第99.1展示文本
Boot Barn Holdings, Inc. 宣布2025财年第二季度财报 财年2025第二季度财务业绩
财务业绩及首席执行官交接
加利福尼亚州欧文 - 2024年10月28日 - Boot Barn Holdings, Inc.（纽交所：BOOT）（“公司”）今天宣布截至2024年9月28日的第二财季财务业绩。补充财务展示资料可在investor.bootbarn.com获取。
此外，公司宣布Jim Conroy计划于2024年11月22日起辞去公司首席执行官（CEO）和总裁及董事会成员职务，以接任纳斯达克（股票代码：ROST）公司首席执行官的机会。
CEO交接
公司进一步宣布，现任首席数字官约翰·黑泽将于2024年11月22日起担任临时首席执行官。黑泽先生于2018年加入公司，负责电子商务、营销和客户体验。此外，现任董事会主席彼得·斯塔雷特将于2024年11月22日起担任执行主席。康罗伊先生将继续留在公司至2024年11月22日，协助完成有序过渡。
斯塔雷特先生表示：“约翰·黑泽在Boot Barn组织中享有很高的声誉，拥有包括品牌建设、数字化和门店角色在内的多样化背景。他在Boot Barn和加入公司之前都有着增长销售和利润的良好记录。他还在推动Boot Barn的面向客户的技术能力方面发挥了极其重要的作用，包括许多行业领先的人工智能应用。我对他担任临时首席执行官的能力充满信心。就个人而言，我期待在执行主席职位上提供监督和指导，同时董事会在做出关于下一任首席执行官的永久决定之前将进行内部和外部搜索。”
约翰·黑泽发表评论：“我非常荣幸能担任这一职务，对吉姆的开创性领导和坚定支持深表感激。我还要表达最诚挚的感谢给董事会对我的信任，以及对这个不可思议团队中每位成员的付出，让这家公司变得非凡。我们将继续在我们构建的坚实基础上发展，在信心、坚韧和目标的指引下向前迈进。”
斯塔雷特先生补充道：“董事会承认吉姆在担任Boot Barn首席执行官期间所做出的巨大贡献。12年前他接任首席执行官之职时，Boot Barn是数家专门经营西服和工装产品的区域连锁零售商之一。他专注于执行我们的战略计划，带来了零售行业中最杰出的增长故事之一。如今，Boot Barn已成为拥有426家门店的全国连锁企业，并在行业中遥遥领先。我们代表所有Boot Barn伙伴，祝愿吉姆在他的下一个努力中取得持续成功。”
康罗伊先生评论道：“经过12年不可思议的时间，我对这家公司和在我身边一直支持我的非凡人们充满了无限感激。我们共同打造了一种真正特别的东西，我将永远珍惜我们共同创造的成功、挑战和回忆。感谢您的信任、奉献和激情 — 我带着一颗饱满自豪和感激之心离开，对每一个人都充满了感激。”
1
2025财年第二季度财务业绩
截至2024年9月28日的本季度与截至2023年9月30日的本季度相比：
| ● | 净销售额同比增长13.7%，达到42580万美元。 |
| ● | 与去年同期相比，同店销售额增长了4.9%, 包括零售店同店销售增长4.3%和电子商务同店销售增长10.1%。 |
| ● | 净利润为2940万美元，每股稀释后收益为0.95美元，而去年同期为2770万美元，每股稀释后收益为0.90美元。 |
| ● | 公司新增了15家新店，使其总店铺数量达到425家。 |
首席执行官吉姆·康罗伊表示：“我们的财季第二季度在同店销售增长、新增15家新店以及每股稀释收益超出指导预期方面都取得了广泛增长。我们团队出色的执行推动了所有渠道、店铺地理位置和主要商品分类的发展趋势改善，为即将到来的假日季节做好了准备。在接下来一个月的有序过渡期间，我对业务状况感到非常满意，并且对团队在约翰的领导下执行四个战略举措并推动未来销售和收益增长的能力感到自信。”
2024年9月28日结束的第二季度运营成果与2023年9月30日结束的第二季度相比
| ● | 净销售额上涨13.7%，从去年同期的37450万美元增至42580万美元。合并同店销售增长4.9%，其中零售店同店销售增长了4.3%，电子商务同店销售增长了10.1%。净销售额增加是由于新店的增量销售和合并同店销售的增加。 |
| ● | 毛利润为15290万美元，占净销售额的35.9%，而去年同期为13390万美元，占净销售额的35.8%。毛利润主要因销售和商品毛利率提高而增加，部分抵消了新店铺的租赁成本。毛利润率上升10个基点主要是由于商品毛利率提高了70个基点，部分抵消了购买、租金和配送中心成本的60个基点的杠杆效应。商品毛利率提高主要归因于供应链效率的提高，而购买、租金和配送中心成本的杠杆效应主要是由新店铺的租赁成本所驱动。 |
| ● | 销售、一般及管理费用为11290万美元，占净销售额的26.5%，而去年同期为9530万美元，占净销售额的25.5%。与去年同期相比，销售、一般及管理费用增加主要是由于更多店铺的运营与相关开支，以及本年度的奖励基础薪酬、营销费用和法律费用。销售、一般及管理费用占净销售额的比重提高了100个基点，主要是由于本年度奖励基础薪酬、法律费用和营销费用增加，部分抵消了店铺人工开支的降低。 |
| ● | 营业收入增加了140万美元，达到4000万美元，占净销售额的9.4%，而去年同期为3860万美元，占净销售额的10.3%，主要是由于上述因素。 |
| ● | 净利润为2940万美元，每股摊薄盈利为0.95美元，而去年同期净利润为2770万美元，每股摊薄盈利为0.90美元。净利润增加主要归因于上述因素。 |
2
2024年9月28日结束的六个月营运成果与2023年9月30日结束的六个月相比
| ● | 净销售额从前一年同期的75820万美元增加了12.0%，达到84920万美元。综合同店销售增长了3.1%，其中零售店同店销售增长了2.5%，电子商务同店销售增长了8.4%。净销售额的增加主要是由于新店的增量销售和综合同店销售的增加所致。 |
| ● | 毛利润为30960万美元，占净销售的36.5%，较前一年同期的27590万美元，占净销售的36.4%有所增加。毛利润的增加主要是由于销售和商品利润的增加，部分抵消了新店的占用成本。毛利率的增加10个基点主要是由于商品利润率增加了80个基点，部分抵消了买卖、占用和配送中心成本的70个基点的杠杆作用。商品利润率的增加是供应链效率的结果，而买卖、占用和配送中心成本的杠杆作用主要是由新店的占用成本引起的。 |
| ● | Selling, general and administrative expenses were $21940万, or 25.8% of net sales, compared to $19110万, 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 $540万 to $9020万, or 10.6% of net sales, compared to $8480万, or 11.2% of net sales, in the prior-year period, primarily due to the factors noted above. |
| ● | 净利润为$6830万，每股稀释后盈利为$2.21，较前一年同期每股稀释后盈利$6190万，或$2.03相比增加。 净利润增加主要归因于上述因素。 |
渠道销售
以下表格包括所示期间的总净销售增长率、同店销售（SSS）增长/(下降)率和电子商务占净销售的百分比。
|
| 十三周 |
|
| |
| |
| |
|
| 初步的 |
|
| | 结束 | | | 四周 | | 四周 | | 五周 | | | 四周 | |
| | 2024年9月28日 | | | 财政七月 | | 八月财政 | | 九月财政 | | | 十月财政 | |
| | | | | | | | | | | | | |
总净销售增长 |
| 13.7 | % | | 8.8 | % | 14.7 | % | 16.8 | % | | 14.6 | % |
| | | | | | | | | | | | | |
Retail Stores SSS |
| 4.3 | % | | (0.9) | % | 5.3 | % | 7.5 | % | | 4.3 | % |
电子商务 SSS |
| 10.1 | % | | 5.0 | % | 12.1 | % | 12.2 | % | | 12.5 | % |
综合 SSS |
| 4.9 | % | | (0.3) | % | 6.0 | % | 8.0 | % | | 5.1 | % |
| | | | | | | | | | | | | |
电子商务占网路销售总额百分比 |
| 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