Shares of Boot Barn Holdings (NYSE: BOOT) were on a downslide in pre-market trading at the time of writing on Thursday after the lifestyle retailer of western and work-related footwear, apparel, and accessories posted net sales of $425.7 million in the fiscal fourth quarter, up by 11% year-over-year and came short of analysts’ estimates of $441.6 million. Same-store sales declined by 5.5% year-over-year.
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In Q4, the company reported adjusted earnings of $1.51 per share, beating analysts’ expectations of $1.44 per share.
Looking forward, Boot Barn expects its sales to decline year-over-year in the range of 2.4% to 0.5% in the first quarter and likely to be between $357 million and $364 million. The retailer projects earnings to be in the range of $0.79 to $0.85 per diluted share.
When it comes to FY24, net sales are anticipated to grow between 2% and 4% year over year to $1.690 billion and $1.723 billion but well below consensus estimates of $1.8 billion. BOOT has projected net earnings in the range of $4.70 to $5 per diluted share for the full year, again falling short of analysts’ expectations of $5.80 per share.
Analysts are cautiously optimistic about BOOT stock with a Moderate Buy consensus rating based on four Buys and two Holds.
