Boot Barn Holdings Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.20%.
Did BOOT Beat Earnings? Q4 2025 Results
Boot Barn Holdings came up just short of Wall Street's expectations in its fiscal fourth quarter, posting EPS of $1.22 against a $1.25 consensus estimate, a 2.40% miss, while revenue of $453.75 million fell 1.01% below the $458.36 million forecast, though the top line still grew an impressive 16.8% year-over-year. The shortfall was modest in the context of an otherwise strong quarter, with a 6.0% consolidated same-store sales gain and 21 new store openings helping push full-year net sales to $1.91 billion. Gross margin expanded 130 basis points to 37.1%, driven largely by supply chain efficiencies and growing exclusive brand penetration, which now accounts for 38.6% of sales and delivers roughly 1,000 basis points of margin enhancement over third-party brands. Looking ahead, Boot Barn guided fiscal 2026 sales to a range of $2.07 billion to $2.15 billion, with management actively shifting exclusive brand sourcing away from China to limit tariff exposure, projecting that country's share of exclusive brand receipts will fall from 24% to approximately 12% in the coming year.
- Consolidated same-store sales increased 6.0% in Q4 with retail stores up 5.5% and e-commerce up 9.8%
- 210 basis-point increase in merchandise margin rate driven by supply chain efficiencies, lower shrink, better buying economies of scale, and exclusive brand penetration growth
- Exclusive brands penetration reached 38.6% for the full year, up 90 basis points
- 21 new stores opened in Q4, 60 new stores opened in full fiscal year
- Loyalty program grew to approximately 9.6 million members, a 14.3% increase
“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.”
Boot Barn CEO, on the earnings call
Forward Guidance & Outlook
For Fiscal Year 2026 (ending March 28, 2026), Boot Barn expects total sales of $2.070 billion to $2.150 billion (8% to 13% growth), same-store sales ranging from -2.0% to +2.0%, gross profit of $747 million to $793 million, income from operations of $228 million to $266 million, and GAAP EPS of $5.50 to $6.40 on 30.8 million diluted shares with a 26.0% effective tax rate. Capital expenditures are expected between $115 million and $120 million. The company plans to open 65 to 70 new stores. Guidance assumes a 30% tariff on China, 10% global tariff rate, and 0% tariff on USMCA-compliant Mexico, with tariff-driven price increases expected this summer potentially softening consumer demand. For Q1 FY26, the company expects total sales of $483 million to $491 million, same-store sales growth of 4.0% to 6.0%, and EPS of $1.44 to $1.52. Preliminary same-store sales for fiscal April were +8.7% and the first two weeks of May were +9.1%.
BOOT YoY Financials
Figures from SEC filings and company reports. Not investment advice.