Western wear is bucking the retail slowdown

"Boasting the rodeo-ready title of the largest Western retailer in the United States, Boot Barn beat Wall Street expectations in its quarterly earnings report on Wednesday. The company reported a net sales of $505.4 million, a 18.7% increase from a year prior. Boot Barn's share price has increased by more than 50% over the past 12 months, and is up over 27% year-to-date."

"Boot Barn, which operates nearly 500 stores, said it conducted a market analysis that determined its total addressable market is bigger than previously believed, at an estimated $58 billion. Its TAM was previously thought to be $40 billion. "We now also believe we can operate 1,200 stores across the United States, an increase from our prior estimate of 900, which is more than double our current footprint," CEO John Hazen said. "We are confident in our ability to capitalize on this expanded market opportunity while continuing to deliver strong returns for our stockholders.""

"Hazen said during the call that while the company had seen strength across its main categories of western apparel and boots for men and women, the company's denim segment has become a draw in and of itself. "We really have become more of a denim destination," Hazen said. Western wear has experienced a resurgence in recent years, driven in part by the popularity of the show "Yellowstone" and major pop culture events, like Beyoncé's "Cowboy Carter" album and tour."

Boot Barn reported net sales of $505.4 million, an 18.7% year-over-year increase, and a share-price gain of over 50% in the past 12 months. The retailer operates nearly 500 stores and revised its total addressable market to about $58 billion from a prior $40 billion estimate. The company projects potential to operate around 1,200 U.S. stores, up from a prior 900-store estimate. Sales growth occurred both online and in-store. The denim segment, especially bootcut jeans, has become a prominent driver amid a broader resurgence in western wear tied to cultural influences.

Read at Business Insider