Over the last six months, Boot Barn shares have sunk to $152.90, producing a disappointing 7.8% loss - worse than the S&P 500’s 1% drop. This might have investors contemplating their next move.
Given the weaker price action, is now a good time to buy BOOT? Find out in our full research report, it’s free.
Why Does Boot Barn Spark Debate?
With a strong store presence in Texas, California, Florida, and Oklahoma, Boot Barn (NYSE: BOOT) is a western-inspired apparel and footwear retailer.
Two Positive Attributes:
1. New Stores Opening at Breakneck Speed
The number of stores a retailer operates is a critical driver of how quickly company-level sales can grow.
Boot Barn sported 514 locations in the latest quarter. Over the last two years, it has opened new stores at a rapid clip by averaging 15.2% annual growth, among the fastest in the consumer retail sector. This gives it a chance to scale into a mid-sized business over time.
When a retailer opens new stores, it usually means it’s investing for growth because demand is greater than supply, especially in areas where consumers may not have a store within reasonable driving distance.
2. Surging Same-Store Sales Show Increasing Demand
Same-store sales show the change in sales for a retailer's e-commerce platform and brick-and-mortar shops that have existed for at least a year. This is a key performance indicator because it measures organic growth.
Boot Barn has been one of the most successful retailers over the last two years thanks to skyrocketing demand within its existing locations. On average, the company has posted exceptional year-on-year same-store sales growth of 4.8%.
One Reason to be Careful:
Fewer Distribution Channels Limit its Ceiling
With $2.17 billion in revenue over the past 12 months, Boot Barn is a small retailer, which sometimes brings disadvantages compared to larger competitors benefiting from economies of scale and negotiating leverage with suppliers. On the bright side, it can grow faster because it has more white space to build new stores.
Final Judgment
Boot Barn’s positive characteristics outweigh the negatives. After the recent drawdown, the stock trades at 19.2× forward P/E (or $152.90 per share). Is now the time to initiate a position? See for yourself in our comprehensive research report, it’s free.
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