What happened
Shares of Boot Barn (BOOT 2.78%) were up 13.5% as of 12:30 p.m. EST Monday after the western work footwear retailer announced impressive preliminary fiscal third-quarter 2019 results.
More specifically for Boot Barn's third quarter of fiscal 2019, net sales climbed 13% year over year to roughly $254 million, helped by a 9.2% increase in same-store sales. On the bottom line, that translated to net income of $0.66 per diluted share, up from adjusted earnings of $0.46 per share in the same year-ago period. By comparison, Boot Barn's latest guidance (provided in October) called for lower same-store sales growth of 5% to 7% and earnings per share in the range of $0.56 to $0.60.
IMAGE SOURCE: GETTY IMAGES.
So what
The timing of this news was no coincidence, as Boot Barn is set to present at the 2019 ICR Conference in Orlando Florida later today. But the company is right to tout its relative outperformance.
Boot Barn CEO Jim Conroy noted the company saw sales growth "in virtually all major product categories and geographic regions" while simultaneously expanding merchandise margins. He elaborated:
Sales momentum in our retail stores continued as we have now reported seven consecutive quarters of same store sales growth in our stores. We also delivered double-digit growth in e-commerce sales with a healthy increase in margin. The team executed extremely well from a merchandising, marketing and operational perspective, driving strong top line and bottom line growth. While early, I am also quite pleased with current business and a solid start to our fiscal fourth quarter.
Now what
As it stands, Boot Barn is set to release its final third-quarter results and fourth-quarter outlook on Feb. 5, 2019. Given this encouraging update in the meantime, and with the stock trading nearly 40% below its 52-week high as of Friday's close, it's no surprise to see Boot Barn rebounding today.
Check out the latest Boot Barn earnings call transcript.
