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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 31, 2025
Boot Barn Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
001-36711 |
90-0776290 |
(State or other jurisdiction |
(Commission |
(I.R.S. Employer |
17100 Laguna Canyon Road, Irvine, California |
92618 |
(Address of principal executive offices) |
(Zip Code) |
(949) 453-4400
(Registrant’s telephone number, including area code)
Not Applicable
(Former Address)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of each exchange on which registered |
Common Stock, $0.0001 par value |
BOOT |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On July 31, 2025, Boot Barn Holdings, Inc. (the “Company”) issued a press release announcing certain financial results for its fiscal first quarter ended June 28, 2025. The press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.
The information provided in this Item 2.02, including Exhibit 99.1, is intended to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
The Company is furnishing this Current Report on Form 8-K in connection with the disclosure of information contained in a supplemental financial presentation (the “Presentation”) to be used by the Company at various meetings with institutional investors and analysts. This information may be amended or updated at any time and from time to time through another Current Report on Form 8-K or other means. A copy of the Presentation is furnished herewith as Exhibit 99.2 and is incorporated into this Item 7.01 by reference.
The information furnished in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any other filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
The Company expressly disclaims any obligation to update or revise any of the information contained in the Presentation.
The Presentation is available on the Company’s investor relations website located at investor.bootbarn.com, although the Company reserves the right to discontinue that availability at any time. The website address included herein is an inactive textual reference only. The information contained on such website is not incorporated into this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
Exhibit Number |
Description |
||
Exhibit 99.1 |
|||
Exhibit 99.2 |
|||
Exhibit 104 |
The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. |
||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
BOOT BARN HOLDINGS, INC. |
|
Date: July 31, 2025 |
By: |
/s/ James M. Watkins |
|
|
Name: James M. Watkins |
|
|
Title: Chief Financial Officer and Secretary |
Exhibit 99.1
Boot Barn Holdings, Inc. Announces First Quarter Fiscal Year 2026
Financial Results
IRVINE, California – July 31, 2025 – Boot Barn Holdings, Inc. (NYSE: BOOT) (the “Company”) today announced its financial results for the first fiscal quarter ended June 28, 2025. A Supplemental Financial Presentation is available at investor.bootbarn.com.
For the quarter ended June 28, 2025 compared to the quarter ended June 29, 2024:
| ● | Net sales increased 19.1% over the prior-year period to $504.1 million. |
| ● | Same store sales increased 9.4%, with retail store same store sales increasing 9.5% and e-commerce same store sales increasing 9.3%. |
| ● | Net income was $53.4 million, or $1.74 per diluted share, compared to $38.9 million, or $1.26 per diluted share, in the prior-year period. |
| ● | The Company opened 14 new stores, bringing its total store count to 473 as of the quarter end. |
John Hazen, Chief Executive Officer, commented, “We are pleased with our strong start to fiscal 2026, highlighted by high-single digit consolidated same-store sales growth and successful new store openings, which drove 19% overall revenue growth. Demand was broad-based, with strength across all major merchandise categories and geographies. At the same time, we improved gross profit 210 basis points, led by robust merchandise margin expansion which, along with solid expense control, fueled a 38% increase in earnings per diluted share. As a result of our better than expected first quarter performance and the continued strength we have seen as we moved into our second quarter, we are raising our full-year outlook while maintaining our prior guidance for the second half of the year. With our four strategic initiatives delivering consistent results and the opportunity we have to double our store count, we remain confident in our ability to continue generating value for our shareholders over the long term.”
Operating Results for the First Quarter Ended June 28, 2025 Compared to the First Quarter Ended June 29, 2024
| ● | Net sales increased 19.1% to $504.1 million from $423.4 million in the prior-year period. Consolidated same store sales increased 9.4%, with retail store same store sales increasing 9.5% and e-commerce same store sales increasing 9.3%. The increase in net sales was the result of incremental sales from new stores and the increase in consolidated same store sales. |
| ● | Gross profit was $197.2 million, or 39.1% of net sales, compared to $156.7 million, or 37.0% of net sales, in the prior-year period. The increase in gross profit was primarily due to an increase in sales and merchandise margin, partially offset by the occupancy costs of new stores. The 210 basis-point increase in gross profit rate was driven primarily by a 180 basis-point increase in merchandise margin rate and 30 basis points of leverage in buying, occupancy and distribution center costs. The increase in merchandise margin rate was primarily the result of better buying economies of scale, lower freight expense, and growth in exclusive brand penetration. The leverage in buying, occupancy and distribution center costs was driven by lower incentive-based compensation and lower distribution center labor costs in the current-year period partially offset by the occupancy costs of new stores. |
| ● | Selling, general and administrative expenses were $126.5 million, or 25.1% of net sales, compared to $106.5 million, or 25.2% of net sales, in the prior-year period. The increase in selling, general and administrative expenses compared to the prior-year period was primarily the result of higher store payroll and store-related expenses associated with operating more stores, marketing expenses, and corporate general and administrative expenses in the current-year period. Selling, general and administrative expenses as a percentage of net sales decreased by 10 |
1
| basis points primarily as a result of lower incentive-based compensation in the current-year period partially offset by higher marketing expenses due to timing. |
| ● | Income from operations increased $20.5 million to $70.7 million, or 14.0% of net sales, compared to $50.2 million, or 11.9% of net sales, in the prior-year period, primarily due to the factors noted above. |
| ● | Income tax expense was $17.9 million, or a 25.1% effective tax rate, compared to $11.6 million, or a 22.9% effective tax rate, in the prior-year period. The increase in the effective tax rate was primarily due to a lower tax benefit from income tax accounting for stock-based compensation in the current-year period when compared to the prior-year period. |
| ● | Net income was $53.4 million, or $1.74 per diluted share, compared to $38.9 million, or $1.26 per diluted share, in the prior-year period. The increase in net income is primarily attributable to the factors noted above. |
Sales by Channel
The following table includes total net sales growth, same store sales (“SSS”) growth/(decline) and e-commerce as a percentage of net sales for the periods indicated below.
|
|
Thirteen Weeks |
|
|
|
|
|
|
|
|
|
Preliminary |
|
|
|
Ended |
|
|
Four Weeks |
|
Four Weeks |
|
Five Weeks |
|
|
Four Weeks |
|
|
|
June 28, 2025 |
|
|
Fiscal April |
|
Fiscal May |
|
Fiscal June |
|
|
Fiscal July |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales Growth |
|
19.1 |
% |
|
18.3 |
% |
21.5 |
% |
17.7 |
% |
|
21.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Stores SSS |
|
9.5 |
% |
|
9.8 |
% |
11.0 |
% |
8.0 |
% |
|
11.2 |
% |
E-commerce SSS |
|
9.3 |
% |
|
(0.4) |
% |
15.8 |
% |
12.3 |
% |
|
15.4 |
% |
Consolidated SSS |
|
9.4 |
% |
|
8.7 |
% |
11.5 |
% |
8.4 |
% |
|
11.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E-commerce as a % of Net Sales |
|
8.7 |
% |
|
8.4 |
% |
9.1 |
% |
8.7 |
% |
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Highlights as of June 28, 2025
| ● | Cash of $95 million. |
| ● | The Company repurchased 77,959 shares of its common stock for an aggregate purchase price of $12.5 million in the current-year period under its $200 million authorized repurchase program. |
| ● | Average inventory per store increased approximately 2.7% on a same-store basis compared to the quarter ended June 29, 2024. |
| ● | Zero drawn under the $250 million revolving credit facility. |
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 fourth quarter and fiscal year 2025 earnings report on May 14, 2025. For the fiscal year ending March 28, 2026, the Company now expects:
| ● | To open between 65 and 70 new stores. |
| ● | Total sales of $2.100 billion to $2.180 billion, representing growth of 10% to 14% over fiscal year 2025. |
| ● | Same store sales declines of (0.5)% to growth of 3.5%, with retail store same store sales declines of (1.0)% to growth of 3.0% and e-commerce same store sales growth of 3.5% to 8.5%. |
| ● | Merchandise margin between $1.048 billion and $1.096 billion, or approximately 49.9% to 50.3% of sales. |
| ● | Gross profit between $764 million and $812 million, or approximately 36.4% to 37.2% of sales. |
2
| ● | Selling, general and administrative expenses between $525 million and $535 million, or approximately 25.0% to 24.5% of sales. |
| ● | Income from operations between $239 million and $277 million, or approximately 11.4% to 12.7% of sales. |
| ● | Net income of $178.0 million to $205.8 million. |
| ● | Net income per diluted share of $5.80 to $6.70, based on 30.7 million weighted average diluted shares outstanding. |
| ● | Effective tax rate of 26.0% for the remaining nine months of the fiscal year. |
| ● | Capital expenditures between $115.0 million and $120.0 million, which is net of estimated landlord tenant allowances of $35.5 million. |
For the second fiscal quarter ending September 27, 2025, the Company expects:
| ● | Total sales of $487 million to $495 million, representing growth of 14% to 16% over the prior-year period. |
| ● | Same store sales growth of 4.5% to 6.5%, with retail store same store sales growth of 4.0% to 6.0% and e-commerce same store sales growth of 8.0% to 10.0%. |
| ● | Merchandise margin between $245 million and $249 million, or approximately 50.3% of sales. |
| ● | Gross profit between $174 million and $178 million, or approximately 35.7% to 36.0% of sales. |
| ● | Selling, general and administrative expenses between $124 million and $125 million, or approximately 25.5% to 25.3% of sales. |
| ● | Income from operations between $50 million and $53 million, or approximately 10.3% to 10.7% of sales. |
| ● | Net income per diluted share of $1.19 to $1.27, based on 30.7 million weighted average diluted shares outstanding. |
Conference Call Information
A conference call to discuss the financial results for the first fiscal quarter ended June 28, 2025, is scheduled for today, July 31, 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 (866) 652-5200. 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 August 29, 2025, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10201689. 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 475 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.
3
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.
Investor Contact:
ICR, Inc.
Brendon Frey, 203-682-8216
BootBarnIR@icrinc.com
or
Company Contact:
Boot Barn Holdings, Inc.
Mark Dedovesh, 949-453-4489
Senior Vice President, Investor Relations & Financial Planning
BootBarnIRMedia@bootbarn.com
4
Boot Barn Holdings, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
|
|
June 28, |
|
March 29, |
||
|
|
2025 |
|
2025 |
||
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
95,319 |
|
$ |
69,770 |
Accounts receivable, net |
|
|
8,530 |
|
|
10,263 |
Inventories |
|
|
774,060 |
|
|
747,191 |
Prepaid expenses and other current assets |
|
|
30,835 |
|
|
36,736 |
Total current assets |
|
|
908,744 |
|
|
863,960 |
Property and equipment, net |
|
|
430,391 |
|
|
422,079 |
Right-of-use assets, net |
|
|
491,774 |
|
|
469,461 |
Goodwill |
|
|
197,502 |
|
|
197,502 |
Intangible assets, net |
|
|
58,677 |
|
|
58,677 |
Other assets |
|
|
6,738 |
|
|
6,342 |
Total assets |
|
$ |
2,093,826 |
|
$ |
2,018,021 |
Liabilities and stockholders’ equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
141,355 |
|
$ |
134,450 |
Accrued expenses and other current liabilities |
|
|
140,451 |
|
|
146,038 |
Short-term lease liabilities |
|
|
76,848 |
|
|
72,861 |
Total current liabilities |
|
|
358,654 |
|
|
353,349 |
Deferred taxes |
|
|
38,584 |
|
|
39,317 |
Long-term lease liabilities |
|
|
520,300 |
|
|
490,182 |
Other liabilities |
|
|
4,882 |
|
|
4,116 |
Total liabilities |
|
|
922,420 |
|
|
886,964 |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock, $0.0001 par value; June 28, 2025 - 100,000 shares authorized, 30,983 shares issued; March 29, 2025 - 100,000 shares authorized, 30,892 shares issued |
|
|
3 |
|
|
3 |
Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding |
|
|
— |
|
|
— |
Additional paid-in capital |
|
|
250,488 |
|
|
246,725 |
Retained earnings |
|
|
957,376 |
|
|
903,968 |
Less: Common stock held in treasury, at cost, 405 and 298 shares at June 28, 2025 and March 29, 2025, respectively |
|
|
(36,461) |
|
|
(19,639) |
Total stockholders’ equity |
|
|
1,171,406 |
|
|
1,131,057 |
Total liabilities and stockholders’ equity |
|
$ |
2,093,826 |
|
$ |
2,018,021 |
5
Boot Barn Holdings, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
|
|
Thirteen Weeks Ended |
|
||||
|
|
June 28, |
|
June 29, |
|
||
|
|
2025 |
|
2024 |
|
||
Net sales |
|
$ |
504,067 |
|
$ |
423,386 |
|
Cost of goods sold |
|
|
306,846 |
|
|
266,637 |
|
Gross profit |
|
|
197,221 |
|
|
156,749 |
|
Selling, general and administrative expenses |
|
|
126,501 |
|
|
106,527 |
|
Income from operations |
|
|
70,720 |
|
|
50,222 |
|
Interest expense |
|
|
343 |
|
|
351 |
|
Other income, net |
|
|
911 |
|
|
596 |
|
Income before income taxes |
|
|
71,288 |
|
|
50,467 |
|
Income tax expense |
|
|
17,880 |
|
|
11,558 |
|
Net income |
|
$ |
53,408 |
|
$ |
38,909 |
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
Basic |
|
$ |
1.75 |
|
$ |
1.28 |
|
Diluted |
|
$ |
1.74 |
|
$ |
1.26 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
|
30,596 |
|
|
30,433 |
|
Diluted |
|
|
30,750 |
|
|
30,815 |
|
6
Boot Barn Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
Thirteen Weeks Ended |
||||
|
|
June 28, |
|
June 29, |
||
|
|
2025 |
|
2024 |
||
Cash flows from operating activities |
|
|
|
|
|
|
Net income |
|
$ |
53,408 |
|
$ |
38,909 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation |
|
|
17,518 |
|
|
14,268 |
Stock-based compensation |
|
|
3,676 |
|
|
5,764 |
Amortization of intangible assets |
|
|
— |
|
|
12 |
Noncash lease expense |
|
|
17,926 |
|
|
15,908 |
Amortization of debt issuance fees |
|
|
27 |
|
|
27 |
Loss on disposal of assets |
|
|
299 |
|
|
55 |
Deferred taxes |
|
|
(733) |
|
|
78 |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
1,751 |
|
|
2,059 |
Inventories |
|
|
(26,869) |
|
|
(27,988) |
Prepaid expenses and other current assets |
|
|
5,874 |
|
|
6,909 |
Other assets |
|
|
(396) |
|
|
(251) |
Accounts payable |
|
|
10,144 |
|
|
1,848 |
Accrued expenses and other current liabilities |
|
|
(3,618) |
|
|
(6,108) |
Other liabilities |
|
|
766 |
|
|
231 |
Operating leases |
|
|
(5,923) |
|
|
(10,410) |
Net cash provided by operating activities |
|
$ |
73,850 |
|
$ |
41,311 |
Cash flows from investing activities |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(31,462) |
|
|
(27,066) |
Net cash used in investing activities |
|
$ |
(31,462) |
|
$ |
(27,066) |
Cash flows from financing activities |
|
|
|
|
|
|
Repayments on finance lease obligations |
|
|
(229) |
|
|
(211) |
Repurchases of common stock |
|
|
(12,502) |
|
|
— |
Tax withholding payments for net share settlement |
|
|
(4,195) |
|
|
(7,445) |
Proceeds from the exercise of stock options |
|
|
87 |
|
|
951 |
Net cash used in financing activities |
|
$ |
(16,839) |
|
$ |
(6,705) |
Net increase in cash and cash equivalents |
|
|
25,549 |
|
|
7,540 |
Cash and cash equivalents, beginning of period |
|
|
69,770 |
|
|
75,847 |
Cash and cash equivalents, end of period |
|
$ |
95,319 |
|
$ |
83,387 |
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
Cash paid for income taxes |
|
$ |
592 |
|
$ |
584 |
Cash paid for interest |
|
$ |
312 |
|
$ |
322 |
Supplemental disclosure of non-cash activities: |
|
|
|
|
|
|
Unpaid purchases of property and equipment |
|
$ |
17,973 |
|
$ |
23,197 |
7
Boot Barn Holdings, Inc.
Store Count
|
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
|
June 28, |
|
March 29, |
|
December 28, |
|
September 28, |
|
June 29, |
|
March 30, |
|
December 30, |
|
September 30, |
|
|
2025 |
|
2025 |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
Store Count (BOP) |
|
459 |
|
438 |
|
425 |
|
411 |
|
400 |
|
382 |
|
371 |
|
361 |
Opened/Acquired |
|
14 |
|
21 |
|
13 |
|
15 |
|
11 |
|
18 |
|
11 |
|
10 |
Closed |
|
— |
|
— |
|
— |
|
(1) |
|
— |
|
— |
|
— |
|
— |
Store Count (EOP) |
|
473 |
|
459 |
|
438 |
|
425 |
|
411 |
|
400 |
|
382 |
|
371 |
Boot Barn Holdings, Inc.
Selected Store Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Thirteen Weeks Ended |
|
||||||||||||||||||||||
|
|
June 28, |
|
March 29, |
|
December 28, |
|
September 28, |
|
June 29, |
|
March 30, |
|
December 30, |
|
September 30, |
|
||||||||
|
|
2025 |
|
2025 |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
||||||||
Selected Store Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Sales growth/(decline) |
|
|
9.4 |
% |
|
6.0 |
% |
|
8.6 |
% |
|
4.9 |
% |
|
1.4 |
% |
|
(5.9) |
% |
|
(9.7) |
% |
|
(4.8) |
% |
Stores operating at end of period |
|
|
473 |
|
|
459 |
|
|
438 |
|
|
425 |
|
|
411 |
|
|
400 |
|
|
382 |
|
|
371 |
|
Comparable stores open during period(1) |
|
|
401 |
|
|
382 |
|
|
374 |
|
|
363 |
|
|
349 |
|
|
335 |
|
|
322 |
|
|
312 |
|
Total retail store selling square footage, end of period (in thousands) |
|
|
5,307 |
|
|
5,133 |
|
|
4,877 |
|
|
4,720 |
|
|
4,547 |
|
|
4,371 |
|
|
4,153 |
|
|
4,027 |
|
Average retail store selling square footage, end of period |
|
|
11,220 |
|
|
11,183 |
|
|
11,134 |
|
|
11,105 |
|
|
11,063 |
|
|
10,929 |
|
|
10,872 |
|
|
10,855 |
|
Average sales per comparable store (in thousands)(2) |
|
$ |
1,031 |
|
$ |
926 |
|
$ |
1,301 |
|
$ |
952 |
|
$ |
980 |
|
$ |
917 |
|
$ |
1,256 |
|
$ |
950 |
|
| (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. |
8
|
0 Supplemental Financial Presentation July 2025 Offering everyone a piece of the American spirit—one handshake at a time. |
|
1 Important Information Forward-Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements refer to the Company’s/Boot Barn Holdings, Inc.’s (the “Company,” “Boot Barn,” “BOOT,” “we,” “us,” and “our,”) 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 presentation, 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 presentation after the date of this presentation. Industry and Market Information Statements in this presentation concerning our industry and the markets in which we operate, including our general expectations and competitive position, business opportunity and market size, growth and share, are based on information from independent industry organizations and other third-party sources, data from our internal research and management estimates. Management estimates are derived from publicly available information and the information and data referred to above and are based on assumptions and calculations made by us based upon our interpretation of such information and data. The information and data referred to above are imprecise and may prove to be inaccurate because the information cannot always be verified with complete certainty due to the limitations on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. As a result, please be aware that the data and statistical information in this presentation may differ from information provided by our competitors or from information found in current or future studies conducted by market research institutes, consultancy firms or independent sources. Recent Developments Our business and opportunities for growth depend on consumer discretionary spending, and as such, our results are particularly sensitive to economic conditions and consumer confidence. Inflation, changes to U.S. or other countries’ trade policies and tariff and import/export regulations, and other challenges affecting the global economy could impact our operations and will depend on future developments, which are uncertain. These and other effects make it more challenging for us to estimate the future performance of our business, particularly over the near-to-medium term. For further discussion of the uncertainties and business risks affecting the Company, see the sections captioned “Risk factors” in our periodic reports filed with the Securities and Exchange Commission. |
|
2 Q1 Fiscal 2026 Results $148 $306 $366 $384 $423 $504 FY21 FY22 FY23 FY24 FY25 FY26 Q1 Total Sales ($M) -14.9% 78.9% 10.0% -2.9% 1.4% 9.4% FY21 FY22 FY23 FY24 FY25 FY26 Q1 Consolidated SSS% (200)bps +420bps +40bps +90bps +100bps +180bps FY21 FY22 FY23 FY24 FY25 FY26 Q1 Merchandise Margin % -$0.02 $1.35 $1.29 $1.13 $1.26 $1.74 FY21 FY22 FY23 FY24 FY25 FY26 Q1 EPS Onset of COVID 19% Total Sales Growth vs. LY +630bps over the last six years 38% Growth vs. LY Onset of COVID Onset of COVID Onset of COVID |
|
3 Strategic Initiatives Update 1 2 3 4 New Stores Same Store Sales Omni-Channel Merchandise Margin & Exclusive Brands |
|
4 Profitable New Units at 15% Annual Growth 86 117 152 169 208 219 226 240 259 273 300 345 400 459 524 to 529 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Annual Store Count 1 1Represents management’s guidance to open a total of 15% new stores in Fiscal 2026, as provided on the Company’s first quarter earnings call held on July 31, 2025. 1 Metrics FY26 Guidance Selling Square Feet ~12,000 Year 1 Net Sales ~$3.2M Net Capital Investment ~$0.9M Net Inventory Investment ~$0.8M Total Net Investment ~$1.7M Year 1 Estimated EBITDA ~$0.9M Year 1 Cash on Cash Return ~53% Payback Period ~1.8 years |
|
5 11.9% 6.7% 7.3% -0.1% 0.3% 5.2% 10.0% 5.0% 3.1% 53.7% -0.1% -6.2% 5.5% 3.5% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Consolidated SSS% 2 Same Store Sales Growth 1 1Reflects the high end of the Company’s guidance range provided on the Company’s first quarter earnings call held on July 31, 2025. Fiscal Consolidated SSS% by Quarter Year Q1 Actual Q2 Q3 Q4 Full Year FY26 High-End Guide 9.4 6.5 0.0 0.0 3.5 FY25 1.4 4.9 8.6 6.0 5.5 FY24 (2.9) (4.8) (9.7) (5.9) (6.2) FY25 Two-Year Stack (1.5) 0.1 (1.1) 0.1 (0.7) FY23 10.0 2.3 (3.6) (5.5) (0.1) FY22 78.9 61.7 54.2 33.3 53.7 |
|
6 2 Store SSS% 1Represents preliminary retail store same store sales for July Fiscal 2026. 9.8% 11.0% 8.0% 11.2% Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar FY26 -6.5% -0.7% 3.3% 0.2% 1.6% 0.2% -4.2% -13.9% 7.5% -0.2% -7.2% 5.2% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 Two-Year Stack Thanksgiving Shift 1 -1.5% 1.9% 1.8% -0.9% 5.3% 7.5% 4.6% -2.4% 16.0% 7.0% 0.9% 8.0% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 Thanksgiving Shift FY24 -5.0% -2.6% 1.5% 1.1% -3.7% -7.3% -8.8% -11.5% -8.5% -7.2% -8.1% -2.8% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar |
|
7 3 Omni-Channel Capabilities Drive Store Traffic • Bring Long Tail to Stores • Ship to Store / BOPIS • Return in Store Deliver Digital Experience in Stores • Mobile App • Range Finder (AI-enabled) • WHIP (endless aisle) • Cassidy (in-store consumer AI solution) Fulfill Online Demand Efficiently • DC Fulfillment • Store Fulfillment • Same Day Delivery Drive Online Profitability • Boot Barn retail price consistent across channels • Infrequent promotions • Profitable ROAS standard • Maximize clearance margin |
|
8 3 Ecommerce SSS% 1Represents preliminary e-commerce same store sales for July Fiscal 2026. -0.4% 15.8% 12.3% 15.4% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY26 -14.1% -3.0% 5.2% -6.9% -0.9% 1.6% -3.1% -12.9% 5.1% 5.8% 3.1% -0.9% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 Two-Year Stack Thanksgiving Shift 1 5.0% 6.0% 8.7% 5.0% 12.1% 12.2% 13.7% 2.2% 13.5% 17.1% 9.0% 5.1% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 Thanksgiving Shift FY24 -19.1% -9.0% -3.5% -11.9% -13.0% -10.6% -16.8% -15.1% -8.4% -11.3% -5.9% -6.0% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar |
|
9 Margin Drivers • Full-price selling • Buying economies of scale • Supply chain efficiencies • Volume discounts • Exclusive brands sales penetration Exclusive Brands (EB) Penetration Growth 16.2% 38.6% 40.2% FY19 FY25 FY26 E Exclusive Brands (EB) is Only 1/3 of Margin Appreciation EB Expansion 240bps Other Margin Drivers 450bps +90bps +90bps +270bps (70)bps +160bps +130bps +20bps FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Merchandise Margin Growth 4 Estimated 690bps of Total Merchandise Margin Expansion Exclusive Brands Growth & Margin Expansion 6 Exclusive Brands Account for ~35% of Sales Volume $876M in sales $738M in sales $126M in sales Margin enhancement ~1,000bps vs. 3rd party brands 1Represents the high-end of the guidance range, as provided on the Company’s first quarter earnings call held on July 31, 2025. 1 +160bps vs. LY |
|
10 FY26 Guidance |
|
11 Full Year Fiscal 2026 Financial Guidance Full Year FY26 Financial Guidance Low-End ($M) High-End ($M) Low-End Guidance Comments vs. LY High-End Guidance Comments vs. LY Total Net Sales Consolidated SSS% Store SSS% E-commerce SSS% Total Net Sales Growth % 15% New Store Openings $2,100 (0.5)% (1.0)% 3.5% 10% 65-70 $2,180 3.5% 3.0% 8.5% 14% 65-70 Merchandise Margin % $1,048 49.9% $1,096 50.3% (20)bps decrease +160bps exclusive brands penetration +20bps merchandise margin increase +160bps exclusive brands penetration Gross Profit % $764 36.4% $812 37.2% (110)bps deleverage (30)bps deleverage SG&A % $525 25.0% $535 24.5% Flat SG&A rate 50bps leverage Income from Operations % $239 11.4% $277 12.7% GAAP Earnings per Diluted Share $5.80 $6.70 26.0% effective tax rate for the remaining 9 months of the fiscal year (1)% EPS decrease 26.0% effective tax rate for the remaining 9 months of the fiscal year 14% EPS growth 1 1Merchandise cost of goods sold includes the cost of merchandise, inbound and outbound freight, obsolescence and shrinkage provisions, supplier allowances, and inventory acquisition-related costs. Fiscal 2026 guidance assumes increased tariffs result in price increases this summer, leading to softer consumer demand. The difference between the low and high-end scenarios reflect different degrees of impact on consumer demand. Fiscal 2026 guidance assumes a merchandise margin decline in the second half of the fiscal year due to unmitigated tariff costs. The difference between the low and high-end scenarios reflect different degrees of impact on margin degradation. Prior Guide High End ($M) $2,150 2.0% 1.5% 7.5% 13% 65-70 $1,077 50.1% $793 36.9% $527 24.5% $266 12.4% $6.40 |
|
12 Q2 Fiscal 2026 Financial Guidance Q2 FY26 Financial Guidance Low-End ($M) High-End ($M) Total Net Sales Consolidated SSS% Store SSS% E-commerce SSS% Total Net Sales Growth % $487 4.5% 4.0% 8.0% 14% $495 6.5% 6.0% 10.0% 16% Merchandise Margin % $245 50.3% $249 50.3% Gross Profit % $174 35.7% $178 36.0% SG&A % $124 25.5% $125 25.3% Income from Operations % $50 10.3% $53 10.7% GAAP Earnings per Diluted Share $1.19 $1.27 1 1Merchandise cost of goods sold includes the cost of merchandise, inbound and outbound freight, obsolescence and shrinkage provisions, supplier allowances, and inventory acquisition-related costs. Q2 FY25 ($M) High-End Δ ($M) $426 4.9% 4.3% 10.1% 14% $69 $211 49.6% $38 +70bps $153 35.9% $25 +10bps $113 26.5% $12 (120)bps $40 9.4% $13 +130bps $0.95 $0.32 +34% |
|
13 investor.bootbarn.com |
