Boot Barn Holdings Inc

Latest Results (04.04.2026):

Boot Barn Holdings, Inc. — second fiscal quarter ended September 27, 2025: Boot Barn reported a strong quarter with net sales of $505.4 million (up 18.7% year-over-year), consolidated same-store sales up 8.4%, and net income of $42.2 million ($1.37 diluted share), driven by merchandise margin expansion and disciplined expense control.

Sales and same‑store performance

Net sales increased 18.7% to $505.4M. Consolidated same‑store sales rose 8.4% (retail +7.8%, e‑commerce +14.4%), and e‑commerce represented 9.3% of net sales for the quarter.

Profitability and margins

Gross profit was $184.1M (36.4% of sales), a 50‑bp increase versus prior year driven by an 80‑bp merchandise margin improvement, partly offset by ~30 bps of deleverage in occupancy/buying/distribution costs.

Operating results

Income from operations grew to $56.4M (11.2% of sales) — a 41% increase year‑over‑year and a ~180‑bp improvement in operating margin. SG&A was $127.7M (25.3% of sales), down ~120 bps as a percent of sales.

Net income and EPS

Net income was $42.2M, or $1.37 diluted EPS, versus $29.4M, or $0.95 diluted EPS, in the prior‑year quarter.

Store growth and footprint

The company opened 16 stores during the quarter, with 489 stores at quarter‑end. The release also notes 498 stores as of the date of the release. Average sales per comparable store and selling square footage continue to expand.

Balance sheet, cash and buybacks

Cash and cash equivalents were $64.7M at quarter end. The company repurchased 72,794 shares in the quarter ($12.5M) and 150,753 shares year‑to‑date ($25M) under a $200M authorization. The revolving credit facility was undrawn ($250M capacity).

Inventory and capital spending

Average inventory per store increased ~1.0% on a same‑store basis year‑over‑year. Fiscal year 2026 capex is guided to $125–$130M (net of ~$39.4M landlord allowances).

Forward guidance — Fiscal 2026

Updated FY2026 guidance: total sales $2.197B–$2.235B (growth 15%–17%); same‑store sales +4.0%–6.0% (e‑commerce SSS +11%–13%); merchandise margin ~50.3%–50.6% of sales; gross profit $818M–$842M; SG&A ~$541M–$548M; operating income $277M–$294M (12.6%–13.2%); net income $207.2M–$219.6M; diluted EPS $6.75–$7.15 (based on ~30.7M diluted shares).

Near‑term (Q3) outlook

For the third fiscal quarter ending December 27, 2025, the company expects sales of $688M–$700M (up 13%–15%), same‑store sales +2.5%–4.5% (retail +1.0%–3.0%, e‑commerce +13%–15%), and diluted EPS of $2.47–$2.59.

Market opportunity

Management updated its market analysis, estimating a Total Addressable Market of roughly $58 billion and increasing the company’s long‑term store potential to ~1,200 locations (up from a prior 900 estimate), signaling substantial growth runway if execution continues.