Boot Barn (BOOT) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue reached a record $1.911 billion, up $244 million from FY24, driven by 60 new stores, strong same-store sales, and omni-channel growth, ending the year with 459 stores in 49 states.

• Fourth quarter revenue increased 17% year-over-year to $454 million, with consolidated same-store sales up 6%.

• Five-year sales CAGR reached 18%, and the loyalty program exceeded 9.6 million members.

• E-commerce same-store sales grew 9.8% in Q4, and brick-and-mortar same-store sales rose 5.5%.

• Merchandise margin expanded 210 basis points in Q4 and 130 basis points for the year.

Financial highlights

• Q4 net sales increased 16.8% to $454 million, with gross profit up 21% to $169 million and gross profit margin improving to 37.5%.

• Q4 earnings per diluted share were $1.22, up from $0.96 in the prior year; full-year EPS grew 23% to $5.88.

• Inventory increased 25% year-over-year to $747 million, reflecting new stores, exclusive brand growth, and tariff-related inventory pull-forward.

• Ended Q4 with $70 million in cash and no borrowings on a $250 million credit line.

• SG&A expense rate held flat at 25.0% of sales in FY25.

Outlook and guidance

• Fiscal 2026 sales guidance: $2.07–$2.15 billion (8–13% growth), with same-store sales ranging from -2% to +2% and 65–70 new stores planned.

• FY26 GAAP EPS expected between $5.50 and $6.40, net income $169–$197 million, and gross profit of $793 million at the high end.

• Q1 2026 guidance: sales up to $491 million, same-store sales +4–6%, EPS of $1.44–$1.52.

• Merchandise margin expected to be flat for the year, with pressure in the second half due to tariffs.

• Tariff mitigation strategies include price increases, vendor negotiations, and re-sourcing production.