Lifestyle retailer Boot Barn's preliminary Q3 revenue rises on store expansion

Overview

• Lifestyle retailer's preliminary Q3 revenue slightly beat analyst expectations, growing 16% yr/yr

• Same store sales grew 5.7%, driven by strong performance in western boots and apparel

• Company opened 25 new stores, bringing total to 514

Outlook

• Company sees strong sales momentum continuing into early January

Result Drivers

• SAME STORE SALES GROWTH - Same store sales increased 5.7%, with e-commerce sales up 19.6%, driven by strong performance in western boots and denim

• MERCHANDISE MARGIN INCREASE - Merchandise margin rose 110 basis points due to buying economies of scale, supply chain efficiencies, and exclusive brand growth

• STORE EXPANSION - Opened 25 new stores in Q3, bringing total to 514, contributing to sales growth

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the apparel & accessories retailers peer group is "buy"

• Wall Street's median 12-month price target for Boot Barn Holdings Inc is $225.50, about 15.2% above its January 9 closing price of $195.67

• The stock recently traded at 25 times the next 12-month earnings vs. a P/E of 23 three months ago

Press Release: ID:nBwc5N3sTa

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