Earnings

Boot Barn Same-Store Growth Cools After a Record Year

The Tip Desk · July 30, 2026 · 3 min read

The western retailer posted $593.5 million in first-quarter sales and $2.29 a share, including $0.38 from tariff refunds.

Boot Barn Holdings (BOOT) opened fiscal 2027 with net sales of $593.5 million, up 17.7% from a year earlier, as the western footwear and apparel retailer added 27 stores and lifted store count to 566.

Consolidated same-store sales rose 4.7%, with retail stores up 3.8% and e-commerce up 13.4%. That same-store pace slowed from 6.1% in the fourth fiscal quarter and 5.7% in the third, a deceleration that had already been visible in the holiday and spring periods. Chief Executive Officer John Hazen said first-quarter results exceeded the company’s expectations and reflected broad-based strength.

Net income was $70.1 million, or $2.29 a share, compared with $53.4 million, or $1.74 a share, a year earlier. The company recognized $14.7 million of tariff refunds in cost of goods sold, an estimated $0.38-a-share benefit. Income from operations was $90.5 million, or 15.3% of sales.

Gross profit was $239.9 million, or 40.4% of net sales. The 130-basis-point increase in the gross-profit rate was driven primarily by a 220-basis-point rise in merchandise margin, which included a 250-basis-point tariff-refund benefit and 60 basis points of product-margin expansion, partly offset by 90 basis points of higher freight. Occupancy costs of new stores contributed 90 basis points of deleverage in buying, occupancy and distribution-center costs. Selling, general and administrative expenses were $149.4 million, or 25.2% of sales.

The company opened 27 stores in the quarter, continuing a run of 25 openings in each of the prior two fiscal quarters. Average inventory per store rose about 1.2% on a same-store basis. Cash was $139 million. Boot Barn repurchased 158,451 shares for $25.0 million under its $200 million program and increased revolving-credit capacity from $250 million to $500 million on July 28, 2026, with zero drawn.

Preliminary results for the four weeks ended July 25, 2026 showed retail same-store sales down 1.2%, e-commerce up 10.7% and consolidated same-store sales flat. Hazen said July sales moderated against tougher year-over-year comparisons and came in slightly below the company’s expectations, which he attributed primarily to seasonal events and concerts in a lower-volume month.

The company now expects fiscal 2027 sales of $2.580 billion to $2.625 billion, or 14% to 16% growth over fiscal 2026, with 70 store openings. Consolidated same-store sales are expected to rise 2.0% to 4.0%, retail 1.0% to 3.0% and e-commerce 11.0% to 13.0%. Diluted earnings are expected at $8.80 to $9.23 a share, including an estimated $0.46 tariff-refund benefit.

For the second fiscal quarter ending September 26, 2026, Boot Barn expects sales of $572 million to $582 million, or 13% to 15% growth, with consolidated same-store sales of flat to 2.0% and diluted earnings of $1.55 to $1.65 a share, including an estimated $0.06 tariff-refund benefit. Hazen said the company remains confident in its outlook for the balance of the fiscal year.

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Boot Barn Holdings, Inc. — all coverage and financials