Financial Performance - Boot Barn Holdings Inc reported quarterly earnings of $1.74 per share, exceeding the analyst consensus estimate of $1.52 per share [1] - The company reported quarterly sales of $504.067 million, surpassing the analyst consensus estimate of $492.339 million [1] Guidance Update - Boot Barn raised its FY2026 GAAP EPS guidance from $5.50-$6.40 to $5.80-$6.70 [2] - The sales guidance was boosted from $2.070 billion-$2.150 billion to $2.100 billion-$2.180 billion [2] Growth Highlights - CEO John Hazen noted a strong start to fiscal 2026, with high-single digit consolidated same-store sales growth and 19% overall revenue growth [3] - Demand was broad-based, showing strength across all major merchandise categories and geographies [3] Stock Performance - Boot Barn shares gained 0.2% to trade at $172.16 following the earnings announcement [3] Analyst Ratings - Piper Sandler analyst Peter Keith maintained an Overweight rating and raised the price target from $185 to $218 [5] - Keybanc analyst Ashley Owens also maintained an Overweight rating, increasing the price target from $195 to $210 [5] - BTIG analyst Janine Stichter maintained a Buy rating and raised the price target from $200 to $218 [5]

Financial Performance - Boot Barn reported revenue of $504.07 million for the quarter ended June 2025, marking a year-over-year increase of 19.1% [1] - The EPS for the same period was $1.74, compared to $1.20 a year ago, indicating significant growth [1] - The reported revenue exceeded the Zacks Consensus Estimate of $495.72 million by 1.68% [1] - The EPS surprise was 12.26% over the consensus estimate of $1.55 [1] Key Metrics - Same Store Sales growth was 9.4%, surpassing the average estimate of 7.2% based on four analysts [4] - Boot Barn opened or acquired 14 stores, matching the average estimate based on two analysts [4] - The average store square footage at the end of the period was 11,220, slightly above the average estimate of 11,183 [4] - The total number of stores operating at the end of the period was 473, consistent with the average estimate [4] - Total retail store square footage at the end of the period was 5.31 million, exceeding the average estimate of 5.29 million [4] Stock Performance - Boot Barn shares returned +10.4% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Company Performance - Boot Barn reported quarterly earnings of $1.74 per share, exceeding the Zacks Consensus Estimate of $1.55 per share, and up from $1.20 per share a year ago, representing an earnings surprise of +12.26% [1] - The company posted revenues of $504.07 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.68%, compared to year-ago revenues of $423.39 million [2] - Over the last four quarters, Boot Barn has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Performance - Boot Barn shares have increased approximately 16.5% since the beginning of the year, outperforming the S&P 500's gain of 8.2% [3] - The current consensus EPS estimate for the upcoming quarter is $1.18 on revenues of $483.33 million, and for the current fiscal year, it is $6.29 on revenues of $2.15 billion [7] Industry Outlook - The Retail - Apparel and Shoes industry, to which Boot Barn belongs, is currently ranked in the bottom 17% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Boot Barn's stock may be influenced by the overall outlook for the industry [8]

Financial Data and Key Metrics Changes - First quarter revenue increased by 19% to $504 million, with consolidated same store sales rising by 9.4% [5][17] - Earnings per diluted share grew by 38% to $1.74 compared to $1.26 in the prior year [5][19] - Merchandise margin rate increased by 180 basis points year-over-year, contributing to a gross profit increase of 26% to $197 million [5][17][18] Business Line Data and Key Metrics Changes - New store growth: 14 new stores opened in Q1, bringing the total to 473 stores across 49 states [5][6] - Same store sales: Brick and mortar same store sales increased by 9.5%, driven by an 8.5% increase in transactions [7][8] - Ecommerce same store sales grew by 9.3%, with bootbarn.com accounting for approximately 75% of online sales [10][17] Market Data and Key Metrics Changes - The denim business showed strong performance, with double-digit growth in both men's and women's categories [8][31] - The work boots business experienced low single-digit positive comp growth, indicating a steady recovery [12][62] Company Strategy and Development Direction - The company is focused on four strategic initiatives: new store growth, same store sales, omnichannel expansion, and merchandise margin expansion [5][12] - Plans to double the store count in the U.S. over the next several years, with a target of opening 65 to 70 new stores in fiscal 2026 [6][23] - Exclusive brand penetration increased to 40.6% of sales, with a goal to reach 50% over the next five to six years [12][49] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding overall consumer sentiment and macroeconomic uncertainty, particularly in the second half of the year [15][21] - Despite challenges, the company remains confident in its ability to execute its strategic initiatives and drive growth [26][78] - The company raised its full-year guidance due to strong Q1 results and positive momentum into Q2 [20][21] Other Important Information - Inventory increased by 23% year-over-year to $774 million, with markdowns as a percentage of inventory below historical levels [19][20] - The company repurchased approximately 78,000 shares for $12.5 million as part of its $200 million share repurchase program [20] Q&A Session Summary Question: Drivers of demand strength in Q1 and July acceleration - Management noted that transaction growth was a key driver, with broad-based strength across all regions and categories, particularly in denim [30][31] Question: Markdown levels relative to last year - Markdowns remained low compared to last year and historical levels, with expectations for this trend to continue [34][36] Question: Exclusive brand marketing initiatives - The company is focusing on marketing its exclusive brands, with successful campaigns for Hawx and Cody James, targeting blue-collar customers [38][40] Question: Tariff-related price increases - Price increases from suppliers remain at mid-single digit levels, with reticketing expected to be completed by August [42][43] Question: Competitive landscape and share gain opportunities - Management believes the company is well-positioned relative to competitors, especially with exclusive brands and inventory management [68][70] Question: Inventory management and buying plans - The company feels confident in its inventory flow and believes it has enough inventory to meet guidance and potential upside [76][77] Question: Future strategic initiatives - Management is focused on current strategic priorities and is not considering new initiatives at this time [78][79]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the company [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, stockholders' equity, cash flows, and accompanying notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 28, 2025, shows an increase in total assets to $2.09 billion, driven by higher cash and inventories, with total liabilities and stockholders' equity also increasing Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 28, 2025 | March 29, 2025 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $95,319 | $69,770 | | Inventories | $774,060 | $747,191 | | Total current assets | $908,744 | $863,960 | | Total assets | $2,093,826 | $2,018,021 | | **Liabilities & Equity** | | | | Total current liabilities | $358,654 | $353,349 | | Total liabilities | $922,420 | $886,964 | | Total stockholders' equity | $1,171,406 | $1,131,057 | | Total liabilities and stockholders' equity | $2,093,826 | $2,018,021 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the thirteen weeks ended June 28, 2025, net sales grew 19.1% to $504.1 million, leading to a 25.8% increase in gross profit and a rise in net income to $53.4 million Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Thirteen Weeks Ended June 28, 2025 | Thirteen Weeks Ended June 29, 2024 | | :--- | :--- | :--- | | Net sales | $504,067 | $423,386 | | Gross profit | $197,221 | $156,749 | | Income from operations | $70,720 | $50,222 | | Net income | $53,408 | $38,909 | | Diluted EPS | $1.74 | $1.26 | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Total stockholders' equity increased to $1.171 billion at June 28, 2025, primarily due to net income, partially offset by common stock repurchases - Stockholders' equity increased to **$1,171.4 million** at June 28, 2025, up from **$1,131.1 million** at March 29, 2025[15](index=15&type=chunk) - The increase in equity was primarily due to **$53.4 million** in net income, offset by **$12.6 million** in common stock repurchases and **$4.2 million** for tax withholding on net share settlements[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly increased to $73.9 million for the thirteen-week period, while cash was used in investing and financing activities, resulting in a $25.5 million increase in cash and cash equivalents Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Thirteen Weeks Ended June 28, 2025 | Thirteen Weeks Ended June 29, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $73,850 | $41,311 | | Net cash used in investing activities | $(31,462) | $(27,066) | | 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, end of period | $95,319 | $83,387 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail business operations, accounting policies, and financial matters, including an increase in store count, a new stock repurchase program, and a higher effective tax rate - The company operated **473 stores** in 49 states as of June 28, 2025, an increase from **459 stores** at the end of the previous fiscal year[20](index=20&type=chunk) - In May 2025, the Board of Directors authorized a new stock repurchase program for up to **$200 million** of its common stock, with **77,959 shares** repurchased for **$12.5 million** during the quarter[37](index=37&type=chunk)[40](index=40&type=chunk) - The company operates as a single operating and reportable segment, with **91% of net sales** from stores and **9% from e-commerce** for the quarter[47](index=47&type=chunk)[54](index=54&type=chunk) - The effective income tax rate was **25.1%** for the quarter, up from **22.9%** in the prior-year period, primarily due to a lower tax benefit from stock-based compensation[94](index=94&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strong first-quarter fiscal 2026 financial performance, highlighting increased net sales, expanded gross profit margin, and a robust liquidity position [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Net sales for the thirteen weeks ended June 28, 2025, increased 19.1% to $504.1 million, driven by same-store sales growth and new stores, while gross profit margin improved to 39.1% - Net sales increased by **$80.7 million (19.1%)** year-over-year, driven by a **9.4%** increase in consolidated same-store sales and incremental sales from new stores[137](index=137&type=chunk) - Gross profit rate increased by **210 basis points** to **39.1%**, primarily due to a **180 basis-point** improvement in merchandise margin rate and **30 basis points** of leverage in buying, occupancy, and distribution costs[138](index=138&type=chunk) - SG&A expenses increased by **$20.0 million (18.8%)** due to operating more stores, but decreased by **10 basis points** as a percentage of sales to **25.1%**[139](index=139&type=chunk)[140](index=140&type=chunk) Store Operating Data | Metric | Thirteen Weeks Ended June 28, 2025 | Thirteen Weeks Ended June 29, 2024 | | :--- | :--- | :--- | | Same Store Sales growth | 9.4% | 1.4% | | Stores operating at end of period | 473 | 411 | [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $95.3 million in cash and no outstanding debt on its $250.0 million revolving credit facility, while estimating $115.0 million to $120.0 million in capital expenditures for fiscal 2026 - Primary liquidity sources are cash flows from operating activities and the **$250.0 million** Wells Fargo Revolver, which had no borrowings outstanding as of June 28, 2025[147](index=147&type=chunk)[154](index=154&type=chunk) - Estimated total capital expenditures for fiscal 2026 are between **$115.0 million** and **$120.0 million**, net of **$35.5 million** in landlord allowances[150](index=150&type=chunk) Summary Cash Flow (in thousands) | Cash Flow Activity | Thirteen Weeks Ended June 28, 2025 | Thirteen Weeks Ended June 29, 2024 | | :--- | :--- | :--- | | Operating activities | $73,850 | $41,311 | | Investing activities | $(31,462) | $(27,066) | | Financing activities | $(16,839) | $(6,705) | [Item 3. Quantitative and Qualitative Disclosure About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company is exposed to interest rate risk from its variable-rate credit facility, but this risk is mitigated by having no outstanding borrowings as of June 28, 2025 - The company is exposed to interest rate risk from its variable-rate credit facility, but had no amounts outstanding as of June 28, 2025[168](index=168&type=chunk) - There were no material changes in the market risks described in the Fiscal 2025 10-K[171](index=171&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 28, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of June 28, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[173](index=173&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended June 28, 2025[174](index=174&type=chunk) [PART II. OTHER INFORMATION](index=47&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides additional information, including legal proceedings, risk factors, unregistered sales of equity securities, and other disclosures [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in incidental litigation, but management believes none of the pending legal matters will materially affect its financial position or results - The company states that none of its current legal proceedings are expected to have a material effect on its financial condition or results[85](index=85&type=chunk)[178](index=178&type=chunk) [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended March 29, 2025 - As of June 28, 2025, there were no material changes to the risks described in the company's Fiscal 2025 10-K[179](index=179&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The Board authorized a new $200 million stock repurchase program in May 2025, under which the company repurchased 77,959 shares for $12.5 million during the first quarter - On May 8, 2025, the Board authorized a **$200 million** stock repurchase program with no expiration date[180](index=180&type=chunk) Share Repurchases for Thirteen Weeks Ended June 28, 2025 | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | Approx. Dollar Value Remaining ($000) | | :--- | :--- | :--- | :--- | :--- | | May 2025 | 44,359 | $152.50 | 16,200 | $197,466 | | June 2025 | 61,759 | $161.37 | 61,759 | $187,500 | | **Total** | **106,118** | **$157.66** | **77,959** | **$187,500** | [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated any Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements during the quarter ended June 28, 2025 - No directors or executive officers adopted or terminated any Rule 10b5-1 trading arrangements during the quarter[186](index=186&type=chunk)

Q1 Fiscal 2026 Results - Q1 Total Sales reached $504 million, showing a 19% growth compared to the previous year[6] - Q1 Consolidated Same Store Sales (SSS) increased by 9.4%[7] - Q1 Merchandise Margin increased by 180 basis points[8] - Q1 Earnings Per Share (EPS) reached $1.74[9] Strategic Initiatives - The company aims for profitable new units with a 15% annual growth, targeting ~$3.2 million in Year 1 Net Sales per store with a ~$1.7 million total net investment and a ~53% Year 1 Cash on Cash Return[13, 15] - The company is planning to open new stores, targeting a total of 524 to 529 stores by the end of FY26[14] - The high-end guidance for Consolidated SSS% in FY26 is 3.5%[19] - Exclusive Brands account for approximately 35% of sales volume[28] FY26 Guidance - Full Year Fiscal 2026 Total Net Sales are projected to be between $2,100 million and $2,180 million, representing a growth of 10% to 14%[34] - Q2 Fiscal 2026 Total Net Sales are guided between $487 million and $495 million, a 14% to 16% increase year-over-year[35] - Full Year Fiscal 2026 Merchandise Margin is guided between 49.9% and 50.3%[34]

First Quarter Fiscal Year 2026 Financial Results and Outlook [Q1 FY2026 Performance Highlights](index=1&type=section&id=Q1%20FY2026%20Performance%20Highlights) Boot Barn reported a strong start to fiscal year 2026, with a 19.1% increase in net sales driven by high-single-digit same-store sales growth and successful new store openings, leading to a 38% increase in earnings per diluted share and a raised full-year outlook - CEO John Hazen highlighted a strong start to fiscal 2026, driven by broad-based demand, robust merchandise margin expansion, and solid expense control, leading to a raised full-year outlook[2](index=2&type=chunk) Q1 FY2026 Key Performance Indicators (vs. Q1 FY2025) | Metric | Q1 FY2026 | Q1 FY2025 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $504.1M | $423.4M | +19.1% | | Consolidated Same Store Sales | +9.4% | N/A | N/A | | Net Income | $53.4M | $38.9M | +37.3% | | Diluted EPS | $1.74 | $1.26 | +38.1% | | New Stores Opened | 14 | N/A | N/A | [Detailed Q1 FY2026 Operating Results](index=1&type=section&id=Detailed%20Q1%20FY2026%20Operating%20Results) The company's operating results for the first quarter showed significant year-over-year improvement, with net sales growth fueled by new store openings and a 9.4% increase in consolidated same-store sales, leading to a 210 basis point gross profit margin expansion and a 40.8% increase in income from operations [Sales Performance Analysis](index=1&type=section&id=Sales%20Performance%20Analysis) Net sales grew 19.1% to $504.1 million, supported by strong performance across both physical and digital channels, with retail store same-store sales increasing by 9.5% and e-commerce same-store sales growing by 9.3% - The **19.1% increase in net sales** was a result of incremental sales from new stores and a **9.4% increase in consolidated same-store sales**[5](index=5&type=chunk) Q1 FY2026 Same Store Sales Growth | Channel | Same Store Sales Growth | | :--- | :--- | | Retail Stores | +9.5% | | E-commerce | +9.3% | | **Consolidated** | **+9.4%** | Sales Growth Trends by Month | Metric | Fiscal April | Fiscal May | Fiscal June | Preliminary Fiscal July | | :--- | :--- | :--- | :--- | :--- | | Total Net Sales Growth | 18.3% | 21.5% | 17.7% | 21.3% | | Consolidated SSS | 8.7% | 11.5% | 8.4% | 11.7% | [Profitability and Margin Analysis](index=1&type=section&id=Profitability%20and%20Margin%20Analysis) Gross profit rose to $197.2 million, with the gross margin rate expanding by 210 basis points to 39.1%, primarily due to a 180 basis-point increase in merchandise margin, leading to a significant increase in income from operations to $70.7 million - The **210 basis-point increase in gross profit rate** was driven by a **180 basis-point increase in merchandise margin rate** and **30 basis points of leverage** in buying, occupancy and distribution center costs[5](index=5&type=chunk) - Drivers for the merchandise margin rate increase included better buying economies of scale, lower freight expense, and growth in exclusive brand penetration[5](index=5&type=chunk) Q1 FY2026 Profitability Metrics (vs. Q1 FY2025) | Metric | Q1 FY2026 | Q1 FY2025 | | :--- | :--- | :--- | | Gross Profit | $197.2M (39.1%) | $156.7M (37.0%) | | Income from Operations | $70.7M (14.0%) | $50.2M (11.9%) | | Net Income | $53.4M | $38.9M | [Expense Analysis](index=1&type=section&id=Expense%20Analysis) Selling, general and administrative (SG&A) expenses increased to $126.5 million, primarily due to costs associated with operating more stores, but as a percentage of net sales, SG&A expenses slightly decreased by 10 basis points to 25.1% - The increase in SG&A expenses was primarily due to higher store payroll, store-related expenses from operating more stores, marketing, and corporate G&A[5](index=5&type=chunk) - SG&A as a percentage of sales decreased by **10 basis points**, mainly from lower incentive-based compensation, which was partially offset by higher marketing expenses due to timing[5](index=5&type=chunk)[6](index=6&type=chunk) [Balance Sheet and Shareholder Activity](index=2&type=section&id=Balance%20Sheet%20and%20Shareholder%20Activity) As of June 28, 2025, the company maintained a healthy balance sheet with $95 million in cash and no outstanding debt on its $250 million revolving credit facility, while average inventory per store saw a modest increase of 2.7% and $12.5 million worth of common stock was repurchased - The company ended the quarter with **$95 million in cash** and **zero drawn** under its **$250 million revolving credit facility**[10](index=10&type=chunk) - Average inventory per store increased by approximately **2.7%** on a same-store basis compared to the prior year[10](index=10&type=chunk) - The company repurchased **77,959 shares** of its common stock for an aggregate price of **$12.5 million**[10](index=10&type=chunk) [Updated Fiscal Year 2026 Guidance](index=2&type=section&id=Updated%20Fiscal%20Year%202026%20Guidance) Following a strong first quarter, Boot Barn raised its guidance for the full fiscal year 2026, now expecting to open 65 to 70 new stores, achieve sales between $2.100 billion and $2.180 billion, and generate diluted EPS in the range of $5.80 to $6.70, with guidance for the second quarter also provided [Full Fiscal Year 2026 Outlook](index=2&type=section&id=Full%20Fiscal%20Year%202026%20Outlook) For the full fiscal year 2026, the company projects opening 65-70 new stores, with total sales growth of 10% to 14%, same-store sales ranging from a slight decline of 0.5% to growth of 3.5%, net income between $178.0 million and $205.8 million, and capital expenditures planned at $115.0 to $120.0 million Full Fiscal Year 2026 Guidance | Metric | Guidance Range | | :--- | :--- | | New Stores | 65 to 70 | | Total Sales | $2.100B - $2.180B (+10% to +14%) | | Same Store Sales | (0.5)% to +3.5% | | Gross Profit | $764M - $812M (36.4% - 37.2% of sales) | | Income from Operations | $239M - $277M (11.4% - 12.7% of sales) | | Net Income | $178.0M - $205.8M | | Net Income per Diluted Share | $5.80 - $6.70 | | Capital Expenditures | $115.0M - $120.0M | [Second Quarter Fiscal Year 2026 Outlook](index=3&type=section&id=Second%20Quarter%20Fiscal%20Year%202026%20Outlook) For the second fiscal quarter ending September 27, 2025, Boot Barn anticipates total sales between $487 million and $495 million, representing 14% to 16% growth, driven by same-store sales growth of 4.5% to 6.5%, with net income per diluted share projected to be in the range of $1.19 to $1.27 Q2 Fiscal Year 2026 Guidance | Metric | Guidance Range | | :--- | :--- | | Total Sales | $487M - $495M (+14% to +16%) | | Same Store Sales Growth | +4.5% to +6.5% | | Income from Operations | $50M - $53M (10.3% - 10.7% of sales) | | Net Income per Diluted Share | $1.19 - $1.27 | [Store Operations Data](index=8&type=section&id=Store%20Operations%20Data) The company continued its aggressive store expansion, opening 14 new stores in the quarter to reach a total of 473 stores, representing a net addition of 62 stores over the past year, with same-store sales growth accelerating to 9.4% Store Count Growth | Period Ended | June 28, 2025 | March 29, 2025 | June 29, 2024 | | :--- | :--- | :--- | :--- | | Stores Opened | 14 | 21 | 11 | | **Total Stores (EOP)** | **473** | **459** | **411** | Selected Store Data | Metric | Q1 FY2026 (ended Jun 28, 2025) | Q1 FY2025 (ended Jun 29, 2024) | | :--- | :--- | :--- | | Same Store Sales Growth | 9.4% | 1.4% | | Total Stores | 473 | 411 | | Avg. Sales per Comparable Store | $1,031 thousand | $980 thousand | Consolidated Financial Statements (Unaudited) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet as of June 28, 2025, reflects total assets of $2.09 billion, an increase from $2.02 billion at the end of fiscal 2025, with key changes including a rise in cash and inventories, balanced by increases in accounts payable and lease liabilities, and total stockholders' equity growing to $1.17 billion Selected Balance Sheet Items (in thousands) | Account | June 28, 2025 | March 29, 2025 | | :--- | :--- | :--- | | Cash and cash equivalents | $95,319 | $69,770 | | Inventories | $774,060 | $747,191 | | **Total Assets** | **$2,093,826** | **$2,018,021** | | Total current liabilities | $358,654 | $353,349 | | **Total Liabilities** | **$922,420** | **$886,964** | | **Total Stockholders' Equity** | **$1,171,406** | **$1,131,057** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For the first quarter of fiscal 2026, the company reported net sales of $504.1 million, a 19.1% increase from the prior year, with gross profit growing by 25.8% to $197.2 million, resulting in a 37.3% increase in net income, which reached $53.4 million, or $1.74 per diluted share Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Thirteen Weeks Ended June 28, 2025 | Thirteen Weeks Ended June 29, 2024 | | :--- | :--- | :--- | | Net sales | $504,067 | $423,386 | | Gross profit | $197,221 | $156,749 | | Income from operations | $70,720 | $50,222 | | **Net income** | **$53,408** | **$38,909** | | Diluted EPS | $1.74 | $1.26 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In the first quarter, net cash provided by operating activities significantly increased to $73.9 million from $41.3 million in the prior-year period, driven by higher net income, with the company investing $31.5 million in property and equipment and using $16.8 million in financing activities, ending the quarter with a net increase in cash of $25.5 million Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Thirteen Weeks Ended June 28, 2025 | Thirteen Weeks Ended June 29, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $73,850 | $41,311 | | Net cash used in investing activities | $(31,462) | $(27,066) | | Net cash used in financing activities | $(16,839) | $(6,705) | | **Net increase in cash** | **$25,549** | **$7,540** | | Cash and cash equivalents, end of period | $95,319 | $83,387 | Company Information and Disclosures [About Boot Barn](index=3&type=section&id=About%20Boot%20Barn) Boot Barn is the leading lifestyle retailer in the United States for western and work-related footwear, apparel, and accessories, serving a loyal customer base through its 475 stores in 49 states and its e-commerce channels - Boot Barn is the nation's leading lifestyle retailer of western and work-related products for men, women, and children[12](index=12&type=chunk) - As of the release date, the company operates **475 stores** in **49 states**, in addition to its e-commerce websites www.bootbarn.com, www.sheplers.com, and www.countryoutfitter.com[12](index=12&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) The company announced it would host a conference call on July 31, 2025, at 4:30 p.m. ET to discuss its first-quarter fiscal 2026 financial results, with details for accessing the live call, webcast, and a telephone replay provided for investors and analysts - A conference call to discuss Q1 FY2026 financial results was scheduled for **July 31, 2025, at 4:30 p.m. ET**[11](index=11&type=chunk) - A live webcast and a supplemental financial presentation are available on the company's investor relations website[11](index=11&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section serves as a legal disclaimer, cautioning that the press release contains forward-looking statements regarding the company's future performance and plans, highlighting that these statements are not guarantees and are subject to significant risks and uncertainties that could cause actual results to differ - The press release contains forward-looking statements related to the company's financial condition, results of operations, plans, and future performance[13](index=13&type=chunk) - These statements involve risks and uncertainties, and investors are cautioned not to place undue reliance on them as they are not guarantees of future performance[15](index=15&type=chunk) - Key risks include decreases in consumer spending, impact of import tariffs, ability to execute growth strategy, and competition[15](index=15&type=chunk)

Core Viewpoint - Wall Street analysts expect Boot Barn (BOOT) to report quarterly earnings of $1.53 per share, reflecting a year-over-year increase of 27.5%, with revenues projected at $490.77 million, a 15.9% increase compared to the previous year [1]. Group 1: Earnings and Revenue Estimates - Analysts forecast earnings per share (EPS) of $1.53 for Boot Barn, indicating a 27.5% increase year-over-year [1]. - Revenue is anticipated to reach $490.77 million, representing a 15.9% increase from the same quarter last year [1]. - There has been no revision in the consensus EPS estimate over the past 30 days, indicating stability in analysts' projections [2]. Group 2: Key Metrics and Store Performance - Analysts estimate that Boot Barn will open or acquire 14 stores, up from 11 stores in the previous year [5]. - The consensus estimate for average store square footage at the end of the period is projected to be 11,183 square feet, compared to 11,063 square feet a year ago [5]. - The average prediction for stores operating at the end of the period is 473, an increase from 411 stores in the previous year [5]. - Total retail store square footage is expected to reach 5.29 million square feet, up from 4.55 million square feet year-over-year [6]. Group 3: Stock Performance - Over the past month, Boot Barn shares have returned +12.9%, outperforming the Zacks S&P 500 composite, which saw a +4.9% change [6]. - Boot Barn currently holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [6].

Industry Overview - The Retail - Apparel and Shoes industry is facing challenges due to fluctuating consumer confidence and inflationary pressures, leading to weakened demand for apparel and footwear [1][4] - Retailers are experiencing rising operational costs, including increased wages and higher prices for goods, which are straining margins and impacting the industry's near-term outlook [1][5] - The industry requires continuous product innovation and effective marketing to attract customers, while also facing fierce competition and price sensitivity [3] Key Trends - Soft demand is expected to impact revenues, with consumer purchasing power being strained by rising prices, as indicated by a decline in the Consumer Confidence Index from 98.4 in May to 93.0 in June [4] - Pressure on margins is likely to persist as companies invest heavily in digital infrastructure and marketing, which increases operational costs [5] - Companies are focusing on brand enhancement and capital discipline by deepening consumer engagement through innovative products and improved operational efficiency [6] Growth Strategies - Diversification and digitization are crucial for growth, with companies integrating in-store and online operations, enhancing supply chains, and investing in digital technologies [7][8] - Retailers are developing omnichannel capabilities and implementing loyalty programs to adapt to evolving consumer shopping behaviors [7] Market Performance - The Zacks Retail - Apparel and Shoes industry ranks 212, placing it in the bottom 13% of over 250 Zacks industries, indicating bleak near-term prospects [9][10] - The industry's earnings estimate has declined by 14.1% since February 2025, reflecting a negative outlook for earnings growth [11] Stock Performance - The industry has underperformed compared to the broader Zacks Retail-Wholesale sector and the S&P 500, with an 11.6% increase over the past year compared to 17.3% for the S&P 500 and 23.7% for the broader sector [13] Valuation - The industry is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 18.26X, lower than the S&P 500's 22.74X and the sector's 25.50X [16] Notable Companies - **Levi Strauss & Co.** is focusing on direct-to-consumer strategies and has a Zacks Consensus Estimate suggesting a 4% growth in EPS from the previous year [19][20] - **Urban Outfitters, Inc.** is leveraging a diversified brand portfolio with an expected growth of 8.5% in sales and 22.2% in EPS [23][24] - **Stitch Fix, Inc.** is showing signs of a turnaround with a projected 71.7% growth in EPS [27][28] - **Boot Barn Holdings, Inc.** is experiencing strong performance with an expected growth of 11.8% in sales and 7.6% in EPS [31][32]

Core Viewpoint - The current tariff program under the Trump administration creates uncertainty for investors, particularly as inflation rises and a potential recession looms, impacting companies reliant on consumer spending [1]. Retail Industry Overview - The SPDR S&P Retail ETF (XRT) has partially recovered from the initial tariff shock but remains down over 1% year-to-date [2]. - Some retailers are struggling, while others may thrive due to unique business models [3]. Company-Specific Insights TJX Companies - TJX Companies, known for discount retailers like T.J. Maxx, has a 12-month stock price forecast of $141.06, indicating a 15.45% upside potential [4]. - The company has outperformed the XRT slightly and maintains brick-and-mortar strength through a unique model focusing on discounted finds [4][5]. - TJX reported over 5% year-over-year revenue growth and offers a dividend yield of 1.41%, with management recently increasing the dividend payout [5]. - Analysts are bullish on TJX, with 19 out of 20 rating it as a Buy, predicting a stock rise of over 17% [6]. Global-e Online - Global-e Online has a 12-month stock price forecast of $48.08, suggesting a 43.73% upside potential [7]. - The company facilitates international retail transactions for high-end brands and has seen a quarterly revenue growth of 30% year-over-year [9]. - Analysts are optimistic, with 12 out of 13 rating Global-e shares as a Buy, indicating a consensus price target of $48 per share [10]. Boot Barn - Boot Barn has a 12-month stock price forecast of $173.67, indicating a 1.68% upside potential [11]. - The company reported a 5% year-over-year same-store sales growth and plans to increase its store count by 14% [11]. - Despite tariff uncertainties, Boot Barn projects a 13% growth in total net sales and has seen its stock rise nearly 9% year-to-date [12]. - Analysts remain positive, with a consensus price target close to $174, suggesting over 5% upside potential [13].