These Analysts Boost Their Forecasts On Boot Barn After Q4 Results

Boot Barn Holdings, Inc. BOOT posted upbeat earnings for its fourth quarter, but issued soft FY24 forecast on Tuesday.

Boot Barn posted GAAP earnings of 96 cents per share, beating market estimates of 91 cents per share. The company's quarterly sales came in at $388.50 million versus expectations of $384.89 million. Its same store sales fell 5.9% year-over-year last quarter, according to data from Benzinga Pro.

Jim Conroy, president and chief executive officer, commented, “I am pleased with our fourth quarter performance and proud of the efforts of the entire Boot Barn team. We crossed the 400-store milestone prior to year-end and extended the Boot Barn brand to 45 states across the country. In the year, revenue showed modest growth despite experiencing a mid-single digit decline in consolidated same store sales and cycling a 53-week fiscal year. We also grew exclusive brand penetration by 370 basis points which contributed to merchandise margin expansion.”

Boot Barn said it sees FY24 earnings of $4.55 to $4.85 per share, versus estimates of $5.16 per share. It expects total sales of $1.766 billion to $1.8 billion versus expectations of $1.82 billion.

For the first quarter, Boot Barn sees EPS of 94 cents to $1.00, versus estimates of $1.09. The company projects total sales of $399 million to $407 million versus expectations of $398.23 million.

Boot Barn shares gained 0.2% to close at $107.03 on Tuesday.

These analysts made changes to their price targets on Boot Barn after the company reported quarterly results.

• Baird raised the price target on Boot Barn from $90 to $100. Baird analyst Jonathan Komp maintained a Neutral rating.
• Benchmark increased Boot Barn price target from $88 to $110. Benchmark analyst John Lawrence maintained a Buy rating.

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