BOOT · Boot Barn Holdings, Inc.

Boot Barn delivered record fiscal 2026 results, with $2.254 billion in net sales (+17.9% YoY), driven by 80 new store openings and 7.2% consolidated same-store sales growth — reflecting broad-based strength across retail stores (+6.2%) and e-commerce (+15.3%). Gross profit rate expanded 60 bps to 38.1%, primarily due to an 80 bps merchandise margin improvement fueled by better buying economies of scale, higher exclusive brand penetration (now at 40.8%), and supply chain efficiencies — partially offset by 20 bps of deleverage in buying, occupancy, and distribution center costs tied to new store ramp-up. SG&A expense rate leveraged 20 bps to 24.8%, aided by lower corporate G&A despite higher store payroll and marketing spend; excluding a $6.7 million prior-year CEO resignation benefit, SG&A leverage was 50 bps. Net income rose 25% to $225.9 million ($7.35 EPS), supported by operating leverage and a lower effective tax rate (24.9% vs. 24.6%). Management highlighted disciplined execution across strategic pillars — new store expansion (539 stores at year-end, targeting 70 more in FY27), omni-channel capabilities (BOPIS, ship-to-store, AI tools), and exclusive brand growth — and affirmed confidence in sustained long-term value creation. FY27 guidance reflects continued momentum: 14–16% top-line growth, modest 2.0–4.0% same-store sales growth, and EPS of $8.21–$8.64, implying ~12% EPS growth at the midpoint — underpinned by gross margin stability (~37.7–37.9%), controlled SG&A (~24.4–24.7%), and $125–$130M capex (net of $47.6M landlord allowances). The outlook assumes continued consumer resilience amid macro uncertainty, with e-commerce SSS expected to outpace retail stores significantly (11–13% vs. 1–3%).