Boot Barn Inc. announced on Friday that it anticipates its third-quarter per-share profit to exceed previous expectations by at least the high end of the range. Despite this positive forecast, the company predicts sales trends that fall below analysts’ estimates.
The news prompted a 5.6% surge in shares after hours. FactSet forecasts show that the Western-themed retail chain expects its earnings per share to be $1.79, which is higher than the estimated $1.72. Boot Barn forecasts sales of $520.4 million for the period, reflecting a 1.1% increase. However, this falls short of both the company’s own initial projections and the expectations of Wall Street.
Alongside this, the chain foresees a 9.7% decline in same-store sales, differing from earlier estimates of an 8% to 10.5% drop. FactSet forecasts align with Boot Barn’s expectation, predicting a 9.1% decrease.
Despite these sales figures, Chief Executive Jim Conroy highlighted the growth in earnings per share compared to last year. He attributes this success to modest sales growth, strategic promotion management, and effective expense control.
Boot Barn will release its full results for the third quarter on Jan. 31.
