Boot Barn expands credit line, Q1 profit rises
Boot Barn Holdings, Inc. entered into Amendment No. 6 to its Credit Agreement, increasing the aggregate Revolving Credit Commitment from $250,000,000 to $500,000,000 and extending the maturity to the earliest of July 28, 2031 and specified termination events.
Rhea-AI Filing Summary
Boot Barn Holdings, Inc. entered into Amendment No. 6 to its Credit Agreement, increasing the aggregate Revolving Credit Commitment from $250,000,000 to $500,000,000 and extending the maturity to the earliest of July 28, 2031 and specified termination events. The amendment also revises the accordion feature to allow additional commitments up to a maximum of $750,000,000, reduces the maximum swingline subfacility to the lesser of $10,000,000 and the Revolving Credit Commitment, eliminates the Credit Spread Adjustment on SOFR borrowings, and adjusts certain covenant and reporting thresholds.
For the first fiscal quarter ended June 27, 2026, net sales were $593,515 thousand and net income was $70,112 thousand, with diluted EPS of $2.29, compared with $504,067 thousand, $53,408 thousand and $1.74, respectively, a year earlier. Consolidated same store sales grew 4.7%, including 3.8% growth in retail stores and 13.4% in e‑commerce, while preliminary fiscal July consolidated same store sales were flat. Tariff refunds reduced cost of goods sold by $14.7 million in the quarter, contributing an estimated $0.38 to diluted EPS and an expected $0.46 impact for fiscal 2027. As of June 27, 2026, the company operated 566 stores, with total assets of $2,568,971 thousand and cash and cash equivalents of $139,262 thousand.
Positive
- Net sales increased to $593,515 thousand and net income to $70,112 thousand for Q1 FY2027, with diluted EPS of $2.29 and consolidated same store sales growth of 4.7%, indicating double‑digit year‑over‑year top‑ and bottom‑line growth.
Negative
- None.
Filing Explained
The July 28 credit amendment doubles committed revolver capacity to $500 million, but reports no borrowing or cash proceeds from it.
As a Form 8-K, this filing reports specified material events. Boot Barn entered the credit-agreement amendment on
The amendment therefore increases available financing capacity rather than the company’s stated cash balance or share count. Its accordion permits total commitments up to a
The filing does not state a drawn balance under the amended revolver.
8-K Event Classification
Key Figures
Key Terms
Revolving Credit Commitment financial
accordion feature financial
swingline subfacility financial
tariff refunds financial
same store sales financial
diluted EPS impact financial
Offering Details
FAQ
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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
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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 1.01Entry into a Material Definitive Agreement
On July 28, 2026, Boot Barn Holdings, Inc. (the “Company”) entered into that certain Amendment No. 6 to Credit Agreement (the “Amendment”), by and among Wells Fargo Bank, National Association, the Company, Boot Barn, Inc., Sheplers, LLC, Sheplers Holding LLC, and the lenders named therein, which amends that certain Credit Agreement, dated as of June 29, 2015 (as amended by Amendment No. 1 to Credit Agreement, dated as of January 25, 2017, Amendment No. 2 to Credit Agreement and Amendment No. 1 to Collateral Agreement, dated as of May 26, 2017, Amendment No. 3 to Credit Agreement, dated as of as of June 6, 2019, Amendment No. 4 to Credit Agreement and Amendment No. 2 to Collateral Agreement, dated as of July 11, 2022, and Amendment No. 5 to Credit Agreement, dated as of March 11, 2026, the “Credit Agreement”).
The Amendment increases the aggregate Revolving Credit Commitment (as defined therein) from $250,000,000 to $500,000,000 and extends the Maturity Date (as defined therein) to the earliest of (a) July 28, 2031 (or such later date that may be determined thereunder), (b) the date of termination of the entire Revolving Credit Commitment by the borrowers pursuant to Section 2.5 of the Credit Agreement, and (c) the date of termination of the Revolving Credit Commitment pursuant to Section 10.2(a) of the Credit Agreement. Additionally, the Amendment revises the accordion feature to permit increases in the aggregate Revolving Credit Commitments by an amount not to exceed the greater of $100,000,000 and the suppressed availability, up to a maximum amount of Revolving Credit Commitments not to exceed $750,000,000, reduces the maximum amount of the swingline subfacility from the lesser of $20,000,000 and the Revolving Credit Commitment to the lesser of $10,000,000 and the Revolving Credit Commitment, eliminates the Credit Spread Adjustment (as defined therein) applicable to SOFR borrowings, and makes certain other amendments relating to certain covenant and reporting thresholds.
In addition to the foregoing, the Amendment also incorporates certain clarifying, ministerial, non-substantive, and conforming changes.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 2.02 Results of Operations and Financial Condition
On July 29, 2026, the Company issued a press release announcing certain financial results for its fiscal first quarter ended June 27, 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 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
To the extent applicable, the information set forth under Item 1.01 is hereby incorporated by reference into this Item 2.03.
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 10.1 | Amendment No. 6 to Credit Agreement (which amends and restates the Credit Agreement in its entirety), dated as of July 28, 2026, by and among the Company, Boot Barn, Inc., Sheplers Holding LLC (f/k/a Sheplers Holding Corporation), Sheplers, LLC (f/k/a Sheplers, Inc.), Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and Issuing Lender, Wells Fargo Bank, National Association, as Sole Lead Arranger and Sole Bookrunner, and the other Lenders named therein. |
Exhibit 99.1 | Press release dated July 29, 2026. |
Exhibit 99.2 | Supplemental Financial Presentation dated July 29, 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: July 29, 2026 | By: | /s/ James M. Watkins |
Name: James M. Watkins | ||
Title: Chief Financial Officer and Secretary | ||
Exhibit 99.1
Boot Barn Holdings, Inc. Announces First Quarter Fiscal Year 2027 Financial Results
IRVINE, California – July 29, 2026 – Boot Barn Holdings, Inc. (NYSE: BOOT) (the “Company,” “we,” “us,” and “our””) today announced its financial results for the first fiscal quarter ended June 27, 2026. A Supplemental Financial Presentation is available at investor.bootbarn.com.
For the quarter ended June 27, 2026 compared to the quarter ended June 28, 2025:
| ● | Net sales increased 17.7% to $593.5 million. |
| ● | Same store sales increased 4.7%, with retail store same store sales increasing 3.8% and e-commerce same store sales increasing 13.4%. |
| ● | Tariff refunds of $14.7 million were recognized in cost of goods sold during the current-year period. |
| ● | Net income was $70.1 million, or $2.29 per diluted share, compared to $53.4 million, or $1.74 per diluted share, in the prior-year period. |
| ● | Included in net income per diluted share is an estimated $0.38 per share benefit from tariff refunds. |
| ● | The Company opened 27 new stores, bringing its total store count to 566 as of the quarter end. |
John Hazen, Chief Executive Officer, commented, “We are pleased with our strong start to fiscal 2027, as first quarter results exceeded our expectations and reflected broad-based strength across the business. Our team continues to execute at a high level, delivering solid same store sales growth, expanding margin, and opening new stores that continue to perform above our expectations."
Mr. Hazen continued, "Exiting our first quarter, fiscal July sales moderated given the more challenging year-over-year comparisons. While July's sales came in slightly below our expectations, we believe the shortfall primarily reflected the impact of seasonal events and concerts on our business during a lower-volume month. We remain confident in our outlook for the balance of the fiscal year and believe our four strategic initiatives continue to strengthen our competitive position and support long-term profitable growth.”
Operating Results for the First Quarter Ended June 27, 2026 Compared to the First Quarter Ended June 28, 2025
| ● | Net sales increased 17.7% to $593.5 million from $504.1 million in the prior-year period. Consolidated same store sales increased 4.7%, with retail store same store sales increasing 3.8% and e-commerce same store sales increasing 13.4%. 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 $239.9 million, or 40.4% of net sales, compared to $197.2 million, or 39.1% of net sales, in the prior-year period. Included in gross profit is $14.7 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 130 basis-point increase in gross profit rate was driven primarily by a 220 basis-point increase in merchandise margin rate partially offset by 90 basis points of deleverage in buying, occupancy and distribution center costs. The 220 basis-point increase in merchandise margin rate was primarily driven by a 250 basis-point benefit from tariff refunds recognized during the current-year period and 60 basis points of product margin expansion, partially offset by a 90 basis-point headwind due to higher freight expense in the current-year period. The deleverage in buying, occupancy and distribution center costs was driven by the occupancy costs of new stores. |
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| ● | Selling, general and administrative (“SG&A”) expenses were $149.4 million, or 25.2% of net sales, compared to $126.5 million, or 25.1% 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 deleveraged by 10 basis points primarily as a result of the timing of marketing expenses. |
| ● | Income from operations increased $19.8 million to $90.5 million, or 15.3% of net sales, compared to $70.7 million, or 14.0% of net sales, in the prior-year period, primarily due to the factors noted above. |
| ● | Income tax expense was $22.3 million, or a 24.1% effective tax rate, compared to $17.9 million, or a 25.1% 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 $70.1 million, or $2.29 per diluted share, compared to $53.4 million, or $1.74 per diluted share, in the prior-year period. Included in net income per diluted share is an estimated $0.38 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 | |
| | June 27, 2026 | | | Fiscal April | | Fiscal May | | Fiscal June | | | July 25, 2026 | |
| | | | | | | | | | | | | |
Total Net Sales Growth |
| 17.7 | % | | 17.2 | % | 16.1 | % | 19.5 | % | | | |
| | | | | | | | | | | | | |
Retail Stores SSS |
| 3.8 | % | | 3.8 | % | 3.1 | % | 4.4 | % | | (1.2) | % |
E-commerce SSS |
| 13.4 | % | | 18.3 | % | 6.1 | % | 15.9 | % | | 10.7 | % |
Consolidated SSS |
| 4.7 | % | | 5.0 | % | 3.4 | % | 5.4 | % | | 0.0 | % |
| | | | | | | | | | | | | |
Tariff Refunds
The following table reflects the impact of tariff refunds for the first quarter ended June 27, 2026 and the estimated impact for the remainder of fiscal 2027.
| | | | | | | | | | | | | | | |
| | First Quarter | | | Second Quarter | | | Third Quarter | | | Fourth Quarter | | | Fiscal Year | |
| | Ended | | | Ending | | | 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 | | $ | 2.4 | | $ | 0.7 | | $ | — | | $ | 17.8 | |
Interest income | $ | 0.5 | | $ | — | | $ | — | | $ | — | | $ | 0.5 | |
Diluted EPS impact | $ | 0.38 | | $ | 0.06 | | $ | 0.02 | | $ | — | | $ | 0.46 | |
| | | | | | | | | | | | | | | |
Balance Sheet Highlights as of June 27, 2026
| ● | Cash of $139 million. |
| ● | The Company repurchased 158,451 shares of its common stock during the thirteen weeks ended June 27, 2026, for an aggregate purchase price of $25.0 million under its $200 million authorized repurchase program. |
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| ● | Average inventory per store increased approximately 1.2% on a same-store basis compared to June 28, 2025. |
| ● | Zero drawn under the revolving credit facility, the capacity of which was increased from $250 million to $500 million on July 28, 2026. |
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 fourth fiscal quarter and fiscal year 2026 earnings report on May 14, 2026. For the fiscal year ending March 27, 2027, the Company now expects:
| ● | To open 70 stores. |
| ● | Total sales of $2.580 billion to $2.625 billion, representing growth of 14% to 16% over Fiscal 2026. |
| ● | Consolidated same store sales growth of 2.0% to 4.0%, with retail store same store sales growth of 1.0% to 3.0% and e-commerce same store sales growth of 11.0% to 13.0%. |
| ● | Merchandise margin between $1.347 billion and $1.370 billion, or approximately 52.2% of sales. Included in merchandise margin is an estimated $17.8 million benefit related to tariff refunds. |
| ● | Gross profit between $993 million and $1.016 billion, or approximately 38.5% to 38.7% of sales. |
| ● | SG&A expenses between $636 million and $642 million, or approximately 24.7% to 24.4% of sales. |
| ● | Income from operations between $357 million and $374 million, or approximately 13.8% to 14.3% of sales. |
| ● | Net income of $267.9 million to $281.0 million. |
| ● | Net income per diluted share of $8.80 to $9.23, based on 30.45 million weighted average diluted shares outstanding. Included in net income per diluted share is an estimated $0.46 benefit related to tariff refunds. |
| ● | Effective tax rate of 25.7% for the remaining nine months of the fiscal year. |
| ● | Capital expenditures between $125 million and $130 million, which is net of estimated landlord tenant allowances of $47.6 million. |
For the second fiscal quarter ending September 26, 2026, the Company expects:
| ● | Total sales of $572 million to $582 million, representing growth of 13% to 15% over the prior-year period. |
| ● | Consolidated same store sales of flat to 2.0% growth, with retail store same store sales declines of (1.0)% to growth of 1.0% and e-commerce same store sales growth of 10.0% to 12.0%. |
| ● | Merchandise margin between $297 million and $302 million, or approximately 51.8% of sales. Included in merchandise margin is an estimated $2.4 million benefit related to tariff refunds. |
| ● | Gross profit between $208 million and $213 million, or approximately 36.3% to 36.6% of sales. |
| ● | SG&A expenses between $145 million and $146 million, or approximately 25.4% to 25.1% of sales. |
| ● | Income from operations between $63 million and $67 million, or approximately 11.0% to 11.5% of sales. |
| ● | Net income per diluted share of $1.55 to $1.65, based on 30.4 million weighted average diluted shares outstanding. Included in net income per diluted share is an estimated $0.06 benefit related to tariff refunds. |
Conference Call Information
A conference call to discuss the financial results for the first fiscal quarter ended June 27, 2026, is scheduled for today, July 29, 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 (844) 825-9789. 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 August 29, 2026, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10210645. Please note participants must enter the conference identification number in order to access the replay.
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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 571 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.
Investor Contact:
ICR, Inc.
Brendon Frey, 203-682-8216
BootBarnIR@icrinc.com
or
Company Contact:
Boot Barn Holdings, Inc.
Mark Dedovesh, 949-453-4489
Senior Vice President, Investor Relations & Financial Planning
BootBarnIRMedia@bootbarn.com
4
Boot Barn Holdings, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
| | June 27, | | March 28, | ||
| | 2026 | | 2026 | ||
Assets |
| | |
| | |
Current assets: |
| | |
| | |
Cash and cash equivalents | | $ | 139,262 | | $ | 141,036 |
Accounts receivable, net | |
| 29,387 | |
| 15,264 |
Inventories | |
| 900,040 | |
| 844,637 |
Prepaid expenses and other current assets | |
| 25,174 | |
| 33,462 |
Total current assets | |
| 1,093,863 | |
| 1,034,399 |
Property and equipment, net | |
| 542,618 | |
| 514,108 |
Right-of-use assets, net | |
| 667,251 | | | 638,425 |
Goodwill | |
| 197,502 | |
| 197,502 |
Intangible assets, net | |
| 58,981 | |
| 58,981 |
Other assets | |
| 8,756 | |
| 6,660 |
Total assets | | $ | 2,568,971 | | $ | 2,450,075 |
Liabilities and stockholders’ equity | |
| | | | |
Current liabilities: | |
| | | | |
Accounts payable | | $ | 176,477 | | $ | 142,126 |
Accrued expenses and other current liabilities | |
| 167,294 | |
| 159,103 |
Short-term lease liabilities | |
| 88,557 | | | 89,743 |
Total current liabilities | |
| 432,328 | |
| 390,972 |
Deferred taxes | |
| 53,964 | |
| 51,711 |
Long-term lease liabilities | |
| 717,492 | | | 683,737 |
Other liabilities | |
| 6,437 | |
| 4,999 |
Total liabilities | |
| 1,210,221 | | | 1,131,419 |
| | | | | | |
Stockholders’ equity: | |
| | | | |
Common stock, $0.0001 par value; June 27, 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 | |
| 267,957 | |
| 263,253 |
Retained earnings | |
| 1,199,960 | |
| 1,129,848 |
Less: Common stock held in treasury, at cost, 839 and 614 shares at June 27, 2026 and March 28, 2026, respectively | |
| (109,170) | | | (74,448) |
Total stockholders’ equity | |
| 1,358,750 | |
| 1,318,656 |
Total liabilities and stockholders’ equity | | $ | 2,568,971 | | $ | 2,450,075 |
5
Boot Barn Holdings, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
| | Thirteen Weeks Ended | | ||||
| | June 27, | | June 28, | | ||
| | 2026 | | 2025 | | ||
Net sales | | $ | 593,515 | | $ | 504,067 | |
Cost of goods sold | |
| 353,623 | |
| 306,846 | |
Gross profit | |
| 239,892 | |
| 197,221 | |
Selling, general and administrative expenses | |
| 149,366 | |
| 126,501 | |
Income from operations | |
| 90,526 | |
| 70,720 | |
Interest expense | |
| 347 | |
| 343 | |
Other income, net | |
| 2,226 | |
| 911 | |
Income before income taxes | |
| 92,405 | |
| 71,288 | |
Income tax expense | |
| 22,293 | |
| 17,880 | |
Net income | | $ | 70,112 | | $ | 53,408 | |
| | | | | | | |
Earnings per share: | |
| | |
| | |
Basic | | $ | 2.31 | | $ | 1.75 | |
Diluted | | $ | 2.29 | | $ | 1.74 | |
Weighted average shares outstanding: | |
| | |
| | |
Basic | |
| 30,361 | |
| 30,596 | |
Diluted | |
| 30,601 | |
| 30,750 | |
6
Boot Barn Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| | Thirteen Weeks Ended | ||||
| | June 27, | | June 28, | ||
| | 2026 | | 2025 | ||
Cash flows from operating activities |
| | |
| | |
Net income | | $ | 70,112 | | $ | 53,408 |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | |
| |
Depreciation | |
| 22,254 | |
| 17,518 |
Stock-based compensation | |
| 4,512 | |
| 3,676 |
Noncash lease expense | |
| 22,302 | |
| 17,926 |
Amortization of debt issuance fees | |
| 27 | |
| 27 |
Loss on disposal of assets | |
| 752 | |
| 299 |
Deferred taxes | |
| 2,253 | |
| (733) |
Changes in operating assets and liabilities: | |
| | | | |
Accounts receivable, net | |
| (14,064) | |
| 1,751 |
Inventories | |
| (55,403) | |
| (26,869) |
Prepaid expenses and other current assets | |
| 8,261 | |
| 5,874 |
Other assets | |
| (2,096) | |
| (396) |
Accounts payable | |
| 36,346 | |
| 10,144 |
Accrued expenses and other current liabilities | |
| 5,519 | |
| (3,618) |
Other liabilities | |
| 1,438 | |
| 766 |
Operating leases | |
| (18,370) | |
| (5,923) |
Net cash provided by operating activities | | $ | 83,843 | | $ | 73,850 |
Cash flows from investing activities | |
| | |
| |
Purchases of property and equipment | | | (51,089) | | | (31,462) |
Net cash used in investing activities | | $ | (51,089) | | $ | (31,462) |
Cash flows from financing activities | |
| | |
| |
Repayments on finance lease obligations | |
| (248) | |
| (229) |
Repurchases of common stock | | | (25,003) | | | (12,502) |
Tax withholding payments for net share settlement | |
| (9,469) | |
| (4,195) |
Proceeds from the exercise of stock options | |
| 192 | |
| 87 |
Net cash used in financing activities | | $ | (34,528) | | $ | (16,839) |
Net increase in cash and cash equivalents | | | (1,774) | | | 25,549 |
Cash and cash equivalents, beginning of period | |
| 141,036 | |
| 69,770 |
Cash and cash equivalents, end of period | | $ | 139,262 | | $ | 95,319 |
| | | | | | |
Supplemental disclosures of cash flow information: | |
| | |
| |
Cash paid for income taxes | | $ | 909 | | $ | 592 |
Cash paid for interest | | $ | 316 | | $ | 312 |
Supplemental disclosure of non-cash activities: | |
| | | | |
Unpaid purchases of property and equipment | | $ | 18,706 | | $ | 17,973 |
7
Boot Barn Holdings, Inc.
Store Count
| | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended |
| | June 27, | | March 28, | | December 27, | | September 27, | | June 28, | | March 29, | | December 28, | | September 28, |
| | 2026 | | 2026 | | 2025 | | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
Store Count (BOP) |
| 539 | | 514 | | 489 | | 473 | | 459 | | 438 | | 425 | | 411 |
Opened/Acquired |
| 27 | | 25 | | 25 | | 16 | | 14 | | 21 | | 13 | | 15 |
Closed |
| — | | — | | — | | — | | — | | — | | — | | (1) |
Store Count (EOP) |
| 566 | | 539 | | 514 | | 489 | | 473 | | 459 | | 438 | | 425 |
Boot Barn Holdings, Inc.
Selected Store Data
| | | | | | | | | | | | | | | | | | | | | | ||||
| | Thirteen Weeks Ended | | ||||||||||||||||||||||
| | June 27, | | March 28, | | December 27, | | September 27, | | June 28, | | March 29, | | December 28, | | September 28, | | ||||||||
| | 2026 | | 2026 | | 2025 | | 2025 | | 2025 | | 2025 | | 2024 | | 2024 | | ||||||||
Selected Store Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Same Store Sales growth |
| | 4.7 | % | | 6.1 | % | | 5.7 | % | | 8.4 | % | | 9.4 | % | | 6.0 | % | | 8.6 | % | | 4.9 | % |
Stores operating at end of period |
| | 566 |
| | 539 |
| | 514 |
| | 489 |
| | 473 |
| | 459 |
| | 438 |
| | 425 |
|
Comparable stores open during period(1) | | | 463 | | | 441 | | | 426 | | | 411 | | | 401 | | | 382 | | | 374 | | | 363 | |
Total retail store selling square footage, end of period (in thousands) |
| | 6,460 |
| | 6,147 |
| | 5,810 |
| | 5,495 |
| | 5,307 |
| | 5,133 |
| | 4,877 |
| | 4,720 |
|
Average retail store selling square footage, end of period |
| | 11,414 |
| | 11,404 |
| | 11,304 |
| | 11,238 |
| | 11,220 |
| | 11,183 |
| | 11,134 |
| | 11,105 |
|
Average sales per comparable store (in thousands)(2) | | $ | 1,046 | | $ | 934 | | $ | 1,291 | | $ | 996 | | $ | 1,031 | | $ | 926 | | $ | 1,301 | | $ | 952 | |
| (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. |
8
Exhibit 99.2
| 0 Supplemental Financial Presentation July 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 $1.35 $1.29 $1.13 $1.26 $1.74 $2.29 FY22 FY23 FY24 FY25 FY26 FY27 Q1 Fiscal 2027 Results 1 Included in merchandise margin is an estimated 250 basis point benefit due to tariff refunds, worth $14.7M. 2 Included in net income per diluted share is an estimated $0.38 benefit due to tariff refunds. 2 $306 $366 $384 $423 $504 $594 FY22 FY23 FY24 FY25 FY26 FY27 Q1 Total Sales ($M) 18% Total Sales Growth vs. LY 78.9% 10.0% -2.9% 1.4% 9.4% 4.7% FY22 FY23 FY24 FY25 FY26 FY27 Q1 Consolidated SSS% 14% Two-year Stack +420bps +40bps +90bps +100bps +180bps +220bps FY22 FY23 FY24 FY25 FY26 FY27 Q1 Merchandise Margin % +630bps over five years 1 1 Q1 EPS 32% Growth vs. LY2 +100bps Product Margin +70bps Freight +250bps Tariff Refunds +60bps Product Margin (90)bps Freight |
| 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 70 new stores in Fiscal 2027, as provided on its first quarter earnings call held on July 29, 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. 86 117 152 169 208 219 226 240 259 273 300 345 400 459 539 609 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 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 2 |
| 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% 4.0% 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 first quarter earnings call held on July 29, 2026. Annual Same Store Sales Growth |
| 6 2 1Represents preliminary consolidated same store sales for the four weeks of July 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% 0.0% Apr May Jun Jul 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 July 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% Apr May Jun Jul FY27 (Black Friday in Fiscal December) 1 Store SSS% by Month |
| 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 July 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% 10.7% Apr May Jun Jul FY27 (Black Friday in Fiscal December) 1 E-commerce SSS% by Month |
| 9 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 |
| 10 4 Merchandise Margin Growth 1Reflects the high end of the Company’s guidance range provided on its first quarter earnings call held on July 29, 2026. 2 Included in merchandise margin is an estimated 70 basis point benefit due to tariff refunds, worth approximately $17.8M. +190bps +170bps (270)bps Flat +50bps +110bps +90bps +90bps +270bps (70)bps +160bps +130bps +80bps +130bps FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 E Merchandise Margin % 1, 2 Six Year Merchandise Margin Expansion Margin Drivers • Better full-price selling • Buying economies of scale • Supply chain efficiencies • Volume discounts • Exclusive brands (EB) sales penetration EB Expansion 170bps Other Margin Drivers 530bps |
| 11 4 Exclusive Brands Growth 1Reflects the high end of the Company’s guidance range provided on its first quarter earnings call held on July 29, 2026. +200bps +270bps +140bps +(40)bps +280bps +270bps +580bps +170bps +460bps +570bps +370bps +90bps +220bps Flat FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 E Exclusive Brands Penetration % Sales Pen% 5.0% 7.0% 9.7% 11.1% 10.7% 13.5% 16.2% 22.0% 23.7% 28.3% 34.0% 37.7% 38.6% 40.8% 40.8% Long Term Target Margin enhancement ~1,000bps vs. 3rd party brands 1 50.0% 50.0% |
| 12 FY27 Guidance |
| 13 Full Year Fiscal 2027 Financial Guidance Full Year FY27 Financial Guidance Low-End ($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 $2,580 2.0% 1.0% 11.0% 14% 70 $2,625 4.0% 3.0% 13.0% 16% 70 Merchandise Margin % $1,347 52.2% $1,370 52.2% • +130bps merchandise margin increase. • +70bps tariff refunds, worth approximately $17.8M. • +50bps product margin increase. • +10bps freight improvement. • Flat exclusive brands penetration to Fiscal 2026. Gross Profit % $993 38.5% $1,016 38.7% • +60bps gross profit leverage. • +70bps tariff refunds, worth approximately $17.8M. SG&A % $636 24.7% $642 24.4% • +40bps SG&A leverage. Income from Operations % $357 13.8% $374 14.3% • +100bps leverage. • +70bps tariff refunds, worth approximately $17.8M. GAAP Earnings per Diluted Share $8.80 $9.23 • +26% EPS growth compared to the prior year. • $0.46 benefit due to tariff refunds. • 25.7% tax rate for the remainder of the fiscal year. • $130M net capital expenditures. 1 1Merchandise cost of goods sold includes the cost of merchandise, inbound and outbound freight, obsolescence and shrinkage provisions, supplier allowances, and inventory acquisition-related costs. |
| 14 Q2 Fiscal 2027 Financial Guidance Q2 FY27 Financial Guidance Low-End ($M) High-End ($M) Total Net Sales Consolidated SSS% Store SSS% E-commerce SSS% Total Net Sales Growth % $572 0.0% (1.0)% 10.0% 13% $582 2.0% 1.0% 12.0% 15% Merchandise Margin % $297 51.8% $302 51.8% Gross Profit % $208 36.3% $213 36.6% SG&A % $145 25.4% $146 25.1% Income from Operations % $63 11.0% $67 11.5% GAAP Earnings per Diluted Share $1.55 $1.65 1 1Merchandise cost of goods sold includes the cost of merchandise, inbound and outbound freight, obsolescence and shrinkage provisions, supplier allowances, and inventory acquisition-related costs. Q2 FY26 ($M) High-End Δ ($M) High-End Guidance Comments vs. LY $505 8.4% 7.8% 14.4% 19% $77 • 15 new stores planned to open. $255 50.4% $47 +140bps • +140bps increase compared to the prior-year period consists of: • +90bps freight improvement vs. high freight expense LY. • +40bps tariff refunds worth approximately $2.4M. • +10bps product margin increase vs. +130bps product margin increase LY. $184 36.4% $29 +20bps • +20bps gross profit leverage. • +40bps tariff refunds worth approximately $2.4M. $128 25.3% $20 +20bps • +20bps SG&A leverage. $56 11.2% $11 +30bps • +30bps leverage. • +40bps tariff refunds worth approximately $2.4M. $1.37 $0.28 • +20% EPS growth compared to the prior year period. • $0.06 benefit due to tariff refunds. |
| 15 investor.bootbarn.com |
