The underwriters for this event are listed as being J.P. Morgan, Piper Jaffray, Baird, and Jeffries.
Boot Barn was founded in 1978. It has grown through sales and the acquisitions of competing chains. The company is a retail chain that deals in western and work-related footwear, apparel and accessories. It has 155 stores in 24 states as of late June. The company has 176 stores in 28 states as of June 27, 2015, it has over twice as many stores as its nearest direct competitor that sells primarily western and work wear. Boot Barn believes it has the potential to grow its store base to at least 500 domestic locations.
Boot Barn’s product offering is anchored by an extensive selection of western and work boots and is complemented by a wide assortment of coordinating apparel and accessories. The western assortment includes many of the industry’s brands, such as Ariat, Dan Post, Justin, Levi Strauss, Lucchese, Miss Me, Montana Silversmiths, Resistol and Wrangler.
In the filing, the company noted some recent financial highlights:
- 22 consecutive quarters of positive same store sales growth, through March 28, 2015, averaging 10.8% per quarter and same store sales growth of 7.3% in fiscal 2015.
- Store base expansion to 176 stores as of June 27, 2015, with 30 new stores resulting from organic growth and 60 new stores resulting from strategic acquisitions since March 31, 2012.
- Net sales of $402.7 million in fiscal 2015, an increase of $169.5 million since fiscal 2013, representing a compound annual growth rate (CAGR) of 31.4%.
Shares of Boot Barn were down 1.7% at $31.05 on Friday morning. The stock has a consensus analyst price target of $15.00 and a post-IPO trading range of $16.88 to $34.43.
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