Shares of retailer Boot Barn Holdings (NYSE:BOOT) jumped as much as 26.5% in early trading Thursday after the company reported fiscal first-quarter results. But the stock didn't hold those gains and was up only 4.7% at the close of trading.
Sales for the quarter jumped 14.7% to $185.8 million on an 11.1% increase in same-store sales. Net income jumped 43.8% to $9.7 million, or $0.33 per share. Analysts only expected revenue of $180 million and earnings of $0.22 per share, so this was a wide earnings beat.
What really got investors excited was the outlook for the rest of the year. Guidance for full-year comps growth was increased to 6% from 5%, and the earnings guidance range was increased $0.15 to between $1.57 and $1.65 per share.
Demand for Boot Barn's products is clearly booming, and management is capitalizing by adding an expected 25 stores this year. Interestingly, the retail stores -- not online sales -- are driving growth. I guess when people buy boots, they want to try them on first, which is helping this be one of the rare growth retail concepts on the market today.