U.S. Movers: AMC Entertainment, Boot Barn, GameStop, Nextracker

Scott Peters
15 May, 2024
New York City

Meme stocks declined a day after surging in the previous session. 

AMC Entertainment decreased 7.8% to $6.89, and GameStop Corp. plunged 10% to $43.70. 

Nextracker Inc. increased 14.5% to $49.24 after the solar technology company said revenue in the fiscal fourth quarter increased more than expected. 

Revenue in the quarter rose 42% to $737 million from $518.9 million, net income advanced to $223.2 million from $27.5 million, and diluted earnings per share rose to $1.51 from 2 cents a year ago. 

The company estimated fiscal 2025 revenue between $2.8 billion and $2.9 billion, net income between $369 million and $399 million, and diluted earnings per share between $2.41 and $2.61. 

Boot Barn Holdings dropped 6.3% to $100.31 after the western apparel retailer offered a muted annual outlook. 

Net sales fell 8.7% to $388.5 million, and decreased 2.2% when $28.3 million of sales in the 14th week of the prior-year period were excluded. 

Same-store sales declined 5.9% in the first quarter compared to the prior-year period, and same-store sales on a 3-year stack basis rose 55%. 

The 5.9% decrease in consolidated same-store sales is comprised of a 5.7% decrease in retail store sales and a 7.6% decrease in e-commerce.

Net sales declined to $388.5 million from $425.6 million, net income dropped to $29.4 million from $46.4 million, and diluted earnings per share dropped to 96 cents from $1.53 a year ago. 

The company guided fiscal 2025 sales to fall between $1.766 billion and $1.800 billion, representing growth of 5.9% to 8.0% over the prior year.

The retailer estimated net income of $140.2 million to $149.3 million and net income per diluted share of $4.55 to $4.85 based on 30.8 million weighted average diluted shares outstanding.