Boot Barn Holdings Inc (BOOT)

Boot Barn Holdings Inc (BOOT) stock dropped by 6.03% due to the release of preliminary results for the third quarter of fiscal 2024. Here are the key points from the preliminary outcome:

• Net Sales: BOOT expects a modest increase in net sales, with a 1.1% rise to $520.4 million. However, this fell short of the company's initial sales forecast of $522-$535 million.
• Same-Store Sales: The company reported a 9.7% decrease in same-store sales for the quarter, compared to a *3.6% decrease in the same quarter the previous year. This decline was attributed to lower retail store and e-commerce sales.
• Earnings Per Share (EPS): BOOT anticipates an EPS of at least $1.79 for the third quarter, up from $1.74 in the same period in the previous fiscal year. The positive EPS performance was driven by expense control and disciplined promotions. Investor sentiment may have influenced the stock's decline, as the preliminary results fell short of initial sales expectations.

BOOT's stock fell 10.74% due to their disappointing results in fourth-quarter earnings report, as it missed estimates on the top line and offered weak guidance. Same-store sales in the fourth quarter fell 5.5% but revenue still rose 11% thanks to new store growth. The company's revenue reached $425.7 million, which missed the analyst consensus at $441.2 million. Gross margin fell 220 basis points to 36.6% due in part to higher freight expense and deleveraging from the decline in comparable sales.

https://www.nasdaq.com/articles/why-boot-barn-holdings-stock-was-sliding-today