Boot Barn Holdings, Inc. Announces Fourth Quarter and Fiscal 2026 Financial Results

Boot Barn Holdings, Inc. Announces Fourth Quarter and Fiscal 2026 Financial Results May 14, 2026 Boot Barn Holdings, Inc. (NYSE: BOOT) (the “Company,” “we,” “us,” and “our””) today announced its financial results for the fourth fiscal quarter and fiscal year ended March 28, 2026. A Supplemental Financial Presentation is available at investor.bootbarn.com. For the quarter ended March 28, 2026 compared to the quarter ended March 29, 2025: Net sales increased 18.7% over the prior-year period to $538.8 million.Same store sales increased 6.1%, with retail store same store sales increasing 5.2% and e-commerce same store sales increasing 14.1%.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. 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% over the prior year to $2.254 billion.Same store sales increased 7.2%, with retail store same store sales increasing 6.2% and e-commerce same store sales increasing 15.3%.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% total sales growth, 80 basis points of merchandise margin expansion, and 25% growth in earnings per diluted share. We opened 80 new stores and generated 7.2% 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% to $538.8 million from $453.7 million in the prior-year period. Consolidated same store sales increased 6.1%, with retail store same store sales increasing 5.2% and e-commerce same store sales increasing 14.1%. 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% of net sales, compared to $168.6 million, or 37.1% 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% of net sales, compared to $118.9 million, or 26.2% 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% of net sales, compared to $49.7 million, or 11.0% 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% effective tax rate, compared to $12.4 million, or a 24.8% 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% to $2.254 billion from $1.911 billion in Fiscal 2025. Consolidated same store sales increased 7.2%, with retail store same store sales increasing 6.2% and e-commerce same store sales increasing 15.3%. 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% of net sales, compared to $717.0 million, or 37.5% 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% of net sales, compared to $477.7 million, or 25.0% 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% of net sales, compared to $239.4 million, or 12.5% of net sales, in Fiscal 2025, primarily due to the factors noted above.Income tax expense was $74.7 million, or a 24.9% effective tax rate, compared to $59.2 million, or a 24.6% 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. Sales by Channel The following table includes total net sales growth, same store sales (“SSS”) growth and e-commerce as a percentage of net sales for the periods indicated below. Preliminary Thirteen Weeks Preliminary Two Weeks Ended Four Weeks Four Weeks Five Weeks Four Weeks Ended March 28, 2026 Fiscal January Fiscal February Fiscal March Fiscal April May 9, 2026 Total Net Sales Growth 18.7 % 21.6 % 20.4 % 15.6 % Retail Stores SSS 5.2 % 5.9 % 6.9 % 3.5 % 3.8 % 5.0 % E-commerce SSS 14.1 % 12.9 % 15.0 % 14.5 % 18.3 % 5.1 % Consolidated SSS 6.1 % 6.7 % 7.7 % 4.5 % 5.0 % 5.0 % 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% 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% to 16% over Fiscal 2026.Consolidated same store sales growth of 2.0% to 4.0%, with retail store same store sales growth of 1.0 % to 3.0% and e-commerce same store sales growth of 11.0% to 13.0%.Merchandise margin between $1.326 billion and $1.349 billion, or approximately 51.4% of sales.Gross profit between $971 million and $994 million, or approximately 37.7% to 37.9% of sales.SG&A expenses between $636 million and $641 million, or approximately 24.7% to 24.4% of sales.Income from operations between $335 million and $353 million, or approximately 13.0% to 13.5% 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%.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% to 16% over the prior-year period.Consolidated same store sales growth of 2.0% to 4.0%, with retail store same store sales growth of 1.0% to 3.0% and e-commerce same store sales growth of 12.0% to 14.0%.Merchandise margin between $295 million and $300 million, or approximately 51.5% of sales.Gross profit between $213 million and $218 million, or approximately 37.1% to 37.3% of sales.SG&A expenses between $147 million and $149 million, or approximately 25.7% to 25.5% of sales.Income from operations between $65 million and $69 million, or approximately 11.4% to 11.9% of sales.Net income per diluted share of $1.62 to $1.71, based on 30.6 million weighted average diluted shares outstanding. Conference Call Information A conference call to discuss the financial results for the fourth fiscal quarter and fiscal year ended March 28, 2026, is scheduled for today, May 14, 2026, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (844) 825-9789. The conference call will also be available to interested parties through a live webcast at investor.bootbarn.com. Please visit the website and select the “Events and Presentations” link at least 15 minutes prior to the start of the call to register and download any necessary software. A Supplemental Financial Presentation is also available on the investor relations section of the Company’s website. A telephone replay of the call will be available until June 14, 2026, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10208791. Please note participants must enter the conference identification number in order to access the replay. About Boot Barn Boot Barn is the nation’s leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. As of the date of this release, Boot Barn operates 552 stores in 49 states. For more information, call 888-Boot-Barn or visit www.bootbarn.com. Forward Looking Statements This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements refer to the Company’s current expectations and projections relating to, by way of example and without limitation, the Company’s financial condition, liquidity, profitability, results of operations, margins, plans, objectives, strategies, future performance, business, and industry. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan“, “intend”, “believe”, “may”, “might”, “will”, “could”, “should”, “can have”, “likely”, “outlook”, and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. These forward-looking statements are based on assumptions that the Company’s management has made in light of their industry experience and on their perceptions of historical trends, current conditions, expected future developments and other factors that they believe are appropriate under the circumstances. As you consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. These risks, uncertainties, and assumptions include, but are not limited to, the following: decreases in consumer spending due to declines in consumer confidence, local economic conditions, or changes in consumer preferences; the impact that import tariffs and other trade restrictions imposed by the U.S. or other countries have had, and may continue to have, on our product costs and changes to U.S. or other countries’ trade policies and tariff and import/export regulations; the Company’s ability to effectively execute on its growth strategy; and the Company’s failure to maintain and enhance its strong brand image, to compete effectively, to maintain good relationships with its key suppliers, and to improve and expand its exclusive product offerings. The Company discusses the foregoing risks and other risks in greater detail under the heading “Risk factors” in the periodic reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, the Company cautions that you should not place undue reliance on any of these forward-looking statements. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict those events or how they may affect the Company. Further, any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company does not intend to update or revise the forward-looking statements in this press release after the date of this press release. Boot Barn Holdings, Inc. Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) March 28, March 29, 2026 2025 Assets Current assets: Cash and cash equivalents $ 141,036 $ 69,770 Accounts receivable, net 15,264 10,263 Inventories 844,637 747,191 Prepaid expenses and other current assets 33,462 36,736 Total current assets 1,034,399 863,960 Property and equipment, net 514,108 422,079 Right-of-use assets, net 638,425 469,461 Goodwill 197,502 197,502 Intangible assets, net 58,981 58,677 Other assets 6,660 6,342 Total assets $ 2,450,075 $ 2,018,021 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 142,126 $ 134,450 Accrued expenses and other current liabilities 159,103 146,038 Short-term lease liabilities 89,743 72,861 Total current liabilities 390,972 353,349 Deferred taxes 51,711 39,317 Long-term lease liabilities 683,737 490,182 Other liabilities 4,999 4,116 Total liabilities 1,131,419 886,964 Stockholders’ equity: Common stock, $0.0001 par value; March 28, 2026 - 100,000 shares authorized, 30,998 shares issued; March 29, 2025 - 100,000 shares authorized, 30,892 shares issued 3 3 Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding — — Additional paid-in capital 263,253 246,725 Retained earnings 1,129,848 903,968 Less: Common stock held in treasury, at cost, 614 and 298 shares at March 28, 2026 and March 29, 2025, respectively (74,448 ) (19,639 ) Total stockholders’ equity 1,318,656 1,131,057 Total liabilities and stockholders’ equity $ 2,450,075 $ 2,018,021 Boot Barn Holdings, Inc. Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Thirteen Weeks Ended Thirteen Weeks Ended Fifty-Two Weeks Ended Fifty-Two Weeks Ended March 28, March 29, March 28, March 29, 2026 2025 2026 2025 Net sales $ 538,753 $ 453,749 $ 2,253,859 $ 1,911,104 Cost of goods sold 343,008 285,187 1,395,504 1,194,066 Gross profit 195,745 168,562 858,355 717,038 Selling, general and administrative expenses 138,524 118,875 559,210 477,686 Income from operations 57,221 49,687 299,145 239,352 Interest expense 346 346 1,527 1,497 Other income, net 749 607 2,971 2,262 Income before income taxes 57,624 49,948 300,589 240,117 Income tax expense 13,184 12,409 74,709 59,175 Net income $ 44,440 $ 37,539 $ 225,880 $ 180,942 Earnings per share: Basic $ 1.46 $ 1.23 $ 7.40 $ 5.93 Diluted $ 1.45 $ 1.22 $ 7.35 $ 5.88 Weighted average shares outstanding: Basic 30,414 30,593 30,505 30,524 Diluted 30,716 30,771 30,735 30,773 Boot Barn Holdings, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Fiscal Year Ended March 28, March 29, March 30, 2026 2025 2024 Cash flows from operating activities Net income $ 225,880 $ 180,942 $ 146,996 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 78,654 62,462 49,531 Stock-based compensation 16,103 10,978 12,935 Amortization of intangible assets — 20 54 Impairment of intangible assets — — 2,000 Noncash lease expense 80,781 66,994 55,148 Amortization and write-off of debt issuance fees 108 108 108 Loss on disposal of property and equipment 492 299 660 Deferred taxes 12,394 (2,716 ) 8,773 Changes in operating assets and liabilities: Accounts receivable, net (4,866 ) (240 ) 3,282 Inventories (97,446 ) (148,071 ) (9,626 ) Prepaid expenses and other current assets 3,166 7,664 3,515 Other assets (318 ) (766 ) 613 Accounts payable 8,159 210 425 Accrued expenses and other current liabilities 19,408 17,989 (6,208 ) Other liabilities 883 311 1,057 Operating leases (38,495 ) (48,644 ) (33,183 ) Net cash provided by operating activities $ 304,903 $ 147,540 $ 236,080 Cash flows from investing activities Purchases of property and equipment $ (178,561 ) $ (148,293 ) $ (118,782 ) Proceeds from sale of property and equipment 60 55 — Net cash used in investing activities $ (178,805 ) $ (148,238 ) $ (118,782 ) Cash flows from financing activities Payments on line of credit - net $ — $ — $ (66,043 ) Repayments on debt and finance lease obligations (948 ) (873 ) (863 ) Repurchases of common stock (50,006 ) — — Tax withholding payments for net share settlement (4,303 ) (7,617 ) (2,475 ) Proceeds from the exercise of stock options 425 3,111 9,737 Net cash used in financing activities $ (54,832 ) $ (5,379 ) $ (59,644 ) Net increase/(decrease) in cash and cash equivalents 71,266 (6,077 ) 57,654 Cash and cash equivalents, beginning of period 69,770 75,847 18,193 Cash and cash equivalents, end of period $ 141,036 $ 69,770 $ 75,847 Supplemental disclosures of cash flow information: Cash paid for income taxes, net of refunds $ 62,034 $ 59,929 $ 57,157 Cash paid for interest $ 1,400 $ 1,381 $ 2,385 Supplemental disclosure of non-cash activities: Unpaid purchases of property and equipment $ 20,551 $ 29,584 $ 17,269 Boot Barn Holdings, Inc. Store Count Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended March 28, December 27, September 27, June 28, March 29, December 28, September 28, June 29, 2026 2025 2025 2025 2025 2024 2024 2024 Store Count (BOP) 514 489 473 459 438 425 411 400 Opened/Acquired 25 25 16 14 21 13 15 11 Closed — — — — — — (1) — Store Count (EOP) 539 514 489 473 459 438 425 411 Boot Barn Holdings, Inc. Selected Store Data Thirteen Weeks Ended March 28, December 27, September 27, June 28, March 29, December 28, September 28, June 29, 2026 2025 2025 2025 2025 2024 2024 2024 Selected Store Data: Same Store Sales growth 6.1 % 5.7 % 8.4 % 9.4 % 6.0 % 8.6 % 4.9 % 1.4 % Stores operating at end of period 539 514 489 473 459 438 425 411 Comparable stores open during period(1) 441 426 411 401 382 374 363 349 Total retail store selling square footage, end of period (in thousands) 6,147 5,810 5,495 5,307 5,133 4,877 4,720 4,547 Average retail store selling square footage, end of period 11,404 11,304 11,238 11,220 11,183 11,134 11,105 11,063 Average sales per comparable store (in thousands)(2) $ 934 $ 1,291 $ 996 $ 1,031 $ 926 $ 1,301 $ 952 $ 980 ____________________________________(1) Comparable stores have been open at least 13 full fiscal months as of the end of the applicable reporting period. (2) Average sales per comparable store is calculated by dividing comparable store trailing three-month sales for the applicable period by the number of comparable stores operating during the period. Included in this calculation are stores opened in recent years that have not yet reached sales maturity. Source: Boot Barn