IRVINE, Calif., May 14, 2025--(BUSINESS WIRE)--Boot Barn Holdings, Inc. (NYSE: BOOT) (the "Company") today announced its financial results for the fourth fiscal quarter and fiscal year ended March 29, 2025 ("Fiscal Year 2025"). A Supplemental Financial Presentation is available at investor.bootbarn.com.

For the quarter ended March 29, 2025 compared to the quarter ended March 30, 2024:

Net sales increased 16.8% over the prior-year period to $453.7 million. Same store sales increased 6.0%, with retail store same store sales increasing 5.5% and e-commerce same store sales increasing 9.8%. Net income was $37.5 million, or $1.22 per diluted share, compared to $29.4 million, or $0.96 per diluted share, in the prior-year period. The Company opened 21 new stores, bringing its total store count to 459 as of the quarter end.

For the fiscal year ended March 29, 2025 compared to the fiscal year ended March 30, 2024:

Net sales increased 14.6% over Fiscal Year 2024 to $1.911 billion. Same store sales increased 5.5%, with retail store same store sales increasing 5.0% and e-commerce same store sales increasing 9.7%. Net income was $180.9 million, or $5.88 per diluted share in Fiscal Year 2025, compared to $147.0 million, or $4.80 per diluted share, in Fiscal Year 2024. The Company opened 60 new stores, bringing its total store count to 459 as of the fiscal year end.

John Hazen, Chief Executive Officer, commented, "Our team delivered a solid finish to fiscal year 2025 highlighted by 15% annual total sales growth and 23% growth in earnings per diluted share, underscoring the ongoing resilience of our core consumer despite broader market uncertainties. The continued strength across major merchandise categories, channels, and geographies reaffirms the broad appeal of our brand and the effectiveness of our strategic initiatives. As we look ahead, we remain confident in our ability to navigate the current tariff environment through our diversified sourcing capabilities and established vendor partnerships. The fundamentals of our business remain strong, and we are well-positioned to continue generating value for our shareholders."

Share Repurchase Program

The Company’s Board of Directors has authorized the Company to repurchase up to $200 million of its common stock (the "Repurchase Program"). Repurchases under the Repurchase Program may be made through a variety of methods, which could include open market purchases, which may or may not be pursuant to Rule 10b5-1 trading plans, privately negotiated transactions, block trades, accelerated share repurchase plans, or any combination of such methods. The timing and amount of shares repurchased will depend on the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors. The Company is not obligated to repurchase any specific amount of shares of common stock, and the repurchase authorization does not have an expiration date and may be amended or terminated by the Board of Directors at any time without prior notice.

Story Continues

Operating Results for the Fourth Quarter Ended March 29, 2025 Compared to the Fourth Quarter Ended March 30, 2024

Net sales increased 16.8% to $453.7 million from $388.5 million in the prior-year period. Consolidated same store sales increased 6.0%, with retail store same store sales increasing 5.5% and e-commerce same store sales increasing 9.8%. The increase in net sales was the result of incremental sales from new stores and the increase in consolidated same store sales. Gross profit was $168.6 million, or 37.1% of net sales, compared to $139.4 million, or 35.9% of net sales, in the prior-year period. The increase in gross profit was primarily due to an increase in sales and merchandise margin, partially offset by the occupancy costs of new stores. The 130 basis-point increase in gross profit rate was driven primarily by a 210 basis-point increase in merchandise margin rate, partially offset by 80 basis points of deleverage in buying, occupancy and distribution center costs. The increase in merchandise margin rate was primarily the result of supply chain efficiencies, lower shrink expense, better buying economies of scale, and growth in exclusive brand penetration. The deleverage in buying, occupancy and distribution center costs was driven by the occupancy costs of new stores. Selling, general and administrative expenses were $118.9 million, or 26.2% of net sales, compared to $101.2 million, or 26.1% of net sales, in the prior-year period. The increase in selling, general and administrative expenses compared to the prior-year period was primarily the result of higher store payroll and store-related expenses associated with operating more stores, and corporate general and administrative expenses in the current-year period. Selling, general and administrative expenses as a percentage of net sales increased by 10 basis points primarily as a result of higher legal expenses and store payroll in the current-year period partially offset by marketing expenses. Income from operations increased $11.4 million to $49.7 million, or 11.0% of net sales, compared to $38.2 million, or 9.8% of net sales, in the prior-year period, primarily due to the factors noted above. Income tax expense was $12.4 million, or a 24.8% effective tax rate, compared to $9.4 million, or a 24.3% effective tax rate, in the prior-year period. The increase in effective tax rate was primarily due to a decrease in stock-based compensation tax benefits in the current-year period when compared to the prior-year period. Net income was $37.5 million, or $1.22 per diluted share, compared to $29.4 million, or $0.96 per diluted share, in the prior-year period. The increase in net income is primarily attributable to the factors noted above.

Operating Results for the Fiscal Year Ended March 29, 2025 Compared to the Fiscal Year Ended March 30, 2024

Net sales increased 14.6% to $1.911 billion from $1.667 billion in Fiscal Year 2024. Consolidated same store sales increased 5.5%, with retail store same store sales increasing 5.0% and e-commerce same store sales increasing 9.7%. The increase in net sales was the result of incremental sales from new stores and the increase in consolidated same store sales. Gross profit was $717.0 million, or 37.5% of net sales, compared to $614.4 million, or 36.9% of net sales, in Fiscal Year 2024. The increase in gross profit was primarily due to an increase in sales and merchandise margin, partially offset by the occupancy costs of new stores. The 70 basis-point increase in gross profit rate was driven primarily by a 130 basis-point increase in merchandise margin rate partially offset by 60 basis points of deleverage in buying, occupancy and distribution center costs. The increase in merchandise margin rate was primarily the result of supply chain efficiencies, lower shrink expense, better buying economies of scale, and growth in exclusive brand penetration. The deleverage in buying, occupancy and distribution center costs was driven by the occupancy costs of new stores. Selling, general and administrative expenses were $477.7 million, or 25.0% of net sales, compared to $416.2 million, or 25.0% of net sales, in Fiscal Year 2024. The increase in selling, general and administrative expenses as compared to Fiscal Year 2024 was primarily the result of higher store payroll and store-related expenses associated with operating more stores, corporate general and administrative expenses, and marketing expenses in Fiscal Year 2025. Selling, general and administrative expenses as a percentage of net sales was flat when compared to Fiscal Year 2024. Income from operations increased $41.1 million to $239.4 million, or 12.5% of net sales, compared to $198.2 million, or 11.9% of net sales, in Fiscal Year 2024, primarily due to the factors noted above. Income tax expense was $59.2 million, or a 24.6% effective tax rate, compared to $50.4 million, or a 25.4% effective tax rate, in Fiscal Year 2024. The decrease in effective tax rate was primarily due to reductions in nondeductible expenses, as well as an increase in pretax book income, partially offset by reduced stock-based compensation tax benefits. Net income was $180.9 million, or $5.88 per diluted share, compared to net income of $147.0 million, or $4.80 per diluted share, in Fiscal Year 2024. The increase in net income is primarily attributable to the factors noted above.

Sales by Channel

The following table includes total net sales growth, same store sales ("SSS") growth/(decline) and e-commerce as a percentage of net sales for the periods indicated below.

Preliminary  Thirteen Weeks          Preliminary   Two Weeks  Ended   Four Weeks  Four Weeks  Five Weeks   Four Weeks   Ended  March 29, 2025   Fiscal January  Fiscal February  Fiscal March   Fiscal April   May 10, 2025   Total Net Sales Growth  16.8 %  18.8 % 12.7 % 18.5 %  18.3 %  19.2 %  Retail Stores SSS  5.5 %  7.0 % 0.9 % 8.0 %  9.8 %  8.4 % E-commerce SSS  9.8 %  17.1 % 9.0 % 5.1 %  (0.4) %  15.9 % Consolidated SSS  6.0 %  8.1 % 1.8 % 7.7 %  8.7 %  9.1 %  E-commerce as a % of Net Sales  9.9 %  11.2 % 10.3 % 8.8 %  8.4 %  9.3 %

Balance Sheet Highlights as of March 29, 2025

Cash of $70 million. Zero drawn under the $250 million revolving credit facility. Average inventory per store increased approximately 5.7% on a same store basis compared to March 30, 2024.

Fiscal Year 2026 Outlook

The Company is providing guidance for what it can reasonably expect at this time. For the fiscal year ending March 28, 2026 the Company expects:

To open between 65 and 70 new stores. Total sales of $2.070 billion to $2.150 billion, representing growth of 8% to 13% over Fiscal Year 2025. Same store sales declines of (2.0)% to growth of approximately 2.0%, with retail store same store sales declines of (2.5)% to growth of approximately 1.5% and e-commerce same store sales growth of approximately 1.0% to 7.5%. Merchandise margin between $1.030 billion and $1.077 billion, or approximately 49.8% to 50.1% of sales. Gross profit between $747 million and $793 million, or approximately 36.1% to 36.9% of sales. Selling, general and administrative expenses between $519 million and $527 million, or approximately 25.1% to 24.5% of sales. Income from operations between $228 million and $266 million, or approximately 11.0% to 12.4% of sales. Net income of $169 million to $197 million. Net income per diluted share of $5.50 to $6.40, based on 30.8 million weighted average diluted shares outstanding. Effective tax rate of 26.0%. Capital expenditures between $115.0 million and $120.0 million, which is net of estimated landlord tenant allowances of $35.5 million.

For the first fiscal quarter ending June 28, 2025, the Company expects:

Total sales of $483 million to $491 million, representing growth of 14% to 16% over the prior-year period. Same store sales growth of approximately 4.0% to 6.0%, with retail store same store sales growth of approximately 4.0% to 6.0% and e-commerce same store sales growth of approximately 4.0% to 6.0%. Merchandise margin between $250 million and $254 million, or approximately 51.7% of sales. Gross profit between $183 million and $188 million, or approximately 37.9% to 38.2% of sales. Selling, general and administrative expenses between $122 million and $124 million, or approximately 25.3% to 25.2% of sales. Income from operations between $61 million and $64 million, or approximately 12.6% to 13.0% of sales. Net income per diluted share of $1.44 to $1.52, based on 30.9 million weighted average diluted shares outstanding.

Conference Call Information

A conference call to discuss the financial results for the fourth fiscal quarter and fiscal year ended March 29, 2025, is scheduled for today, May 14, 2025, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (866) 652-5200. The conference call will also be available to interested parties through a live webcast at investor.bootbarn.com. Please visit the website and select the "Events and Presentations" link at least 15 minutes prior to the start of the call to register and download any necessary software. A Supplemental Financial Presentation is also available on the investor relations section of the Company’s website. A telephone replay of the call will be available until June 12, 2025, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10199545. Please note participants must enter the conference identification number in order to access the replay.

About Boot Barn

Boot Barn is the nation’s leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. As of the date of this release, Boot Barn operates 465 stores in 49 states, in addition to an e-commerce channel www.bootbarn.com. The Company also operates www.sheplers.com, the nation’s leading pure play online western and work retailer and www.countryoutfitter.com, an e-commerce site selling to customers who live a country lifestyle. For more information, call 888-Boot-Barn or visit www.bootbarn.com.

Forward Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements refer to the Company’s current expectations and projections relating to, by way of example and without limitation, the Company’s financial condition, liquidity, profitability, results of operations, margins, plans, objectives, strategies, future performance, business and industry. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "believe", "may", "might", "will", "could", "should", "can have", "likely", "outlook" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. These forward-looking statements are based on assumptions that the Company’s management has made in light of their industry experience and on their perceptions of historical trends, current conditions, expected future developments and other factors that they believe are appropriate under the circumstances. As you consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. These risks, uncertainties and assumptions include, but are not limited to, the following: decreases in consumer spending due to declines in consumer confidence, local economic conditions or changes in consumer preferences; the Company’s ability to effectively execute on its growth strategy; and the Company’s failure to maintain and enhance its strong brand image, to compete effectively, to maintain good relationships with its key suppliers, and to improve and expand its exclusive product offerings. The Company discusses the foregoing risks and other risks in greater detail under the heading "Risk factors" in the periodic reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, the Company cautions that you should not place undue reliance on any of these forward-looking statements. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict those events or how they may affect the Company. Further, any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company does not intend to update or revise the forward-looking statements in this press release after the date of this press release.

Boot Barn Holdings, Inc. Consolidated Balance Sheets (In thousands, except per share data) (Unaudited)  March 29,  March 30, 2025  2024 Assets  Current assets:  Cash and cash equivalents  $ 69,770   $ 75,847  Accounts receivable, net   10,263    9,964  Inventories   747,191    599,120  Prepaid expenses and other current assets   36,736    44,718  Total current assets   863,960    729,649  Property and equipment, net   422,079    323,667  Right-of-use assets, net   469,461    390,501  Goodwill   197,502    197,502  Intangible assets, net   58,677    58,697  Other assets   6,342    5,576  Total assets  $ 2,018,021   $ 1,705,592  Liabilities and stockholders’ equity  Current liabilities:  Accounts payable  $ 134,450   $ 132,877  Accrued expenses and other current liabilities   146,038    116,477  Short-term lease liabilities   72,861    63,454  Total current liabilities   353,349    312,808  Deferred taxes   39,317    42,033  Long-term lease liabilities   490,182    403,303  Other liabilities   4,116    3,805  Total liabilities   886,964    761,949   Stockholders’ equity:  Common stock, $0.0001 par value; March 29, 2025 - 100,000 shares authorized, 30,892 shares issued; March 30, 2024 - 100,000 shares authorized, 30,572 shares issued   3    3  Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding   —    —  Additional paid-in capital   246,725    232,636  Retained earnings   903,968    723,026  Less: Common stock held in treasury, at cost, 298 and 228 shares at March 29, 2025 and March 30, 2024, respectively   (19,639 )   (12,022 ) Total stockholders’ equity   1,131,057    943,643  Total liabilities and stockholders’ equity  $ 2,018,021   $ 1,705,592

Boot Barn Holdings, Inc. Consolidated Statements of Operations (In thousands, except per share data) (Unaudited)  Thirteen Weeks Ended  Thirteen Weeks Ended  Fifty-Two Weeks Ended  Fifty-Two Weeks Ended March 29,  March 30,  March 29,  March 30, 2025  2024  2025  2024 Net sales  $ 453,749  $ 388,459  $ 1,911,104  $ 1,667,009 Cost of goods sold   285,187   249,021   1,194,066   1,052,585 Gross profit   168,562   139,438   717,038   614,424 Selling, general and administrative expenses   118,875   101,194   477,686   416,210 Income from operations   49,687   38,244   239,352   198,214 Interest expense   346   230   1,497   2,238 Other income net   607   871   2,262   1,396 Income before income taxes   49,948   38,885   240,117   197,372 Income tax expense   12,409   9,446   59,175   50,376 Net income  $ 37,539  $ 29,439  $ 180,942  $ 146,996  Earnings per share:  Basic  $ 1.23  $ 0.97  $ 5.93  $ 4.87 Diluted  $ 1.22  $ 0.96  $ 5.88  $ 4.80 Weighted average shares outstanding:  Basic   30,593   30,317   30,524   30,167 Diluted   30,771   30,717   30,773   30,611

Boot Barn Holdings, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited)  Fiscal Year Ended March 29,  March 30,  April 1, 2025  2024  2023 Cash flows from operating activities  Net income  $ 180,942   $ 146,996   $ 170,553  Adjustments to reconcile net income to net cash provided by operating activities:  Depreciation   62,462    49,531    35,883  Stock-based compensation   10,978    12,935    9,711  Amortization of intangible assets   20    54    62  Impairment of intangible assets   —    2,000    —  Noncash lease expense   66,994    55,148    47,869  Amortization and write-off of debt issuance fees and debt discount   108    108    130  Loss on disposal of property and equipment   299    660    334  Deferred taxes   (2,716 )   8,773    6,365  Changes in operating assets and liabilities, net of acquisition:  Accounts receivable, net   (240 )   3,282    (2,716 ) Inventories   (148,071 )   (9,626 )   (115,194 ) Prepaid expenses and other current assets   7,664    3,515    (11,276 ) Other assets   (766 )   613    (2,874 ) Accounts payable   210    425    (2,636 ) Accrued expenses and other current liabilities   17,989    (6,208 )   (18,541 ) Other liabilities   311    1,057    516  Operating leases   (48,644 )   (33,183 )   (29,299 ) Net cash provided by operating activities  $ 147,540   $ 236,080   $ 88,887  Cash flows from investing activities  Purchases of property and equipment  $ (148,293 )  $ (118,782 )  $ (124,534 ) Proceeds from sale of property and equipment   55    —    —  Net cash used in investing activities  $ (148,238 )  $ (118,782 )  $ (124,534 ) Cash flows from financing activities  (Payments)/borrowings on line of credit - net  $ —   $ (66,043 )  $ 37,494  Repayments on debt and finance lease obligations   (873 )   (863 )   (838 ) Tax withholding payments for net share settlement   (7,617 )   (2,475 )   (4,689 ) Proceeds from the exercise of stock options   3,111    9,737    1,199  Net cash (used in)/provided by financing activities  $ (5,379 )  $ (59,644 )  $ 33,166  Net (decrease)/increase in cash and cash equivalents   (6,077 )   57,654    (2,481 ) Cash and cash equivalents, beginning of period   75,847    18,193    20,674  Cash and cash equivalents, end of period  $ 69,770   $ 75,847   $ 18,193   Supplemental disclosures of cash flow information:  Cash paid for income taxes  $ 59,929   $ 57,157   $ 60,171  Cash paid for interest  $ 1,381   $ 2,385   $ 5,835  Supplemental disclosure of non-cash activities:  Unpaid purchases of property and equipment  $ 29,584   $ 17,269   $ 21,487

Boot Barn Holdings, Inc. Store Count  Quarter Ended  Quarter Ended  Quarter Ended  Quarter Ended  Quarter Ended  Quarter Ended  Quarter Ended  Quarter Ended March 29,  December 28,  September 28,  June 29,  March 30,  December 30,  September 30,  July 1, 2025  2024  2024  2024  2024  2023  2023  2023 Store Count (BOP)  438  425  411   400  382  371  361  345 Opened/Acquired  21  13  15   11  18  11  10  16 Closed  —  —  (1 )  —  —  —  —  — Store Count (EOP)  459  438  425   411  400  382  371  361

Boot Barn Holdings, Inc. Selected Store Data  Thirteen Weeks Ended  March 29,  December 28,  September 28,  June 29,  March 30,  December 30,  September 30,  July 1,  2025  2024  2024  2024  2024  2023  2023  2023  Selected Store Data:  Same Store Sales growth/(decline)   6.0 %  8.6 %  4.9 %  1.4 %  (5.9 ) %  (9.7 ) %  (4.8 ) %  (2.9 ) % Stores operating at end of period   459   438   425   411   400    382    371    361  Comparable stores operating at end of period(1)   382   374   363   349   335    322    312    302  Total retail store selling square footage, end of period (in thousands)   5,133   4,877   4,720   4,547   4,371    4,153    4,027    3,914  Average retail store selling square footage, end of period   11,183   11,134   11,105   11,063   10,929    10,872    10,855    10,841  Average sales per comparable store (in thousands)(2)  $ 926  $ 1,301  $ 952  $ 980  $ 917   $ 1,256   $ 950   $ 1,014

(1)  Comparable stores have been open at least 13 full fiscal months as of the end of the applicable reporting period. (2)  Average sales per comparable store is calculated by dividing comparable store trailing three-month sales for the applicable period by the number of comparable stores operating during the period.

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Contacts

Investor Contact: 
ICR, Inc.
Brendon Frey, 203-682-8216
[email protected]

or

Company Contact: 
Boot Barn Holdings, Inc.
Mark Dedovesh, 949-453-4489
Senior Vice President, Investor Relations & Financial Planning
[email protected]

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