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Boot Barn (BOOT) Announces Preliminary Results for Q3 FY21

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Boot Barn Holdings, Inc. (BOOT - Free Report) reports stellar preliminary results for the third quarter of fiscal 2021. Management cited that quarterly results surpassed expectations, with same-store sales (comps) growth in mid-single digits. In fact, retail-store comps reverted to positive in spite of the ongoing pandemic-induced uncertainties, thus contributing to the overall comps performance. Notably, the company’s e-commerce business also remained sturdy.

Management also stated that merchandise strategies, supply-chain management and disciplined promotional activity contributed to a robust full-price selling and higher merchandise margin.

Encouragingly, this lifestyle retailer of western and work-related footwear, apparel and accessories highlighted that net sales increased 6.5% to nearly $302.3 million for the quarter ended Dec 26, 2020. Moreover, same-store sales grew 4.6% for fiscal third quarter. Same-store sales included retail stores’ same-store sales growth of about 1.9% and e-commerce sales increase of roughly16.3%.

Further, earnings of approximately $1.00 per share, up from 85 cents recorded in the prior-year period, included gains of about 1 cent due to income tax accounting for share-based compensation. Excluding the tax benefit for both periods, earnings per share increased 22.2% to 99 cents, higher than 81 cents registered in the year-ago period.

We note that the aforesaid preliminary results are subjected to the completion of normal quarter-end accounting practices and closing adjustments. Owing to the prevailing pandemic-induced uncertainties, management did not issue outlook for fiscal fourth quarter and fiscal 2021. Nonetheless, Boot Barn said that the fourth quarter kicked off to a solid start, and it remains well poised to end the fiscal year on a good note.



A glimpse of this Zacks Rank #3 (Hold) company’s price performance shows that its shares have skyrocketed 160.2% over the past six months, outshining its industry’s 119.9% rally. The company is benefiting from its strategic endeavors, and is witnessing strength in its business model. Moreover, the work boots category has been performing impressively. Management also remains optimistic about broad-based growth across other categories with strength in denim, hats and Western boots.

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