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The Stock Of Boot Barn Drops 16% After A Mixed Quarter And Same-Store Sales Decline

May 18, 2023
minute read

Boot Barn Holdings Inc. experienced a significant decline of 16% in its shares during the extended trading session on Wednesday, subsequent to the release of its mixed fourth-quarter results and a larger-than-expected decrease in same-store sales.

During the quarter, Boot Barn achieved earnings of $46.4 million, equivalent to $1.53 per share, compared to $44.7 million, or $1.47 per share, in the corresponding period of the previous year. Adjusting for one-time items, the company's earnings amounted to $1.51 per share. Meanwhile, the company reported a sales increase of 11% to reach $425.7 million.

According to analysts surveyed by FactSet, the market consensus for Boot Barn's adjusted earnings was $1.44 per share, with an anticipated sales figure of $441 million. However, the company's same-store sales experienced a decline of 5.5%, exceeding the projected drop of approximately 2% as forecasted by the surveyed analysts.

For the fiscal year 2024, Boot Barn provided sales guidance in the range of $1.690 billion to $1.723 billion, indicating a growth rate of 2% to 4% compared to fiscal 2023. The company also projected a decline in same-store sales between 6.5% and 4.5%. It is important to note that Boot Barn's sales outlook for the fiscal year falls below the expectations of Wall Street analysts, with the FactSet consensus estimating sales of $1.8 billion for fiscal 2024.

Over the past 12 months, shares of Boot Barn have experienced a decline of 19%, in stark contrast to the approximately 2% gains achieved by the S&P 500 index during the same period.

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