Boot Barn Reports Strong Q3 Earnings and Raises Guidance
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3d ago
0mins
Should l Buy BOOT?
Source: seekingalpha
Boot Barn Holdings Inc. saw its stock rise by 8.04% as it reached a 20-day high, reflecting strong investor confidence following its recent earnings report.
The company reported a 16% year-over-year revenue increase to $706 million in Q3, driven by new store openings and a 5.7% same-store sales growth. Additionally, Boot Barn raised its fiscal year sales guidance to a range of $2.24 billion to $2.25 billion, up from the previous forecast, indicating optimism about market demand and solidifying investor confidence in the company's profitability.
This strong performance, coupled with plans to open 15 new stores in Q4, positions Boot Barn favorably in the market, enhancing its growth trajectory and customer base.
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Analyst Views on BOOT
Wall Street analysts forecast BOOT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BOOT is 232.28 USD with a low forecast of 195.00 USD and a high forecast of 282.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
12 Analyst Rating
10 Buy
2 Hold
0 Sell
Strong Buy
Current: 188.480
Low
195.00
Averages
232.28
High
282.00
Current: 188.480
Low
195.00
Averages
232.28
High
282.00
About BOOT
Boot Barn Holdings, Inc. is a lifestyle retailer of western and work-related footwear, apparel, and accessories for men, women and children. The Company carries an assortment of denim, western shirts, cowboy hats, belts and belt buckles, western-style jewelry, and accessories. Its western assortment includes various brands such as Ariat, Cinch, Cody James, Corral, Dan Post, Durango, El Dorado, Idyllwind, Justin, Laredo, Levi’s, Miss Me, Montana Silversmiths, Moonshine Spirit, Resistol, Shyanne, Stetson, Tony Lama, Twisted X, and Wrangler. Its work assortment includes rugged footwear, outerwear, overalls, denim and shirts, including safety-toe boots and flame-resistant and high-visibility clothing. Its e-commerce Websites consist primarily of bootbarn.com, sheplers.com, countryoutfitter.com, and third-party marketplaces, as well as the Boot Barn app. The Company operates approximately 475 stores in 49 states.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- New Store Opening Plans: The company plans to open 15 new stores in Q4, targeting a total of 70 new stores for the fiscal year, with new stores expected to generate approximately $3.2 million in annual sales in their first year, achieving payback in less than two years, thereby strengthening market position.
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- New Store Opening Plans: The company plans to open 15 new stores in Q4, targeting a total of 70 new stores for the fiscal year, with new stores expected to generate approximately $3.2 million in annual sales in their first year, achieving payback in less than two years, thereby strengthening market position.
- E-commerce Sales Growth: Online same-store sales grew by 19.6%, with the successful launch of exclusive brand sites attracting a significant number of new customers, indicating success in the omnichannel strategy and enhancing customer base and market share.
- Margin Improvement: The gross profit margin increased to 39.9%, up 60 basis points year-over-year, and despite pressures from freight and shrink costs, the company plans to raise prices on some exclusive brand products in Q4 to support margin expansion.
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- Sales Outlook Raised: The company has raised its fiscal year sales guidance to a range of $2.24 billion to $2.25 billion, up from the previous forecast of $2.197 billion to $2.235 billion, reflecting optimism about market demand.
- Same-Store Sales Growth: Same-store sales growth is now expected to be between 6.5% and 7.0%, with e-commerce same-store sales projected to grow by 14.5% to 15.0%, showcasing strong momentum in online sales.
- Earnings Per Share Forecast: Boot Barn anticipates earnings per share in the range of $7.25 to $7.35, representing a 5% increase from the midpoint of the previous range, further solidifying investor confidence in the company's profitability.
See More
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- Revenue Expectations: The revenue for Q3 is projected to reach $704.84 million, representing a 15.9% year-over-year increase, which highlights the company's steady sales growth amid strong market demand, further solidifying its market position.
- Performance Beat Record: Over the past year, Boot Barn has beaten EPS estimates 75% of the time and revenue estimates 50% of the time, showcasing the company's financial stability and market confidence.
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