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Boot Barn nets $82.7 million from its IPO

November 5, 2014 12:07 PM
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Boot Barn Holdings Inc. yesterday completed its initial public offering, selling 5,750,000 shares of its common stock at $16 per share.

Total net proceeds, after deducting underwriter discounts and commissions and estimated offering expenses, were about $82.7 million, the company says.

Boot Barn is a chain retailer of western and work-related footwear, apparel and accessories in the U.S., and operates 162 stores in 24 states.

According to the company’s registration statement filed with the U.S. Securities and Exchange Commission, traffic to BootBarn.com, its e-commerce site, topped 7.5 million visits in fiscal 2014, which ended March 29. “Since re-launching our e-commerce web site with a new platform in fiscal 2011, our e-commerce sales have grown at a 38.2% compound annual growth rate,” the document states.

The web site enabled Boot Barn to garner 32.7% of its e-commerce sales in fiscal 2014 from customers in states where they do not operate stores. Another 11.9% of sales came from states where the merchant has only one store, the document says.

 For the 2014 fiscal year ended March 29, Boot Barn, No. 338 in the 2014 Internet Retailer Top 500 Guide, reported:

  • E-commerce sales accounted for 4.1% of all sales. Based on that metric, web sales were $14.2 million in fiscal 2014. Boot Barn did not disclose 2013 online sales.
  • Total sales of $345.9 million in fiscal 2014, up by 48.3% from $233.2 million in 2013.
  • Comparable-store sales, which include web sales, increased by 6.7%.
  • The total number of stores was 152, up by 30% from 117 last year.
  • Net income of $5.7 million compared with net income of $680,000 in the prior year period.

Boot Barn has technology initiatives under way that integrate in-store and e-commerce platforms, such as recently adding an e-commerce portal to each store offering in-store customers additional styles, colors and sizes not carried in the store. “In fiscal 2015, we expect to enhance customer service by improving real-time inventory sharing among our stores and e-commerce business,” its registration statement says.

For the fourth quarter, Boot Barn did not break out online sales but did report:

  • Total sales of $88.5 million, up by 51.8% from $58.3 million in the fourth quarter of fiscal 2013.
  • Comparable-store growth, which includes web sales, of 8.9%.
  • Net income of $1.9 million compared with a net loss of $131,000 in the same period last year.

The company’s stock began trading on the New York Stock Exchange on October 30, under the symbol BOOT. J.P. Morgan Securities LLC, Piper Jaffray & Co., Jefferies LLC, Wells Fargo Securities, LLC and Robert W. Baird & Co. Inc. acted as managers for the offering.

 

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