Shares of Boot Barn Holdings, Inc. (NYSE:BOOT) soared 17.3% as of 12:40 p.m. EDT Wednesday after the Western wear and work apparel specialist announced strong fiscal fourth-quarter 2018 results.
Noting that this quarter had one less week as compared to the same year-ago period, quarterly net sales climbed 4.8% to $170.8 million, including a 12.1% increase in same-store sales. On the bottom line, that translated to net income of $6.9 million, or $0.24 per share, up from $2.6 million, or $0.10 per share in last year's fiscal fourth quarter.
Analysts, on average, were only looking for earnings of $0.16 per share on revenue of $163.7 million.
Boot barn also pointed out that same-store sales grew in the double-digit percent range for both retail stores and online. Boot Barn CEO Jim Conroy also stated that the company was "very pleased" with its top-line momentum, elaborating that the company's exclusive brands and ability to stick to its full-price selling model were instrumental in boosting merchandise margins.
"I am equally excited about the business in April and May as our double-digit same-store sales growth has continued," Conroy added. "We are looking forward to fiscal 2019 and the opportunities we have to drive profitable growth, reaccelerate store expansion, build out our multi-brand e-commerce strategy, and further develop our exclusive brands."
For the current quarter, Boot Barn expects net income per share of $0.10 to $0.12 -- well above the $0.07 per share most investors were expecting -- with same-store sales growth of 10%.
Finally, for all of fiscal 2019, Boot Barn anticipates opening 23 new locations, generating same-store sales growth in the mid-single-digit percent range, and delivering net income per diluted share of $0.92 to $1.02.
In the end, this was a straightforward quarterly beat followed by a better-than-expected forward outlook. And it's no surprise to see Boot Barn stock rallying in response.