Boot Barn Holdings, Inc. is a lifestyle retailer specializing in western and work-related footwear, apparel, and accessories, catering to diverse demographics including men, women, and children. As of the end of the fourth quarter of fiscal 2025, the company operates 459 stores across 49 states and an online sales platform.

In the fourth quarter of fiscal 2025, Boot Barn experienced a notable rise in its financial performance, with total revenue reaching $453.7 million, marking a 16.8% increase compared to the same quarter in the prior year. The company opened 21 new stores during this quarter, contributing to its total store count of 459. Same-store sales grew by 6%, driven by a 5.5% increase in retail store same-store sales and a 9.8% increase in e-commerce same-store sales.

For the full fiscal year ending March 29, 2025, Boot Barn reported total revenue of $1.911 billion, reflecting a 14.6% increase from the previous year. Same-store sales increased 5.5%, with retail store same-store sales rising 5% and e-commerce same-store sales increasing 9.7%. The company’s net income for fiscal 2025 was $180.9 million, or $5.88 per diluted share, compared to $147 million, or $4.80 per diluted share, in fiscal 2024, representing a 22.5% increase in earnings.

The gross profit for the fourth quarter improved to $168.6 million, reflecting a gross profit margin of 37.1%, up from 35.9% in the prior year period. This increase was primarily attributed to a 210 basis-point improvement in merchandise margin rate, driven by supply chain efficiencies, lower shrink expense, and improved buying economies of scale. Selling, general and administrative (SG&A) expenses were 26.2% of sales during the quarter, slightly higher than 26.1% in the previous year.

For fiscal 2026, Boot Barn expects total sales between $2.07 billion and $2.15 billion, supporting an increase of 8% to 13% over fiscal 2025. Same-store sales are projected to range from a decline of 2% to an increase of 2%. The initial guidance also anticipated a flat merchandise margin rate along with exclusive brand penetration growth of 100 basis points. The company plans to open between 65 and 70 new stores in fiscal 2026, maintaining its strategy of sustainable growth.

The tariff environment poses challenges, with an estimated cost implication of $8 million expected to affect the second half of fiscal 2026. Despite these headwinds, Boot Barn’s leadership emphasized confidence in its ability to leverage their diversified sourcing strategy to maintain margins and thus, overall profitability.

As of the end of the fourth quarter, inventory levels rose by 25% over the previous year due to the newly opened stores and strategic sourcing decisions leading into the fiscal 2026 planning period. Boot Barn now plans an aggressive share repurchase strategy, authorizing a $200 million program to boost shareholder value through buybacks. The company’s additional financial expectations include an anticipated earnings per diluted share ranging from $5.50 to $6.40 in fiscal 2026, further supporting its commitment to enhancing returns for investors.