Over the past six months, Boot Barn’s stock price fell to $157.50. Shareholders have lost 16.8% of their capital, which is disappointing considering the S&P 500 has climbed by 11.7%. This might have investors contemplating their next move.
Following the pullback, is now the time to buy BOOT? Find out in our full research report, it’s free.
Why Does BOOT Stock 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
A retailer’s store count influences how much it can sell and how quickly revenue can grow.
Boot Barn operated 566 locations in the latest quarter. It has opened new stores at a rapid clip over the last two years, averaging 16.1% annual growth, much faster than the broader 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 is an industry measure of whether revenue is growing at existing stores, and it is driven by customer visits (often called traffic) and the average spending per customer (ticket).
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 6.7%.
One Reason to Be Careful:
Fewer Distribution Channels Limit Its Ceiling
With $2.34 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 has huge potential even though it has some open questions. After the recent drawdown, the stock trades at 17.8× forward P/E (or $157.50 per share). Is now the right time to buy? See for yourself in our full research report, it’s free.
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