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Boot Barn (BOOT) Surges 10.4%: Is This an Indication of Further Gains?
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Boot Barn (BOOT - Free Report) shares rallied 10.4% in the last trading session to close at $68.44. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 0.6% loss over the past four weeks.
Shares of Boot Barn gained following the company’s preliminary results for the third quarter of fiscal 2023. The company generated total sales at the upper end of its guidance despite facing late December storms that hurt sales during the highest volume days in the reported quarter. Net sales jumped 5.9% year over year to nearly $514.6 million for the quarter that ended Dec 24, 2022.
This Western apparel and footwear retailer is expected to post quarterly earnings of $1.81 per share in its upcoming report, which represents a year-over-year change of -18.8%. Revenues are expected to be $513.59 million, up 5.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Boot Barn, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BOOT going forward to see if this recent jump can turn into more strength down the road.
Boot Barn is a member of the Zacks Retail - Apparel and Shoes industry. One other stock in the same industry, American Eagle Outfitters (AEO - Free Report) , finished the last trading session 0.6% lower at $14.91. AEO has returned -5.2% over the past month.
For American Eagle, the consensus EPS estimate for the upcoming report has changed -0.5% over the past month to $0.24. This represents a change of -31.4% from what the company reported a year ago. American Eagle currently has a Zacks Rank of #2 (Buy).
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Boot Barn (BOOT) Surges 10.4%: Is This an Indication of Further Gains?
Boot Barn (BOOT - Free Report) shares rallied 10.4% in the last trading session to close at $68.44. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 0.6% loss over the past four weeks.
Shares of Boot Barn gained following the company’s preliminary results for the third quarter of fiscal 2023. The company generated total sales at the upper end of its guidance despite facing late December storms that hurt sales during the highest volume days in the reported quarter. Net sales jumped 5.9% year over year to nearly $514.6 million for the quarter that ended Dec 24, 2022.
This Western apparel and footwear retailer is expected to post quarterly earnings of $1.81 per share in its upcoming report, which represents a year-over-year change of -18.8%. Revenues are expected to be $513.59 million, up 5.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Boot Barn, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BOOT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Boot Barn is a member of the Zacks Retail - Apparel and Shoes industry. One other stock in the same industry, American Eagle Outfitters (AEO - Free Report) , finished the last trading session 0.6% lower at $14.91. AEO has returned -5.2% over the past month.
For American Eagle, the consensus EPS estimate for the upcoming report has changed -0.5% over the past month to $0.24. This represents a change of -31.4% from what the company reported a year ago. American Eagle currently has a Zacks Rank of #2 (Buy).