Boot Barn shares up 6% after same-store sales exceed expectations
Boot Barn Holdings Inc. stock is up nearly 6% in Wednesday trading after the shoe retailer reported fiscal third-quarter same-store sales that beat expectations. Net income totaled $19.0 million, or 66 cents per share, down from $20.1 million, or 73 cents per share, last year. Sales totaled $254.0 million, up from $224.7 million last year. Same-store sales rose 9.2% for the period. The FactSet consensus was for EPS of 66 cents, sales of $255 million, and same-store sales growth of 8.7%. Boot Barn expects same-store sales growth of 5% to 7% in the fourth quarter, sales of $186 million to $189 million, and EPS of 25 cents to 27 cents. FactSet expects same-store sales growth of 6.6%, sales if $189.1 million, and EPS of 27 cents. Cowen analysts say the major takeaways from the quarter include strong margins driven by "promotional control" and expansion of its private brands. Cowen rates Boot Barn stock outperform with a $33 price target. Boot Barn shares are up nearly 33% over the past year while the S&P 500 index has gained 1.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.