Boot Barn, the largest western and work wear retailer, eventually witnessed sales growth in the oil-related models after a long vulnerable time, said Jim Conroy the company’s CEO.
Oil business and products saw a decline over the last two years although the price of oil has increased and oil rig count has returned to a high level, he added. It doesn’t mean there is a growth in oil field; but rather a growth in flame-resistant work attire which is worn in the oil field after a two-year stagnation; the business has become two digits in January, he stated.
Within the last 12 months, U.S. West Texas Intermediate futures have increased about 78%, in 2022 they are over 16%.
Friday saw a tumble in stocks of Boot Barn near $85.69 each: a constant sliding trend since November 18th, when they reached a high of $134.50.
Quite puzzled over the reaction of Wall Street to the third quarter, when Boot Barn’s sales increased 61% year-on-year, 71% in comparison with the same time two years ago, he announced quarterly net earnings of $69.2 million while the figure for the year before stood at $29.6 million. He also declared after this long haul up, we will constantly expand the company.