Boot Barn Holdings was slammed in after-hours trading after reporting earnings of 11 cents on revenue of $96 million for its first-quarter fiscal-year 2016. This was in line with analysts’ expectations on earnings per share, but some analysts had expected $104 million in revenue and, as a result, the stock slid 9.5 percent to trade in after hours at $30.

In the first quarter, Boot Barn saw a deceleration of comps in 15 stores in the oil patch areas. Much of it was related to oil areas in North Dakota and flame-resistant clothes. Their softest business was ladies’ apparel. Same-store sales increased 5.6 percent for the quarter. Boot Barn has delivered 23 consecutive quarters of same-store sales growth and averaged same-stores sales growth of 6.6 percent during the last 13 full fiscal years.

Boot Barn recently completed its acquisition of Sheplers, a 116-year-old western lifestyle company with 25 stores for $147 million. Boot Barn has marked down Sheplers’ stock in order to transition to Boot Barn stock. As a result, Boot Barn said it expects that the second quarter will be affected by this transition. Boot Barn gave guidance for the second fiscal quarter in the range of 2 cents to 5 cents per share.

Gross profit was $30.8 million, or 32.1 percent of net sales, higher than last year’s gross profit of $26.9 million. Net sales increased 16.4 percent to $96 million, up from last year’s $82.5 million. Net sales increased with contributions from seven new stores. Boot Barn guided adjusted net income for the fiscal full year to a range of $23.2 million to $24.5 million, higher than the prior outlook range of $21.9 million to $23.1 million.

Boot Barn has 204 stores in 29 states and sells westernwear as well as workwear. Boot Barn expects to open 22 stores, with 14 set to open in the first half of the fiscal year and eight in the second half.

Its top western brands are Dan Post, Justin and Lucchese. Its top workwear brands are Carhartt, Dickies and Wolverine. Boot Barn has partnered with Brad Paisley and expects to partner with more up-and-coming country stars.

Boot Barn stock has had a very good year up to this point, trading up 81 percent to $33.04.

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