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

Boot Barn Holdings, Inc. Announces Fourth Quarter and Fiscal 2026 Financial Results IRVINE, Calif.--( BUSINESS WIRE)--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:

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

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

Operating Results for the Fiscal 2026 Compared to Fiscal 2025

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

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

Balance Sheet Highlights as of March 28, 2026

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:

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

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

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

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

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

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

—

Impairment of intangible assets

—

2,000

Noncash lease expense

80,781

66,994

55,148

Amortization and write-off of debt issuance fees

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

—

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

March 28,

December 27,

September 27,

June 28,

March 29,

December 28,

September 28,

June 29,

2026

2025

2024

Store Count (BOP)

514

489

473

459

438

425

411

400

Opened/Acquired

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

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

Comparable stores have been open at least 13 full fiscal months as of the end of the applicable reporting period.

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.