales decreased 2.1% to $188.6 million.
Same store sales decreased 4.7%, due to a decrease in retail store same store sales of 7.1% and an increase in e-commerce sales of 7.5%.
Net sales and same store sales growth were solid during the first 10 weeks of the quarter before declining significantly during the last three weeks as a result of the COVID-19 crisis.
BOOT’s net income was $5.7 million, or $0.20 per diluted share, compared to $8.7 million, or $0.30 per diluted share in the prior-year period. Net income per diluted share in the current-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.
The company also opened eight new stores during the quarter.
CEO Jim Conroy said, "These are difficult times and our hearts go out to those who are suffering as a result of the COVID-19 crisis. Over the past two months, our primary focus has been on protecting our employees and safely providing our customers with the essential products they need to support our nation during this unprecedented situation.
"The majority of our stores have remained open, as most jurisdictions have recognized Boot Barn as a business that provides boots and apparel to those working in essential industries."
BOOT shares tumbled $1.35, or 6%, to $21.08.
