Boot Barn : Fourth Quarter 2026 Presentation

Published: 2026-05-14 16:12:24 ET BOOT

Published on 05/14/2026 at 04:12 pm EDT

Offering everyone a piece of the American spirit-one handshake at a time.

Full Year Fiscal 2026 Highlights

Full Year

FY26

FY25

FY26 Highlights

Total Net Sales

$2,254

$1,911

Over $2 billion in sales.

• +18% total sales growth.

• +7.2% SSS.

80 new stores opened.

539 stores at year end.

Consolidated SSS%

7.2%

5.5%

Store SSS%

6.2%

5.0%

E-commerce SSS%

15.3%

9.7%

Total Net Sales Growth %

18%

15%

New Store Openings

Merchandise Margin

$1,147

50.9%

$957

50.1%

• +80bps merchandise margin increase.

• +220bps exclusive brands penetration increase.

40.8% exclusive brands penetration.

Gross Profit

$858

38.1%

$717

37.5%

• +60bps gross profit leverage.

SG&A

$559

24.8%

$478

25.0%

• +20bps SG&A leverage.

Income from Operations

$299

13.3%

$239

12.5%

• +$60M increase.

• +25% growth.

• +80bps leverage.

GAAP Earnings per Diluted Share

$7.35

$5.88

• +$1.47 EPS increase.

• +25% growth.

$50M shares repurchased.

Full Year Fiscal 2026 Results

Full Year Total Sales ($M)

18% Growth vs. LY

$2,254

$1,911

$1,658

$1,667

$1,488

$893

FY21

FY22

FY23

FY24

FY25

FY26

Full Year Consolidated SSS%

+13% Two Year Stack

3.1%

53.7%

5.5%

7.2%

-0.1%

-6.2%

FY21

FY22

FY23

FY24

FY25

FY26

Full Year Merchandise Margin %

+660bps over the last six years

+90bps

+270bps

(70)bps

(100)bps freight

+160bps

+130bps freight

+130bps

+80bps

FY21

FY22

FY23

FY24

FY25

FY26

Full Year GAAP EPS

25% Growth vs. LY

$7.35

$6.33

$5.62

$5.88

$4.80

$2.01

FY21

FY22

FY23

FY24

FY25

FY26

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.

Q4 Fiscal 2026 Results

Q4 Total Sales ($M)

19% Growth vs. LY

$539

$426

$454

$383

$388

$259

FY21

FY22

FY23

FY24

FY25

FY26

Q4 Consolidated SSS%

+12% Two Year Stack

26.9%

33.3%

6.0%

6.1%

-5.5%

-5.9%

FY21

FY22

FY23

FY24

FY25

FY26

Q4 Merchandise Margin %

+640bps over the last six years

+300bps

+120bps

(120)bps

+160bps

+210bps (30)bps

+70bps

Shrink (50)bps Shrink

+110bps

Freight (20)bps Freight

+30bps

Product +40bps

Margin Product Margin

FY21

FY22

FY23

FY24

FY25 FY26

Q4 GAAP EPS

19% Growth vs. LY

$1.47

$1.53

$1.45

$1.22

$0.96

$0.82

FY21

FY22

FY23

FY24

FY25

FY26

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.

Strong Sales Growth

$2,623

~+19% CAGR

$2,254

$1,488

$1,658 $1,667

$1,911

$233

$346 $403

$569 $630 $678

$777

$846 $893

1 1

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

FY27 E

Total Sales

Growth 38% 48% 16% 41% 11% 8% 15% 9% 6% 67% 11% 1%

15%

18%

16%

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%

7.2%

4.0%

1Fiscal 2017 and Fiscal 2023 were 53-week years. 5

2Reflects the high end of the Company's guidance range provided on its fourth quarter earnings call held on May 14, 2026.

Strategic Initiatives Update

1 New Stores

2 Same Store Sales

3 Omni-Channel

4 Merchandise Margin & Exclusive Brands

1 New Store Economics

Metrics

Target

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 Cash on Cash Return

~53%

Payback Period

~1.8 years

Annual Store Count

117

152

169

208

219

226

240

259

273

300

345

400

459

539

1,200

609

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

FY26

1 2

FY27 E U.S. Target

1Represents the Company's guidance to open a total of 70 new stores in Fiscal 2027, as provided on its fourth quarter earnings call held on May 14, 2026.

2Represents the Company's estimated U.S. store count potential of 1,200 stores, based on internal analysis and a third-party study, as provided on its second quarter Fiscal 2026 earnings call held on October 29, 2025. 7

1 New Stores Sales Growth

New stores opened in Fiscal 2022 through Fiscal 2026

Consolidated Annual Sales Volume ($M)

$2,254

Sales from 2671 new stores

$893 Sales from

legacy stores & online

FY21 FY26

End of Year Store Count

539

267

273

272

FY21 FY26

1Includes 80 stores opened in Fiscal 2026 that have not been open a full fiscal year.

2 New Store Sales & Occupancy

FY25

60 new stores opened

FY24

55 new stores opened

Store Mix - New/Ramping vs. Mature

In Fiscal 2026, new stores opened within the past five years added approximately 150 basis points to consolidated same store sales %.

Store growth has resulted in fewer stores at sales maturity and higher occupancy cost as a % of sales. Average occupancy cost per store is relatively consistent across years.

FY26 Average Total Annual Unit Volume by Year Opened ($M)1

Mature average unit sales volume (stores opened before March 2021) reached $4.6M in FY26. New stores opened within the past five years are ramping to maturity and increasing consolidated same store sales %.

$4.6

272 stores

FY26 Average Unit Comp Store Sales Volume = $4.2M

Year 1 Occupancy Impact 27 Mature Non-cash straight-line rent expense stores Stores begins once we take possession of the

location, ~3 months on average before

a store opens and sales begin.

$3.2 stores

Year 1 stores

annual sales 60

projection stores

stores

Year 1 actual partial sales

15% of 11% of 10% of 8% of 5% of 50% of store count store count store count store count store count store count

FY26 FY25 FY24 FY23 FY22 Pre March

Fiscal year opened 2021

FY27 E2

70 estimated new stores opening

FY26

80 new stores opened

1Represents Fiscal 2026 average unit sales volume per store by year opened.

2Represents the Company's guidance to open a total of 70 new stores in Fiscal 2027, as provided on its fourth quarter earnings call held on May 14, 2026.

Mature Stores

New / Ramping Stores 9

2 Annual Same Store Sales Growth

Consolidated SSS%

53.7%

11.9%

10.0%

6.7% 7.3% 7.2%

5.2% 5.0% 5.5%

3.1%

0.3%

4.0%

-0.1% -0.1%

-6.2%

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

FY27 E

1Reflects the high end of the Company's guidance range provided on its fourth quarter earnings call held on May 14, 2026.

2 Consolidated SSS% by Month

FY27 (Black Friday in Fiscal December)

5.0% 5.0%

Apr1 May1

Two Weeks

FY26 (Black Friday in Fiscal December)

8.7%

11.5%

8.4%

11.3%

8.7%

6.1%

8.8%

6.1%

4.2%

6.7%

7.7%

4.5%

Apr

May

Jun

July

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

FY25 (Black Friday in Fiscal December)

2.4%

2.5%

6.0%

8.0%

5.5%

15.6%

8.1%

1.8%

7.7%

-0.8%

-0.3%

Jul

Aug

Sep

-1.9%

Apr

May

Jun

Oct

Nov 2

Dec 2

Jan

Feb

Mar

FY24 (Black Friday in Fiscal November)

1.0%

-6.9%

Apr

-3.3%

May

Jun

-0.5%

Jul

-4.8%

Aug

-7.7%

Sep

-9.7%

Oct

-11.9%

Nov 2

-8.5%

Dec 2

-7.7%

Jan

-7.8%

Feb

-3.2%

Mar

1Represents preliminary consolidated same store sales for April and the first two weeks of May Fiscal 2027. 11

2Thanksgiving and Black Friday shifted from November Fiscal 2024 into December Fiscal 2025.

2 Store SSS% by Month

FY27 (Black Friday in Fiscal December)

3.8% 5.0%

Apr1 May1

Two Weeks

FY26 (Black Friday in Fiscal December)

9.8%

11.0%

8.0%

11.2%

7.9%

5.1%

7.1%

4.0%

1.9%

5.9%

6.9%

3.5%

Apr

May

Jun

July

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

FY25 (Black Friday in Fiscal December)

1.9%

1.8%

5.3%

7.5%

4.6%

16.0%

7.0%

0.9%

8.0%

-1.5%

-0.9%

Jul

Aug

Sep

-2.4%

Apr

May

Jun

Oct

Nov 2

Dec 2

Jan

Feb

Mar

FY24 (Black Friday in Fiscal November)

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 2

Dec 2

Jan

Feb

Mar

1Represents preliminary retail store same store sales for April and the first two weeks of May Fiscal 2027. 12

2Thanksgiving and Black Friday shifted from November Fiscal 2024 into December Fiscal 2025.

2 E-commerce SSS% by Month

FY27 (Black Friday in Fiscal December)

18.3%

5.1%

Apr1 May1

Two Weeks

FY26 (Black Friday in Fiscal December)

15.8%

12.3%

12.5%

16.1%

14.3%

24.0%

23.6%

17.1%

12.9%

15.0%

14.5%

-0.4%

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

FY25 (Black Friday in Fiscal December)

5.0%

6.0%

8.7%

5.0%

12.1%

12.2%

13.7%

2.2%

13.5%

17.1%

9.0%

5.1%

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov 2

Dec

Jan

Feb

Mar

FY24 (Black Friday in Fiscal November)

-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 2

Dec2

Jan

Feb

Mar

1Represents preliminary e-commerce same store sales for April and the first two weeks of May Fiscal 2027.

2Thanksgiving and Black Friday shifted from November Fiscal 2024 into December Fiscal 2025.

2 Stagecoach Sponsorship & On-Site Events

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

4 Merchandise Margin Growth

Exclusive Brands (EB) is Only 1/3 of Margin Appreciation

over the last six fiscal years

Margin Drivers

Better full-price selling

Buying economies of scale

Supply chain efficiencies

Volume discounts

Exclusive brands sales penetration

Expansion 190bps

Other Margin Drivers 470bps

+130bps

+80bps

+50bps

+160bps

+270bps

(70)bps

+170bps

+90bps

+190bps

(270)bps Flat

+50bps

+110bps

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

1Reflects the high end of the Company's guidance range provided on its fourth quarter earnings call held on May 14, 2026.

FY27 E1

4 Exclusive Brands Growth

Exclusive Brands Penetration %

Margin enhancement ~1,000bps vs. 3rd party brands Exclusive brands growth accounts for ~1/3 of margin appreciation

+220bps

+370bps +90bps

+570bps

+460bps

+170bps

+580bps

+270bps

+280bps

+140bps +(40)bps

+270bps

+200bps

50.0%

+50bps

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

Sales

Pen% 5.0% 7.0% 9.7% 11.1% 10.7% 13.5% 16.2% 22.0% 23.7% 28.3% 34.0% 37.7% 38.6% 40.8%

FY27 E Long Term

Target

41.3% 50.0%

1Reflects the high end of the Company's guidance range provided on its fourth quarter earnings call held on May 14, 2026.

4 Best in Class Exclusive Brands

4 Exclusive Brands Marketing & Websites

Full Year Fiscal 2027 Financial Guidance

Full Year FY27 Financial Guidance

Low-End ($M)

High-End ($M)

High-End Guidance Comments vs. LY

Total Net Sales

$2,578

$2,623

Consolidated SSS%

2.0%

4.0%

Store SSS%

1.0%

3.0%

E-commerce SSS%

11.0%

13.0%

Total Net Sales Growth % New Store Openings

14%

16%

Originally 80 openings planned, but we accelerated 10 stores scheduled to open in Fiscal 2027 into Q4 Fiscal 2026.

Merchandise Margin

$1,326

$1,349

• +50bps merchandise margin increase.

Buying economies of scale.

Moderated promotional activity.

• +10bps freight improvement.

• +50bps exclusive brands penetration increase.

51.4%

Gross Profit

$971

37.7%

$994

37.9%

(20)bps gross profit deleverage.

SG&A

$636

24.7%

$641

24.4%

• +40bps SG&A leverage.

Marketing ~3% of sales.

Income from Operations

$335

13.0%

$353

13.5%

• +20bps leverage.

GAAP Earnings per Diluted Share

$8.21

$8.64

• +18% EPS growth compared to the prior year.

25.7% tax rate.

$130M net capital expenditures.

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.

Full Year Fiscal 2027 Guidance

Total Sales ($M)

16% Growth vs. LY

$2,254

$2,623

$1,911

$1,667

FY24

FY25

FY26

FY27 E1

Consolidated SSS%

+11% Two Year Stack

5.5%

7.2%

4.0%

-6.2%

FY24

FY25

FY26

FY27 E1

Merchandise Margin %

+420bps over the last four years

+160bps

+130bps

+80bps

+50bps

FY24

FY25

FY26

FY27 E

Income from Operations ($M)

18% Growth vs. LY

$198

$239

$299

$353

FY24

FY25

FY26

FY27 E1

Income from Operations %

+20 bps Increase vs. LY

Margin Drivers

Merchandise margin expansion

Occupancy deleverage due to new store growth

SG&A leverage

15.0%

11.9% 12.5%

13.3%

13.5%

FY24 FY25

FY26

FY27 E1

Target

GAAP EPS

18% Growth vs. LY

$4.80

$5.88

$7.35

$8.64

FY24

FY25

FY26

FY27 E1

1Reflects the high end of the Company's guidance range provided on its fourth quarter earnings call held on May 14, 2026.

Q1 Fiscal 2027 Financial Guidance

We expect our Q1 Fiscal 2027 earnings to come in softer year over year, primarily due to an extremely strong Q1 in the prior year that creates a difficult comparison. Looking ahead, Q2 Fiscal 2027 earnings are expected to be in line with Q1 Fiscal 2027, resulting in strong year-over-year growth given last year's Q2 was comparatively smaller than Q1 versus typical historical cadence.

Q1 FY27

Financial Guidance

Low-End ($M)

High-End ($M)

Q1 FY26 ($M)

High-End

Δ ($M)

High-End Guidance Comments vs. LY

Total Net Sales

Consolidated SSS% Store SSS%

E-commerce SSS%

Total Net Sales Growth %

$574

2.0%

1.0%

12.0%

14%

$584

4.0%

3.0%

14.0%

16%

$504

9.4%

9.5%

9.3%

19%

$80

Merchandise Margin1

$295

51.5%

$300

51.5%

$262

52.1%

$38

(60)bps

+120bps over two years

• +180bps of merchandise margin growth in the prior-year period.

(60)bps decrease compared to the prior-year period consists of:

• +10bps product margin. Q1 FY26 product margin +100bps vs. Q1 FY25.

(70)bps freight. Q1 FY26 freight +70bps vs. Q1 FY25. Q1 guidance assumes the current run rate for freight, which is higher than Q1 FY26, but in line with Q4 FY26.

Gross Profit

$213

37.1%

$218

37.3%

$197

39.1%

$21

(180)bps

25 new stores planned to open in Q1 FY27.

14 new stores opened in Q1 FY26.

We expect to have opened 91 new stores in the trailing twelve months at the end of Q1 FY27.

SG&A

$147

25.7%

$149

25.5%

$127

25.1%

$22

(40)bps

Marketing timing between quarters, including new Stagecoach festival sponsorship in April.

Higher grand opening expenses related to new store growth.

Pre-opening store labor related to new store growth.

Income from Operations

$65

11.4%

$69

11.9%

$71

14.0%

$(2)

(210)bps

GAAP Earnings per Diluted Share

$1.62

$1.71

$1.74

$(0.03)

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. 23

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Disclaimer

Boot Barn Holdings Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 20:11 UTC.