What: Shares of Boot Barn Holding (NYSE:BOOT) were down 22% as of 11:00 a.m. ET Tuesday after the Western and work apparel retailer announced mixed preliminary fiscal third-quarter 2016 results.

So what: Prelimiary net sales rose 49% year over year to $194 million, a result boosted by new locations but held back by a 2% decline in consolidated same-store sales. By contrast, Boot Barn's previous guidance called for same-store sales to be in the positive low single-digit range. Meanwhile, that should result in adjusted net income per diluted share in the range of $0.43 to $0.44, which is also below Boot Barn's previous guidance for $0.47 to $0.49.

Analysts, on average, were anticipating slightly lower revenue of $192.1 million, but higher earnings of $0.47 per share.

"During the third quarter we faced increasing headwinds due to the softening of local economies dependent on oil and other commodities," explained Boot Barn CEO Jim Conroy, "and a challenging retail environment due to unseasonably warm weather in many of our markets." 

In addition, Boot Barn continued to integrate its recently acquired Shepler's business, and 19 rebranded stores were negative as a result of construction-related disruption.

Now what: That said, Conroy also noted the company was prudent in merchandise management, leaving it well-positioned and enjoying a "strong start" as it enters the fiscal fourth quarter.

For investors today, keep in mind whether that strength proves sustainable will determine whether Boot Barn brings good or bad news when it updates its full fiscal-year guidance and reports actual fiscal third-quarter results early next month. Personally, I'm content watching Boot Barn from the sidelines until we receive more color on its progress at that time.