Boot Barn Holdings Inc. (NYSE: BOOT)has confirmed the release date for its Q3 2022 earnings, which will be on Monday, January 24, 2022.
What to look for
Recently the company offered interim Q3 2022 earnings estimates marred by chain constraints. However, the company reported that it expects revenue growth, and the interim results are a combination of current customer growth coupled with enhanced preparation and execution. Interestingly, despite labor challenges and supply chains issues in the retail sector, the company maintained strong inventory and recruited adequate seasonal associates at its stores to boost sales performance.
Earnings: Stockearning’s Estimated EPS is expected to be around $2.27 in Q3 2022. The preliminary results indicated that its EPS would include gains of $0.04 attributed to income tax accounting for share compensation. Historical EPS performance shows that the company has, in the past 12 quarters, beat estimates eight times (66%), met estimates thrice (25%), and missed once (8%).
Revenue: The company expects to announce net sales of $485.9 million, representing an increase of 71% from two years ago. Same-store sales were up 61% relative to the quarter ended December 28, 2019, with an increase of 59.1% for retail same-store sales and 69,3% for e-commerce sales over the same period.
Stock movement: BOOT shares have gained 8.4% since the company released its third-quarter earnings. Interestingly, BOOT shares have been UP 26 times out of the past 40 quarters. So, the historical price reaction suggests a 65% probability of the share price going UP once the company reports its fiscal Q3 2022 earnings. According to the Stockearning algorithm, the predicted first-day move is 8%, while the predicted move on the seventh day is 11%.
What analysts are saying
Piper Sandler investment analysts have boosted BOOT’s Q4 2022 EPS estimates in a research note to investors on Wednesday, January 12, 2022. The research firm's analyst P. Keith expects the company to report earnings of $1.07 per share during the quarter, up from the previous forecast of $0.87. Keith has a Hold rating on the shares with a price target of $101. Also, Piper Sandler issued a prediction for BOOT's Q£ 2022 EPS of $2.14 and Q4 2023 EPS of $1.03, with FY20023 EPS pegged at $5.48 and for fiscal 2024 at $6.18.
Craig-Hallum analyst Jermey Hamblin raised his price target in Boot Barn from $135 to $162 and maintained a Buy rating in the stock after the company offered an “extraordinary” Q3 update with considerable upside on both EPS and sales. The analyst finds the report "particularly impressive" because Boot Barn is one of the retailers whose trends are still growing, with overall sales up an "amazing" 71 percent vs. 2019 figures and December expanding from October/November.
Baird analyst Jonathan Komp raised the price target on BOOT from $125 to $145 but maintained a Hold rating on shares. According to the analyst, they pre-released FQ3 numbers that were significantly better than expected. He expects favorable reports on numerous important topics/initiatives next week, notwithstanding a few basic pushbacks to the tale.
Stephens analyst Rick Nelson also raised his price target on BOOT from $138 from $151 following the company’s preliminary Q3 2022 results ahead of the ICR Conference the coming week. According to Nelson, revenue and EPS topped his and consensus projections, and management emphasized that momentum persisted into the fourth quarter, potentially biasing Street estimates higher. Given the current supply chain and labor disruption in retail, these results are "especially exceptional," according to Nelson, who maintains a Buy rating on Boot Barn shares.
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