Boot Barn Holdings Stock Earnings Reports

Boot Barn reported a strong start to fiscal 2026 with Q1 revenue up 19% to $504M and consolidated same-store sales up 9.4%. Merchandise margin expanded ~180 bps year-over-year, driving gross profit growth and a 38% increase in EPS to $1.74. The company opened 14 stores in the quarter (473 total), is targeting 65–70 new stores for the year, and says new stores average ~$3.2M in first-year annualized revenue and pay back in <2 years. Omnichannel momentum continued (e-commerce comps +9.3%) and the company is deploying AI across search, content and store-associate tools; >50% of online orders are fulfilled by stores. Exclusive-brand penetration rose to 40.6% and management is testing a “hold lower for longer” pricing approach on exclusives to measure elasticity, while re-ticketing third-party items (mid-single-digit increases) will be complete by end of August. Inventory grew 23% YoY (2.7% on a comp basis); company says inventory health and markdowns are better than last year and historical levels. Management raised full-year guidance: sales ~$2.18B, gross profit ~$812M, net income ~$206M and EPS $6.70 (high end of range). They repurchased ~$12.5M of stock in the quarter and ended with $95M cash and no borrowings on the revolver. Management remains cautious on macro/ tariff-driven consumer risk and has assumed flat comps in H2 as a scenario, while executing on four strategic initiatives: new-store growth, same-store sales, omnichannel, and margin/brand expansion.