Boot Barn Holdings, Inc 10-Q for FY2025 Q3

Boot Barn Holdings, Inc. (BOOT)

10-Q 2025-01-31 For: 2024-12-28

Added on April 07, 2026

About this 10-Q

Boot Barn Holdings, Inc filed this 10-Q on January 31, 2025, covering the quarter ended December 28, 2024 (FY2025 Q3).

Headline figures

Quarter ended December 28, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $608.17M; up 16.9% from $520.4M a year earlier
Net income: $75.07M; up 35.0% from net income of $55.62M a year earlier
Diluted EPS: $2.43; up 34.3% from $1.81 a year earlier

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Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.0001 par value	BOOT	New York Stock Exchange


Large accelerated filer ☒	Accelerated filer ☐	Emerging growth company ☐
Non-accelerated filer ☐	Smaller reporting company ☐


		Page

PART I.	FINANCIAL INFORMATION	3

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets as of December 28, 2024 and March 30, 2024	3
	Condensed Consolidated Statements of Operations for the Thirteen and Thirty-Nine weeks Ended December 28, 2024	4
	Condensed Consolidated Statements of Stockholders’ Equity for the Thirteen and Thirty-Nine weeks Ended December 28, 2024	5
	Condensed Consolidated Statements of Cash Flows for the Thirteen and Thirty-Nine weeks Ended December 28, 2024	6
	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosure About Market Risk	29

Item 4.	Controls and Procedures	29

PART II.	OTHER INFORMATION	29

Item 1.	Legal Proceedings	29

Item 1A.	Risk Factors	29

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30

Item 3.	Defaults Upon Senior Securities	30

Item 4.	Mine Safety Disclosures	30

Item 5.	Other Information	30

Item 6.	Exhibits	31

	Signatures	32


	December 28,		March 30,
	2024		2024

Assets
Current assets:
Cash and cash equivalents	$	152,914	$	75,847
Accounts receivable, net		10,239		9,964
Inventories		690,285		599,120
Prepaid expenses and other current assets		45,942		44,718
Total current assets		899,380		729,649
Property and equipment, net		398,157		323,667
Right-of-use assets, net		453,051		390,501
Goodwill		197,502		197,502
Intangible assets, net		58,677		58,697
Other assets		6,252		5,576
Total assets	$	2,013,019	$	1,705,592
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	129,265	$	132,877
Accrued expenses and other current liabilities		209,483		116,477
Short-term lease liabilities		70,302		63,454
Total current liabilities		409,050		312,808
Deferred taxes		37,789		42,033
Long-term lease liabilities		471,148		403,303
Other liabilities		4,460		3,805
Total liabilities		922,447		761,949

Commitments and contingencies (Note 6)

Stockholders’ equity:
Common stock, $0.0001 par value; December 28, 2024 - 100,000 shares authorized, 30,885 shares issued; March 30, 2024 - 100,000 shares authorized, 30,572 shares issued		3		3
Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding		—		—
Additional paid-in capital		243,779		232,636
Retained earnings		866,429		723,026
Less: Common stock held in treasury, at cost, 298 and 228 shares at December 28, 2024 and March 30, 2024, respectively		(19,639)		(12,022)
Total stockholders’ equity		1,090,572		943,643
Total liabilities and stockholders’ equity	$	2,013,019	$	1,705,592


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	December 28,		December 30,		December 28,		December 30,
	2024		2023		2024		2023

Net sales	$	608,170	$	520,399	$	1,457,355	$	1,278,550
Cost of goods sold		369,301		321,292		908,879		803,564
Gross profit		238,869		199,107		548,476		474,986
Selling, general and administrative expenses		139,405		123,960		358,811		315,016
Income from operations		99,464		75,147		189,665		159,970
Interest expense		416		522		1,151		2,008
Other income, net		110		351		1,655		525
Income before income taxes		99,158		74,976		190,169		158,487
Income tax expense		24,092		19,352		46,766		40,930
Net income	$	75,066	$	55,624	$	143,403	$	117,557

Earnings per share:
Basic	$	2.46	$	1.84	$	4.70	$	3.90
Diluted	$	2.43	$	1.81	$	4.64	$	3.84
Weighted average shares outstanding:
Basic		30,559		30,293		30,501		30,117
Diluted		30,898		30,649		30,876		30,575


				Additional
	Common Stock			Paid-In		Retained		Treasury Shares
	Shares	Amount		Capital		Earnings		Shares	Amount		Total


Balance at March 30, 2024	30,572	$	3	$	232,636	$	723,026	(228)	$	(12,022)	$	943,643
Net income	—		—		—		38,909	—		—		38,909
Issuance of common stock related to stock-based compensation	228		—		951		—	—		—		951
Tax withholding for net share settlement	—		—		—		—	(69)		(7,445)		(7,445)
Stock-based compensation expense	—		—		5,764		—	—		—		5,764
Balance at June 29, 2024	30,800	$	3	$	239,351	$	761,935	(297)	$	(19,467)	$	981,822
Net income	—		—		—		29,428	—		—		29,428
Issuance of common stock related to stock-based compensation	24		—		480		—	—		—		480
Tax withholding for net share settlement	—		—		—		—	(1)		(172)		(172)
Stock-based compensation expense	—		—		5,100		—	—		—		5,100
Balance at September 28, 2024	30,824	$	3	$	244,931	$	791,363	(298)	$	(19,639)	$	1,016,658
Net income	—		—		—		75,066	—		—		75,066
Issuance of common stock related to stock-based compensation	61		—		1,518		—	—		—		1,518
Stock-based compensation expense (Note 5)	—		—		(2,670)		—	—		—		(2,670)
Balance at December 28, 2024	30,885	$	3	$	243,779	$	866,429	(298)	$	(19,639)	$	1,090,572

				Additional
	Common Stock			Paid-In		Retained		Treasury Shares
	Shares	Amount		Capital		Earnings		Shares	Amount		Total


Balance at April 1, 2023	30,072	$	3	$	209,964	$	576,030	(192)	$	(9,547)	$	776,450
Net income	—		—		—		34,253	—		—		34,253
Issuance of common stock related to stock-based compensation	123		—		345		—	—		—		345
Tax withholding for net share settlement	—		—		—		—	(34)		(2,305)		(2,305)
Stock-based compensation expense	—		—		4,953		—	—		—		4,953
Balance at July 1, 2023	30,195	$	3	$	215,262	$	610,283	(226)	$	(11,852)	$	813,696
Net income	—		—		—		27,680	—		—		27,680
Issuance of common stock related to stock-based compensation	316		—		8,237		—	—		—		8,237
Tax withholding for net share settlement	—		—		—		—	(1)		(107)		(107)
Stock-based compensation expense	—		—		2,880		—	—		—		2,880
Balance at September 30, 2023	30,511	$	3	$	226,379	$	637,963	(227)	$	(11,959)	$	852,386
Net income	—		—		—		55,624	—		—		55,624
Issuance of common stock related to stock-based compensation	17		—		347		—	—		—		347
Tax withholding for net share settlement	—		—		—		—	—		(8)		(8)
Stock-based compensation expense	—		—		2,596		—	—		—		2,596
Balance at December 30, 2023	30,528	$	3	$	229,322	$	693,587	(227)	$	(11,967)	$	910,945


Customer Loyalty Program
(in thousands)	December 28, 2024		December 30, 2023
Beginning balance as of March 30, 2024 and April 1, 2023, respectively	$	5,050	$	4,145
Year-to-date provisions		15,659		13,970
Year-to-date award redemptions		(13,690)		(12,497)
Ending balance	$	7,019	$	5,618


Gift Card Program
(in thousands)	December 28, 2024		December 30, 2023
Beginning balance as of March 30, 2024 and April 1, 2023, respectively	$	23,649	$	19,855
Year-to-date issued		38,771		34,937
Year-to-date redemptions		(27,535)		(25,786)
Ending balance	$	34,885	$	29,006


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
% of Net Sales	December 28, 2024		December 30, 2023		December 28, 2024		December 30, 2023
Footwear	43	%	43	%	46	%	47	%
Apparel	41	%	40	%	37	%	37	%
Hats, accessories and other	16	%	17	%	17	%	16	%
Total	100	%	100	%	100	%	100	%


	December 28, 2024
	Gross						Weighted
	Carrying		Accumulated				Average
	Amount		Amortization		Net		Useful Life
Customer lists—definite lived	$	345	$	(345)	$	—	5.0
Trademarks—indefinite lived		58,677		—		58,677
Total intangible assets	$	59,022	$	(345)	$	58,677


	March 30, 2024
	Gross						Weighted
	Carrying		Accumulated				Average
	Amount		Amortization		Net		Useful Life
Customer lists—definite lived	$	345	$	(325)	$	20	5.0
Trademarks—indefinite lived		58,677		—		58,677
Total intangible assets	$	59,022	$	(325)	$	58,697


		Grant Date		Weighted
		Weighted		Average	Aggregate
	Stock	Average		Remaining	Intrinsic
	Options	Exercise Price		Contractual Life	Value ⁽¹⁾
				(in years)	(in thousands)
Outstanding at March 30, 2024	340,605	$	40.00
Granted	—		—
Exercised	(122,547)		24.06		$	12,999
Cancelled, forfeited or expired	(86,189)		86.96
Outstanding at December 28, 2024	131,869	$	24.13	4.4	$	17,478
Vested and expected to vest after December 28, 2024	131,869	$	24.13	4.4	$	17,478
Exercisable at December 28, 2024	131,869	$	24.13	4.4	$	17,478


		Weighted-
		Average
		Grant Date
	Shares	Fair Value
Nonvested at March 30, 2024	154,487	$	30.63
Granted	—		—
Vested	(68,298)		10.71
Nonvested shares forfeited	(86,189)		46.41
Nonvested at December 28, 2024	—	$	—


		December 28, 2024		March 30, 2024
	Balance Sheet Classification	(in thousands)		(in thousands)
Assets
Finance lease assets	Right-of-use assets, net	$	7,976	$	8,537
Operating lease assets	Right-of-use assets, net		445,075		381,964
Total lease assets		$	453,051	$	390,501

Liabilities
Current
Finance	Short-term lease liabilities	$	929	$	873
Operating	Short-term lease liabilities		69,373		62,581
Total short-term lease liabilities		$	70,302	$	63,454

Non-Current
Finance	Long-term lease liabilities	$	13,726	$	14,428
Operating	Long-term lease liabilities		457,422		388,875
Total long-term lease liabilities		$	471,148	$	403,303
Total lease liabilities		$	541,450	$	466,757


	Operating Leases		Finance Leases
Fiscal Year	(in thousands)		(in thousands)
2025 (Remainder)	$	11,974	$	381
2026		94,352		1,552
2027		94,170		1,590
2028		83,883		1,629
2029		76,359		1,669
Thereafter		289,459		11,226
Total		650,197		18,047
Less: Imputed interest		(123,402)		(3,392)
Present value of net lease payments	$	526,795	$	14,655


	Thirty-Nine Weeks Ended
	December 28,		December 30,
	2024		2023

Cash flows from operating activities
Net income	$	143,403	$	117,557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		45,801		35,801
Stock-based compensation		8,194		10,429
Amortization of intangible assets		20		41
Noncash lease expense		49,316		40,361
Amortization and write-off of debt issuance fees and debt discount		81		81
Loss on disposal of assets		119		660
Deferred taxes		(4,244)		6,689
Changes in operating assets and liabilities:
Accounts receivable, net		(252)		2,905
Inventories		(91,165)		26,116
Prepaid expenses and other current assets		(1,515)		(5,945)
Other assets		(676)		855
Accounts payable		(3,388)		2,588
Accrued expenses and other current liabilities		80,678		28,476
Other liabilities		655		916
Operating leases		(36,340)		(27,071)
Net cash provided by operating activities	$	190,687	$	240,459
Cash flows from investing activities
Purchases of property and equipment		(108,361)		(91,297)
Proceeds from sale of property and equipment		55		—
Net cash used in investing activities	$	(108,306)	$	(91,297)
Cash flows from financing activities
Payments on line of credit, net		—		(66,043)
Repayments on debt and finance lease obligations		(646)		(655)
Tax withholding payments for net share settlement		(7,617)		(2,420)
Proceeds from the exercise of stock options		2,949		8,929
Net cash used in financing activities	$	(5,314)	$	(60,189)
Net increase in cash and cash equivalents		77,067		88,973
Cash and cash equivalents, beginning of period		75,847		18,193
Cash and cash equivalents, end of period	$	152,914	$	107,166

Supplemental disclosures of cash flow information:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(in thousands)	December 28, 2024		December 30, 2023		December 28, 2024		December 30, 2023
Finance lease cost
Amortization of right-of-use assets	$	187	$	205	$	561	$	618
Interest on lease liabilities		157		167		479		508
Total finance lease cost	$	344	$	372	$	1,040	$	1,126

Operating lease cost	$	23,469	$	18,515	$	67,140	$	53,594
Short-term lease cost		1,301		1,298		2,921		3,138
Variable lease cost		8,176		6,132		23,243		18,266
Total lease cost	$	33,290	$	26,317	$	94,344	$	76,124


	Thirty-Nine Weeks Ended			Thirty-Nine Weeks Ended
Supplemental Cash Flow Information (dollars in thousands)	December 28, 2024			December 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	71,301		$	57,127
Operating cash flows used for finance leases		472			501
Financing cash flows used for finance leases		662			670
	$	72,435		$	58,298
Lease liabilities arising from new right-of-use assets
Operating leases	$	111,866		$	80,498
Finance leases	$	—		$	—

Weighted average remaining lease term (in years)
Operating leases		7.8			8.0
Finance leases		10.7			11.7

Weighted average discount rate
Operating leases		5.1	%		4.9	%
Finance leases		10.9	%		10.9	%


Exhibit No.		Description of Exhibit

10.1		Form of Restricted Stock Award Agreement

31.1		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.

31.2		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.

32.1*		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		Interactive data files from Boot Barn Holdings, Inc.’s Quarterly Report on Form 10-Q for the quarter ended December 28, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Operations; (iii) the Condensed Consolidated Statement of Stockholders’ Equity; (iv) the Condensed Consolidated Statements of Cash Flows and (v) Notes to the Condensed Consolidated Financial Statements.

104		The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended December 28, 2024, formatted in Inline XBRL.


	Boot Barn Holdings, Inc.

Date: January 30, 2025	/s/ John Hazen
	John Hazen
	Interim Chief Executive Officer (Principal Executive Officer)

Date: January 30, 2025	/s/ James M. Watkins
	James M. Watkins
	Chief Financial Officer and Secretary (Principal Financial Officer and Principal Accounting Officer)


Participant:	[_____________________________]
Grant Date:	[_______]
Number of Restricted Stock Units Subject to Award:	[__] Restricted Stock Units
Vesting Schedule:	The Restricted Stock Units shall conditionally vest on the second anniversary of the Grant Date, subject to Participant’s continued employment through such anniversary (the “Vesting Schedule”). However, the Restricted Stock Units may be subject to accelerated vesting in accordance with Section 3 below. Notwithstanding anything herein to the contrary, any vesting references in this Agreement shall be deemed conditional and remain explicitly subject to Participant not being terminated by the Company for Cause (as defined in Section 3 below) at any time. If Participant’s employment is terminated by the Company for Cause, whether before or after the applicable vesting date, the Restricted Stock Units, whether otherwise conditionally vested or unvested, shall immediately terminate.
Issuance Schedule:	The Shares underlying the Restricted Stock Units in which Participant vests in accordance with the Vesting Schedule above or in Section 3 below, shall be issued, subject to the Company’s collection of all applicable income and employment taxes required


	/s/ John Hazen
	John Hazen
	Interim Chief Executive Officer
	(Principal Executive Officer)


	/s/ James M. Watkins
	James M. Watkins
	Chief Financial Officer and Secretary (Principal Financial Officer and Principal Accounting Officer)