Boot Barn Slumps on Q3 Earnings

Boot Barn Holdings Inc (NYSE:BOOT) reported preliminary Q3 earnings of $0.85 per share on sales of $284 million. Analysts projected earnings of $0.85 per share on sales of $280.58 million.

The firm, based out of Irvine, Calif., reported net sales increased 11.8% to approximately $284 million.

Same store sales increased approximately 6.7%, including an increase in retail store same store sales of approximately 5.7% and an increase in e-commerce sales of approximately 11.0%.

This compares with third quarter guidance of 5.0%. Same store sales increased approximately 6.0% for the combined fiscal November and December period.

As mentioned, net income per diluted share of approximately $0.85 based on 29.4 million weighted average diluted shares outstanding. This compares to third quarter guidance of $0.73 to $0.77 per share.

Net income per diluted share in the current-year period includes an approximately $0.04 per share benefit due to income tax accounting for share-based compensation. Excluding the tax benefit, net income per diluted share in the current-year period grew 23% to $0.81, compared to $0.66 in the prior-year period.

CEO Jim Conroy remarked, “Our strong third quarter performance highlights the ongoing momentum in the business. Same store sales grew 6.7% on top of 9.2% in the year ago period, fueled by growth in virtually all major product categories and geographic regions.

“From a channel perspective, retail same store sales increased mid-single digits, marking the 11th consecutive quarter of positive comp store gains while e-commerce sales accelerated to double-digit growth.”

BOOT shares fell $1.90, or 4.2%, to $43.92

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