第99.1展示文本
Boot Barn Holdings, Inc. 宣佈2025財年第二季度業績 財年2025第二季度財務業績
財務業績及首席執行官交接
加利福尼亞州歐文 - 2024年10月28日 - Boot Barn Holdings, Inc.（紐交所：BOOT）（「公司」）今天宣佈截至2024年9月28日的第二財季財務業績。補充財務展示資料可在investor.bootbarn.com獲取。
此外，公司宣佈Jim Conroy計劃於2024年11月22日起辭去公司首席執行官（CEO）和總裁及董事會成員職務，以接任納斯達克（股票代碼：ROST）公司首席執行官的機會。
CEO交接
公司進一步宣佈，現任首席數字官約翰·黑澤將於2024年11月22日起擔任臨時首席執行官。黑澤先生於2018年加入公司，負責電子商務、營銷和客戶體驗。此外，現任董事會主席彼得·斯塔雷特將於2024年11月22日起擔任執行主席。康羅伊先生將繼續留在公司至2024年11月22日，協助完成有序過渡。
斯塔雷特先生表示：「約翰·黑澤在Boot Barn組織中享有很高的聲譽，擁有包括品牌建設、數字化和門店角色在內的多樣化背景。他在Boot Barn和加入公司之前都有着增長銷售和利潤的良好記錄。他還在推動Boot Barn的面向客戶的技術能力方面發揮了極其重要的作用，包括許多行業領先的人工智能應用。我對他擔任臨時首席執行官的能力充滿信心。就個人而言，我期待在執行主席職位上提供監督和指導，同時董事會在做出關於下一任首席執行官的永久決定之前將進行內部和外部搜索。」
約翰·黑澤發表評論：「我非常榮幸能擔任這一職務，對吉姆的開創性領導和堅定支持深表感激。我還要表達最誠摯的感謝給董事會對我的信任，以及對這個不可思議團隊中每位成員的付出，讓這家公司變得非凡。我們將繼續在我們構建的堅實基礎上發展，在信心、堅韌和目標的指引下向前邁進。」
斯塔雷特先生補充道：「董事會承認吉姆在擔任Boot Barn首席執行官期間所做出的巨大貢獻。12年前他接任首席執行官之職時，Boot Barn是數家專門經營西服和工裝產品的區域連鎖零售商之一。他專注於執行我們的戰略計劃，帶來了零售行業中最傑出的增長故事之一。如今，Boot Barn已成爲擁有426家門店的全國連鎖企業，並在行業中遙遙領先。我們代表所有Boot Barn夥伴，祝願吉姆在他的下一個努力中取得持續成功。」
康羅伊先生評論道：「經過12年不可思議的時間，我對這家公司和在我身邊一直支持我的非凡人們充滿了無限感激。我們共同打造了一種真正特別的東西，我將永遠珍惜我們共同創造的成功、挑戰和回憶。感謝您的信任、奉獻和激情 — 我帶着一顆飽滿自豪和感激之心離開，對每一個人都充滿了感激。」
1
2025財年第二季度財務業績
截至2024年9月28日的本季度與截至2023年9月30日的本季度相比：
| ● | 淨銷售額同比增長13.7%，達到42580萬美元。 |
| ● | 與去年同期相比，同店銷售額增長了4.9%, 包括零售店同店銷售增長4.3%和電子商務同店銷售增長10.1%。 |
| ● | 淨利潤爲2940萬美元，每股稀釋後收益爲0.95美元，而去年同期爲2770萬美元，每股稀釋後收益爲0.90美元。 |
| ● | 公司新增了15家新店，使其總店鋪數量達到425家。 |
首席執行官吉姆·康羅伊表示：「我們的財季第二季度在同店銷售增長、新增15家新店以及每股稀釋收益超出指導預期方面都取得了廣泛增長。我們團隊出色的執行推動了所有渠道、店鋪地理位置和主要商品分類的發展趨勢改善，爲即將到來的假日季節做好了準備。在接下來一個月的有序過渡期間，我對業務狀況感到非常滿意，並且對團隊在約翰的領導下執行四個戰略舉措並推動未來銷售和收益增長的能力感到自信。」
2024年9月28日結束的第二季度運營成果與2023年9月30日結束的第二季度相比
| ● | 淨銷售額上漲13.7%，從去年同期的37450萬美元增至42580萬美元。合併同店銷售增長4.9%，其中零售店同店銷售增長了4.3%，電子商務同店銷售增長了10.1%。淨銷售額增加是由於新店的增量銷售和合並同店銷售的增加。 |
| ● | 毛利潤爲15290萬美元，佔淨銷售額的35.9%，而去年同期爲13390萬美元，佔淨銷售額的35.8%。毛利潤主要因銷售和商品毛利率提高而增加，部分抵消了新店鋪的租賃成本。毛利潤率上升10個點子主要是由於商品毛利率提高了70個點子，部分抵消了購買、租金和配送中心成本的60個點子的槓桿效應。商品毛利率提高主要歸因於供應鏈效率的提高，而購買、租金和配送中心成本的槓桿效應主要是由新店鋪的租賃成本所驅動。 |
| ● | 銷售、一般及管理費用爲11290萬美元，佔淨銷售額的26.5%，而去年同期爲9530萬美元，佔淨銷售額的25.5%。與去年同期相比，銷售、一般及管理費用增加主要是由於更多店鋪的運營與相關開支，以及本年度的獎勵基礎薪酬、營銷費用和法律費用。銷售、一般及管理費用佔淨銷售額的比重提高了100個點子，主要是由於本年度獎勵基礎薪酬、法律費用和營銷費用增加，部分抵消了店鋪人工開支的降低。 |
| ● | 營業收入增加了140萬美元，達到4000萬美元，佔淨銷售額的9.4%，而去年同期爲3860萬美元，佔淨銷售額的10.3%，主要是由於上述因素。 |
| ● | 淨利潤爲2940萬美元，每股攤薄盈利爲0.95美元，而去年同期淨利潤爲2770萬美元，每股攤薄盈利爲0.90美元。淨利潤增加主要歸因於上述因素。 |
2
2024年9月28日結束的六個月營運成果與2023年9月30日結束的六個月相比
| ● | 凈銷售額從前一年同期的75820萬美元增加了12.0%，達到84920萬美元。綜合同店銷售增長了3.1%，其中零售店同店銷售增長了2.5%，電子商務同店銷售增長了8.4%。凈銷售額的增加主要是由於新店的增量銷售和綜合同店銷售的增加所致。 |
| ● | 毛利潤為30960萬美元，佔凈銷售的36.5%，較前一年同期的27590萬美元，佔凈銷售的36.4%有所增加。毛利潤的增加主要是由於銷售和商品利潤的增加，部分抵消了新店的佔用成本。毛利率的增加10個基點主要是由於商品利潤率增加了80個基點，部分抵消了買賣、佔用和配送中心成本的70個基點的槓桿作用。商品利潤率的增加是供應鏈效率的結果，而買賣、佔用和配送中心成本的槓桿作用主要是由新店的佔用成本引起的。 |
| ● | Selling, general and administrative expenses were $21940萬, or 25.8% of net sales, compared to $19110萬, or 25.2% of net sales, in the prior-year period. The increase in selling, general and administrative expenses, as compared to the prior-year period, was primarily a result of higher store payroll and store-related expenses associated with operating more stores, marketing expenses, and incentive-based compensation in the current year. Selling, general and administrative expenses as a percentage of net sales increased by 60 basis points primarily as a result of higher incentive-based compensation and marketing expenses in the current year, partially offset by lower store payroll and store-related expenses. |
| ● | Income from operations increased $540萬 to $9020萬, or 10.6% of net sales, compared to $8480萬, or 11.2% of net sales, in the prior-year period, primarily due to the factors noted above. |
| ● | 凈利潤為$6830萬，每股稀釋後盈利為$2.21，較前一年同期每股稀釋後盈利$6190萬，或$2.03相比增加。 凈利潤增加主要歸因於上述因素。 |
渠道銷售
以下表格包括所示期間的總凈銷售增長率、同店銷售（SSS）增長/(下降)率和電子商務佔凈銷售的百分比。
|
| 十三週 |
|
| |
| |
| |
|
| 初步的 |
|
| | 結束 | | | 四週 | | 四週 | | 五週 | | | 四週 | |
| | 2024年9月28日 | | | 財政七月 | | 八月財政 | | 九月財政 | | | 十月財政 | |
| | | | | | | | | | | | | |
總凈銷售增長 |
| 13.7 | % | | 8.8 | % | 14.7 | % | 16.8 | % | | 14.6 | % |
| | | | | | | | | | | | | |
Retail Stores SSS |
| 4.3 | % | | (0.9) | % | 5.3 | % | 7.5 | % | | 4.3 | % |
電子商務 SSS |
| 10.1 | % | | 5.0 | % | 12.1 | % | 12.2 | % | | 12.5 | % |
綜合 SSS |
| 4.9 | % | | (0.3) | % | 6.0 | % | 8.0 | % | | 5.1 | % |
| | | | | | | | | | | | | |
電子商務佔網路銷售總額百分比 |
| 9.5 | % | | 9.2 | % | 9.4 | % | 9.9 | % | | 9.3 | % |
| | | | | | | | | | | | | |
3
Balance Sheet Highlights as of September 28, 2024
| ● | Cash of $37 million. |
| ● | Zero drawn under the $250 million revolving credit facility. |
| ● | Average inventory per store increased approximately 10.5% on a same store basis compared to September 30, 2023. |
Fiscal Year 2025 Outlook
The Company is providing updated guidance for the fiscal year ending March 29, 2025, superseding in its entirety the previous guidance issued in its first quarter earnings report on August 7, 2024. Please note that the Company’s guidance excludes any benefits and costs related to the CEO transition.
For the fiscal year ending March 29, 2025 the Company now expects:
| ● | To open a total of 60 new stores. |
| ● | Total sales of $1.874 billion to $1.907 billion, representing growth of 12.4% to 14.4% over the prior year. |
| ● | Same store sales growth of approximately 3.0% to 5.0%, with retail store same store sales growth of approximately 2.5% to 4.5% and e-commerce same store sales growth of approximately 7.5% to 9.5%. |
| ● | Gross profit between $696.9 million and $713.4 million, or approximately 37.2% to 37.4% of sales. |
| ● | Selling, general and administrative expenses between $476.5 million and $480.4 million, or approximately 25.4% to 25.2% of sales. |
| ● | Income from operations between $220.4 million and $233.0 million, or approximately 11.8% to 12.2% of sales. |
| ● | Effective tax rate of 26.6% for the remaining six months of the fiscal year. |
| ● | Net income of $164.4 million to $173.7 million. |
| ● | Net income per diluted share of $5.30 to $5.60, based on 31.0 million weighted average diluted shares outstanding. |
| ● | Capital expenditures between $115.0 million and $120.0 million, which is net of estimated landlord tenant allowances of $30.2 million. |
For the fiscal third quarter ending December 28, 2024, the Company now expects:
| ● | Total sales of $582 million to $595 million, representing growth of 11.8% to 14.3% over the prior-year period. |
| ● | Same store sales growth of approximately 3.5% to 6.0%, with retail store same store sales growth of approximately 3.0% to 5.0% and e-commerce same store sales growth of approximately 7.5% to 10.0%. |
| ● | Income from operations between $82.7 million and $87.3 million, or approximately 14.2% to 14.7% of sales. |
| ● | Net income per diluted share of $1.96 to $2.07, based on 31.0 million weighted average diluted shares outstanding. |
Conference Call Information
A conference call to discuss the financial results for the second quarter of fiscal year 2025 is scheduled for today, October 28, 2024, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (844) 481-2552. 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 Supplemental Financial Presentation is also available on the investor relations section of the Company’s website. A telephone replay of the call will be available until November 28, 2024, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10193684. Please note participants must enter the conference identification number in order to access the replay.
4
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 426 stores in 46 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 the Company’s current expectations and projections relating to, by way of example and without limitation, the Company’s 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 that 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: 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.
Investor Contact:
ICR, Inc.
Brendon Frey, 203-682-8216
BootBarnIR@icrinc.com
or
Company Contact:
Boot Barn Holdings, Inc.
Mark Dedovesh, 949-453-4489
Senior Vice President, Investor Relations & Financial Planning
BootBarnIRMedia@bootbarn.com
5
Boot Barn Holdings, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
|
| September 28, |
| March 30, | ||
| | 2024 |
| 2024 | ||
Assets |
| |
|
| |
|
Current assets: |
| |
|
| |
|
Cash and cash equivalents | | $ | 37,377 | | $ | 75,847 |
Accounts receivable, net | |
| 7,886 | |
| 9,964 |
Inventories | |
| 712,991 | |
| 599,120 |
Prepaid expenses and other current assets | |
| 48,851 | |
| 44,718 |
Total current assets | |
| 807,105 | |
| 729,649 |
Property and equipment, net | |
| 368,289 | |
| 323,667 |
Right-of-use assets, net | |
| 429,020 | | | 390,501 |
Goodwill | |
| 197,502 | |
| 197,502 |
Intangible assets, net | |
| 58,677 | |
| 58,697 |
Other assets | |
| 6,184 | |
| 5,576 |
Total assets | | $ | 1,866,777 | | $ | 1,705,592 |
Liabilities and stockholders’ equity | |
| | | | |
Current liabilities: | |
| | | | |
Accounts payable | | $ | 153,564 | | $ | 132,877 |
Accrued expenses and other current liabilities | |
| 134,302 | |
| 116,477 |
Short-term lease liabilities | |
| 70,540 | | | 63,454 |
Total current liabilities | |
| 358,406 | |
| 312,808 |
Deferred taxes | |
| 41,267 | |
| 42,033 |
Long-term lease liabilities | |
| 446,068 | | | 403,303 |
Other liabilities | |
| 4,378 | |
| 3,805 |
Total liabilities | |
| 850,119 | | | 761,949 |
| | | | | | |
Stockholders’ equity: | |
| | | | |
Common stock, $0.0001 par value; September 28, 2024 - 100,000 shares authorized, 30,824 shares issued; March 30, 2024 - 100,000 shares authorized, 30,572 shares issued | |
| 3 | |
| 3 |
Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding | |
| — | |
| — |
Additional paid-in capital | |
| 244,931 | |
| 232,636 |
Retained earnings | |
| 791,363 | |
| 723,026 |
Less: Common stock held in treasury, at cost, 298 and 228 shares at September 28, 2024 and March 30, 2024, respectively | |
| (19,639) | | | (12,022) |
Total stockholders’ equity | |
| 1,016,658 | |
| 943,643 |
Total liabilities and stockholders’ equity | | $ | 1,866,777 | | $ | 1,705,592 |
6
Boot Barn Holdings, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
|
| Thirteen Weeks Ended |
| Twenty-Six Weeks Ended | ||||||||
|
| September 28, | | September 30, | | September 28, | | September 30, | ||||
| | 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
Net sales | | $ | 425,799 | | $ | 374,456 | | $ | 849,185 | | $ | 758,151 |
Cost of goods sold | |
| 272,941 | |
| 240,540 | |
| 539,578 | |
| 482,272 |
Gross profit | |
| 152,858 | |
| 133,916 | |
| 309,607 | |
| 275,879 |
Selling, general and administrative expenses | |
| 112,879 | |
| 95,338 | |
| 219,406 | |
| 191,056 |
Income from operations | |
| 39,979 | |
| 38,578 | |
| 90,201 | |
| 84,823 |
Interest expense | |
| 384 | |
| 463 | |
| 735 | |
| 1,486 |
Other income (loss), net | |
| 949 | |
| (50) | |
| 1,545 | |
| 174 |
Income before income taxes | |
| 40,544 | |
| 38,065 | |
| 91,011 | |
| 83,511 |
Income tax expense | |
| 11,116 | |
| 10,385 | |
| 22,674 | |
| 21,578 |
Net income | | $ | 29,428 | | $ | 27,680 | | $ | 68,337 | | $ | 61,933 |
| | | | | | | | | | | | |
Earnings per share: | |
| | |
| | |
| | |
| |
Basic | | $ | 0.96 | | $ | 0.92 | | $ | 2.24 | | $ | 2.06 |
Diluted | | $ | 0.95 | | $ | 0.90 | | $ | 2.21 | | $ | 2.03 |
Weighted average shares outstanding: | |
| | |
| | |
| | |
| |
Basic | |
| 30,510 | |
| 30,137 | |
| 30,471 | |
| 30,029 |
Diluted | |
| 30,899 | |
| 30,627 | |
| 30,859 | |
| 30,540 |
7
Boot Barn Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
| Twenty-Six Weeks Ended | ||||
| | September 28, | | September 30, | ||
| | 2024 | | 2023 | ||
Cash flows from operating activities |
| |
|
| |
|
Net income | | $ | 68,337 | | $ | 61,933 |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | |
| |
Depreciation | |
| 29,540 | |
| 22,597 |
Stock-based compensation | |
| 10,864 | |
| 7,833 |
Amortization of intangible assets | |
| 20 | |
| 27 |
Noncash lease expense | |
| 32,229 | |
| 26,487 |
Amortization and write-off of debt issuance fees and debt discount | |
| 54 | |
| 54 |
Loss on disposal of assets | |
| 134 | |
| 298 |
Deferred taxes | |
| (766) | |
| 2,993 |
Changes in operating assets and liabilities: | |
| | | | |
Accounts receivable, net | |
| 2,097 | |
| 3,046 |
Inventories | |
| (113,871) | |
| 3,921 |
Prepaid expenses and other current assets | |
| (4,397) | |
| 9,243 |
Other assets | |
| (608) | |
| 1,302 |
Accounts payable | |
| 19,722 | |
| 7,051 |
Accrued expenses and other current liabilities | |
| 9,897 | |
| 13,600 |
Other liabilities | |
| 573 | |
| 510 |
Operating leases | |
| (20,283) | |
| (15,435) |
Net cash provided by operating activities | | $ | 33,542 | | $ | 145,460 |
Cash flows from investing activities | |
| | |
| |
Purchases of property and equipment | | | (65,403) | | | (64,687) |
Net cash used in investing activities | | $ | (65,403) | | $ | (64,687) |
Cash flows from financing activities | |
| | |
| |
Payments on line of credit, net | | | — | | | (66,043) |
Repayments on debt and finance lease obligations | |
| (423) | |
| (428) |
Tax withholding payments for net share settlement | |
| (7,617) | |
| (2,412) |
Proceeds from the exercise of stock options | |
| 1,431 | |
| 8,582 |
Net cash used in financing activities | | $ | (6,609) | | $ | (60,301) |
Net (decrease)/increase in cash and cash equivalents | | | (38,470) | | | 20,472 |
Cash and cash equivalents, beginning of period | |
| 75,847 | |
| 18,193 |
Cash and cash equivalents, end of period | | $ | 37,377 | | $ | 38,665 |
| | | | | | |
Supplemental disclosures of cash flow information: | |
| | |
| |
Cash paid for income taxes | | $ | 17,770 | | $ | 2,822 |
Cash paid for interest | | $ | 677 | | $ | 1,399 |
Supplemental disclosure of non-cash activities: | |
| | | | |
Unpaid purchases of property and equipment | | $ | 24,061 | | $ | 14,103 |
8
Boot Barn Holdings, Inc.
Store Count
|
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
| | September 28, | | June 29, | | March 30, | | December 30, | | September 30, | | July 1, | | April 1, | | December 24, |
| | 2024 | | 2024 | | 2024 | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 |
Store Count (BOP) |
| 411 | | 400 | | 382 | | 371 | | 361 | | 345 | | 333 | | 321 |
Opened/Acquired |
| 15 | | 11 | | 18 | | 11 | | 10 | | 16 | | 12 | | 12 |
Closed |
| (1) | | — | | — | | — | | — | | — | | — | | — |
Store Count (EOP) |
| 425 | | 411 | | 400 | | 382 | | 371 | | 361 | | 345 | | 333 |
Boot Barn Holdings, Inc.
Selected Store Data
| | | | | | | | | | | |
| | | | | | Fourteen | | Thirteen | | ||||
| | Thirteen Weeks Ended | | Weeks | | Weeks | | ||||||||||||||||||
| | September 28, | | June 29, | | March 30, | | December 30, | | September 30, | | July 1, | | April 1, | | December 24, | | ||||||||
|
| 2024 |
| 2024 |
| 2024 |
| 2023 |
| 2023 |
| 2023 |
| 2023 |
| 2022 |
| ||||||||
Selected Store Data: | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Same Store Sales growth/(decline) |
| | 4.9 | % | | 1.4 | % | | (5.9) | % | | (9.7) | % | | (4.8) | % | | (2.9) | % | | (5.5) | % | | (3.6) | % |
Stores operating at end of period |
| | 425 |
| | 411 |
| | 400 |
| | 382 |
| | 371 |
| | 361 |
| | 345 |
| | 333 |
|
Comparable stores operating during period(1) | | | 363 | | | 349 | | | 335 | | | 322 | | | 312 | | | 302 | | | 290 | | | 280 | |
Total retail store selling square footage, end of period (in thousands) |
| | 4,720 |
| | 4,547 |
| | 4,371 |
| | 4,153 |
| | 4,027 |
| | 3,914 |
| | 3,735 |
| | 3,598 |
|
Average retail store selling square footage, end of period |
| | 11,105 |
| | 11,063 |
| | 10,929 |
| | 10,872 |
| | 10,855 |
| | 10,841 |
| | 10,825 |
| | 10,806 |
|
Average sales per comparable store (in thousands)(2) | | $ | 952 | | $ | 980 | | $ | 917 | | $ | 1,256 | | $ | 950 | | $ | 1,014 | | $ | 1,092 | | $ | 1,424 | |
| (1) | Comparable stores have been open at least 13 full fiscal months as of the end of the applicable reporting period. |
| (2) | Average sales per comparable store is calculated by dividing comparable store trailing three-month sales for the applicable period by the number of comparable stores operating during the period. |
9