Boot Barn (NYSE:BOOT) Holdings, Inc. BOOT is one of the top retailers in America. This Zacks Rank #1 (Strong Buy) is expected to grow sales 54.4% this year.
Boot Barn is a lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. It operates 281 stores in 36 states, in addition to its e-commerce sites which includes bootbarn.com, sheplers.com and countryoutfitter.com.
Another Big Beat in Fiscal Q2
On Oct 27, Boot Barn reported its fiscal 2022 second quarter results and beat the Zacks Consensus by $0.28. Earnings were $1.22 versus the consensus of $0.94.
This was Boot Barn's 6th consecutive earnings beat in a row.
Boot Barn has grown its online business during the pandemic, but in the quarter, customers came back to the stores in droves.
It was a phenomenal quarter versus last year but also versus the fiscal 2020 pre-pandemic second quarter.
Retail store sales were up 76% versus 2020 and 69% versus 2019. E-commerce sales jumped 40% versus 2020 and were up 57% versus 2019.
Total sales gained 69% year-over-year but were also up 67% versus 2 years ago.
With costs rising, Boot Barn was still able to grow its merchandise margins by 360 basis points primarily due to better full-price selling (aka low promotions) and growth in exclusive brands.
Q3 Preliminary Sales and Holiday Outlook
On Oct 27, Boot Barn gave preliminary 4-week sales numbers for the third quarter.
Its retail sales were up 67% and e-commerce gained 69% versus the pre-pandemic 2019 quarter.
Boot Barn also said it was "optimistic" about the upcoming holiday season.
Analysts Remain Bullish
It was another great quarter and it's not surprising that the analysts remained bullish on Boot Barn for the rest of fiscal 2022.
4 estimates were raised for the full year in the last 30 days, pushing up the Zacks Consensus Estimate to $5.44 from $4.40.
That's earnings growth of 183% as the company made $1.92 last year.
Shares Have Soared in 2021
Boot Barn has been one of the hottest retail stocks this year, and the last 5 years.
Image Source: Zacks Investment Research
Shares are up 182% year-to-date but have seen some weakness over the week of Thanksgiving on the COVID variant scare.
Shares aren't "cheap" with a forward P/E of 23.5.
But it's expected to grow sales 54% this year. You're buying the growth story.
But investors looking for a more attractive entry point into one of the top retailers in the country, should keep Boot Barn on their short list during any pullback.
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Boot Barn Holdings, Inc. (BOOT): Free Stock Analysis Report
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