Boot Barn (NYSE:BOOT) Issues Q1 2023 Earnings Guidance

Boot Barn (NYSE:BOOT – Get Rating) issued an update on its first quarter 2023 earnings guidance on Tuesday morning. The company provided EPS guidance of $1.14-$1.14 for the period, compared to the consensus EPS estimate of $1.11. The company issued revenue guidance of $367.00 million-$367.00 million, compared to the consensus revenue estimate of $319.64 million.Boot Barn also updated its FY 2023 guidance to $6.41-$6.41 EPS.

Shares of BOOT traded down $9.18 during mid-day trading on Wednesday, hitting $83.66. 5,734 shares of the company’s stock were exchanged, compared to its average volume of 655,266. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 13.15, a P/E/G ratio of 0.70 and a beta of 2.78. Boot Barn has a fifty-two week low of $69.44 and a fifty-two week high of $134.50. The stock’s 50-day moving average is $94.18 and its 200-day moving average is $102.70.

Boot Barn (NYSE:BOOT – Get Rating) last issued its quarterly earnings results on Tuesday, May 10th. The company reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.15. The business had revenue of $383.31 million for the quarter, compared to analysts’ expectations of $354.02 million. Boot Barn had a net margin of 12.93% and a return on equity of 36.19%. The business’s quarterly revenue was up 48.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.75 earnings per share. As a group, research analysts predict that Boot Barn will post 6.43 EPS for the current fiscal year.

Several brokerages recently weighed in on BOOT. Craig Hallum reduced their target price on shares of Boot Barn from $162.00 to $145.00 in a report on Wednesday, May 11th. Seaport Res Ptn reaffirmed a neutral rating on shares of Boot Barn in a report on Tuesday, January 18th. Zacks Investment Research raised shares of Boot Barn from a hold rating to a buy rating and set a $101.00 target price on the stock in a report on Monday. Robert W. Baird reduced their target price on shares of Boot Barn from $145.00 to $130.00 in a report on Friday, January 28th. Finally, Piper Sandler raised shares of Boot Barn from a neutral rating to an overweight rating and raised their price objective for the stock from $109.00 to $121.00 in a report on Friday, May 6th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus price target of $122.92.

In other news, insider John Hazen sold 2,420 shares of the firm’s stock in a transaction that occurred on Wednesday, March 23rd. The shares were sold at an average price of $99.73, for a total transaction of $241,346.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO James M. Watkins bought 2,500 shares of the stock in a transaction dated Thursday, February 24th. The shares were acquired at an average price of $77.00 per share, for a total transaction of $192,500.00. The disclosure for this purchase can be found here. Company insiders own 0.86% of the company’s stock.

A number of large investors have recently bought and sold shares of BOOT. Morgan Stanley grew its position in Boot Barn by 25.7% in the 2nd quarter. Morgan Stanley now owns 219,259 shares of the company’s stock valued at $18,428,000 after buying an additional 44,800 shares during the last quarter. LPL Financial LLC purchased a new position in Boot Barn in the 3rd quarter valued at $345,000. Barclays PLC grew its position in Boot Barn by 80.9% in the 4th quarter. Barclays PLC now owns 137,179 shares of the company’s stock valued at $16,880,000 after buying an additional 61,342 shares during the last quarter. Guggenheim Capital LLC purchased a new position in Boot Barn in the 4th quarter valued at $300,000. Finally, CIBC World Markets Inc. purchased a new position in Boot Barn in the 4th quarter valued at $221,000.

Boot Barn Company Profile (Get Rating)

Boot Barn Holdings, Inc, a lifestyle retail chain, operates specialty retail stores in the United States. The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids. It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing.

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