Boot Barn Slips As 3Q Profit Misses Analysts’ Estimates

Shares of Boot Barn Holdings fell 2.5% in Monday’s extended trading session after the lifestyle retail chain operator reported lower-than-expected 3Q results.

Boot Barn’s (BOOT) 3Q adjusted earnings of $0.99 per share jumped 22.2% year-over-year but missed analysts’ expectations by a penny.

The company reported net sales of $302.3 million for the quarter, which lagged the Street’s estimates of $303.3 million but increased 6.5% year-over-year. The company’s top-line results mainly benefited from a 4.6% increase in same-store sales and contribution from new and acquired stores over the past 12 months. A 1.9% rise in retail store sales and 16.3% growth in e-commerce sales drove consolidated same-store sales higher. (See BOOT stock analysis on TipRanks)

Ahead of the earnings release, Pivotal Research analyst Mitch Kummetz on Jan. 22 raised the stock’s price target to $56 (6.4% downside potential) from $48 but reiterated a Hold rating.

In a note to investors, Kummetz wrote, “BOOT is a well-managed and well-positioned company, but we think that’s already reflected in the shares at current levels.”

Overall, the rest of the Street is cautiously optimistic on the stock. The Moderate Buy analyst consensus is based on 6 Buys and 5 Holds. The average analyst price target of $55.73 implies downside potential of about 6.8% to current levels. Shares have gained about 41.2% over the past year.

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