Boot Barn Holdings, Inc. reported earnings in the fiscal fourth quarter ended March 28 grew 18.4 percent as sales grew 18.7 percent, with same-store sales up 6.1 percent. Earnings came in at the high end of company guidance and the western retailer predicted growth in the range of 14 percent to 16 percent for the current fiscal year.

For the quarter ended March 28, 2026 compared to the quarter ended March 29, 2025:

  • Net sales increased 18.7 percent over the prior-year period to $538.8 million.
  • Same store sales increased 6.1 percent, with retail store same store sales increasing 5.2 percent and e-commerce same store sales increasing 14.1 percent.
  • Net income was $44.4 million, or $1.45 per diluted share, compared to $37.5 million, or $1.22 per diluted share, in the prior-year period.
  • The company opened 25 new stores, bringing its total store count to 539 as of the quarter end.

Company guidance had called for sales in the range of $525 million to $535 million and EPS between $1.35 to $1.45.

For the fiscal year ended March 28, 2026 (“Fiscal 2026”) compared to the fiscal year ended March 29, 2025 (“Fiscal 2025”):

  • Net sales increased 17.9 percent over the prior year to $2.254 billion.
  • Same store sales increased 7.2 percent, with retail store same store sales increasing 6.2 percent and e-commerce same store sales increasing 15.3 percent.
  • Net income was $225.9 million, or $7.35 per diluted share, compared to $180.9 million, or $5.88 per diluted share, in Fiscal 2025.
  • The company opened 80 new stores, bringing its total store count to 539 as of the fiscal year end.

John Hazen, chief executive officer, commented, “I am very proud of our performance in Fiscal 2026, which marked a record year for Boot Barn and reflects the strength of our business and the dedication of our team. We delivered strong results across key metrics, including 18 percent total sales growth, 80 basis points of merchandise margin expansion, and 25 percent growth in earnings per diluted share. We opened 80 new stores and generated 7.2 percent same store sales growth. The broad-based strength across merchandise categories, channels, and geographic regions underscores the strong appeal of the brand and the disciplined execution of our strategic initiatives. Looking ahead, I believe Boot Barn is well positioned to build on this foundation, and I remain confident in our ability to drive continued growth and deliver long-term value for our shareholders.”

Operating Results for the Fourth Quarter Ended March 28, 2026 Compared to the Fourth Quarter Ended March 29, 2025

  • Net sales increased 18.7 percent to $538.8 million from $453.7 million in the prior-year period. Consolidated same store sales increased 6.1 percent, with retail store same store sales increasing 5.2 percent and e-commerce same store sales increasing 14.1 percent. The increase in net sales was the result of incremental sales from new stores and the increase in consolidated same store sales.
  • Gross profit was $195.7 million, or 36.3 percent of net sales, compared to $168.6 million, or 37.1 percent of net sales, in the prior-year period. The increase in gross profit was primarily due to an increase in sales, partially offset by the occupancy costs of new stores. The 80 basis-point decrease in gross profit rate was driven primarily by 50 basis points of deleverage in buying, occupancy and distribution center costs and a 30 basis-point decrease in merchandise margin rate. The deleverage in buying, occupancy and distribution center costs was primarily driven by the occupancy costs of new stores. The decrease in merchandise margin rate was primarily the result of cycling low shrink and low freight expense in the prior-year period, partially offset by better buying economies of scale and growth in exclusive brand penetration in the current-year period.
  • Selling, general and administrative (“SG&A”) expenses were $138.5 million, or 25.7 percent of net sales, compared to $118.9 million, or 26.2 percent of net sales, in the prior-year period. The increase in SG&A expenses compared to the prior-year period was primarily the result of higher store payroll and store-related expenses associated with operating more stores and marketing expenses in the current-year period. SG&A expenses as a percentage of net sales leveraged by 50 basis points primarily as a result of lower corporate general and administrative expenses in the current-year period.
  • Income from operations increased $7.5 million to $57.2 million, or 10.6 percent of net sales, compared to $49.7 million, or 11.0 percent of net sales, in the prior-year period, primarily due to the factors noted above.
  • Income tax expense was $13.2 million, or a 22.9 percent effective tax rate, compared to $12.4 million, or a 24.8 percent effective tax rate, in the prior-year period. The decrease in the effective tax rate was primarily due to discrete tax benefits recorded in the current-year period, including return-to-provision adjustments, updates to state apportionment factors, and the effects of tax law changes enacted in the current-year period.
  • Net income was $44.4 million, or $1.45 per diluted share, compared to $37.5 million, or $1.22 per diluted share, in the prior-year period. The increase in net income was primarily attributable to the factors noted above.

Operating Results for the Fiscal 2026 Compared to Fiscal 2025

  • Net sales increased 17.9 percent to $2.254 billion from $1.911 billion in Fiscal 2025. Consolidated same store sales increased 7.2 percent, with retail store same store sales increasing 6.2 percent and e-commerce same store sales increasing 15.3 percent. The increase in net sales was the result of incremental sales from new stores and the increase in consolidated same store sales.
  • Gross profit was $858.4 million, or 38.1 percent of net sales, compared to $717.0 million, or 37.5 percent of net sales, in Fiscal 2025. The increase in gross profit was primarily due to an increase in sales and merchandise margin, partially offset by the occupancy costs of new stores. The increase in gross profit rate was driven primarily by an 80 basis-point increase in merchandise margin rate, partially offset by 20 basis points of deleverage in buying, occupancy and distribution center costs. The increase in merchandise margin rate was primarily the result of better buying economies of scale, growth in exclusive brand penetration, and supply chain efficiencies. The deleverage in buying, occupancy and distribution center costs was driven by the occupancy costs of new stores.
  • SG&A expenses were $559.2 million, or 24.8 percent of net sales, compared to $477.7 million, or 25.0 percent of net sales, in the prior year. The increase in SG&A expenses compared to Fiscal 2025 was primarily the result of higher store payroll and store-related expenses associated with operating more stores, marketing expenses, and corporate general and administrative expenses in Fiscal 2026. SG&A expenses as a percentage of net sales leveraged by 20 basis points primarily as a result of lower corporate general and administrative expenses in Fiscal 2026. Included in Fiscal 2025 is a net benefit of $6.7 million related to the company’s former Chief Executive Officer’s (“CEO”) resignation. Excluding this benefit in the prior year, SG&A expenses as a percentage of net sales leveraged by 50 basis points.
  • Income from operations increased $59.8 million to $299.1 million, or 13.3 percent of net sales, compared to $239.4 million, or 12.5 percent of net sales, in Fiscal 2025, primarily due to the factors noted above.
  • Income tax expense was $74.7 million, or a 24.9 percent effective tax rate, compared to $59.2 million, or a 24.6 percent effective tax rate, in Fiscal 2025. The increase in the effective tax rate was primarily due to a decrease in excess tax benefits on stock-based compensation.
  • Net income was $225.9 million, or $7.35 per diluted share, compared to $180.9 million, or $5.88 per diluted share, in Fiscal 2025. Included in net income per diluted share in Fiscal 2025 is a net benefit of $6.7 million, or $0.22 per share, related to the company’s former Chief Executive Officer’s resignation. The increase in net income was primarily attributable to the factors noted above.

Balance Sheet Highlights as of March 28, 2026

  • Cash of $141 million.
  • The company repurchased 68,472 and 286,504 shares of its common stock during the thirteen and fifty-two weeks ended March 28, 2026, respectively, for an aggregate purchase price of $12.5 million and $50.0 million, respectively, under its $200 million authorized repurchase program.
  • Average inventory per store decreased approximately 0.6 percent on a same-store basis compared to Fiscal 2025.
  • Zero drawn under the $250 million revolving credit facility.

Fiscal Year 2027 Outlook

The company is providing guidance for what it can reasonably expect at this time. For the fiscal year ending March 27, 2027 the company expects:

  • To open 70 stores, in addition to 10 stores that were accelerated and opened in the fourth quarter of Fiscal 2026.
  • Total sales of $2.578 billion to $ 2.623 billion, representing growth of 14 percent to 16 percent over Fiscal 2026.
  • Consolidated same store sales growth of 2.0 percent to 4.0 percent, with retail store same store sales growth of 1.0 percent to 3.0 percent and e-commerce same store sales growth of 11.0 percent to 13.0 percent.
  • Merchandise margin between $1.326 billion and $1.349 billion, or approximately 51.4 percent of sales.
  • Gross profit between $971 million and $994 million, or approximately 37.7 percent to 37.9 percent of sales.
  • SG&A expenses between $636 million and $641 million, or approximately 24.7 percent to 24.4 percent of sales.
  • Income from operations between $335 million and $353 million, or approximately 13.0 percent to 13.5 percent of sales.
  • Net income of $251.1 million to $264.5 million.
  • Net income per diluted share of $8.21 to $8.64, based on 30.6 million weighted average diluted shares outstanding.
  • Effective tax rate of 25.7 percent.
  • Capital expenditures between $125 million and $130 million, which is net of estimated landlord tenant allowances of $47.6 million.

For the first fiscal quarter ending June 27, 2026, the company expects:

  • Total sales of $574 million to $584 million, representing growth of 14 percent to 16 percent over the prior-year period.
  • Consolidated same store sales growth of 2.0 percent to 4.0 percent, with retail store same store sales growth of 1.0 percent to 3.0 percent and e-commerce same store sales growth of 12.0 percent to 14.0 percent.
  • Merchandise margin between $295 million and $300 million, or approximately 51.5 percent of sales.
  • Gross profit between $213 million and $218 million, or approximately 37.1 percent to 37.3 percent of sales.
  • SG&A expenses between $147 million and $149 million, or approximately 25.7 percent to 25.5 percent of sales.
  • Income from operations between $65 million and $69 million, or approximately 11.4 percent to 11.9 percent of sales.
  • Net income per diluted share of $1.62 to $1.71, based on 30.6 million weighted average diluted shares outstanding.

Image courtesy Boot Barn