Boot Barn also updated guidance for its fiscal year ending March 29, 2025.
Shares of lifestyle retailer Boot Barn Holdings Inc. ($BOOT), were down 7% down in early morning trade on Tuesday after it announced its chief executive’s departure and second-quarter earnings, which missed Wall Street estimates. Retail sentiment, however, has been upbeat.
Jim Conroy, president and CEO of California-based Boot, is leaving the company to join Ross Stores Inc. ($ROST) as its chief executive, Boot Barns said in a statement. The retailer’s current chief digital officer, John Hazen, has been named interim CEO.
Boot Barn posted earnings per share (EPS) of $0.95, missing consensus estimates of $0.96. Its overall net income was $29.4 million compared to $27.7 million in the same period last year, while its same-store sales rose 4.9% in the same period.
Its quarterly revenue beat estimates by 0.33% at $425.8 million. While its net sales figure was up 13.7% to $425.8 million in the second quarter. On the gross profit side, the company said it benefited from higher merchandise margin rates as a result of supply chain efficiencies.
Retail Sentiment on the stock moved from ‘neutral’ (51/100) three months ago to ‘extremely bullish’ (91/100)
Boot Barn also updated guidance for the next quarter and fiscal 2025. It expects Q3 net income per diluted share to fall between $1.96 and $2.07, based on 31 million outstanding weighted average diluted shares. While its total sales are expected to range between $582 million and $595 million, a 11.8% to 14.3% year-on-year jump.
For fiscal 2025, its net income per diluted share is expected between $5.30 and $5.60, and capital expenditures between $115.0 million and $120.0 million. It also plans to open a total of 60 new stores.
Boot Barn is a retailer of western and work-related footwear. Its stock has more than doubled year-to-date.
