Boot Barn stock tumbles 10% on earnings miss, CEO departure

NEW YORK - Boot Barn Holdings Inc (NYSE:BOOT ) shares plunged over 10% in after-hours trading on Monday after the western wear retailer reported second-quarter earnings that missed estimates and announced its CEO will be stepping down.

The company reported adjusted earnings per share of $0.95 for the quarter ended September 28, falling short of analyst expectations of $0.96. Revenue came in at $425.8 million, slightly above the consensus estimate of $424.5 million and up 13.7% YoY.

Same-store sales increased 4.9% compared to the prior year period, with retail store same-store sales up 4.3% and e-commerce same-store sales rising 10.1%.

In a surprise announcement, Boot Barn said CEO Jim Conroy plans to step down effective November 22 to take the CEO role at Ross Stores Inc (NASDAQ:ROST ). The company named John Hazen, its current Chief Digital Officer, as interim CEO.

"Our fiscal second quarter saw broad-based growth in same store sales, the addition of 15 new stores and a healthy beat to guidance in earnings per diluted share," said Conroy in a statement.

For fiscal 2025, Boot Barn now expects revenue of $1.874 billion to $1.907 billion, representing growth of 12.4% to 14.4% over the prior year. This outlook is roughly in line with analyst estimates of $1.87 billion.

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Source: Investing.com