Boot Barn (NYSE:BOOT) Releases Quarterly Earnings Results, Beats Expectations By $0.60 EPS

Key Points

• Boot Barn beat quarterly expectations: Revenue rose 17.7% year over year to $593.5 million, while EPS reached $2.29 versus the $1.69 consensus estimate. Results benefited from tariff refunds, stronger merchandise margins and expense control.
• The company raised its fiscal 2027 outlook to as much as $2.6 billion in sales and $9.23 in diluted EPS, supported by planned store expansion and strong new-store performance.
• Near-term momentum softened: Same-store sales were approximately flat early in the second quarter, with July below expectations, and shares fell 4.8% after the report despite analysts maintaining a generally positive view.

Boot Barn (NYSE:BOOT - Get Free Report) posted its earnings results on Wednesday. The company reported $2.29 earnings per share for the quarter, beating analysts' consensus estimates of $1.69 by $0.60, FiscalAI reports. The company had revenue of $593.51 million for the quarter, compared to analyst estimates of $583.15 million. Boot Barn had a return on equity of 18.15% and a net margin of 10.02%.The company's revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter last year, the company earned $1.74 earnings per share. Boot Barn updated its FY 2027 guidance to 8.800-9.230 EPS and its Q2 2027 guidance to 1.550-1.650 EPS.

Here are the key takeaways from Boot Barn's conference call:

• First-quarter results exceeded expectations, with sales up 18% to $594 million, same-store sales up 4.7%, and diluted EPS up 32% to $2.29. Results included a $0.38-per-share benefit from tariff refunds and better-than-expected product margins and expense control.
• Boot Barn raised its fiscal 2027 outlook, targeting up to $2.6 billion in sales, 4% same-store sales growth, and diluted EPS of $9.23, up 26%. The company now expects approximately 60 basis points of full-year merchandise-margin expansion excluding tariff refunds.
• Current-quarter momentum moderated, with consolidated same-store sales approximately flat through the first four weeks of the second quarter and July below expectations. Management attributed the weakness primarily to fewer Western music and stadium events, World Cup-related viewing distractions, and difficult comparisons.
• New-store performance remains strong, with 27 locations opened in the quarter and 70 planned for the fiscal year. New stores are projected to generate approximately $3.2 million in average annual revenue with payback in less than two years, supporting the long-term goal of 1,200 U.S. stores.
• The work business continued to accelerate, delivering high-single-digit comparable growth in both work boots and work apparel. Strong third-party work-boot sales may reduce exclusive-brand penetration to flat or slightly down year over year, but management views the mix shift as beneficial for sales and customer acquisition.

Boot Barn Trading Down 4.8%

Shares of NYSE:BOOT traded down $7.59 during mid-day trading on Wednesday, reaching $151.03. The company had a trading volume of 1,180,686 shares, compared to its average volume of 703,891. Boot Barn has a one year low of $133.18 and a one year high of $210.25. The company's 50-day moving average price is $162.68 and its 200-day moving average price is $168.76. The firm has a market cap of $4.58 billion, a price-to-earnings ratio of 20.55, a PEG ratio of 1.09 and a beta of 1.69.

Wall Street Analyst Weigh In

A number of research firms recently commented on BOOT. UBS Group set a $225.00 price target on Boot Barn in a research report on Wednesday, June 17th. TD Cowen reiterated a "buy" rating on shares of Boot Barn in a research note on Wednesday, June 17th. Weiss Ratings downgraded shares of Boot Barn from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 18th. Citigroup reissued a "buy" rating on shares of Boot Barn in a research report on Monday, May 4th. Finally, BTIG Research restated a "buy" rating and set a $235.00 price target on shares of Boot Barn in a report on Monday. Twelve investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $226.92.

Institutional Trading of Boot Barn

Hedge funds have recently made changes to their positions in the company. Cynosure Group LLC grew its stake in shares of Boot Barn by 3.3% during the 4th quarter. Cynosure Group LLC now owns 2,435 shares of the company's stock worth $430,000 after acquiring an additional 78 shares during the period. State of Wisconsin Investment Board lifted its holdings in Boot Barn by 0.3% during the fourth quarter. State of Wisconsin Investment Board now owns 33,374 shares of the company's stock valued at $5,890,000 after purchasing an additional 89 shares during the last quarter. MML Investors Services LLC boosted its position in Boot Barn by 2.2% during the second quarter. MML Investors Services LLC now owns 4,262 shares of the company's stock worth $648,000 after purchasing an additional 93 shares during the period. Maryland State Retirement & Pension System increased its stake in shares of Boot Barn by 2.2% in the fourth quarter. Maryland State Retirement & Pension System now owns 4,490 shares of the company's stock worth $792,000 after purchasing an additional 97 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in shares of Boot Barn by 11.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,032 shares of the company's stock worth $184,000 after purchasing an additional 104 shares in the last quarter.

About Boot Barn

Boot Barn, Inc is a leading specialty retailer focused on western and work-related footwear, apparel and accessories. The company operates full-price and outlet retail stores under the Boot Barn and BootBarn.com brands, offering a wide assortment of cowboy boots, work boots, casual and fashion footwear, western and work apparel, hats, belts and related accessories. In addition to its brick-and-mortar network, Boot Barn maintains an e-commerce platform to serve customers seeking ranch-and-rodeo style clothing and rugged workwear from coast to coast.

Founded in 1978 in Southern California, Boot Barn began as a single store catering to ranchers, farmworkers and western enthusiasts.

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