Shares for Boot Barn Holdings were down more than 12 percent shortly after markets closed on Wednesday, following a sales miss for the Western apparel and footwear retailer.
In the fourth quarter of fiscal 2023, Boot Barn reported net sales of $425.7 million, an increase of 11 percent over the same time last year, but short of the company’s expected sales target between $438 million and $448 million, for growth of between 14.4 percent and 17 percent. Net income was $46.4 million in the quarter compared with $44.7 million in the prior year. Diluted earnings per share were $1.53, ahead of expectations outlined by the company.
Looking ahead, Boot Barn expects to open 52 new stores in fiscal year 2024 and achieve total sales of between $1.69 billion and $1.72 billion, which would represent growth of between 2 percent and 4 percent over the prior year. Boot Barn also expects to grow the penetration of its exclusive brands by 400 basis points.
In Q1, Boot Barn expects sales to drop between 2.4 percent and 0.5 percent to total between $357 million to $364 million. Net income per diluted share is expected to be between 79 cents and 85 cents.