Boot Barn Holdings (NYSE:BOOT) shares dropped 14% after the western and workwear retailer slashed its full-year guidance. The company reported EPS of $1.51 on revenue of $425.7 million for its fourth fiscal quarter, missing the average analyst estimate for earnings of $1.46 on revenue of $442.5M. Same-store sales fell 5.5% as retail store same-store sales dropped by 3.3% while e-commerce same-store sales decreased by 18.4%.
For this quarter, the company sees EPS of $0.82 on revenue of $360.5M, missing the consensus for earnings of $1.17 on sales of $388.7M. BOOT slashed full-year guidance so it now expects EPS of $4.85 on revenue in the range of $1.69-1.723B, missing the consensus for earnings of $5.52 per share on sales of $1.67B.
Analysts have lowered their price targets and remain optimistic on the long-term growth potential of the company. Citi analysts slashed the price target by $9 to $84 per share and BofA analysts moved to an $80 per share price target. Despite the near-term demand being soft, analysts remain bullish on BOOT’s potential to take share in the highly fragmented western wear market.