Core Insights - Boot Barn reported revenue of $705.64 million for the quarter ended December 2025, reflecting a 16% increase year-over-year, and EPS of $2.79 compared to $2.43 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $705.61 million by 0.01%, and the EPS also surpassed the consensus estimate by 0.15% [1] Financial Performance Metrics - Same Store Sales growth was 5.7%, matching the average estimate from three analysts [4] - The company opened or acquired 25 stores, aligning with the average estimate from two analysts [4] - Average retail store selling square footage at the end of the period was 11,304, slightly above the average estimate of 11,238 from two analysts [4] - Total retail store selling square footage reached 5.81 million, exceeding the estimated 5.62 million by two analysts [4] - The total store count at the end of the period was 514, consistent with the average estimate from two analysts [4] Stock Performance - Boot Barn's shares have returned -7.2% over the past month, while the Zacks S&P 500 composite increased by 0.9% [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

分组1 - Boot Barn reported quarterly earnings of $2.79 per share, matching the Zacks Consensus Estimate, and showing an increase from $2.43 per share a year ago, representing an earnings surprise of +0.15% [1] - The company posted revenues of $705.64 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.01% and increasing from $608.17 million year-over-year [2] - Boot Barn has outperformed the S&P 500, gaining about 3% since the beginning of the year compared to the S&P 500's gain of 1.1% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $1.43 on revenues of $524.91 million, and for the current fiscal year, it is $7.33 on revenues of $2.24 billion [7] - The Zacks Industry Rank for Retail - Apparel and Shoes is in the top 17% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Business Operations - Boot Barn operates 514 stores across 49 states and has a strong e-commerce presence through multiple websites and an app[109]. - The company assesses performance using key indicators such as net sales, gross profit, same store sales, and operating income[112]. - Economic conditions and consumer confidence significantly influence Boot Barn's business performance[107]. Sales Performance - Net sales include revenue from retail locations and e-commerce, with fluctuations due to seasonality and external factors[113][115]. - Same store sales reflect net sales from stores open for at least 13 months, including e-commerce sales, and are a critical measure of performance[116][120]. - Net sales increased by $97.5 million, or 16.0%, to $705.6 million for the thirteen weeks ended December 27, 2025, compared to $608.2 million for the same period in 2024[135]. - For the thirty-nine weeks ended December 27, 2025, net sales increased by $257.8 million, or 17.7%, to $1.715 billion, with consolidated same store sales growth of 7.6%[144]. Profitability - Gross profit is calculated as net sales minus cost of goods sold, which includes significant expenses that are expected to rise with growth[123][124]. - Gross profit rose by $42.4 million, or 17.7%, to $281.2 million for the thirteen weeks ended December 27, 2025, with a gross profit margin of 39.9%, up from 39.3% in the prior year[136]. - Gross profit for the thirty-nine weeks ended December 27, 2025, increased by $114.1 million, or 20.8%, to $662.6 million, with a gross profit margin of 38.6%[145]. - Income from operations increased by $15.3 million, or 15.4%, to $114.8 million for the thirteen weeks ended December 27, 2025, with an operating margin of 16.3%[140]. - Income from operations for the thirty-nine weeks ended December 27, 2025, increased by $52.3 million, or 27.6%, to $241.9 million, with an operating margin of 14.1%[148]. - Net income for the thirteen weeks ended December 27, 2025, was $85.8 million, compared to $75.1 million for the same period in 2024, reflecting a net income margin of 12.2%[143]. Expenses - Selling, general and administrative (SG&A) expenses are anticipated to increase due to stock-based compensation and expansion-related costs[127]. - Selling, general and administrative (SG&A) expenses increased by $27.1 million, or 19.4%, to $166.5 million for the thirteen weeks ended December 27, 2025, resulting in a SG&A margin of 23.6%[137][139]. - SG&A expenses for the thirty-nine weeks ended December 27, 2025, rose by $61.9 million, or 17.2%, to $420.7 million, achieving a SG&A margin of 24.5%[146][147]. Capital Expenditures and Investments - New store openings are a key growth strategy, with pre-opening costs impacting initial profitability[121][122]. - The company plans to invest between $125.0 million and $130.0 million in capital expenditures for fiscal 2026, focusing on new store openings and improvements to distribution and IT infrastructure[156]. Cash Flow and Financing - As of December 27, 2025, cash and cash equivalents were $200.1 million, up from $69.8 million as of March 29, 2025[165]. - Net cash provided by operating activities for the thirty-nine weeks ended December 27, 2025, was $309.3 million, compared to $190.7 million for the same period in 2024[166][167]. - Net cash used in investing activities was $136.7 million for the thirty-nine weeks ended December 27, 2025, primarily for capital expenditures related to store construction[169]. - Net cash used in financing activities was $42.3 million for the thirty-nine weeks ended December 27, 2025, including $37.5 million for share repurchases[171]. - The Company has a $250.0 million Wells Fargo Revolver with a maturity date of July 11, 2027[157]. - The Company was in compliance with the Wells Fargo Revolver debt covenants as of December 27, 2025[163]. - The borrowing base for the Wells Fargo Revolver is calculated monthly based on eligible credit card receivables, commercial accounts, inventory, and available reserves[159]. - The applicable margin for Term SOFR loans under the Wells Fargo Revolver ranges from 1.00% to 1.25%[158]. - The Company paid a commitment fee of 0.25% per annum on the unutilized revolving loans under the Wells Fargo Revolver[158]. - Total interest expense incurred on the Wells Fargo Revolver for the thirty-nine weeks ended December 27, 2025, was $0.6 million, with a weighted average interest rate of 7.1%[160]. Fiscal Year Information - The fiscal year ends on the last Saturday of March, with both fiscal 2026 and fiscal 2025 consisting of 52 weeks[132]. - The company does not plan to update forward-looking statements unless required by law, acknowledging inherent risks and uncertainties[106].

Financial Data and Key Metrics Changes - Revenue increased by 16% year-over-year to $706 million, with same-store sales growth of 5.7% [5][14] - Earnings per diluted share rose to $2.79, compared to $2.43 in the prior year, marking a 14.8% increase [16][17] - Gross profit increased by 18% to $281 million, with a gross profit rate of 39.9% [14][15] Business Line Data and Key Metrics Changes - Consolidated same-store sales grew 5.7%, with brick-and-mortar same-store sales increasing by 3.7% and e-commerce same-store sales growing by 19.6% [6][14] - Men's and ladies' Western boots saw high single-digit comp growth, while men's and ladies' apparel experienced mid-teen same-store sales growth in denim [8][9] Market Data and Key Metrics Changes - The company opened a record 25 new stores in the third quarter, bringing the total to 514 stores [7] - The company plans to open 15 additional stores in the fourth quarter, aiming for a total of 70 new stores for the fiscal year [8] Company Strategy and Development Direction - The company is focused on four strategic initiatives: new store growth, same-store sales, omnichannel development, and merchandise margin expansion [5][8] - The target is to expand to 1,200 stores in the U.S. over the coming years, supported by strong new store performance [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying business tone and the start of the fourth quarter, despite recent winter storms impacting sales [6][7] - The company anticipates total sales for the full fiscal year to reach $2.25 billion, representing an 18% growth over fiscal 2025 [20] Other Important Information - The company has maintained a strong inventory position, with a 17% increase year-over-year to $805 million [17] - The company repurchased approximately 67,000 shares for $12.5 million as part of its $200 million share repurchase program [17] Q&A Session Summary Question: Can you elaborate on the drivers of acceleration seen in January? - Management noted that the acceleration was broad-based across major merchandise categories, with work apparel being slightly softer due to warmer weather [27][28] Question: What is the overall visibility for planning the business moving forward? - Management indicated confidence in maintaining low to mid-single-digit comp growth, with no structural concerns affecting performance [30][32] Question: Can you elaborate on the merchandise margin outlook for the fourth quarter? - Management expects a headwind from shrink and freight, with exclusive brand penetration contributing to margin expansion [36][39] Question: Are there any specific categories gaining momentum outside of denim? - Management confirmed that traditional Western silhouettes remain strong, with no significant shifts towards more contemporary styles [104] Question: How is the performance of exclusive brand websites compared to bootbarn.com? - Management highlighted that the exclusive brand sites have attracted new customers and contributed positively to online growth [72][74]

Financial Data and Key Metrics Changes - Revenue increased by 16% year-over-year to $706 million, with same-store sales growth of 5.7% [5][14] - Earnings per diluted share rose to $2.79, compared to $2.43 in the prior year, marking a 14.8% increase [16][17] - Gross profit increased by 18% to $281 million, with a gross profit rate of 39.9%, up 60 basis points from the prior year [14][15] Business Line Data and Key Metrics Changes - Consolidated same-store sales grew 5.7%, with brick-and-mortar same-store sales increasing by 3.7% and e-commerce same-store sales growing by 19.6% [6][14] - Men's and ladies' western boots saw high single-digit comp growth, while men's and ladies' apparel outperformed the chain average, particularly in denim with mid-teen growth [8][9] Market Data and Key Metrics Changes - The company opened a record 25 new stores in the third quarter, bringing the total to 514 stores, with plans for 15 additional openings in the fourth quarter [7][8] - The company aims for a total of 70 new stores for the fiscal year and estimates 20 openings in the first quarter of fiscal 2027 [8] 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][10] - Plans to launch standalone websites for additional exclusive brands to enhance customer engagement and sales [10][74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying business tone and anticipated continued strength in same-store sales despite recent winter storms [6][23] - The company raised its full-year guidance, expecting total sales of $2.25 billion, representing an 18% growth over fiscal 2025 [20][21] Other Important Information - Inventory increased by 17% year-over-year to $805 million, with markdowns as a percentage of inventory below historical levels [17] - The company repurchased approximately 67,000 shares for $12.5 million as part of its $200 million share repurchase program [17] Q&A Session Questions and Answers Question: Can you elaborate on the drivers of acceleration seen in January before the storms? - Management noted that the acceleration was broad-based across most major merchandise categories, with work apparel being slightly softer due to warmer weather [27][28] Question: What is the overall visibility for planning the business moving forward? - Management indicated confidence in maintaining low to mid-single-digit comp growth, supported by new store productivity and broad performance across merchandise categories [30][32] Question: Can you elaborate on the merchandise margin outlook for the fourth quarter? - Management expects a headwind from shrink and freight, with exclusive brand penetration contributing to margin expansion [36][39] Question: How are you thinking about the price points between exclusive brands and national brands? - Management believes that price points will normalize over time, with careful consideration to avoid breaking psychological price points [92][96] Question: What are the expectations for new store openings in fiscal 2027? - Management is confident in maintaining a 12%-15% new unit growth rate, with a strong pipeline for the first quarter [40][41]

Financial Data and Key Metrics Changes - Revenue increased by 16% year-over-year to $706 million, with same-store sales growth of 5.7% [4][13] - Earnings per diluted share rose to $2.79 from $2.43 in the prior year, marking a 14.8% increase [15][16] - Merchandise margin rate improved by 110 basis points compared to the prior year [4][11] Business Line Data and Key Metrics Changes - Consolidated same-store sales grew 5.7%, with brick-and-mortar sales increasing by 3.7% and e-commerce sales up by 19.6% [5][13] - Men's and ladies' western boots saw high single-digit same-store sales growth, while work boots experienced mid-single-digit growth [8][9] Market Data and Key Metrics Changes - The company opened a record 25 new stores in Q3, bringing the total to 514 stores, with plans for 15 more openings in Q4 [6][7] - The company aims for a total of 70 new stores for the fiscal year and estimates 20 openings in Q1 of fiscal 2027 [7] Company Strategy and Development Direction - The company is focused on four strategic initiatives: new store growth, same-store sales, omnichannel expansion, and merchandise margin improvement [4][10] - Plans to launch standalone websites for additional exclusive brands to enhance customer engagement and sales [10][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's underlying strength despite recent winter storms impacting sales [5][25] - The company anticipates total sales for the full fiscal year to reach $2.25 billion, representing an 18% growth over fiscal 2025 [19] Other Important Information - Inventory increased by 17% year-over-year to $805 million, with markdowns below historical levels [16] - The company repurchased approximately 67,000 shares for $12.5 million as part of its share repurchase program [16] Q&A Session Summary Question: Can you elaborate on the drivers of acceleration seen in January? - Management noted that the acceleration was broad-based across major merchandise categories, with work apparel being slightly softer due to warmer weather [25][26] Question: What is the overall visibility for sustaining mid- to high-single-digit comps? - Management feels confident about new store productivity and broad performance across merchandise categories, indicating no structural concerns [28][29] Question: Can you provide more detail on the merchandise margin outlook for Q4? - Management expects a headwind from shrink and freight, with exclusive brand penetration contributing to margin expansion [34][37] Question: Are there any specific categories gaining momentum outside of denim? - Management confirmed that traditional Western silhouettes remain strong, with no significant shifts towards contemporary styles [104][106] Question: How is the performance of exclusive brand websites compared to bootbarn.com? - The exclusive brand websites have attracted net new customers, enhancing overall online growth [72][74]

Offering everyone a piece of the American spirit—one handshake at a time. Supplemental Financial Presentation February 2026 0 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 Boot Barn Holdings, Inc.'s (the "Company," "Boot Barn," "BOOT," "we," "us," and "ou ...

Core Insights - Boot Barn Holdings, Inc. reported a 16% year-over-year increase in net sales for the third fiscal quarter, reaching $705.6 million, driven by strong demand across various merchandise categories and channels [4][5] - The company achieved a merchandise margin expansion of 110 basis points, contributing to earnings per diluted share of $2.79, up from $2.43 in the prior year [4][5] - Same store sales increased by 5.7%, with retail store same store sales rising 3.7% and e-commerce same store sales growing 19.6% [4][5] Financial Performance - Net income for the quarter was $85.8 million, compared to $75.1 million in the prior-year period [4][5] - Gross profit was $281.2 million, representing 39.9% of net sales, an increase from 39.3% in the previous year [5][6] - Selling, general and administrative (SG&A) expenses rose to $166.5 million, or 23.6% of net sales, up from 22.9% in the prior year [5][6] Store Expansion and Operations - The company opened 25 new stores, bringing the total store count to 514 as of the end of the quarter [4][5] - Average inventory per store increased approximately 4.1% on a same-store basis compared to the previous year [11] - Boot Barn plans to open 70 new stores in the upcoming fiscal year [11] Future Outlook - For the fiscal year ending March 28, 2026, the company expects total sales between $2.24 billion and $2.25 billion, representing growth of 17% to 18% over fiscal year 2025 [11] - SG&A expenses are projected to be approximately 24.5% of net sales, with net income expected to be between $222.8 million and $225.8 million [15]

Financial Results - Boot Barn Holdings, Inc. announced preliminary financial results for Q3 fiscal year 2026, ending December 27, 2025[5]. - A press release detailing financial results is available as Exhibit 99.1, and a supplemental financial presentation is provided as Exhibit 99.2[10]. - The financial information provided is intended to be "furnished" and not "filed" under the Exchange Act[6]. Upcoming Events - The company will participate in the 2026 ICR Conference on January 12, 2026, where further details will be shared[7]. - The fireside chat at the ICR Conference will be webcast live, accessible via the company's investor relations website[7]. Company Information - The company is not classified as an emerging growth company under the Securities Act[4]. - The address of the company's principal executive offices is 17100 Laguna Canyon Road, Irvine, California 92618[2]. - The report was signed by James M. Watkins, Chief Financial Officer and Secretary, on January 9, 2026[14]. Investor Relations - The company reserves the right to discontinue the availability of the investor relations website at any time[9]. - The company disclaims any obligation to update or revise the information in the presentation[9].

Core Viewpoint - Boot Barn Holdings, Inc. is experiencing a positive trend in its consensus price target, reflecting growing analyst confidence in its performance and growth potential [1] Price Target Analysis - The average price target for Boot Barn has increased to $231, up from $229.8 in the previous quarter, indicating strong analyst confidence in the company's growth [2] - A year ago, the average price target was $212.73, showing a significant increase to the current target of $231, which reflects a positive outlook on Boot Barn's growth trajectory [3] Earnings Estimates and Analyst Sentiment - Analysts have raised their earnings estimates for Boot Barn, indicating confidence in the company's growth trajectory and market position [6] - Despite some caution regarding Boot Barn's ability to beat earnings estimates, the overall analyst consensus remains bullish, suggesting potential upward movement in the stock [4][6] Market Position and Performance - Boot Barn has been expanding its retail presence and enhancing its e-commerce capabilities, contributing to its positive performance and growth potential [1][3] - The company has consistently delivered impressive earnings surprises, indicating a strong potential to exceed expectations in its upcoming quarterly report [3]