Boot Barn (BOOT) investor relations material

Executive summary

• Revenue grew 19% year-over-year to $505 million in Q2 FY26, with same-store sales up 8.4% and e-commerce same-store sales up 14.4%.

• Net income increased to $42.2 million ($1.37 per diluted share), up 44% year-over-year.

• Exclusive brand penetration reached 41% of sales, supporting margin expansion and growth.

• Store count increased to 489, with long-term U.S. store potential raised to 1,200 and 70 new stores planned for FY26.

• Total addressable market estimate increased from $40 billion to $58 billion.

Financial highlights

• Gross profit increased 20% to $184 million (36.4% of sales), with gross margin up 50 bps year-over-year.

• Income from operations grew 41% to $56.4 million (11.2% of sales); EPS up 44% to $1.37.

• SG&A expenses were $127.7 million (25.3% of sales), down 120 bps as a percentage of sales.

• Merchandise margin improved by 80 bps year-over-year; exclusive brands contributed to margin expansion.

• Cash at quarter end was $65 million, with no debt drawn on the $250 million revolver.

Outlook and guidance

• FY26 guidance: net sales $2.197–$2.24 billion (15–17% growth), same-store sales growth 4–6%, and 70 new stores planned.

• Merchandise margin projected at 50.6% of sales; gross profit margin guidance 37.2–37.7%.

• Operating income forecasted at $294 million (13.2% of sales); net income $207.2–$219.6 million; EPS $6.75–$7.15.

• Q3 FY26 guidance: sales $688–$700 million, same-store sales growth 2.5–4.5%, EPS $2.47–$2.59.

• Capex for FY26 expected at $125–$130 million, funded by operating cash flows.