Boot Barn Same-Store Sales Slow as Earnings Rise

The Tip Desk · November 2, 2026 · 3 min read

Diluted earnings were $1.73 a share in the second fiscal quarter, up 26.3% from a year earlier, as net sales reached $581.8 million.

Boot Barn Holdings (BOOT), the western and work-related footwear retailer, reported net sales of $581.8 million for the thirteen weeks ended September 26, 2026, up 15.1% from $505.4 million a year earlier.

That year-over-year sales growth slowed from 17.7% in the first fiscal quarter, when sales were $593.5 million, and from 18.7% in the fiscal fourth quarter. Consolidated same-store sales rose 1.4%, after 4.7% in the prior quarter and 6.1% in the quarter before that. Retail store same-store sales increased 1.0% and e-commerce same-store sales increased 5.2%.

The company said the sales increase came from incremental sales at new stores and the rise in consolidated same-store sales. It opened 19 new stores, bringing the count to 584 at quarter-end, after 27 openings to 566 in the first quarter. Chief Executive Officer John Hazen said recent openings were generating sales above the company’s original projections.

Gross profit was $216.5 million, or 37.2% of net sales, compared with $184.1 million, or 36.4% of net sales, a year earlier. The 80 basis-point increase in gross profit rate was driven primarily by a 190 basis-point increase in merchandise margin rate, partially offset by 110 basis points of deleverage in buying, occupancy and distribution-center costs. Merchandise margin rate rose 190 basis points, including a 130 basis-point benefit from lower freight expense, a 40 basis-point benefit from tariff refunds, and 20 basis points of product-margin expansion. Gross profit included $2.2 million of tariff refunds in cost of goods sold.

Selling, general and administrative expenses were $146.2 million, or 25.1% of net sales. Income from operations increased $13.8 million to $70.2 million, or 12.1% of net sales, from $56.4 million, or 11.2% of net sales, a year earlier. Net income was $52.5 million, or $1.73 a share, compared with $42.2 million, or $1.37 a share. Diluted earnings per share increased 26.3%; excluding an estimated $0.05 benefit from tariff refunds, earnings per share increased 22.6%. The effective tax rate was 25.8% for both thirteen-week periods.

Cash was $97 million at quarter-end, and the company had zero drawn under its $500 million revolving credit facility. Average inventory per store increased approximately 3.4% on a same-store basis versus September 27, 2025.

Under its $200 million repurchase program, Boot Barn bought 240,937 shares for $35 million in the thirteen weeks ended September 26, 2026, and 399,388 shares for $60 million in the twenty-six weeks. On October 21, 2026, the board authorized an additional $400 million of repurchases, leaving about $468 million available under the existing program.

The company is providing updated guidance for the fiscal year ending March 27, 2027, which supersedes guidance issued on July 29, 2026. It now expects total sales of $2.565 billion to $2.593 billion, representing 14% to 15% growth over Fiscal 2026, and net income per diluted share of $8.72 to $9.00, representing 19% to 22% growth over Fiscal 2026. Fiscal 2027 consolidated same-store sales growth is guided at 0.8% to 2.0%, with retail 0.5% to 1.7% and e-commerce 3.0% to 4.0%. The company expects to open 75 to 80 stores.

For the third fiscal quarter ending December 26, 2026, Boot Barn expects sales of $785 million to $802 million, representing 11% to 14% growth, and consolidated same-store sales declines of (1.0)% to growth of 1.0%. Hazen said the company is preparing for the holiday season with refreshed assortments, improved in-store presentations and an expanded national marketing campaign, and cited momentum in the work business and a relaunch of Boot Barn Workforce.