30 Sep Boot Barn Files for IPO
Boot Barn Holdings Inc., which operates 155 stores in 24 states, has filed for an initial public offering. The company plans to raise up to $86.25 million. The number of shares to be sold and the expected pricing weren’t yet revealed, according to a filing with the Securities & Exchange Commission. The company plans to list on the New York Stock Exchange under the symbol BOOT.
Boot Barn, founded in 1978, focuses on western and work-related footwear, apparel and accessories. Core brands include Ariat, Dan Post, Justin, Levi Strauss, Lucchese, Miss Me, Montana Silversmiths, Resistol and Wrangler. The store base expanded to 155 stores at the end of June from 86 stores as of the end of fiscal year 2012, with 14 new stores resulting from organic growth and 55 new stores resulting from strategic acquisitions.
The company recorded 19 consecutive quarters of positive same store sales growth averaging 11.6 percent per quarter and same store sales growth of 6.7 percent in the 2014 fiscal year. Net sales increased to $345.9 million in 2014 from $168.7 million in 2012, representing a compound annual growth rate of 43.2%. In 2014 there was a net income of $5.7 million which was up from 2012 where there was a net loss of $5.3 million.
The underwriters are J.P. Morgan, Wells Fargo, Piper Jaffray, Baird, and Jeffries.