Here's Why This Analyst Remains Bullish On Boot Barn

  • Benchmark analyst John Lawrence reiterated a Buy rating on Boot Barn Holdings Inc BOOT with a price target of $90.00.
  • The company reported a preliminary Q3 FY23 sales increase of 5.9%.
  • The analyst said the sales were slightly ahead of the forecast, while higher freight expense caused EPS to be $1.74, below the $1.81 estimate.
  • The analyst said that sales were solid, going against a tough comparison from last year, and new stores continue to perform well.
  • Sales exceeded management's plan despite late December storms, cited the analyst. The merchandise margin declined by approximately 190 basis points.
  • RelatedBoot Barn Registers 5.9% Preliminary Sales Growth In Q3
  • Management indicated they could maintain a full-price selling environment during the period, and new stores continued to outperform expectations, the analyst cited.
  • The analyst believes this is an opportune time to review BOOT as comp comparisons get easier from here, and new units are growing at a double-digit growth rate.
  • The analyst specifies this is a positive print as investors were nervous about the tough sales comparison. The analyst remains bullish on the company.
  • Price Action: BOOT shares are trading higher by 7.95% at $66.92 on the last check Monday.
  • Photo Via Company
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