Boot Barn Holdings, Inc. Announces Second Quarter Fiscal Year 2026 Financial Results and Increased Store Count Potential of 1,200 Stores

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

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

John Hazen, Chief Executive Officer, commented, "We delivered another strong quarter with high single-digit consolidated same-store sales growth and 19% total sales growth, demonstrating the continued resilience and broad appeal of our brand. This strength was evident across all major merchandise categories and geographies, with both our retail stores and e-commerce channels performing well. Importantly, we expanded our merchandise margin by 80 basis points, while maintaining disciplined expense control, which drove a 41% improvement in operating income and a 180 basis-point increase in operating margin to 11.2%. These results underscore the effectiveness of our strategic initiatives and our team's ability to execute in a dynamic retail environment.”

Hazen further commented, “Following collaborative work with a third party, we are excited to announce that our updated market analysis reveals a significantly expanded Total Addressable Market (“TAM”) and store count potential. Our TAM is now estimated to be approximately $58 billion, with market growth across all categories. We now also believe we can operate 1,200 stores across the United States, an increase from our prior estimate of 900, which is more than double our current footprint. We are confident in our ability to capitalize on this expanded market opportunity while continuing to deliver strong returns for our stockholders."

Operating Results for the Second Quarter Ended September 27, 2025 Compared to the Second Quarter Ended September 28, 2024

Operating Results for the Six Months Ended September 27, 2025 Compared to the Six Months Ended September 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.

Thirteen Weeks

Ended

September 27, 2025

Four Weeks

Fiscal July

Four Weeks

Fiscal August

Five Weeks

Fiscal September

Preliminary

Four Weeks

Fiscal October

Total Net Sales Growth

18.7

21.2

19.3

16.4

20.2

Retail Stores SSS

7.8

11.2

7.9

5.1

7.6

E-commerce SSS

14.4

12.5

16.1

14.3

24.1

Consolidated SSS

8.4

11.3

8.7

6.1

9.3

E-commerce as a % of Net Sales

9.3

8.6

9.3

9.8

9.9

Balance Sheet Highlights as of September 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 first quarter earnings report on July 31, 2025. For the fiscal year ending March 28, 2026, the Company now expects:

For the third fiscal quarter ending December 27, 2025, the Company expects:

Conference Call Information

A conference call to discuss the financial results for the second fiscal quarter ended September 27, 2025, is scheduled for today, October 29, 2025, 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 November 27, 2025, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10204148. 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 498 stores in 49 states, in addition to an e-commerce channel www.bootbarn.com. The Company also operates www.sheplers.com, the nation’s leading pure play online western and work retailer and www.countryoutfitter.com, an e-commerce site selling to customers who live a country lifestyle. 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, including, without limitation, uncertainty with respect to the U.S. – China tariff deal; 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)

September 27,

March 29,

2025

Assets

Current assets:

Cash and cash equivalents

64,728

69,770

Accounts receivable, net

10,098

10,263

Inventories

855,100

747,191

Prepaid expenses and other current assets

37,345

36,736

Total current assets

967,271

863,960

Property and equipment, net

466,275

422,079

Right-of-use assets, net

559,595

469,461

Goodwill

197,502

Intangible assets, net

58,981

58,677

Other assets

6,885

6,342

Total assets

2,256,509

2,018,021

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

175,444

134,450

Accrued expenses and other current liabilities

160,118

146,038

Short-term lease liabilities

76,856

72,861

Total current liabilities

412,418

353,349

Deferred taxes

42,579

39,317

Long-term lease liabilities

591,094

490,182

Other liabilities

5,188

4,116

Total liabilities

1,051,279

886,964

Stockholders’ equity:

Common stock, $0.0001 par value; September 27, 2025 - 100,000 shares authorized, 30,984 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

254,791

246,725

Retained earnings

999,598

903,968

Less: Common stock held in treasury, at cost, 478 and 298 shares at September 27, 2025 and March 29, 2025, respectively

(49,162

)

(19,639

)

Total stockholders’ equity

1,205,230

1,131,057

Total liabilities and stockholders’ equity

2,256,509

2,018,021

Boot Barn Holdings, Inc.

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Thirteen Weeks Ended

Twenty-Six Weeks Ended

September 27,

September 28,

September 27,

September 28,

2025

2024

2025

2024

Net sales

505,396

425,799

1,009,463

849,185

Cost of goods sold

321,247

272,941

628,093

539,578

Gross profit

184,149

152,858

381,370

309,607

Selling, general and administrative expenses

127,726

112,879

254,227

219,406

Income from operations

56,423

39,979

127,143

90,201

Interest expense

403

384

746

735

Other income, net

906

949

1,817

1,545

Income before income taxes

56,926

40,544

128,214

91,011

Income tax expense

14,704

11,116

32,584

22,674

Net income

42,222

29,428

95,630

68,337

Earnings per share:

Basic

1.38

0.96

3.13

2.24

Diluted

1.37

0.95

3.11

2.21

Weighted average shares outstanding:

Basic

30,540

30,510

30,568

30,471

Diluted

30,750

30,899

30,780

30,859

Boot Barn Holdings, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Twenty-Six Weeks Ended

September 27,

September 28,

2025

2024

Cash flows from operating activities

Net income

95,630

68,337

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

Depreciation

36,972

29,540

Stock-based compensation

7,979

10,864

Amortization of intangible assets

—

Noncash lease expense

36,269

32,229

Amortization of debt issuance fees

Loss on disposal of assets

354

134

Deferred taxes

3,262

(766

)

Changes in operating assets and liabilities:

Accounts receivable, net

165

2,097

Inventories

(107,909

)

(113,871

)

Prepaid expenses and other current assets

(663

)

(4,397

)

Other assets

(543

)

(608

)

Accounts payable

40,994

19,722

Accrued expenses and other current liabilities

6,985

9,897

Other liabilities

1,072

573

Operating leases

(21,036

)

(20,283

)

Net cash provided by operating activities

99,585

33,542

Cash flows from investing activities

Purchases of property and equipment

(74,692

)

(65,403

)

Purchases of intangible assets

(304

)

—

Proceeds from sale of property and equipment

—

Net cash used in investing activities

(74,981

)

(65,403

)

Cash flows from financing activities

Repayments on finance lease obligations

(460

)

(423

)

Repurchases of common stock

(25,004

)

—

Tax withholding payments for net share settlement

(4,269

)

(7,617

)

Proceeds from the exercise of stock options

1,431

Net cash used in financing activities

(29,646

)

(6,609

)

Net decrease in cash and cash equivalents

(5,042

)

(38,470

)

Cash and cash equivalents, beginning of period

69,770

75,847

Cash and cash equivalents, end of period

64,728

37,377

Supplemental disclosures of cash flow information:

Cash paid for income taxes

29,276

17,770

Cash paid for interest

624

677

Supplemental disclosure of non-cash activities:

Unpaid purchases of property and equipment

34,505

24,061

Boot Barn Holdings, Inc.

Store Count

Quarter Ended

September 27,

June 28,

March 29,

December 28,

September 28,

June 29,

March 30,

December 30,

2025

2024

2023

Store Count (BOP)

473

459

438

425

411

400

382

371

Opened/Acquired

Closed

—

)

—

Store Count (EOP)

489

473

459

438

425

411

400

382

Boot Barn Holdings, Inc.

Selected Store Data

Thirteen Weeks Ended

September 27,

June 28,

March 29,

December 28,

September 28,

June 29,

March 30,

December 30,

2025

2024

2023

Selected Store Data:

Same Store Sales growth/(decline)

8.4

9.4

6.0

8.6

4.9

1.4

(5.9

(9.7

Stores operating at end of period

489

473

459

438

425

411

400

382

Comparable stores open during period (1)

411

401

382

374

363

349

335

322

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

5,495

5,307

5,133

4,877

4,720

4,547

4,371

4,153

Average retail store selling square footage, end of period

11,238

11,220

11,183

11,134

11,105

11,063

10,929

10,872

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

996

1,031

926

1,301

952

980

917

1,256

____________________

(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.