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Boot Barn drops after posting 3Q net sales narrowly missing estimates

The Irvine, California, retailer posted net sales of $254.01 million, compared with the $254.54 million average estimate of analysts
Several pairs of boots
Same-store sales for Boot Barn rose 9.2%, with double-digit e-commerce growth

Boot Barn Holdings Inc (NYSE:BOOT) dropped Tuesday after reporting third-quarter net sales that narrowly missed the estimates of analysts.

For the 13 weeks ended December 29, the Irvine, California, company posted net sales of $254.01 million, compared with the $254.54 million average estimate of analysts. It reported earnings per share of $0.66, matching the Wall Street consensus.

Shares of Boot Barn fell 2% to $23 in after-hours trading.

READ: Nike runs circles around analyst estimates in its fourth quarter 

Same store sales increased 9.2%, with double-digit growth in e-commerce and high single-digit growth in retail stores, according to Boot Barn.

The company added that it now expects same-stores sales growth of about 10%.and total sales of $186 million to $189 million for the fiscal year ended in March.

“The strategies we have in place have us well-positioned to conclude a very successful fiscal 2019 with a strong fourth quarter performance,”  CEO Jim Conroy said in a statement.

Contact Dennis Fitzgerald at [email protected]

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