Spruce Point Management published a short report on Boot Barn, saying it sees 40% to 50% downside risk to $51.40 – $61.70 per share. Boot Barn is pursuing a “non-sensical large store physical retail expansion strategy in a niche market with a brand identity problem and is losing competitiveness to western competitors and broadline retailers with stronger omnichannel marketing and ecommerce,” the short seller said in a report published on its website. The firm believes the “short-term hype” around western wear from Taylor Swift’s Eras Tour and Beyonce’s Cowboy Carter album “is masking otherwise poor performance.” Shares of Boot Barn are down 4% to $95.52 in premarket trading following the report.
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