Boot Barn Exceeds Q3 Expectations with Strong Sales Growth
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4d ago
0mins
Should l Buy BOOT?
Source: seekingalpha
- Performance Beat: Boot Barn reported Q3 net sales of $705.3 million, reflecting a 16% year-over-year increase that surpassed the $693.75 million estimate, indicating robust performance in both retail and e-commerce sectors.
- 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.
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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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- Performance Beat: Boot Barn reported Q3 net sales of $705.3 million, reflecting a 16% year-over-year increase that surpassed the $693.75 million estimate, indicating robust performance in both retail and e-commerce sectors.
- 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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- Earnings Release Date: Boot Barn is set to announce its Q3 earnings on February 4th after market close, with a consensus EPS estimate of $2.77, reflecting a 14% year-over-year growth, indicating sustained profitability.
- 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.
- Estimate Revision Trends: In the last three months, EPS estimates have seen 13 upward revisions and no downward adjustments, while revenue estimates have experienced 11 upward revisions and one downward, indicating analysts' optimistic outlook on the company's future performance.
See More
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- Growth in Real Estate Investment Trust: Equity LifeStyle Properties reported strong business performance in January, leading analysts to upgrade the stock from neutral to buy, as its age-restricted mobile home portfolio benefits from demographic trends, with steady rent increases contributing to an 8% rise in stock price this year.
- Turning Point for Teledyne: Teledyne exceeded revenue expectations in January, with analysts noting that short-cycle recovery will drive margin expansion, while strong growth in the drone market is anticipated, resulting in a 27% increase in stock price since the beginning of the year.
- Boot Barn's Sustained Growth: Boot Barn continues to show consistent sales momentum, with analysts reiterating a buy rating, arguing that its 21x P/E ratio does not fully reflect its best-in-class growth profile, as third-quarter results aligned with prior expectations, indicating strong market performance.
See More
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- Amazon Downgrade: DA Davidson downgraded Amazon from Buy to Neutral, citing concerns that Amazon Web Services (AWS) is losing market share amid competition from Microsoft and Google, indicating a potential need for increased investment to regain its leading position in the cloud computing sector.
- Merit Medical Initiation: BTIG initiated coverage on Merit Medical with a Buy rating, highlighting its comprehensive product portfolio used across various interventional procedures, which underscores the company's high-quality positioning and growth potential in the medical device market.
- JBS Buy Rating: UBS initiated coverage on Brazilian meat company JBS with a Buy rating and a price target of $19.5 per share, implying a 23% upside, reflecting market confidence in its re-rating and potential stock price appreciation.
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Boot Barn Reports Strong Q3 Earnings and Raises Guidance
- Significant Revenue Growth: Boot Barn 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, reflecting strong performance across major merchandise categories and geographies.
- 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.
See More
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- Qualcomm's Earnings Downgrade: Qualcomm's forecast was downgraded due to a global memory shortage, expecting adjusted earnings between $2.45 and $2.65 per share and revenue of $10.2 billion to $11 billion, significantly below analysts' expectations of $11.11 billion, resulting in an over 8% stock drop.
- Alphabet's Strong Earnings: Alphabet reported fourth-quarter earnings that exceeded expectations, with strong performance in revenue and Google Cloud, while YouTube ad revenue was $11.38 billion, slightly below the anticipated $11.84 billion, leading to a 1% stock increase.
- Boot Barn Raises Guidance: Boot Barn raised its full-year earnings guidance to $7.25 to $7.35 per share, surpassing the consensus estimate of $7.31, which contributed to a 5% increase in its stock price.
- Align Technology's Impressive Results: Align Technology reported fourth-quarter earnings of $3.29 per share, exceeding the LSEG consensus estimate of $2.97, with revenue of $1.05 billion also surpassing expectations, resulting in a stock surge of over 11%.
See More
Boot Barn Exceeds Q3 Expectations with Strong Sales Growth
- Performance Beat: Boot Barn reported Q3 net sales of $705.3 million, reflecting a 16% year-over-year increase that surpassed the $693.75 million estimate, indicating robust performance in both retail and e-commerce sectors.
- 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
Boot Barn Q3 Earnings Announcement Scheduled
- Earnings Release Date: Boot Barn is set to announce its Q3 earnings on February 4th after market close, with a consensus EPS estimate of $2.77, reflecting a 14% year-over-year growth, indicating sustained profitability.
- 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.
- Estimate Revision Trends: In the last three months, EPS estimates have seen 13 upward revisions and no downward adjustments, while revenue estimates have experienced 11 upward revisions and one downward, indicating analysts' optimistic outlook on the company's future performance.
See More
