Boot Barn (BOOT) investor relations material

Executive summary

• Net sales for Q1 FY27 rose 17.7–18% year-over-year to $593.5–$594 million, driven by 27 new store openings and 4.7% consolidated same-store sales growth.

• Net income increased 31.3% to $70.1 million, with diluted EPS up 32% to $2.29, including a $0.38 benefit from $14.7 million in tariff refunds.

• Merchandise margin and gross profit margin improved, aided by tariff refunds and product margin expansion.

• Strategic focus on new store openings, omni-channel capabilities, and exclusive brands continues to drive performance.

• July sales were below expectations due to fewer Western events and World Cup-related traffic declines, but the outlook for the year remains positive.

Financial highlights

• Q1 net sales reached $593.5–$594 million, up 17.7–18% year-over-year.

• Gross profit margin improved by 130 basis points to 40.4%, with merchandise margin up 220 basis points.

• SG&A expenses were $149–$149.4 million (25.2% of sales), with operating income at $90.5 million (15.3% of sales).

• Cash and cash equivalents stood at $139–$139.3 million at quarter end.

• Net cash provided by operating activities was $83.8 million for the quarter.

Outlook and guidance

• Fiscal 2027 sales expected at $2.58–$2.625 billion, up 14–16% year-over-year.

• Same-store sales projected to rise 2–4% (retail +1–3%, e-commerce +11–13%).

• Merchandise margin rate forecasted at 52.2% of sales, with $17.8 million in tariff refunds expected.

• Net income projected at $267.9–$281 million; EPS guidance of $8.80–$9.23, including $0.46 per share from tariff refunds.

• 70 new store openings and $125–$130 million in capital expenditures planned for the year.