Cowboy boots.

Boot Barn Holdings missed analyst estimates for sales and earnings even after delivering a jump in sales for the fourth quarter.

Net income for the quarter  came in at $1 million, or 4 cents a diluted share, a drop from $2.6 million, or 10 cents, a year ago. The FactSet estimate was for earnings per share of 9 cents. The adjusted net income was $2.5 million or 9 cents per diluted share.

Net sales for the three months ending March 26 increased 45 percent to $149.5 million from $103.3 million a year earlier. The FactSet estimate was for sales of $150 million. Consolidated same-store sales fell 1.2 percent.

“While the continued impact from low commodities prices on some of our key markets resulted in fourth-quarter performance that was below our expectations, we made further progress toward our long-term targets,” said Boot Barn chief executive officer Jim Conroy. “During the quarter we grew net sales, increased our higher-margin private brand penetration and opened four new Boot Barn stores.”

Gross margins declined to 29.4 percent of net sales for the quarter from last year’s 32.9 percent of net sales. Contributing to the decline was higher shrinkage at the Sheplers business and unfavorable freight costs at the core Boot Barn.

For the full year, the company’s net income was $18.7 million or 69 cents per share versus last year’s 72 cents per share. Net sales for the year increased 41 percent to $569 million. Consolidated same-store sales were flat for the year as they dropped 0.1 percent.

The increase in net sales caused the stock to jump more than 3 percent in after market trading to $5.88. Overall, the stock has fallen 75 percent for the past year as troubles in the oil patch affected business in energy dependent states.

Conroy added, “While the current market environment remains challenging, and it is difficult to predict when external pressures to our business will subside, we believe we have appropriately positioned our merchandise offering, marketing strategy, and inventory levels to manage through this cycle and we continue to appropriately invest in our business for long-term growth and increased value for our shareholders.”

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