BOOT - Here's Why Boot Barn Stock Jumped Higher Today
2024-02-01 13:48:13 ET
Shares of Western-style apparel retailer Boot Barn (NYSE: BOOT) jumped higher on Thursday after the company reported results for its fiscal third quarter of 2024. As of 12:50 p.m. ET, Boot Barn stock was up about 11%.
On one hand, financial results for Boot Barn aren't great. During the quarter ended in December, same-store sales dropped a discouraging 9.7% year over year. And for fiscal 2024 as a whole, management expects same-store sales to decline by up to 7%. Granted, sales have soared in recent years so it's a tough comparison. But the pullback is discouraging nonetheless.
On the other hand, Boot Barn's profits are really strong. The company's Q3 gross profit margin improved to 38.3% compared with 36.5% in the prior-year period. Moreover, its operating income was up slightly to $75.1 million, which is a healthy margin of 14.4%.
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Here's Why Boot Barn Stock Jumped Higher Today