2023-05-17 16:46:50 ET
Boot Barn ( NYSE: BOOT ) stock slid by a double-digit percentage after posting a disappointing Q4 print and downbeat forecasts for fiscal year 2024.
The Irvine, California-based western wear retailer reported an 11% jump in sales from the prior year period to $425.7M and $1.51 in adjusted earnings per share for the quarter. The consensus EPS and revenue estimates stood at $1.44 and $441M ahead of the print. Same store sales decreased 5.5% as compared to the prior-year period, led by an over 18% drop in online comparable sales.
“While our e-commerce business faced top-line sales pressure, our stores achieved positive same store sales growth for the year as they cycled a remarkable 57% comp store growth in fiscal 2022,” CEO Jim Conroy said. “Our new store opening efforts continue to pay off as we added 45 new stores, including expansion into five new states.”
The company plans to open 52 new stores in fiscal 2024, aiding a projected sales growth of between 2% and 4% to a range of $1.69B to $1.723B. The guidance range came in well below the $1.8B consensus expectation. Same store sales are expected to drop by approximately 6.5% to 4.5% as compared to 2023.
Gross profit is projected to come in between $613.7M and $629.7M, bolstered by easing freight costs that are anticipated to help drive a 150 basis point gross margin increase. Net income per diluted share of $4.70 to $5.00 are forecast for the year, also well below the $5.80 consensus expectation.
Shares of Boot Barn ( BOOT ) slid 16.34% shortly after the print .
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Boot Barn stock slides over 15% on sales miss, soft guidance