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Boot Barn

Boot Barn (BOOT) Q1 2026 Earnings

Reported Jul 31, 2025 at 4:08 PM ET · SEC Source

Q1 26 EPS

$1.74

BEAT +12.24%

Est. $1.55

Q1 26 Revenue

$504.1M

BEAT +1.80%

Est. $495.2M

vs S&P Since Q1 26

-36.7%

TRAILING MARKET

BOOT -16.9% vs S&P +19.8%

Market Reaction

Did BOOT Beat Earnings? Q1 2026 Results

Boot Barn delivered a standout first quarter of fiscal 2026, posting results that cleared Wall Street's bar by a meaningful margin and reinforced the Western and work-wear retailer's momentum heading into the back half of the year. Diluted earnings p… Read more Boot Barn delivered a standout first quarter of fiscal 2026, posting results that cleared Wall Street's bar by a meaningful margin and reinforced the Western and work-wear retailer's momentum heading into the back half of the year. Diluted earnings per share came in at $1.74, beating the $1.55 consensus estimate by 12.24%, while revenue of $504.07 million topped expectations by 1.80% and grew 19.1% year over year. The headline driver was a 9.4% consolidated same-store sales gain paired with 14 new store openings, a combination that pushed gross margin up 210 basis points to 39.1%, supported by stronger merchandise margins, lower freight costs, and exclusive brand penetration now representing roughly 35% of sales. Operating income reached $70.72 million, or 14.0% of sales, up sharply from 11.9% a year ago. Looking ahead, management raised its full-year fiscal 2026 EPS outlook to a range of $5.80 to $6.70, though guidance acknowledges that anticipated tariff-driven price increases this summer could soften consumer demand and weigh on merchandise margins in the second half, a dynamic some analysts see as a meaningful risk to the stock's stretched valuation.

Key Takeaways

  • • Consolidated same-store sales growth of 9.4%
  • • Merchandise margin rate expanded 180 basis points driven by buying economies of scale, lower freight, and exclusive brand penetration growth
  • • 14 new store openings bringing total to 473 stores
  • • Exclusive brands penetration growing to approximately 40.2% in FY26E from 38.6% in FY25
  • • Broad-based demand across all major merchandise categories and geographies
  • • Lower incentive-based compensation reduced SG&A rate
  • • Lower distribution center labor costs
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BOOT YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

“We are pleased with our strong start to fiscal 2026, highlighted by high-single digit consolidated same-store sales growth and successful new store openings, which drove 19% overall revenue growth. Demand was broad-based, with strength across all major merchandise categories and geographies. At the same time, we improved gross profit 210 basis points, led by robust merchandise margin expansion which, along with solid expense control, fueled a 38% increase in earnings per diluted share. As a result of our better than expected first quarter performance and the continued strength we have seen as we moved into our second quarter, we are raising our full-year outlook while maintaining our prior guidance for the second half of the year. With our four strategic initiatives delivering consistent results and the opportunity we have to double our store count, we remain confident in our ability to continue generating value for our shareholders over the long term.”

— John Hazen, Q1 2026 Earnings Press Release

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