Boot Barn Holdings, Inc. Announces Third Quarter Fiscal Year 2026 Financial Results

IRVINE, Calif.--( BUSINESS WIRE)--Boot Barn Holdings, Inc. (NYSE: BOOT) (the “Company”) today announced its financial results for the third fiscal quarter ended December 27, 2025. A Supplemental Financial Presentation is available at investor.bootbarn.com.

For the quarter ended December 27, 2025 compared to the quarter ended December 28, 2024:

“We are very pleased with our third quarter results and the strength of our holiday performance across the chain,” commented John Hazen, Chief Executive Officer. “Sales increased 16% year over year, reflecting broad-based demand across merchandise categories, channels, and geographies. Merchandise margin expanded by 110 basis points, and combined with solid expense control, drove strong earnings per diluted share of $2.79.”

Mr. Hazen continued, “We are encouraged by the start to our fourth fiscal quarter. Through the first three and a half weeks of the quarter, prior to recent winter storms, consolidated same store sales grew high-single-digits. Including the impact of these storms, consolidated same store sales increased 5.7% for the first five weeks of the fourth fiscal quarter.”

Operating Results for the Third Quarter Ended December 27, 2025 Compared to the Third Quarter Ended December 28, 2024

Operating Results for the Nine Months Ended December 27, 2025 Compared to the Nine Months Ended December 28, 2024

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

Five Weeks

Ended

Four Weeks

Five Weeks

Ended

December 27, 2025

Fiscal October

Fiscal November

Fiscal December

January 31, 2026

Total Net Sales Growth

16.0

19.5

17.1

13.9

Retail Stores SSS

3.7

7.1

4.0

1.9

4.7

E-commerce SSS

19.6

24.0

23.6

17.1

13.1

Consolidated SSS

5.7

8.8

6.1

4.2

5.7

% *

E-commerce as a % of Net Sales

12.8

10.0

10.9

15.0

*Preliminary consolidated same store sales for the five weeks (35 days) ended January 31, 2026 were negatively impacted by an estimated $5 million due to store closures resulting from recent winter storms. Preliminary consolidated same store sales growth for the 26 days prior to the winter storms was 9.1%.

Balance Sheet Highlights as of December 27, 2025

Fiscal Year 2026 Outlook

The Company is providing updated guidance for the fiscal year ending March 28, 2026, which supersedes in its entirety the previous guidance issued in its second quarter earnings report on October 29, 2025. For the fiscal year ending March 28, 2026, the Company now expects:

For the fourth fiscal quarter ending March 28, 2026, the Company expects:

Conference Call Information

A conference call to discuss the financial results for the third fiscal quarter ended December 27, 2025, is scheduled for today, February 4, 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 March 5, 2026, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10206289. 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 524 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., China, 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)

December 27,

March 29,

2025

Assets

Current assets:

Cash and cash equivalents

200,071

69,770

Accounts receivable, net

14,207

10,263

Inventories

805,471

747,191

Prepaid expenses and other current assets

37,867

36,736

Total current assets

1,057,616

863,960

Property and equipment, net

490,733

422,079

Right-of-use assets, net

586,527

469,461

Goodwill

197,502

Intangible assets, net

58,981

58,677

Other assets

7,097

6,342

Total assets

2,398,456

2,018,021

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

147,305

134,450

Accrued expenses and other current liabilities

214,944

146,038

Short-term lease liabilities

79,156

72,861

Total current liabilities

441,405

353,349

Deferred taxes

43,667

39,317

Long-term lease liabilities

624,910

490,182

Other liabilities

5,429

4,116

Total liabilities

1,115,411

886,964

Stockholders’ equity:

Common stock, $0.0001 par value; December 27, 2025 - 100,000 shares authorized, 30,990 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

259,455

246,725

Retained earnings

1,085,408

903,968

Less: Common stock held in treasury, at cost, 545 and 298 shares at December 27, 2025 and March 29, 2025, respectively

(61,821)

(19,639)

Total stockholders’ equity

1,283,045

1,131,057

Total liabilities and stockholders’ equity

2,398,456

2,018,021

Boot Barn Holdings, Inc.

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Thirteen Weeks Ended

Thirty-Nine Weeks Ended

December 27,

December 28,

December 27,

December 28,

2025

2024

2025

2024

Net sales

705,643

608,170

1,715,106

1,457,355

Cost of goods sold

424,403

369,301

1,052,496

908,879

Gross profit

281,240

238,869

662,610

548,476

Selling, general and administrative expenses

166,459

139,405

420,686

358,811

Income from operations

114,781

99,464

241,924

189,665

Interest expense

435

416

1,181

1,151

Other income, net

405

110

2,222

1,655

Income before income taxes

114,751

99,158

242,965

190,169

Income tax expense

28,941

24,092

61,525

46,766

Net income

85,810

75,066

181,440

143,403

Earnings per share:

Basic

2.82

2.46

5.94

4.70

Diluted

2.79

2.43

5.90

4.64

Weighted average shares outstanding:

Basic

30,471

30,559

30,536

30,501

Diluted

30,726

30,898

30,742

30,876

Boot Barn Holdings, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Thirty-Nine Weeks Ended

December 27,

December 28,

2025

2024

Cash flows from operating activities

Net income

181,440

143,403

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

57,063

45,801

Stock-based compensation

12,501

8,194

Amortization of intangible assets

—

Noncash lease expense

56,564

49,316

Amortization of debt issuance fees

Loss on disposal of assets

429

119

Deferred taxes

4,350

(4,244)

Changes in operating assets and liabilities:

Accounts receivable, net

(3,918)

(252)

Inventories

(58,280)

(91,165)

Prepaid expenses and other current assets

(1,196)

(1,515)

Other assets

(755)

(676)

Accounts payable

14,930

(3,388)

Accrued expenses and other current liabilities

76,691

80,678

Other liabilities

1,313

655

Operating leases

(31,930)

(36,340)

Net cash provided by operating activities

309,283

190,687

Cash flows from investing activities

Purchases of property and equipment

(136,424)

(108,361)

Purchases of intangible assets

(304)

—

Proceeds from sale of property and equipment

Net cash used in investing activities

(136,685)

(108,306)

Cash flows from financing activities

Repayments on finance lease obligations

(719)

(646)

Repurchases of common stock

(37,504)

—

Tax withholding payments for net share settlement

(4,303)

(7,617)

Proceeds from the exercise of stock options

229

2,949

Net cash used in financing activities

(42,297)

(5,314)

Net increase in cash and cash equivalents

130,301

77,067

Cash and cash equivalents, beginning of period

69,770

75,847

Cash and cash equivalents, end of period

200,071

152,914

Supplemental disclosures of cash flow information:

Cash paid for income taxes

42,045

29,220

Cash paid for interest

1,020

1,047

Supplemental disclosure of non-cash activities:

Unpaid purchases of property and equipment

17,641

28,370

Boot Barn Holdings, Inc.

Store Count

Quarter Ended

December 27,

September 27,

June 28,

March 29,

December 28,

September 28,

June 29,

March 30,

2025

2024

Store Count (BOP)

489

473

459

438

425

411

400

382

Opened/Acquired

Closed

—

(1)

—

Store Count (EOP)

514

489

473

459

438

425

411

400

Boot Barn Holdings, Inc.

Selected Store Data

Thirteen Weeks Ended

December 27,

September 27,

June 28,

March 29,

December 28,

September 28,

June 29,

March 30,

2025

2024

Selected Store Data:

Same Store Sales growth/(decline)

5.7

8.4

9.4

6.0

8.6

4.9

1.4

(5.9)

Stores operating at end of period

514

489

473

459

438

425

411

400

Comparable stores open during period (1)

426

411

401

382

374

363

349

335

Total retail store selling square footage, end of period (in thousands)

5,810

5,495

5,307

5,133

4,877

4,720

4,547

4,371

Average retail store selling square footage, end of period

11,304

11,238

11,220

11,183

11,134

11,105

11,063

10,929

Average sales per comparable store (in thousands) (2)

1,291

996

1,031

926

1,301

952

980

917

____________________________________

(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.