Boot barnIt is (BOOT 0.74%) fiscal second-quarter results grabbed headlines this week, but the company’s stock was far more affected by changes in its Suite C. By the time the smoke cleared, Boot Barn’s stock price had fallen nearly 21% for the week, according to data compiled by S&P Global Market Intelligence.

Second quarter results released

Monday was the day both news stories were released. Boot Barn’s second quarter figures were actually not bad, with total net sales up 12% to more than $849 million thanks to a nearly 5% increase in same-store sales. Generally Accepted Accounting Principles (GAAP) net income also defied gravity, rising to more than $29 million ($0.95 per share) compared to a profit of nearly $28 million a year ago.

The bottom line was slightly above analysts’ consensus estimate, while profitability fell just below the average projection.

Yet investors’ eyes were diverted to another section of the earnings release. It was Boot Barn’s announcement that its longtime CEO, Jim Conroy, was resigning — and soon. The effective date of his departure is November 24. In what is likely an “offer he can’t refuse,” he accepted an offer to be co-CEO and, soon after, sole CEO of a major discount retailer. Ross Stores.

Some analysts recommend not to be discouraged

It’s never easy for investors to accept the resignation of a long-time executive, especially if the company they led has performed well in the past – as in the case of Boot Barn. They shouldn’t be too encouraged, however, as a group of analysts who follow the stock got more. bullish on the company following the publication of the results.

Several of them have either reiterated their buy ratings on the stock or raised their price targets, with one – Baird – even raising his recommendation to outperform (read: buy) from the previous neutral position.