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

IRVINE, Calif.--(BUSINESS WIRE)-- Boot Barn Holdings, Inc. (NYSE: BOOT) (the 鈥淐ompany鈥�) today announced its financial results for the fourth fiscal quarter and fiscal year ended March 29, 2025 (鈥淔iscal Year 2025鈥�). A Supplemental Financial Presentation is available at .

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, 鈥淥ur 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.鈥�

Share Repurchase Program

The Company鈥檚 Board of Directors has authorized the Company to repurchase up to $200 million of its common stock (the 鈥淩epurchase Program鈥�). 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 (鈥淪SS鈥�) growth/(decline) and e-commerce as a percentage of net sales for the periods indicated below.

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 . Please visit the website and select the 鈥淓vents and Presentations鈥� 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鈥檚 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鈥檚 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 . The Company also operates , the nation鈥檚 leading pure play online western and work retailer and , an e-commerce site selling to customers who live a country lifestyle. For more information, call 888-Boot-Barn or visit .

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鈥檚 current expectations and projections relating to, by way of example and without limitation, the Company鈥檚 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 鈥渁nticipate鈥�, 鈥渆stimate鈥�, 鈥渆xpect鈥�, 鈥減roject鈥�, 鈥減lan鈥�, 鈥渋ntend鈥�, 鈥渂elieve鈥�, 鈥渕ay鈥�, 鈥渕ight鈥�, 鈥渨ill鈥�, 鈥渃ould鈥�, 鈥渟hould鈥�, 鈥渃an have鈥�, 鈥渓ikely鈥�, 鈥渙utlook鈥� 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鈥檚 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鈥檚 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鈥檚 ability to effectively execute on its growth strategy; and the Company鈥檚 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 鈥淩isk factors鈥� 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鈥檚 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.

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Investor Contact:

ICR, Inc.

Brendon Frey, 203-682-8216

[email protected]

or

Company Contact:

Boot Barn Holdings, Inc.

Mark Dedovesh, 949-453-4489

Senior Vice President, Investor Relations & Financial Planning

[email protected]

Source: Boot Barn