Boot Barn CEO Jim Conroy told CNBC on Friday that the western clothing retailer is finally seeing sales strengthen in its oil-related categories after a prolonged period of weakness.

“For at least the last two years, our oil markets and the product that is sold specifically to that customer has been falling even though the price of a barrel of oil has appreciated and the number of rigs has started to rise until recently. bit". Conroy said in an interview on "Mad Money."

“Now we're starting to see growth in the quote unquote oil patch,” he continued. had been negative for two consecutive years, turned positive in double digits in January. We are excited about it. . There seems to be a resurgence in that part of the business.”

Conroy's comments are notable because last year, a Wall Street analyst pointed to Boot Barn's actions as a low-key way to play the recovery of oil prices from pandemic-associated declines.

US West Texas Intermediate futures are up almost 78% in the past 12 months and more than 16% already in 2022, with some analysts expecting the price of crude to rise even higher.

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Shares of Boot Barn fell 9.7% on Friday to close at $85.69 each, continuing a downward trend since hitting a high of $134.50 on Nov. 18.

Conroy said he was a bit "puzzled" by Wall Street's reaction to the quarter during which Boot Barn's total sales rose 61% year-over-year and 71% compared to the same period two years ago. Boot Barn also reported quarterly net income of $69.2 million, up from $29.6 million a year earlier.

"We're in this for the long haul, and we're still a high-growth company," said Conroy, who also noted that the retailer plans to significantly increase its number of stores over the long haul. "The valuation will take care of itself over time."

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