Boot Barn Holdings, Inc. Announces Fourth Quarter and Fiscal Year 2025 Financial Results and $200 Million Share Repurchase Program

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

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

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

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

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

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

Share Repurchase Program

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

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

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

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

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

Sales by Channel

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

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

Balance Sheet Highlights as of March 29, 2025

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

Fiscal Year 2026 Outlook

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

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

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

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

Conference Call Information

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

About Boot Barn

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

Forward Looking Statements

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

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

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

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

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

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

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

 

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