Boot Barn Shares Plummet 10% After Earnings Miss and CEO Departure

NEW YORK - Boot Barn Holdings Inc (NYSE:BOOT) shares fell more than 10% in after-hours trading following the company's second-quarter earnings, which fell short of expectations, and the announcement of the CEO's departure.
The company reported adjusted earnings per share of $0.95 for the quarter ending September 28, below analysts' expectations of $0.96. Revenue reached $425.8 million, slightly exceeding the consensus estimate of $424.5 million and representing a 13.7% increase compared to the same period last year.
Same-store sales increased by 4.9% year-over-year. Retail same-store sales rose by 4.3%, while e-commerce same-store sales grew by 10.1%.
In a surprising announcement, Boot Barn revealed that CEO Jim Conroy will leave his position to become CEO of Ross Stores Inc (NASDAQ:ROST), effective November 22. The company appointed its current Digital Director, John Hazen, as interim CEO.
Conroy stated, "We saw broad-based growth in same-store sales, the opening of 15 new stores, and solid performance above guidance in diluted earnings per share during our fiscal second quarter."
Boot Barn projects revenue for fiscal year 2025 to be between $1.874 billion and $1.907 billion, representing a growth rate of 12.4% to 14.4% compared to the previous year. This outlook is broadly in line with analysts' estimates of $1.87 billion.