Boot Barn (BOOT) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 FY25 rose 13.7% year-over-year to $425.8 million, with same store sales up 4.9% and e-commerce same store sales up 10.1%.

• Net income for the quarter was $29.4 million ($0.95 per diluted share), up from $27.7 million ($0.90 per share) a year ago.

• CEO Jim Conroy announced his departure effective November 22, 2024; John Hazen, Chief Digital Officer, will serve as Interim CEO, and Peter Starrett will become Executive Chairman.

• The company operated 425 stores in 46 states as of September 28, 2024, up from 400 stores at the end of March 2024, with 15 new stores opened in Q2.

• Over the past decade, sales grew at a 17% CAGR to $1.9B, store count expanded to 460, and exclusive brands penetration rose to 38.8%.

Financial highlights

• Gross profit for Q2 increased 14.1% to $152.9 million, with a gross margin of 35.9%, up 10 basis points year-over-year.

• SG&A expenses for Q2 were $113 million, or 26.5% of sales, up from 25.5% last year, mainly due to higher payroll, incentive compensation, marketing, and legal costs.

• Income from operations for Q2 was $40 million, or 9.4% of sales, up from $38.6 million last year.

• Cash and cash equivalents at quarter-end were $37 million, with no borrowings on a $250 million credit line.

• Inventory increased 22% year-over-year to $713 million, up 10% on a same-store basis.

Outlook and guidance

• FY25 net sales guidance raised to $1.874–$1.91 billion, up 12.4%–14.4% year-over-year.

• Same store sales growth forecasted at 3.0%–5.0%, with e-commerce up 7.5%–9.5%.

• FY25 net income projected at $164.4–$174 million and EPS of $5.30–$5.60.

• Q3 FY25 sales guidance: $582–$595 million, with same store sales up 3.5%–6% and EPS of $1.96–$2.07.

• Capital expenditures for FY25 expected at $115–$120 million, with 60 new store openings planned.