Irvine Western-inspired retailer Boot Barn Holdings Inc. (NYSE: BOOT) becomes yet another retailer to report not-so-surprising misses in its recently ended quarter on account of COVID-19.
CEO Jim Conroy noted in a statement Wednesday for the company’s fiscal fourth-quarter and full-year results ended March 28 “business slowed dramatically” once shelter-in-place directives took hold in response to the pandemic.
Same-store sales were off more than 50% during the March quarter’s last two weeks with some improvement seen since then, which Conroy said could have been driven by stimulus check spending.
Boot Barn, with 260 stores, kept most of its doors open during the pandemic, playing up apparel for essential workers. The company currently counts 242 locations open for business on reduced hours.
For the quarter ended in March, Boot Barn saw net sales fall 2.1% to $188.6 million, missing consensus estimates of $198.4 million.
The retailer closed the quarter with net income of $5.7 million, which was down from $8.7 million a year ago. Analysts expected a profit of $7.98 million.
Shares were trading down about 2% after-hours Wednesday for a market value of $635 million.
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