Boot Barn (BOOT) Q2 2027 earnings summary

Executive summary

• Q2 net sales rose 15.1% YoY to $581.8M; consolidated same-store sales increased 1.4% and diluted EPS rose 26.3% to $1.73.

• H1 net sales increased 16.4% to $1.175B; diluted EPS was $4.02 versus $3.11.

• FY27 high-end guidance calls for 15% sales growth, 22% EPS growth and 75–80 new store openings.

Financial highlights

• Q2 gross profit rose 17.6% to $216.5M; operating income increased to $70.2M from $56.4M, and net income reached $52.5M versus $42.2M.

• Q2 merchandise margin expanded 190 bps; lower freight contributed 130 bps, tariff refunds 40 bps and product margin 20 bps, partly offset by 110 bps of cost deleverage.

• H1 gross profit was $456.4M, or 38.8% of sales; operating income increased 26.4% to $160.8M.

• Q2 SG&A was $146.2M, or 25.1% of sales, versus $127.7M and 25.3% a year earlier.

• Quarter-end cash was $97.4M and inventory was $975.3M, compared with $141.0M cash and $844.6M inventory at FY26 year-end.

Outlook and guidance

• FY27 sales guidance is $2.565B–$2.593B, with total sales growth of 14%–15% and consolidated same-store sales growth of 0.8%–2.0%.

• FY27 operating income is forecast at $351M–$362M, net income at $263.6M–$272.0M and diluted EPS at $8.72–$9.00; EPS guidance includes an estimated $0.45 tariff-refund benefit.

• FY27 merchandise margin guidance is 52.3% at the high end, including an estimated 70-bps tariff-refund benefit; capex is forecast at $135M–$140M, net of landlord allowances.

• Q3 sales guidance is $785M–$802M, with consolidated same-store sales ranging from a 1.0% decline to 1.0% growth; diluted EPS is forecast at $3.03–$3.19.

• FY27 store-opening plans increased from 70 to 75–80; Q3 plans include ~20 openings.