Boot Barn (BOOT) Q1 2025 earnings summary

Executive summary

• Net sales rose 10.3% year-over-year to $423.4 million, driven by new store openings and a 1.4% increase in consolidated same store sales, with e-commerce same store sales up 6.7%.

• Net income increased to $38.9 million ($1.26 per diluted share) from $34.3 million ($1.13 per diluted share) year-over-year.

• 11 new stores opened, bringing the total to 411 across 46 states.

• Merchandise margin expanded by up to 150 basis points year-over-year, driven by supply chain efficiencies and exclusive brand penetration.

• Exclusive brand penetration reached up to 38.8%, supporting margin expansion.

Financial highlights

• Gross profit was $156.7 million (37.0% of net sales), flat year-over-year.

• Income from operations was $50.2 million (11.9% of net sales), up from $46.2 million (12.1%).

• SG&A expenses were $106.5 million (25.2% of net sales), up from $95.7 million (24.9%).

• Cash and cash equivalents were $83.4 million at quarter-end, with no borrowings under the $250 million revolver.

• Inventory increased 11% year-over-year to $627 million; same-store inventory up 6%.

Outlook and guidance

• FY25 sales guidance raised to $1.85 billion (up to 11% growth), with same store sales expected between -1.0% and 1.2% and e-commerce SSS growth of 3.0% to 5.5%.

• FY25 net income projected at $156.1 million to $165.4 million; EPS guidance raised to $5.05–$5.35.

• FY25 gross profit expected at $689 million (37.2% of sales), with up to 110 basis point merchandise margin expansion.

• 60 new stores planned for FY25, maintaining 15% unit growth; capital expenditures expected between $115 million and $120 million.

• Q2 FY25 net sales expected at $405 million–$412 million, with EPS of $0.81–$0.87.