Boot Barn (BOOT) recently reported consolidated same-store sales increased 4.6%, on top of a 6.7% increase in the year ago period. Same-store sales in BOOT’s physical locations returned to positive territory, increasing 1.9%. Investors— and short sellers circling the stock— have reason to question whether the 1.9% physical location SSS number is comparable to prior periods.

In the prior 10-Q, Boot Barn disclosed that when calculating SSS, it may include or exclude stores from its calculation based on a variety of criteria including:

“Stores that are closed for five or fewer days in any fiscal month are included in same store sales;”

In its most recent 10-Q, Boot Barn adds a single word that may be particularly important following pandemic related lockdowns:

“Stores that are closed for five or fewer consecutive days in any fiscal month are included in same store sales;”

The change is especially noteworthy since physical same store sales turned positive in the quarter the change was made. It may simply be a clarification. Or it may be a way to expedite the key metric’s return to positive territory. Dudil has contacted Boot Barn about the matter and will update subscribers when we receive new information.