Boot Barn Holdings operates over 500 stores nationwide, supplying western and workwear apparel to a diverse U.S. customer base.Ranger Investment Management disclosed on February 13, 2026, that it sold 99,800 shares of Boot Barn Holdings (BOOT +1.15%), an estimated $18.62 million transaction based on quarterly average pricing.What happenedAccording to a recent SEC filing, Ranger Investment Management, L.P. reduced its holding in Boot Barn Holdings (BOOT +1.15%) by 99,800 shares during the fourth quarter of 2 ...

Key Takeaways BOOT ended Q3 with 514 stores after a record 25 openings, reaffirming its 1,200 store goal.BOOT expects new stores to generate $3.2M in first-year sales with payback in under two years.BOOT plans 70 openings in FY26 and targets 12%-15% annual unit growth in FY27.Boot Barn Holdings, Inc. (BOOT) continues to generate strong results from its new store engine, consistently surpassing expectations for sales, earnings, and payback across all U.S. regions. This momentum has carried through stores ope ...

Core Insights - Boot Barn Holdings, Inc. (BOOT) reported a strong performance in Q3 of fiscal 2026, with revenue increasing by 16% year over year to $706 million and same-store sales rising by 5.7% [1][9] Financial Performance - Quarterly revenue reached $706 million, marking a 16% increase year over year, with consolidated same-store sales up 5.7% [1][9] - Retail store same-store sales increased by 3.7%, while e-commerce same-store sales surged by 19.6% [1][9] - For the first five weeks of Q4, same-store sales rose by 5.7%, with an even higher rate of approximately 9.1% before weather disruptions [4][9] Category Performance - All major product categories showed robust growth, with men's and women's Western boots achieving high single-digit comparable sales growth [3] - Apparel outperformed the chain average, particularly denim, which saw mid-teens same-store sales growth [3] - Work boots also experienced mid-single-digit comparable sales growth, indicating sustained consumer demand across footwear and apparel [3] Digital and E-commerce Growth - The digital segment benefited from newly launched standalone websites for exclusive brands, attracting new customers [2] - Management plans to launch dedicated websites for additional brands, further enhancing digital presence [2] Market Position and Outlook - Boot Barn's sales growth, expanding margins, and strong digital traction support confidence in its long-term growth strategy and store expansion targets [5] - BOOT's shares have increased by 10% year to date, outperforming the industry average of 3.7% [8] - The Zacks Consensus Estimate indicates a year-over-year earnings growth of 26% for the current fiscal year and 16.1% for the next [12]

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Core Insights - Boot Barn Holdings, Inc. (BOOT) reported strong third-quarter results for 2026, with both revenue and earnings meeting expectations and showing year-over-year growth, leading management to raise its fiscal 2026 guidance [1][9] Quarterly Performance - BOOT's earnings per share (EPS) for the quarter was $2.79, an increase from $2.43 in the same period last year, which had included a 22-cent benefit from the former CEO's resignation [2] - Net sales reached $705.6 million, reflecting a 16% year-over-year increase, driven by new store openings and same-store sales growth [2] Same-Store Sales and Expansion - Consolidated same-store sales grew by 5.7% year over year, with retail same-store sales increasing by 3.7% and e-commerce same-store sales rising significantly by 19.6% [3] - The company opened 25 new stores during the quarter, bringing the total to 514 stores [3] Margin and Cost Performance - Gross profit increased by 17.7% year over year to $281.2 million, with gross margin improving by 60 basis points to 39.9% [4] - Selling, General and Administrative (SG&A) expenses rose to $166.5 million from $139.4 million, primarily due to higher payroll and operational costs associated with more stores [5] - Income from operations was $114.8 million, up from $99.5 million, although operating margin contracted by 10 basis points to 16.3% [6] Financial Health - At the end of the quarter, BOOT had $200 million in cash and cash equivalents and total shareholders' equity of $1.28 billion [7] - The company repurchased 67,279 shares for $12.5 million during the quarter and anticipates capital expenditures of $125-$130 million, net of estimated landlord tenant allowances [7] Future Guidance - For the fourth quarter, BOOT plans to open 15 new stores and expects net sales between $525 million and $535 million, indicating year-over-year growth of 16% to 18% [8] - Consolidated same-store sales are projected to increase by 3% to 5%, with retail and e-commerce same-store sales expected to grow by 2.2%-4.2% and 11%-13%, respectively [8] Updated Fiscal 2026 Guidance - BOOT now anticipates fiscal 2026 net sales between $2.24 billion and $2.25 billion, representing a 17% to 18% year-over-year growth, an increase from the previous guidance of $2.20 billion to $2.23 billion [12] - Consolidated same-store sales growth is now forecasted between 6.5% and 7%, improved from the earlier estimate of 4%-6% [12] - Retail same-store sales are expected to be in the range of 5.5%-6%, while e-commerce same-store sales are projected to be 14.5%-15% [12] Earnings Projections - The company expects merchandise margin of $1.138 billion to $1.144 billion, representing about 50.8% of sales, with gross profit projected between $850 million and $855 million [13] - Income from operations is expected to be in the range of $297 million to $301 million, with projected earnings per share between $7.25 and $7.35, an improvement from $5.82 reported in fiscal 2025 [13]

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]