Boot Barn stock down more than 15% after mixed quarter, same-store sales drop

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Boot Barn Holdings Inc. shares dropped more than 15% in the extended session Wednesday after the retailer reported a mixed fourth quarter and its same-store sales dropped more than expected.

Boot Barn

earned $46.4 million, or $1.53 a share, in the quarter, compared with $44.7 million, or $1.47 a share, in the prior-year period.

Adjusted for one-time items, the company earned $1.51 a share. Sales rose 11% to $425.7 million, the company said.

Analysts polled by FactSet expected adjusted earnings of $1.44 a share on sales of $441 million. Same-store sales fell 5.5%, Boot Barn said. The analysts surveyed by FactSet expected a drop in same-store sales around 2%.

Boot Barn guided for fiscal 2024 sales between $1.690 billion and $1.723 billion, which would be growth of 2% to 4% over fiscal 2023. It called for a same-store sales drop of between 6.5% and 4.5%.

The sales outlook for the fiscal year would be below Wall Street estimates as well. FactSet consensus calls for fiscal 2024 sales of $1.8 billion.

Shares of Boot Barn have dropped 19% in the past 12 months, contrasting with gains of nearly 2% for the S&P 500 index

in the same period.

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