Baird sees ‘reason for caution’ based on slower Boot Barn indicators

Baird says the firm’s checks indicated that following signs of strength in June and early July, total traffic indications for Boot Barn softened late in July and have remained volatile during August, with the first three weeks of the month tracking “solidly below July overall.” While total retail industry retail sales and foot traffic indicators “remain choppy so far during July-August,” the firm highlights the slower real-time indicators for Boot Barn as “suggesting some reason for caution,” the analyst tells investors. While Boot Barn still may be tracking to reach “conservative” guidance, sustained softer performance, especially following recent insider stock sales, could pressure near-term sentiment, added the analyst, who makes no change to the firm’s Neutral rating and $100 price target on the shares.