Boot Barn Holdings, Inc. Announces First Quarter Fiscal Year 2027 Financial Results

Boot Barn Holdings, Inc. Announces First Quarter Fiscal Year 2027 Financial Results July 29, 2026 Boot Barn Holdings, Inc. (NYSE: BOOT) (the “Company,” “we,” “us,” and “our”) today announced its financial results for the first fiscal quarter ended June 27, 2026. A Supplemental Financial Presentation is available at investor.bootbarn.com. For the quarter ended June 27, 2026 compared to the quarter ended June 28, 2025: Net sales increased 17.7% to $593.5 million.Same store sales increased 4.7%, with retail store same store sales increasing 3.8% and e-commerce same store sales increasing 13.4%.Tariff refunds of $14.7 million were recognized in cost of goods sold during the current-year period.Net income was $70.1 million, or $2.29 per diluted share, compared to $53.4 million, or $1.74 per diluted share, in the prior-year period.Included in net income per diluted share is an estimated $0.38 per share benefit from tariff refunds.The Company opened 27 new stores, bringing its total store count to 566 as of the quarter end. John Hazen, Chief Executive Officer, commented, “We are pleased with our strong start to fiscal 2027, as first quarter results exceeded our expectations and reflected broad-based strength across the business. Our team continues to execute at a high level, delivering solid same store sales growth, expanding margin, and opening new stores that continue to perform above our expectations.” Mr. Hazen continued, “Exiting our first quarter, fiscal July sales moderated given the more challenging year-over-year comparisons. While July's sales came in slightly below our expectations, we believe the shortfall primarily reflected the impact of seasonal events and concerts on our business during a lower-volume month. We remain confident in our outlook for the balance of the fiscal year and believe our four strategic initiatives continue to strengthen our competitive position and support long-term profitable growth.” Operating Results for the First Quarter Ended June 27, 2026 Compared to the First Quarter Ended June 28, 2025 Net sales increased 17.7% to $593.5 million from $504.1 million in the prior-year period. Consolidated same store sales increased 4.7%, with retail store same store sales increasing 3.8% and e-commerce same store sales increasing 13.4%. 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 $239.9 million, or 40.4% of net sales, compared to $197.2 million, or 39.1% of net sales, in the prior-year period. Included in gross profit is $14.7 million of tariff refunds recognized in cost of goods sold during the current-year period. The remaining increase was driven by an increase in sales, partially offset by the occupancy costs of new stores. The 130 basis-point increase in gross profit rate was driven primarily by a 220 basis-point increase in merchandise margin rate partially offset by 90 basis points of deleverage in buying, occupancy and distribution center costs. The 220 basis-point increase in merchandise margin rate was primarily driven by a 250 basis-point benefit from tariff refunds recognized during the current-year period and 60 basis points of product margin expansion, partially offset by a 90 basis-point headwind due to higher freight expense in the current-year period. The deleverage in buying, occupancy and distribution center costs was driven by the occupancy costs of new stores.Selling, general and administrative (“SG&A”) expenses were $149.4 million, or 25.2% of net sales, compared to $126.5 million, or 25.1% 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, corporate general and administrative expenses, and marketing expenses in the current-year period. SG&A expenses as a percentage of net sales deleveraged by 10 basis points primarily as a result of the timing of marketing expenses.Income from operations increased $19.8 million to $90.5 million, or 15.3% of net sales, compared to $70.7 million, or 14.0% of net sales, in the prior-year period, primarily due to the factors noted above.Income tax expense was $22.3 million, or a 24.1% effective tax rate, compared to $17.9 million, or a 25.1% effective tax rate, in the prior-year period. The decrease in the effective tax rate was primarily due to a higher income tax benefit from income tax accounting for stock-based compensation in the current-year period.Net income was $70.1 million, or $2.29 per diluted share, compared to $53.4 million, or $1.74 per diluted share, in the prior-year period. Included in net income per diluted share is an estimated $0.38 per share benefit from tariff refunds. The increase in net income was primarily attributable to the factors noted above. Sales by Channel The following table includes total net sales growth and same store sales (“SSS”) growth/(decline) for the periods indicated below. Thirteen Weeks Ended June 27, 2026 Four Weeks Fiscal April Four Weeks Fiscal May Five Weeks Fiscal June Preliminary Four Weeks Ended July 25, 2026 Total Net Sales Growth 17.7 % 17.2 % 16.1 % 19.5 % Retail Stores SSS 3.8 % 3.8 % 3.1 % 4.4 % (1.2) % E-commerce SSS 13.4 % 18.3 % 6.1 % 15.9 % 10.7 % Consolidated SSS 4.7 % 5.0 % 3.4 % 5.4 % (0.0) % Tariff Refunds The following table reflects the impact of tariff refunds for the first quarter ended June 27, 2026 and the estimated impact for the remainder of fiscal 2027. (in millions, except per share data) First Quarter Ended June 27, 2026 Second Quarter Ending September 26, 2026 Third Quarter Ending December 26, 2026 Fourth Quarter Ending March 27, 2027 Fiscal Year Ending March 27, 2027 Cost of goods sold $ 14.7 $ 2.4 $ 0.7 $ — $ 17.8 Interest income $ 0.5 $ — $ — $ — $ 0.5 Diluted EPS impact $ 0.38 $ 0.06 $ 0.02 $ — $ 0.46 Balance Sheet Highlights as of June 27, 2026 Cash of $139 million.The Company repurchased 158,451 shares of its common stock during the thirteen weeks ended June 27, 2026, for an aggregate purchase price of $25.0 million under its $200 million authorized repurchase program.Average inventory per store increased approximately 1.2% on a same-store basis compared to June 28, 2025.Zero drawn under the revolving credit facility, the capacity of which was increased from $250 million to $500 million on July 28, 2026. Fiscal Year 2027 Outlook The Company is providing updated guidance for the fiscal year ending March 27, 2027, which supersedes in its entirety the previous guidance issued in its fourth fiscal quarter and fiscal year 2026 earnings report on May 14, 2026. For the fiscal year ending March 27, 2027, the Company now expects: To open 70 stores.Total sales of $2.580 billion to $2.625 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 $1.347 billion and $1.370 billion, or approximately 52.2% of sales. Included in merchandise margin is an estimated $17.8 million benefit related to tariff refunds.Gross profit between $993 million and $1.016 billion, or approximately 38.5% to 38.7% of sales.SG&A expenses between $636 million and $642 million, or approximately 24.7% to 24.4% of sales.Income from operations between $357 million and $374 million, or approximately 13.8% to 14.3% of sales.Net income of $267.9 million to $281.0 million.Net income per diluted share of $8.80 to $9.23, based on 30.45 million weighted average diluted shares outstanding. Included in net income per diluted share is an estimated $0.46 benefit related to tariff refunds.Effective tax rate of 25.7% for the remaining nine months of the fiscal year.Capital expenditures between $125 million and $130 million, which is net of estimated landlord tenant allowances of $47.6 million. For the second fiscal quarter ending September 26, 2026, the Company expects: Total sales of $572 million to $582 million, representing growth of 13% to 15% over the prior-year period.Consolidated same store sales of flat to 2.0% growth, with retail store same store sales declines of (1.0)% to growth of 1.0% and e-commerce same store sales growth of 10.0% to 12.0%.Merchandise margin between $297 million and $302 million, or approximately 51.8% of sales. Included in merchandise margin is an estimated $2.4 million benefit related to tariff refunds.Gross profit between $208 million and $213 million, or approximately 36.3% to 36.6% of sales.SG&A expenses between $145 million and $146 million, or approximately 25.4% to 25.1% of sales.Income from operations between $63 million and $67 million, or approximately 11.0% to 11.5% of sales.Net income per diluted share of $1.55 to $1.65, based on 30.4 million weighted average diluted shares outstanding. Included in net income per diluted share is an estimated $0.06 benefit related to tariff refunds. Conference Call Information A conference call to discuss the financial results for the first fiscal quarter ended June 27, 2026, is scheduled for today, July 29, 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 August 29, 2026, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10210645. 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 571 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) June 27, March 28, 2026 2026 Assets Current assets: Cash and cash equivalents $ 139,262 $ 141,036 Accounts receivable, net 29,387 15,264 Inventories 900,040 844,637 Prepaid expenses and other current assets 25,174 33,462 Total current assets 1,093,863 1,034,399 Property and equipment, net 542,618 514,108 Right-of-use assets, net 667,251 638,425 Goodwill 197,502 197,502 Intangible assets, net 58,981 58,981 Other assets 8,756 6,660 Total assets $ 2,568,971 $ 2,450,075 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 176,477 $ 142,126 Accrued expenses and other current liabilities 167,294 159,103 Short-term lease liabilities 88,557 89,743 Total current liabilities 432,328 390,972 Deferred taxes 53,964 51,711 Long-term lease liabilities 717,492 683,737 Other liabilities 6,437 4,999 Total liabilities 1,210,221 1,131,419 Stockholders’ equity: Common stock, $0.0001 par value; June 27, 2026 - 100,000 shares authorized, 31,171 shares issued; March 28, 2026 - 100,000 shares authorized, 30,998 shares issued 3 3 Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding — — Additional paid-in capital 267,957 263,253 Retained earnings 1,199,960 1,129,848 Less: Common stock held in treasury, at cost, 839 and 614 shares at June 27, 2026 and March 28, 2026, respectively (109,170 ) (74,448 ) Total stockholders’ equity 1,358,750 1,318,656 Total liabilities and stockholders’ equity $ 2,568,971 $ 2,450,075 Boot Barn Holdings, Inc. Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Thirteen Weeks Ended June 27, June 28, 2026 2025 Net sales $ 593,515 $ 504,067 Cost of goods sold 353,623 306,846 Gross profit 239,892 197,221 Selling, general and administrative expenses 149,366 126,501 Income from operations 90,526 70,720 Interest expense 347 343 Other income, net 2,226 911 Income before income taxes 92,405 71,288 Income tax expense 22,293 17,880 Net income $ 70,112 $ 53,408 Earnings per share: Basic $ 2.31 $ 1.75 Diluted $ 2.29 $ 1.74 Weighted average shares outstanding: Basic 30,361 30,596 Diluted 30,601 30,750 Boot Barn Holdings, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Thirteen Weeks Ended June 27, June 28, 2026 2025 Cash flows from operating activities Net income $ 70,112 $ 53,408 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 22,254 17,518 Stock-based compensation 4,512 3,676 Noncash lease expense 22,302 17,926 Amortization of debt issuance fees 27 27 Loss on disposal of assets 752 299 Deferred taxes 2,253 (733 ) Changes in operating assets and liabilities: Accounts receivable, net (14,064 ) 1,751 Inventories (55,403 ) (26,869 ) Prepaid expenses and other current assets 8,261 5,874 Other assets (2,096 ) (396 ) Accounts payable 36,346 10,144 Accrued expenses and other current liabilities 5,519 (3,618 ) Other liabilities 1,438 766 Operating leases (18,370 ) (5,923 ) Net cash provided by operating activities $ 83,843 $ 73,850 Cash flows from investing activities Purchases of property and equipment (51,089 ) (31,462 ) Net cash used in investing activities $ (51,089 ) $ (31,462 ) Cash flows from financing activities Repayments on finance lease obligations (248 ) (229 ) Repurchases of common stock (25,003 ) (12,502 ) Tax withholding payments for net share settlement (9,469 ) (4,195 ) Proceeds from the exercise of stock options 192 87 Net cash used in financing activities $ (34,528 ) $ (16,839 ) Net increase in cash and cash equivalents (1,774 ) 25,549 Cash and cash equivalents, beginning of period 141,036 69,770 Cash and cash equivalents, end of period $ 139,262 $ 95,319 Supplemental disclosures of cash flow information: Cash paid for income taxes $ 909 $ 592 Cash paid for interest $ 316 $ 312 Supplemental disclosure of non-cash activities: Unpaid purchases of property and equipment $ 18,706 $ 17,973 Boot Barn Holdings, Inc. Store Count Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended June 27, March 28, December 27, September 27, June 28, March 29, December 28, September 28, 2026 2026 2025 2025 2025 2025 2024 2024 Store Count (BOP) 539 514 489 473 459 438 425 411 Opened/Acquired 27 25 25 16 14 21 13 15 Closed — — — — — — — (1 ) Store Count (EOP) 566 539 514 489 473 459 438 425 Boot Barn Holdings, Inc. Selected Store Data Thirteen Weeks Ended June 27, March 28, December 27, September 27, June 28, March 29, December 28, September 28, 2026 2026 2025 2025 2025 2025 2024 2024 Selected Store Data: Same Store Sales growth 4.7 % 6.1 % 5.7 % 8.4 % 9.4 % 6.0 % 8.6 % 4.9 % Stores operating at end of period 566 539 514 489 473 459 438 425 Comparable stores open during period(1) 463 441 426 411 401 382 374 363 Total retail store selling square footage, end of period (in thousands) 6,460 6,147 5,810 5,495 5,307 5,133 4,877 4,720 Average retail store selling square footage, end of period 11,414 11,404 11,304 11,238 11,220 11,183 11,134 11,105 Average sales per comparable store (in thousands)(2) $ 1,046 $ 934 $ 1,291 $ 996 $ 1,031 $ 926 $ 1,301 $ 952 ____________________________________ (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