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Boot Barn Misses on Earnings

Boot Barn Holdings Inc. on Tuesday after markets closed reported an increase in revenue but fell below Wall Street’s expectation on earnings for the June quarter.

Shares in the Irvine-based western apparel and footwear retailer fell 19% to $27 and a market value of about $697 million in midday trading today.

Boot Barn posted a 16.4% increase in revenue to $96 million for the quarter that ended June 27. That’s up from $82.5 million in the first quarter of fiscal 2015.

The retailer’s net income for the quarter was $2.3 million, or 8 cents per diluted share. Analysts expected 11 cents per diluted share. The chain had income of $1.4 million for the same quarter a year ago.

Boot Barn’s same-store sales, which include e-commerce sales, increased 5.6%. The retailer opened seven new stores and ended the quarter with 176 stores in 28 states.

“Double digit net sales growth was driven by the contribution from new stores as well as our 23rd consecutive quarterly increase in same store sales,” Chief Executive Jim Conroy said in a statement. “We also saw a healthy improvement in merchandise margins year-over-year, achieved growth in adjusted operating income of 23.6% and more than doubled our net income on a pro forma adjusted basis.”

The company expects to open 22 new stores over the next three quarter, with 14 set to open in the next three months. It said it anticipates same store and e-commerce sales growth for the full year in the “low to mid-single digits,” and boosted its outlook on earning to a range of $23.2 million to $24.5 million.

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