Why Boot Barn Holdings Stock Plummeted by Nearly 21% This Week

Company Performance - Boot Barn's fiscal second-quarter total net sales increased by 12% to over $849 million, driven by a nearly 5% rise in same-store sales [2] - GAAP net income rose to more than$ 29 million ( $0.95 per share) from the year-ago profit of almost$ 28 million [2] - The top-line result slightly exceeded the consensus analyst estimate, while profitability fell just short of the average projection [3] Leadership Change - Boot Barn's long-serving CEO Jim Conroy announced his departure, effective Nov 24, to join Ross Stores as co-CEO and later sole CEO [4] - The CEO's sudden departure led to a significant 21% drop in Boot Barn's share price over the week [1] Analyst Sentiment - Despite the CEO's resignation, several analysts maintained or upgraded their buy ratings on Boot Barn's stock following the earnings release [5][6] - Baird upgraded its recommendation to outperform (buy) from neutral, reflecting increased bullishness on the company [6]