Boot Barn : Fourth Quarter 2025 Presentation
BOOT
Published on 05/14/2025 at 16:31
Offering everyone a piece of the American spirit-one handshake at a time.
0
Full Year Fiscal 2025 Highlights
Results
Fiscal 2024
Fiscal 2025
Δ
Total Sales $
$1.67 Billion
$1.91 Billion
+14.6%
$244 Million
Consolidated Same Store Sales %
(6.2)%
Stores (5.6)%
E-comm (10.6)%
+5.5%
Stores +5.0%
E-comm +9.7%
Customer Loyalty Program 1
8.4 Million
9.6 Million
+14.3%
+1.2 Million
2
Merchandise Margin %
+580bps of growth over the last five years
48.8%
50.1%
+130bps
Exclusive Brands Penetration %
+1,660bps of growth over the last five years
37.7%
38.6%
+90bps
New Store Openings
459 stores in 49 states
55
+16%
60
+15%
Gross Profit %
+480bps of growth over the last five years
36.9%
37.5%
+70bps
SG&A Expense %
25.0%
25.0%
Flat
EBIT %
+380bps of growth over the last five years
11.9%
12.5%
+60bps
GAAP Earnings Per Diluted Share $
$4.80
$5.88
+22.5%
$1.08
1As of March 29, 2025, our loyalty program included approximately 9.6 million members who have purchased merchandise from us in the last three fiscal years.
2Merchandise cost of goods sold includes the cost of merchandise, inbound and outbound freight, obsolescence and shrinkage provisions, supplier allowances, and inventory acquisition-related costs.
2
Full Year Fiscal 2025 Results
FY25 Full Year Total Sales ($M)
18% five-year CAGR
$1,911
$1,658
$1,667
$1,488
$846
$893
FY20
FY21
FY22
1
FY23
FY24
FY25
FY25 Full Year Consolidated SSS%
5.0%
3.1%
53.7%
5.5%
-0.1%
-6.2%
FY20
FY21
FY22
FY23
FY25
FY24
FY25 Full Year Merchandise Margin %
+670bps over six years
+90bps
+90bps
+270bps
(70)bps
+160bps
+130bps
FY20
FY21
FY22
FY23
FY24
FY25
FY25 Full Year EPS
29% five-year CAGR
$6.33
$5.62
$5.88
$4.80
$1.64
$2.01
FY20
FY21
FY22
1
FY23
FY24
FY25
1Fiscal 2023 was a 53-week year. Management estimates the 53rd week contributed $28.3M in sales and approximately $0.16 of earnings per diluted share.
3
Q4 Fiscal 2025 Results
Q4 Total Sales ($M)
17% Sales Growth vs. LY
$426
$454
$383
$388
$259
$189
FY20
COVID
FY21
FY22
1
FY23
FY24
FY25
Q4 Consolidated SSS%
26.9%
33.3%
6.0%
-4.7%
-5.5%
-5.9%
FY20
FY21
FY22
FY23
FY24
FY25
COVID
Q4 Merchandise Margin %
+660bps over six years
(10)bps
+300bps
+120bps
(120)bps
+160bps
+210bps
FY20
COVID
FY21
FY22
FY23
FY24
FY25
Q4 EPS
$1.47
$1.53
$1.22
$0.96
$0.82
$0.20
FY20
COVID
FY21
FY22
1
FY23
FY24
FY25
1Q4 Fiscal 2023 was a 14-week quarter as a result of the 53rd week in Fiscal 2023. Management estimates the 14th week of Q4 Fiscal 2023 contributed $28.3M in sales and approximately $0.16 of earnings per diluted share.
4
Over a Decade of Strong Sales Growth
$1,911
~+19% CAGR
$1,488
$1,658 $1,667
$233
$346 $403
$569
$630 $678
$777
$846 $893
1
FY13 FY14 FY15 FY16 FY17
1
FY18 FY19 FY20 FY21 FY22 FY23
FY24
FY25
Total Sales
Growth 38% 48% 16% 41% 11% 8% 15% 9% 6% 67% 11%
1% 15%
SSS%
Growth
11.9% 6.7% 7.3% (0.1)% 0.3% 5.2% 10.0% 5.0% 3.1% 53.7% (0.1)% (6.2)%
5.5%
1Fiscal 2017 and Fiscal 2023 were 53-week years. 5
1
2
3
4
6
Strategic Initiatives Update
Profitable New Units at 15% Annual Growth
Metrics
FY26
Guidance
Selling Square Feet
~12,000
Year 1 Net Sales
~$3.2M
Net Capital Investment
~$0.9M
Net Inventory Investment
~$0.8M
Total Net Investment
~$1.7M
Year 1 Estimated EBITDA
~$0.9M
Year 1 Cash on Cash Return
~53%
Payback Period
~1.8 years
Annual Store Count
459
400
345
300
259 273
208 219 226 240
152 169
117
86
524 to
529
1
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 E
1Represents management's guidance to open a total of 15% new stores in Fiscal 2026, as provided on the Company's fourth quarter earnings call held on May 14, 2025. 7
Same Store Sales Growth
Consolidated SSS%
53.7%
11.9% 10.0%
6.7% 7.3% 5.2% 5.0% 3.1% 5.5%
0.3%
2.0%
-0.1% -0.1%
-6.2%
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
1
FY26 E
1Reflects the high end of the Company's guidance range provided on the Company's fourth quarter earnings call held on May 14, 2025.
Fiscal
Year
Consolidated SSS% by Quarter
Q1
Q2
Q3
Q4
Full Year
FY26 High-End Guide
6.0
3.0
0.0
0.0
2.0
FY25
1.4
4.9
8.6
6.0
5.5
FY24
(2.9)
(4.8)
(9.7)
(5.9)
(6.2)
FY25 Two-Year Stack
(1.5)
0.1
(1.1)
0.1
(0.7)
FY23
10.0
2.3
(3.6)
(5.5)
(0.1)
FY22
78.9
61.7
54.2
33.3
53.7
Fiscal 2026 guidance assumes increased tariffs result in price increases this summer, leading to softer consumer demand.
8
2 Store SSS%
Stores are
~90% of FY25 Sales
FY26
9.8% 8.4%
Apr1 Two Weeks Jun
1
of May
Jul Aug Sep
Oct Nov Dec
Jan Feb Mar
FY25
1.9%
1.8%
5.3%
7.5%
4.6%
Thanksgiving Shift
16.0%
7.0%
0.9%
8.0%
-1.5%
-0.9%
Jul
Aug
Sep
-2.4%
Apr
May
Jun
Oct
Nov
Dec
Jan
Feb
Mar
FY24
1.5%
1.1%
-5.0%
-2.6%
-3.7%
-2.8%
-7.2%
-8.1%
-7.3%
-8.8%
-11.5%
-8.5%
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
FY25 Two-Year Stack
3.3%
0.2%
1.6%
0.2%
Thanksgiving
Shift
7.5%
5.2%
-6.5%
-0.7%
-4.2%
-0.2%
-7.2%
-13.9%
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
9
1Represents preliminary retail store same store sales for April and two weeks of May Fiscal 2026.
3 Omni-Channel Capabilities
Drive Store Traffic
Deliver Digital Experience in Stores
Bring Long Tail to Stores
Ship to Store / BOPIS
Return in Store
Mobile App
Range Finder (AI-enabled)
WHIP (endless aisle)
Cassidy (piloting in-store consumer AI solution)
Fulfill Online Demand Efficiently
Drive Online Profitability
DC Fulfillment
Store Fulfillment
Same Day Delivery
Boot Barn retail price consistent across channels
Infrequent promotions
Profitable ROAS standard
Maximize clearance margin
10
3 Ecommerce SSS%
Ecommerce is
~10% of FY25 Sales
FY26
15.9%
-0.4%
Apr1 Two Weeks Jun
1
of May
Jul Aug Sep
Oct Nov Dec
Jan Feb Mar
FY25
5.0%
6.0%
8.7%
5.0%
12.1%
12.2%
13.7%
Thanksgiving
Shift
2.2%
13.5%
17.1%
9.0%
5.1%
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
FY24
-19.1%
-9.0%
-3.5%
-11.9%
-13.0%
-10.6%
-16.8%
-15.1%
-8.4%
-11.3%
-5.9%
-6.0%
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
FY25 Two-Year Stack
5.2%
1.6%
5.1%
5.8%
3.1%
-3.0%
-6.9%
-0.9%
-3.1%
Oct
-12.9%
Thanksgiving
Shift
Nov
Dec
Jan
Feb
-0.9%
Mar
-14.1%
Apr
May
Jun
Jul
Aug
Sep
11
1Represents preliminary e-commerce same store sales for April and two weeks May Fiscal 2026.
4 Exclusive Brands Growth & Margin Expansion
6 Exclusive Brands Account for ~35% of Sales Volume
Exclusive Brands (EB) Penetration Growth
Margin enhancement ~1,000bps vs. 3rdparty brands
38.6% 39.6%
16.2%
$126M
$738M $851M
in sales
in sales in sales
FY19
FY25 FY26 E
Exclusive Brands (EB) is Only 1/3 of Margin Appreciation
Merchandise Margin Growth
Estimated 670bps of Total Merchandise Margin Expansion
+90bps
+90bps
+270bps
(70)bps
+160bps
+130bps
Flat
FY20
FY21
FY22
FY23
FY24
FY25
FY26 E
EB
Expansion 225bps
Other Margin Drivers
445bps
Margin Drivers
Full-price selling
Buying economies of scale
Supply chain efficiencies
Volume discounts
Exclusive brands sales penetration
12
Full Year Fiscal 2026 Financial Guidance
Fiscal 2026 contemplates a 30% tariff on China, 10% global tariff rate, and 0% tariff on Mexico (USMCA compliant).
Full Year
FY26 Financial Guidance
Low-End ($M)
High-End ($M)
Low-End Guidance Comments vs. LY
High-End Guidance Comments vs. LY
Total Net Sales
$2,070
$2,150
Consolidated SSS%
(2.0)%
2.0%
Fiscal 2026 guidance assumes increased tariffs result in price increases this summer,
Store SSS%
(2.5)%
1.5%
leading to softer consumer demand. The difference between the low and high-end
E-commerce SSS%
1.0%
7.5%
scenarios reflect different degrees of impact on consumer demand.
Total Net Sales Growth %
8%
13%
15% New Store Openings
65-70
65-70
Fiscal 2026 guidance assumes a merchandise margin decline in the second half of the
1
Merchandise Margin
$1,030
$1,077
fiscal year due to unmitigated tariff costs. The difference between the low and high-
end scenarios reflect different degrees of impact on margin degradation.
%
49.8%
50.1%
(30)bps decrease flat merchandise margin
+100bps exclusive brands penetration +100bps exclusive brands penetration
Gross Profit
%
$747
36.1%
$793
36.9%
(140)bps deleverage
(60)bps deleverage
SG&A
%
$519
25.1%
$527
24.5%
(10)bps deleverage
50bps leverage
Income from Operations
%
$228
11.0%
$266
12.4%
GAAP Earnings per Diluted Share
$5.50
$6.40
26.0% effective tax rate
(6)% EPS decrease
26.0% effective tax rate 9% EPS growth
1Merchandise cost of goods sold includes the cost of merchandise, inbound and outbound freight, obsolescence and shrinkage provisions, supplier allowances, and inventory acquisition-related costs. 14
Q1 Fiscal 2026 Financial Guidance
Q1 FY26 Financial Guidance
Low-End ($M)
High-End ($M)
Total Net Sales
$483
$491
Consolidated SSS%
4.0%
6.0%
Store SSS%
4.0%
6.0%
E-commerce SSS%
4.0%
6.0%
Total Net Sales Growth %
14%
16%
1
Merchandise Margin
$250
$254
%
51.7%
51.7%
Gross Profit
%
$183
37.9%
$188
38.2%
SG&A
%
$122
25.3%
$124
25.2%
Income from Operations
%
$61
12.6%
$64
13.0%
GAAP Earnings per Diluted Share
$1.44
$1.52
1Merchandise cost of goods sold includes the cost of merchandise, inbound and outbound freight, obsolescence and shrinkage provisions, supplier allowances, and inventory acquisition-related costs.
15
Tariff Mitigation Strategy
Given BOOT's lower inventory turns (~2x per year) plus accelerated receipts ahead of tariffs, the impact of recent tariffs is expected to largely be in the second half of Fiscal 2026.
Third-party inventory - we have been notified of cost increases on products that we source from vendors effective this summer. BOOT expects to increase retail prices on the impacted products in order to maintain merchandise margin rates. Pricing from vendors is expected to increase mid-single-digits.
Exclusive brands product - we are working to mitigate the impact of the increased tariffs:
Factories are reducing costs to BOOT in order to reduce the tariff impact.
Factories are re-sourcing production to countries with lower tariffs.
BOOT is cancelling product orders with post-tariff low merchandise margins.
BOOT is evaluating each item individually to determine if pricing will remain unchanged, resulting in a lower merchandise margin rate, or be increased in order to preserve some or all merchandise margin rate.
Country of Origin
FY25 Full Year EB Merchandise Receipts %
FY26 Full Year Estimated EB Merchandise
Receipts %
FY26 Second Half & FY27 Estimated EB Merchandise
Receipts %
Mexico
34%
35%
35%
China
24%
12%
5%
Cambodia
14%
14%
15%
India
9%
13%
15%
Madagascar
5%
5%
5%
USA
4%
4%
5%
Vietnam
2%
5%
5%
Other
8%
12%
15%
Total
100%
100%
100%
Memo: Estimated Inventory Country of Origin - Exclusive Brands (EB)
16
Estimated Exclusive Brands Tariff Impact
The following information provides estimates and assumptions to help quantify the potential impact of tariffs on the Company's exclusive brands business.
Fiscal 2026 guidance contemplates a 30% tariff on China, 10% global tariff rate, and 0% tariff on Mexico (USMCA compliant).
FY26 Total Company Consolidated Merchandise COGS $1,073
FY26 EB Portion of Merchandise COGS
$386
COGS related to exclusive brands (EB) is estimated to be ~36% of total merchandise COGS.
FY26 EB COGS of
Inventory Purchased Pre-Tariffs
$232
~60% of FY26 exclusive brand sales are estimated to be from merchandise purchased pre-tariffs.
FY26 EB COGS of
Inventory Purchased Post-Tariffs
$154
~40% of FY26 exclusive brand sales are estimated to be from merchandise purchased post-tariffs.
Tariff Impact to FY26 Exclusive Brands Merchandise COGS
$8 Based on factories absorbing costs, re-sourcing production, order cancellations, and inventory acceleration in advance of tariffs, we estimate that the impact of recent tariffs will result in $8 million in additional costs during Fiscal 2026.
17
Share Repurchase Program
The Company's Board of Directors has authorized the Company to repurchase up to $200 million of its common stock. We plan to execute a quarter of the total authorization this fiscal year, with the spend roughly consistent by quarter and this has been factored into our guidance.
18
Investment Considerations
Leading player in estimated $40 billion industry
Brick-and-mortar presence in 49 states and online sales in all 50 states plus international
Pressure-tested model
National Leader in Attractive Market
Strong variety of omni-channel offerings in place
Ability to drive incremental traffic to stores
Improved customer satisfaction with added convenience and quicker delivery
World Class Omni-Channel Capabilities
Proven ability to open stores in both new and existing markets
Store-preferred shopping experience
Minimal sales cannibalization from new stores
Strong New Unit Growth Opportunities
Genuine lifestyle retail brand
Extremely loyal customers seeking authenticity
Lifestyle experience across stores, ecommerce and events
Lifestyle Brand with Loyal Customer
1,000bps margin enhancement vs. third-party brands
Differentiated assortment to satisfy all customer segments
Proven supply chain reliability
Exclusive Brands
Proven ability to drive merchandise margin expansion
Economies of scale in purchasing and ability to leverage expenses
Profit Enhancement Opportunities
19
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Disclaimer
Boot Barn Holdings Inc. published this content on May 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2025 at 20:30 UTC.