Boot Barn Q2 earnings climb 26% to $1.73 a share
The board's additional $400 million authorization leaves approximately $468 million available under the existing repurchase program.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Boot Barn Holdings, Inc. (BOOT) reported second-quarter fiscal 2027 net sales of $581.8 million, up 15.1% year over year, and net income of $52.5 million, compared with $42.2 million in the prior-year quarter. Diluted earnings per share were $1.73 versus $1.37; the company described this as a 26% increase. Consolidated same-store sales grew 1.4%.
Boot Barn repurchased 240,937 shares for an aggregate purchase price of $35 million during the quarter. For the 26 weeks ended September 26, 2026, it repurchased 399,388 shares for $60 million. On October 21, 2026, the board authorized an additional $400 million under the existing program; approximately $468 million remained available for future repurchases. Operating cash flow for those 26 weeks was $123.7 million, versus $99.6 million a year earlier.
The tariff-refund table lists a $0.45 fiscal-year diluted EPS impact, with $0.02 for the quarter ending December 26, 2026 identified as an estimate.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet sales reached $581.8 million, up 15.1% year over year.
- Moderate pointNet income was $52.5 million, versus $42.2 million.
- Moderate pointDiluted EPS increased 26% to $1.73.
- Moderate pointSix-month operating cash flow was $123.7 million, versus $99.6 million.
Negative
- None.
Insights
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction | (Commission | (I.R.S. Employer |
(Address of principal executive offices) | (Zip Code) |
(
(Registrant’s telephone number, including area code)
Not Applicable
(Former Address)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On October 28, 2026, Boot Barn Holdings, Inc. (the “Company”) issued a press release announcing certain financial results for its fiscal second quarter ended September 26, 2026. The press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.
The information provided in this Item 2.02, including Exhibit 99.1, is intended to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
The Company is furnishing this Current Report on Form 8-K in connection with the disclosure of information contained in a supplemental financial presentation (the “Presentation”) to be used by the Company at various meetings with institutional investors and analysts. This information may be amended or updated at any time and from time to time through another Current Report on Form 8-K or other means. A copy of the Presentation is furnished herewith as Exhibit 99.2 and is incorporated into this Item 7.01 by reference.
The information furnished in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any other filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
The Company expressly disclaims any obligation to update or revise any of the information contained in the Presentation.
The Presentation is available on the Company’s investor relations website located at investor.bootbarn.com, although the Company reserves the right to discontinue that availability at any time. The website address included herein is an inactive textual reference only. The information contained on such website is not incorporated into this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
Exhibit Number | Description |
Exhibit 99.1 | Press release dated October 28, 2026. |
Exhibit 99.2 | Supplemental Financial Presentation dated October 28, 2026. |
Exhibit 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BOOT BARN HOLDINGS, INC. | ||
Date: October 28, 2026 | By: | /s/ James M. Watkins |
Name: James M. Watkins | ||
Title: Chief Financial Officer and Secretary | ||
Exhibit 99.1
Boot Barn Holdings, Inc. Announces Second Quarter Fiscal Year 2027 Financial Results and Authorizes an Additional $400 Million Under Its Share Repurchase Program
IRVINE, California – October 28, 2026 – Boot Barn Holdings, Inc. (NYSE: BOOT) (the “Company,” “Boot Barn,” “we,” “us,” and “our”) today announced its financial results for the second fiscal quarter ended September 26, 2026. A Supplemental Financial Presentation is available at investor.bootbarn.com.
For the quarter ended September 26, 2026 compared to the quarter ended September 27, 2025:
| ● | Net sales increased 15.1% to $581.8 million. |
| ● | Same store sales increased 1.4%, with retail store same store sales increasing 1.0% and e-commerce same store sales increasing 5.2%. |
| ● | Merchandise margin rate increased by 190 basis points, including a 130 basis-point benefit from lower freight expense, a 40 basis-point benefit from tariff refunds, and 20 basis points of product margin expansion. |
| ● | Earnings per diluted share increased 26.3% to $1.73, compared to $1.37 per diluted share in the prior-year period. Included in earnings per diluted share is an estimated $0.05 per share benefit from tariff refunds. Excluding the impact of tariff refunds, earnings per diluted share increased 22.6%. |
| ● | The Company opened 19 new stores, bringing its total store count to 584 as of the quarter end. |
John Hazen, Chief Executive Officer, commented, “We are pleased with our second quarter results, as continued revenue growth and merchandise margin expansion contributed to a 26% increase in earnings per diluted share. Our new stores continue to exceed expectations, with recent openings generating sales above our original projections. This performance reflects the growing national reach of the Boot Barn brand and reinforces our confidence in the company's long-term expansion opportunity.”
Mr. Hazen continued, “Looking ahead, we are excited about the holiday season and the work our teams have done to prepare, including refreshed merchandise assortments, improved in-store presentations, and a significantly expanded national marketing campaign. Together with the continued momentum in our work business and the relaunch of Boot Barn Workforce, these initiatives provide additional opportunities to drive sales and support our long-term growth.”
Share Repurchase Program
Under its $200 million share repurchase program (the “Repurchase Program”), the Company repurchased 240,937 and 399,388 shares of its common stock for an aggregate purchase price of $35 million and $60 million during the thirteen and twenty-six weeks ended September 26, 2026, respectively.
On October 21, 2026, the Company’s Board of Directors authorized the Company to repurchase an additional $400 million of shares of its common stock under the Company’s existing repurchase program. Following this increase, approximately $468 million remained available for future share repurchases under the current repurchase program. Except with respect to the increase in the authorized share repurchase amount, the repurchase program otherwise remains unchanged.
1
Operating Results for the Second Quarter Ended September 26, 2026 Compared to the Second Quarter Ended September 27, 2025
| ● | Net sales increased 15.1% to $581.8 million from $505.4 million in the prior-year period. Consolidated same store sales increased 1.4%, with retail store same store sales increasing 1.0% and e-commerce same store sales increasing 5.2%. 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 $216.5 million, or 37.2% of net sales, compared to $184.1 million, or 36.4% of net sales, in the prior-year period. Included in gross profit is $2.2 million of tariff refunds recognized in cost of goods sold during the current-year period. The remaining increase was driven by an increase in sales, partially offset by the occupancy costs of new stores. The 80 basis-point increase in gross profit rate was driven primarily by a 190 basis-point increase in merchandise margin rate partially offset by 110 basis points of deleverage in buying, occupancy and distribution center costs. The 190 basis-point increase in merchandise margin rate was primarily driven by a 130 basis-point benefit from lower freight expense in the current year, combined with elevated freight costs in the prior-year period, a 40 basis-point benefit from tariff refunds recognized during the current-year period and 20 basis points of product margin expansion. |
| ● | Selling, general and administrative (“SG&A”) expenses were $146.2 million, or 25.1% of net sales, compared to $127.7 million, or 25.3% of net sales, in the prior-year period. The increase in SG&A expenses compared to the prior-year period 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 the current-year period. SG&A expenses as a percentage of net sales leveraged by 10 basis points primarily as a result of lower corporate general and administrative expenses in the current-year period. |
| ● | Income from operations increased $13.8 million to $70.2 million, or 12.1% of net sales, compared to $56.4 million, or 11.2% of net sales, in the prior-year period, primarily due to the factors noted above. |
| ● | Income tax expense was $18.2 million for the thirteen weeks ended September 26, 2026 compared to $14.7 million for the thirteen weeks ended September 27, 2025. Our effective tax rate was 25.8% for each of the thirteen weeks ended September 26, 2026 and September 27, 2025. |
| ● | Net income was $52.5 million, or $1.73 per diluted share, compared to $42.2 million, or $1.37 per diluted share, in the prior-year period. The increase in net income was primarily attributable to the factors noted above. |
Operating Results for the Six Months Ended September 26, 2026 Compared to the Six Months Ended September 27, 2025
| ● | Net sales increased 16.4% to $1.175 billion from $1.009 billion in the prior-year period. Consolidated same store sales increased 3.0%, with retail store same store sales increasing 2.4% and e-commerce same store sales increasing 9.2%. 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 $456.4 million, or 38.8% of net sales, compared to $381.4 million, or 37.8% of net sales, in the prior-year period. Included in gross profit is $16.9 million of tariff refunds recognized in cost of goods sold during the current-year period. The remaining increase was driven by an increase in sales, partially offset by the occupancy costs of new stores. The 100 basis-point increase in gross profit rate was driven primarily by a 200 basis-point increase in merchandise margin rate partially offset by 100 basis points of deleverage in buying, occupancy and distribution center costs. The 200 basis-point increase in merchandise margin rate was driven by a 140 basis-point benefit from tariff refunds recognized during the current-year period, 40 basis points of product margin expansion, and a 20 basis-point benefit due to lower freight expense. |
2
| ● | SG&A expenses were $295.6 million, or 25.2% of net sales, compared to $254.2 million, or 25.2% of net sales, in the prior-year period. The increase in SG&A expenses compared to the prior-year period 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 the current-year period. SG&A expenses as a percentage of net sales was flat compared to the prior-year period. |
| ● | Income from operations increased $33.6 million to $160.8 million, or 13.7% of net sales, compared to $127.1 million, or 12.6% of net sales, in the prior-year period, primarily due to the factors noted above. |
| ● | Income tax expense was $40.5 million, or a 24.8% effective tax rate, compared to $32.6 million, or a 25.4% effective tax rate, in the prior-year period. The decrease in the effective tax rate was primarily due to a higher income tax benefit from income tax accounting for stock-based compensation in the current-year period. |
| ● | Net income was $122.6 million, or $4.02 per diluted share, compared to $95.6 million, or $3.11 per diluted share, in the prior-year period. Included in net income per diluted share is an estimated $0.43 per share benefit from tariff refunds. The increase in net income was primarily attributable to the factors noted above. |
Sales by Channel
The following table includes total net sales growth and same store sales (“SSS”) growth/(decline) for the periods indicated below.
| | | | | | | | | | | | Preliminary | |
| | Thirteen Weeks | | | | | | | | | | Four Weeks | |
| | Ended | | | Four Weeks | | Four Weeks | | Five Weeks | | | Ended | |
| | September 26, 2026 | | | Fiscal July | | Fiscal August | | Fiscal September | | | October 24, 2026 | |
| | | | | | | | | | | | | |
Total Net Sales Growth |
| 15.1 | % | | 13.4 | % | 16.3 | % | 15.5 | % | | 13.9 | % |
| | | | | | | | | | | | | |
Retail Stores SSS |
| 1.0 | % | | (1.2) | % | 1.8 | % | 1.9 | % | | 0.5 | % |
E-commerce SSS |
| 5.2 | % | | 9.8 | % | 4.8 | % | 2.5 | % | | (0.9) | % |
Consolidated SSS |
| 1.4 | % | | (0.3) | % | 2.1 | % | 2.0 | % | | 0.4 | % |
| | | | | | | | | | | | | |
Tariff Refunds
The following table reflects the impact of tariff refunds for the first half of fiscal 2027 and the estimated impact for the remainder of fiscal 2027.
| | | | | | | | | | | | | | | |
| | First Quarter | | | Second Quarter | | | Third Quarter | | | Fourth Quarter | | | Fiscal Year | |
| | Ended | | | Ended | | | Ending | | | Ending | | | Ending | |
(in millions, except per share data) | | June 27, 2026 | | | September 26, 2026 | | | December 26, 2026 | | | March 27, 2027 | | | March 27, 2027 | |
| | | | | | | | | | | | | | | |
Cost of goods sold | $ | 14.7 | | $ | 2.2 | | $ | 0.7 | | $ | — | | $ | 17.6 | |
Interest income | $ | 0.5 | | $ | — | | $ | — | | $ | — | | $ | 0.5 | |
Diluted EPS impact | $ | 0.38 | | $ | 0.05 | | $ | 0.02 | | $ | — | | $ | 0.45 | |
| | | | | | | | | | | | | | | |
Balance Sheet Highlights as of September 26, 2026
| ● | Cash of $97 million. |
| ● | Average inventory per store increased approximately 3.4% on a same-store basis compared to September 27, 2025. |
| ● | Zero drawn under the $500 million revolving credit facility. |
3
Fiscal Year 2027 Outlook
The Company is providing updated guidance for the fiscal year ending March 27, 2027, which supersedes in its entirety the previous guidance issued in its first fiscal quarter earnings report on July 29, 2026. For the fiscal year ending March 27, 2027, the Company now expects:
| ● | To open 75-80 stores. |
| ● | Total sales of $2.565 billion to $2.593 billion, representing growth of 14% to 15% over Fiscal 2026. |
| ● | Consolidated same store sales growth of 0.8% to 2.0%, with retail store same store sales growth of 0.5% to 1.7% and e-commerce same store sales growth of 3.0% to 4.0%. |
| ● | Merchandise margin between $1.343 billion and $1.357 billion, or approximately 52.3% of sales, representing growth of 140 basis points over Fiscal 2026. Included in merchandise margin is an estimated $17.6 million benefit related to tariff refunds. |
| ● | Gross profit between $985 million and $999 million, or approximately 38.4% to 38.5% of sales. |
| ● | SG&A expenses between $634 million and $637 million, or approximately 24.7% to 24.6% of sales. |
| ● | Income from operations between $351 million and $362 million, or approximately 13.7% to 14.0% of sales. |
| ● | Net income of $263.6 million to $272.0 million. |
| ● | Net income per diluted share of $8.72 to $9.00 based on 30.2 million weighted average diluted shares outstanding, representing growth of 19% to 22% over Fiscal 2026. Included in net income per diluted share is an estimated $0.45 benefit related to tariff refunds. |
| ● | Effective tax rate of 25.7% for the remaining six months of the fiscal year. |
| ● | Capital expenditures between $135 million and $140 million, which is net of estimated landlord tenant allowances of $54.4 million. |
For the third fiscal quarter ending December 26, 2026, the Company expects:
| ● | Total sales of $785 million to $802 million, representing growth of 11% to 14% over the prior-year period. |
| ● | Consolidated same store sales declines of (1.0)% to growth of 1.0%, with retail store same store sales declines of (1.0)% to growth of 1.0%, and e-commerce same store sales declines of (1.0)% to growth of 1.0%. |
| ● | Merchandise margin between $404 million and $413 million, or approximately 51.5% of sales. Included in merchandise margin is an estimated $0.7 million benefit related to tariff refunds. |
| ● | Gross profit between $311 million and $319 million, or approximately 39.6% to 39.8% of sales. |
| ● | SG&A expenses between $187 million and $189 million, or approximately 23.9% to 23.6% of sales. |
| ● | Income from operations between $123 million and $130 million, or approximately 15.7% to 16.2% of sales. |
| ● | Net income per diluted share of $3.03 to $3.19, based on 30.0 million weighted average diluted shares outstanding. |
Conference Call Information
A conference call to discuss the financial results for the second fiscal quarter ended September 26, 2026, is scheduled for today, October 28, 2026, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (833) 890-4545. 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 November 28, 2026, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10212968. Please note participants must enter the conference identification number in order to access the replay.
4
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 594 stores in 49 states. 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 impact that import tariffs and other trade restrictions imposed by the U.S. or other countries have had, and may continue to have, on our product costs and changes to U.S. or other countries’ trade policies and tariff and import/export regulations; 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.
Company Contact:
Boot Barn Holdings, Inc.
Mark Dedovesh, 949-453-4489
Senior Vice President, Investor Relations & Financial Planning
BootBarnIRMedia@bootbarn.com
5
Boot Barn Holdings, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
| | September 26, | | March 28, | ||
| | 2026 | | 2026 | ||
Assets |
| | |
| | |
Current assets: |
| | |
| | |
Cash and cash equivalents | | $ | 97,416 | | $ | 141,036 |
Accounts receivable, net | |
| 11,656 | |
| 15,264 |
Inventories | |
| 975,272 | |
| 844,637 |
Prepaid expenses and other current assets | |
| 40,046 | |
| 33,462 |
Total current assets | |
| 1,124,390 | |
| 1,034,399 |
Property and equipment, net | |
| 566,838 | |
| 514,108 |
Right-of-use assets, net | |
| 703,782 | | | 638,425 |
Goodwill | |
| 197,502 | |
| 197,502 |
Intangible assets, net | |
| 58,981 | |
| 58,981 |
Other assets | |
| 8,771 | |
| 6,660 |
Total assets | | $ | 2,660,264 | | $ | 2,450,075 |
Liabilities and stockholders’ equity | |
| | | | |
Current liabilities: | |
| | | | |
Accounts payable | | $ | 189,215 | | $ | 142,126 |
Accrued expenses and other current liabilities | |
| 172,298 | |
| 159,103 |
Short-term lease liabilities | |
| 99,204 | | | 89,743 |
Total current liabilities | |
| 460,717 | |
| 390,972 |
Deferred taxes | |
| 53,155 | |
| 51,711 |
Long-term lease liabilities | |
| 759,102 | | | 683,737 |
Other liabilities | |
| 6,436 | |
| 4,999 |
Total liabilities | |
| 1,279,410 | | | 1,131,419 |
| | | | | | |
Stockholders’ equity: | |
| | | | |
Common stock, $0.0001 par value; September 26, 2026 - 100,000 shares authorized, 31,171 shares issued; March 28, 2026 - 100,000 shares authorized, 30,998 shares issued | |
| 3 | |
| 3 |
Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding | |
| — | |
| — |
Additional paid-in capital | |
| 272,918 | |
| 263,253 |
Retained earnings | |
| 1,252,455 | |
| 1,129,848 |
Less: Common stock held in treasury, at cost, 1,080 and 614 shares at September 26, 2026 and March 28, 2026, respectively | |
| (144,522) | | | (74,448) |
Total stockholders’ equity | |
| 1,380,854 | |
| 1,318,656 |
Total liabilities and stockholders’ equity | | $ | 2,660,264 | | $ | 2,450,075 |
6
Boot Barn Holdings, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
| | Thirteen Weeks Ended | | Twenty-Six Weeks Ended | ||||||||
| | September 26, | | September 27, | | September 26, | | September 27, | ||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Net sales | | $ | 581,809 | | $ | 505,396 | | $ | 1,175,324 | | $ | 1,009,463 |
Cost of goods sold | |
| 365,317 | |
| 321,247 | |
| 718,940 | |
| 628,093 |
Gross profit | |
| 216,492 | |
| 184,149 | |
| 456,384 | |
| 381,370 |
Selling, general and administrative expenses | |
| 146,244 | |
| 127,726 | |
| 295,610 | |
| 254,227 |
Income from operations | |
| 70,248 | |
| 56,423 | |
| 160,774 | |
| 127,143 |
Interest expense | |
| 509 | |
| 403 | |
| 856 | |
| 746 |
Other income, net | |
| 983 | |
| 906 | |
| 3,209 | |
| 1,817 |
Income before income taxes | |
| 70,722 | |
| 56,926 | |
| 163,127 | |
| 128,214 |
Income tax expense | |
| 18,227 | |
| 14,704 | |
| 40,520 | |
| 32,584 |
Net income | | $ | 52,495 | | $ | 42,222 | | $ | 122,607 | | $ | 95,630 |
| | | | | | | | | | | | |
Earnings per share: | |
| | |
| | |
| | |
| |
Basic | | $ | 1.74 | | $ | 1.38 | | $ | 4.05 | | $ | 3.13 |
Diluted | | $ | 1.73 | | $ | 1.37 | | $ | 4.02 | | $ | 3.11 |
Weighted average shares outstanding: | |
| | |
| | |
| | |
| |
Basic | |
| 30,239 | |
| 30,540 | |
| 30,300 | |
| 30,568 |
Diluted | |
| 30,412 | |
| 30,750 | |
| 30,506 | |
| 30,780 |
7
Boot Barn Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| | Twenty-Six Weeks Ended | ||||
| | September 26, | | September 27, | ||
| | 2026 | | 2025 | ||
Cash flows from operating activities |
| | |
| | |
Net income | | $ | 122,607 | | $ | 95,630 |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | |
| |
Depreciation | |
| 46,335 | |
| 36,972 |
Stock-based compensation | |
| 9,473 | |
| 7,979 |
Noncash lease expense | |
| 45,692 | |
| 36,269 |
Amortization of debt issuance fees | |
| 82 | |
| 54 |
Loss on disposal of assets | |
| 1,254 | |
| 354 |
Deferred taxes | |
| 1,444 | |
| 3,262 |
Changes in operating assets and liabilities: | |
| | | | |
Accounts receivable, net | |
| 3,668 | |
| 165 |
Inventories | |
| (130,635) | |
| (107,909) |
Prepaid expenses and other current assets | |
| (6,384) | |
| (663) |
Other assets | |
| (2,111) | |
| (543) |
Accounts payable | |
| 48,051 | |
| 40,994 |
Accrued expenses and other current liabilities | |
| 8,610 | |
| 6,985 |
Other liabilities | |
| 1,437 | |
| 1,072 |
Operating leases | |
| (25,784) | |
| (21,036) |
Net cash provided by operating activities | | $ | 123,739 | | $ | 99,585 |
Cash flows from investing activities | |
| | |
| |
Purchases of property and equipment | | | (97,707) | | | (74,692) |
Purchases of intangible assets | | | — | | | (304) |
Proceeds from sale of property and equipment | | | 8 | | | 15 |
Net cash used in investing activities | | $ | (97,699) | | $ | (74,981) |
Cash flows from financing activities | |
| | |
| |
Repayments on finance lease obligations | |
| (499) | |
| (460) |
Debt issuance fees paid | | | (282) | | | — |
Repurchases of common stock | | | (59,602) | | | (25,004) |
Tax withholding payments for net share settlement | |
| (9,469) | |
| (4,269) |
Proceeds from the exercise of stock options | |
| 192 | |
| 87 |
Net cash used in financing activities | | $ | (69,660) | | $ | (29,646) |
Net decrease in cash and cash equivalents | | | (43,620) | | | (5,042) |
Cash and cash equivalents, beginning of period | |
| 141,036 | |
| 69,770 |
Cash and cash equivalents, end of period | | $ | 97,416 | | $ | 64,728 |
| | | | | | |
Supplemental disclosures of cash flow information: | |
| | |
| |
Cash paid for income taxes | | $ | 39,690 | | $ | 29,276 |
Cash paid for interest | | $ | 661 | | $ | 624 |
Supplemental disclosure of non-cash activities: | |
| | | | |
Unpaid purchases of property and equipment | | $ | 22,579 | | $ | 34,505 |
8
Boot Barn Holdings, Inc.
Store Count
| | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended |
| | September 26, | | June 27, | | March 28, | | December 27, | | September 27, | | June 28, | | March 29, | | December 28, |
| | 2026 | | 2026 | | 2026 | | 2025 | | 2025 | | 2025 | | 2025 | | 2024 |
Store Count (BOP) |
| 566 | | 539 | | 514 | | 489 | | 473 | | 459 | | 438 | | 425 |
Opened/Acquired |
| 19 | | 27 | | 25 | | 25 | | 16 | | 14 | | 21 | | 13 |
Closed |
| (1) | | — | | — | | — | | — | | — | | — | | — |
Store Count (EOP) |
| 584 | | 566 | | 539 | | 514 | | 489 | | 473 | | 459 | | 438 |
Boot Barn Holdings, Inc.
Selected Store Data
| | | | | | | | | | | | | | | | | | | | | | ||||
| | Thirteen Weeks Ended | | ||||||||||||||||||||||
| | September 26, | | June 27, | | March 28, | | December 27, | | September 27, | | June 28, | | March 29, | | December 28, | | ||||||||
| | 2026 | | 2026 | | 2026 | | 2025 | | 2025 | | 2025 | | 2025 | | 2024 | | ||||||||
Selected Store Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Same Store Sales growth |
| | 1.4 | % | | 4.7 | % | | 6.1 | % | | 5.7 | % | | 8.4 | % | | 9.4 | % | | 6.0 | % | | 8.6 | % |
Stores operating at end of period |
| | 584 |
| | 566 |
| | 539 |
| | 514 |
| | 489 |
| | 473 |
| | 459 |
| | 438 |
|
Comparable stores open during period(1) | | | 474 | | | 463 | | | 441 | | | 426 | | | 411 | | | 401 | | | 382 | | | 374 | |
Total retail store selling square footage, end of period (in thousands) |
| | 6,686 |
| | 6,460 |
| | 6,147 |
| | 5,810 |
| | 5,495 |
| | 5,307 |
| | 5,133 |
| | 4,877 |
|
Average retail store selling square footage, end of period |
| | 11,449 |
| | 11,414 |
| | 11,404 |
| | 11,304 |
| | 11,238 |
| | 11,220 |
| | 11,183 |
| | 11,134 |
|
Average sales per comparable store (in thousands)(2) | | $ | 957 | | $ | 1,046 | | $ | 934 | | $ | 1,291 | | $ | 996 | | $ | 1,031 | | $ | 926 | | $ | 1,301 | |
| (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. Included in this calculation are stores opened in recent years that have not yet reached sales maturity. |
9
Exhibit 99.2
| 0 Supplemental Financial Presentation October 2026 Offering everyone a piece of the American spirit—one handshake at a time. |
| 1 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 “our”) 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 generally 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 presentation, 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 impact that import tariffs and other trade restrictions imposed by the U.S., or other countries have had, and may continue to have, on our product costs and changes to U.S. or other countries’ trade policies and tariff and import/export regulations; 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 presentation after the date of this presentation. Industry and Market Information Statements in this presentation concerning our industry and the markets in which we operate, including our general expectations and competitive position, business opportunity and market size, growth and share, are based on information from independent industry organizations and other third-party sources, data from our internal research, and management estimates. Management estimates are derived from publicly available information and the information and data referred to above and are based on assumptions and calculations made by us based upon our interpretation of such information and data. The information and data referred to above are imprecise and may prove to be inaccurate because the information cannot always be verified with complete certainty due to the limitations on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties. As a result, please be aware that the data and statistical information in this presentation may differ from information provided by our competitors or from information found in current or future studies conducted by market research institutes, consultancy firms, or independent sources. Recent Developments Our business and opportunities for growth depend on consumer discretionary spending, and as such, our results are particularly sensitive to economic conditions and consumer confidence. Inflation, changes to U.S. or other countries’ trade policies and tariff and import/export regulations, and other challenges affecting the global economy could impact our operations and will depend on future developments, which are uncertain. These and other effects make it more challenging for us to estimate the future performance of our business, particularly over the near-to-medium term. For further discussion of the uncertainties and business risks affecting the Company, see the sections captioned “Risk factors” in our periodic reports filed with the Securities and Exchange Commission. |
| 2 $1.25 $1.06 $0.90 $0.95 $1.37 $1.73 FY22 FY23 FY24 FY25 FY26 FY27 Q2 Fiscal 2027 Results 1 Included in merchandise margin is an estimated 40 basis point benefit due to tariff refunds, worth $2.2M. 2 Included in net income per diluted share is an estimated $0.05 benefit due to tariff refunds. 2 $313 $352 $374 $426 $505 $582 FY22 FY23 FY24 FY25 FY26 FY27 Q2 Total Sales ($M) 15% Total Sales Growth vs. LY 61.7% 2.3% -4.8% 4.9% 8.4% 1.4% FY22 FY23 FY24 FY25 FY26 FY27 Q2 Consolidated SSS% 10% Two-Year Stack +360bps +50bps +50bps +70bps +80bps +190bps FY22 FY23 FY24 FY25 FY26 FY27 Q2 Merchandise Margin % +440bps over Five Years 1 1 Q2 EPS 26% Growth vs. LY2 +130bps Product Margin (50)bps Freight +130bps Freight +40bps Tariff Refunds +20bps Product Margin |
| 3 Strategic Initiatives Update 1 2 3 4 New Stores Same Store Sales Omni-Channel Merchandise Margin & Exclusive Brands |
| 4 1 New Store Economics 1Represents the Company’s guidance to open a total of 75 to 80 new stores in Fiscal 2027, as provided on its second quarter earnings call held on October 28, 2026. 2Represents the Company’s estimated U.S. store count potential of 1,200 stores, based on internal analysis and a third-party study, as provided on its second quarter Fiscal 2026 earnings call held on October 29, 2025. 86 117 152 169 208 219 226 240 259 273 300 345 400 459 539 619 1,200 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 E U.S. Target Annual Store Count 1 2 FY27 new store openings plan increased from 70 to 75-80. Metrics Target Selling Square Feet ~12,000 Year 1 Net Sales ~$3.2M Net Capital Investment ~$0.9M Net Inventory Investment ~$0.8M Total Net Investment ~$1.7M Year 1 Cash on Cash Return ~53% Payback Period ~1.8 years |
| 5 2 11.9% 6.7% 7.3% -0.1% 0.3% 5.2% 10.0% 5.0% 3.1% 53.7% -0.1% -6.2% 5.5% 7.2% 2.0% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 E Consolidated SSS% 1 1Reflects the high end of the Company’s guidance range provided on its second quarter earnings call held on October 28, 2026. Annual Same Store Sales Growth |
| 6 2 1Represents preliminary consolidated same store sales for the four weeks of October Fiscal 2027. 2Thanksgiving and Black Friday shifted from November Fiscal 2024 into December Fiscal 2025. 8.7% 11.5% 8.4% 11.3% 8.7% 6.1% 8.8% 6.1% 4.2% 6.7% 7.7% 4.5% Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar FY26 (Black Friday in Fiscal December) -0.8% 2.4% 2.5% -0.3% 6.0% 8.0% 5.5% -1.9% 15.6% 8.1% 1.8% 7.7% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 (Black Friday in Fiscal December) FY24 (Black Friday in Fiscal November) -6.9% -3.3% 1.0% -0.5% -4.8% -7.7% -9.7% -11.9% -8.5% -7.7% -7.8% -3.2% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2 2 2 2 5.0% 3.4% 5.4% -0.3% 2.1% 2.0% 0.4% Apr May Jun Jul Aug Sep Oct FY27 (Black Friday in Fiscal December) 1 Consolidated SSS% by Month |
| 7 2 1Represents preliminary retail store same store sales for the four weeks of October Fiscal 2027. 2Thanksgiving and Black Friday shifted from November Fiscal 2024 into December Fiscal 2025. 9.8% 11.0% 8.0% 11.2% 7.9% 5.1% 7.1% 4.0% 1.9% 5.9% 6.9% 3.5% Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar FY26 (Black Friday in Fiscal December) -1.5% 1.9% 1.8% -0.9% 5.3% 7.5% 4.6% -2.4% 16.0% 7.0% 0.9% 8.0% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 (Black Friday in Fiscal December) FY24 (Black Friday in Fiscal November) -5.0% -2.6% 1.5% 1.1% -3.7% -7.3% -8.8% -11.5% -8.5% -7.2% -8.1% -2.8% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2 2 2 2 3.8% 3.1% 4.4% -1.2% 1.8% 1.9% 0.5% Apr May Jun Jul Aug Sep Oct FY27 (Black Friday in Fiscal December) 1 Store SSS% by Month Stores are ~91% of FY27 Q2 Sales |
| 8 2 -0.4% 15.8% 12.3% 12.5% 16.1% 14.3% 24.0% 23.6% 17.1% 12.9% 15.0% 14.5% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY26 (Black Friday in Fiscal December) 5.0% 6.0% 8.7% 5.0% 12.1% 12.2% 13.7% 2.2% 13.5% 17.1% 9.0% 5.1% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 (Black Friday in Fiscal December) FY24 (Black Friday in Fiscal November) -19.1% -9.0% -3.5% -11.9% -13.0% -10.6% -16.8% -15.1% -8.4% -11.3% -5.9% -6.0% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 1Represents preliminary e-commerce same store sales for the four weeks of October Fiscal 2027. 2Thanksgiving and Black Friday shifted from November Fiscal 2024 into December Fiscal 2025. 2 2 2 2 18.3% 6.1% 15.9% 9.8% 4.8% 2.5% -0.9% Apr May Jun Jul Aug Sep Oct FY27 (Black Friday in Fiscal December) 1 E-commerce SSS% by Month E-commerce is ~9% of FY27 Q2 Sales |
| 9 2 B2B Relaunch Now Live: BootBarnWorkforce.com |
| 10 3 Drive Store Traffic • Bring Long Tail to Stores • Ship to Store / BOPIS • Return in Store Deliver Digital Experience in Stores • Mobile App • Range Finder (AI-enabled) • WHIP (endless aisle) • Cassidy (in-store consumer AI solution) Fulfill Online Demand Efficiently • DC Fulfillment • Store Fulfillment • Same Day Delivery Drive Online Profitability • Boot Barn retail price consistent across channels • Infrequent promotions • Profitable ROAS standard • Maximize clearance margin Omni-Channel Capabilities |
| 11 4 Merchandise Margin Growth 1Reflects the high end of the Company’s guidance range provided on its second quarter earnings call held on October 28, 2026. 2 Included in merchandise margin is an estimated 70 basis point benefit due to tariff refunds, worth approximately $17.6M. +190bps +170bps (270)bps Flat +50bps +110bps +90bps +90bps +270bps (70)bps +160bps +130bps +80bps +140bps FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 E Annual Merchandise Margin Expansion (bps) 1, 2 +1,050bps of margin expansion over 10 years. ~100bps of average annual margin expansion. Margin Drivers • Better full-price selling • Buying economies of scale • Supply chain efficiencies • Volume discounts • Exclusive brands (EB) sales penetration • Sourcing efficiencies |
| 12 4 Exclusive Brands Growth 1Reflects the high end of the Company’s guidance range provided on its second quarter earnings call held on October 28, 2026. +200bps +270bps +140bps +(40)bps +280bps +270bps +580bps +170bps +460bps +570bps +370bps +90bps +220bps (50)bps FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 E Exclusive Brands Penetration % Sales Pen% 5.0% 7.0% 9.7% 11.1% 10.7% 13.5% 16.2% 22.0% 23.7% 28.3% 34.0% 37.7% 38.6% 40.8% 40.3% Long Term Target Margin enhancement ~1,000bps vs. 3rd party brands 1 50.0% 50.0% |
| 13 FY27 Guidance |
| 14 Full Year Fiscal 2027 Financial Guidance Full Year FY27 Financial Guidance Low-End ($M) High-End ($M) High-End Guidance Comments vs. LY Total Net Sales Consolidated SSS% Store SSS% E-commerce SSS% Total Net Sales Growth % New Store Openings $2,565 0.8% 0.5% 3.0% 14% 75-80 $2,593 2.0% 1.7% 4.0% 15% 75-80 Merchandise Margin % $1,343 52.3% $1,357 52.3% • +140bps merchandise margin increase. • +70bps tariff refunds, worth approximately $17.6M. • +50bps product margin increase. • +20bps freight improvement. Gross Profit % $985 38.4% $999 38.5% • +50bps gross profit leverage. • +70bps tariff refunds, worth approximately $17.6M. SG&A % $634 24.7% $637 24.6% • +20bps SG&A leverage. Income from Operations % $351 13.7% $362 14.0% • +70bps leverage. • +70bps tariff refunds, worth approximately $17.6M. GAAP Earnings per Diluted Share $8.72 $9.00 • +22% EPS growth compared to the prior year. • $0.45 benefit due to tariff refunds. • 25.7% tax rate for the remainder of the fiscal year. • $140M net capital expenditures. 1 1Merchandise cost of goods sold includes the cost of merchandise, inbound and outbound freight, obsolescence and shrinkage provisions, supplier allowances, and inventory acquisition-related costs. |
| 15 Q3 Fiscal 2027 Financial Guidance Q3 FY27 Financial Guidance Low-End ($M) High-End ($M) Total Net Sales Consolidated SSS% Store SSS% E-commerce SSS% Total Net Sales Growth % $785 (1.0)% (1.0)% (1.0)% 11% $802 1.0% 1.0% 1.0% 14% Merchandise Margin % $404 51.5% $413 51.5% Gross Profit % $311 39.6% $319 39.8% SG&A % $187 23.9% $189 23.6% Income from Operations % $123 15.7% $130 16.2% GAAP Earnings per Diluted Share $3.03 $3.19 1 1Merchandise cost of goods sold includes the cost of merchandise, inbound and outbound freight, obsolescence and shrinkage provisions, supplier allowances, and inventory acquisition-related costs. Q3 FY26 ($M) High-End Δ ($M) High-End Guidance Comments vs. LY $706 5.7% 3.7% 19.6% 16% $96 • ~20 new stores planned to open. $357 50.6% $56 +90bps • +90bps increase compared to the prior-year period consists of: • +50bps product margin increase on top of +70bps product margin increase LY. • +30bps freight improvement. • +10bps tariff refunds worth approximately $0.7M. $281 39.9% $38 (10)bps • (10)bps gross profit deleverage. • +10bps tariff refunds worth approximately $0.7M. $166 23.6% $23 Flat $115 16.3% $15 (10)bps • +13% growth compared to the prior-year-period. • (10)bps deleverage. • +10bps tariff refunds worth approximately $0.7M. $2.79 $0.40 • +14% growth compared to the prior-year period. • $0.02 benefit due to tariff refunds. |
| 16 investor.bootbarn.com |
