Boot Barn Holdings, Inc. Announces Second Quarter Fiscal Year 2027 Financial Results and Authorizes an Additional $400 Million Under Its Share Repurchase…
Boot Barn Holdings, Inc. (BOOT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Boot Barn Holdings, Inc. Announces Second Quarter Fiscal Year 2027 Financial Results and Authorizes an Additional $400 Million Under Its Share Repurchase Program IRVINE, California – October 28, 2026 – Boot Barn Holdings, Inc. (NYSE: BOOT) (the “Company,” “Boot Barn,
How this was made
The 30-second read
Why it matters
The earnings beat and larger buyback authorization provide a fresh catalyst for short‑term price action.
Market read
The new earnings data and expanded buyback program create a bullish short‑term outlook for BOOT.
What to watch
Higher SG&A expenses and increased store count could pressure margins going forward.
Boot Barn reported second-quarter net sales growth of 15.1% to $581.8 million and diluted EPS growth of 26.3% to $1.73, while authorizing an additional $400 million for share repurchases.
Net sales, gross profit, operating income and diluted EPS all increased from the prior-year quarter, supported by new-store sales, positive same-store sales and merchandise-margin expansion. The company also provided fiscal 2027 and third-quarter outlooks and expanded its repurchase authorization.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, thirteen weeks ended September 26, 2026GAAP | $581.8M | – | 15.1% |
| Consolidated same store sales, thirteen weeks ended September 26, 2026other | 1.4% | – | – |
| Retail store same store sales, thirteen weeks ended September 26, 2026other | 1.0% | – | – |
| E-commerce same store sales, thirteen weeks ended September 26, 2026other | 5.2% | – | – |
| Gross profit, thirteen weeks ended September 26, 2026GAAP | $216.5 million, or 37.2% of net sales | – | – |
| Merchandise margin rate, thirteen weeks ended September 26, 2026other | 190 basis-point increase | – | 190 basis-point increase |
| Selling, general and administrative expenses, thirteen weeks ended September 26, 2026GAAP | $146.2 million, or 25.1% of net sales | – | – |
| Income from operations, thirteen weeks ended September 26, 2026GAAP | $70.2 million, or 12.1% of net sales | – | increased $13.8 million |
| Income tax expense, thirteen weeks ended September 26, 2026GAAP | $18.2M | – | – |
| Effective tax rate, thirteen weeks ended September 26, 2026GAAP | 25.8% | – | – |
| Net income, thirteen weeks ended September 26, 2026GAAP | $52.5M | – | – |
| Diluted earnings per share, thirteen weeks ended September 26, 2026GAAP | $1.73 per diluted share | – | 26.3% |
| Diluted EPS benefit from tariff refunds, thirteen weeks ended September 26, 2026other | $0.05 per share | – | – |
| Net sales, twenty-six weeks ended September 26, 2026GAAP | $1.18B | – | 16.4% |
| Consolidated same store sales, twenty-six weeks ended September 26, 2026other | 3.0% | – | – |
| Retail store same store sales, twenty-six weeks ended September 26, 2026other | 2.4% | – | – |
| E-commerce same store sales, twenty-six weeks ended September 26, 2026other | 9.2% | – | – |
| Gross profit, twenty-six weeks ended September 26, 2026GAAP | $456.4 million, or 38.8% of net sales | – | – |
| Selling, general and administrative expenses, twenty-six weeks ended September 26, 2026GAAP | $295.6 million, or 25.2% of net sales | – | – |
| Income from operations, twenty-six weeks ended September 26, 2026GAAP | $160.8 million, or 13.7% of net sales | – | increased $33.6 million |
| Effective tax rate, twenty-six weeks ended September 26, 2026GAAP | 24.8% | – | – |
| Net income, twenty-six weeks ended September 26, 2026GAAP | $122.6M | – | – |
| Diluted earnings per share, twenty-six weeks ended September 26, 2026GAAP | $4.02 per diluted share | – | – |
| Diluted EPS benefit from tariff refunds, twenty-six weeks ended September 26, 2026other | $0.43 per share | – | – |
| Net cash provided by operating activities, twenty-six weeks ended September 26, 2026GAAP | $123.7M | – | – |
| Purchases of property and equipment, twenty-six weeks ended September 26, 2026GAAP | −$97.71M | – | – |
| Cash and cash equivalents, September 26, 2026GAAP | $97.42M | – | – |
| Inventories, September 26, 2026GAAP | $975.3M | – | – |
| Store count, September 26, 2026other | 584 | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
fiscal year ending March 27, 2027 outlook
- RevenueTotal sales of $2.565 billion to $2.593 billion, representing growth of 14% to 15% over Fiscal 2026.
- Gross marginGross profit between $985 million and $999 million, or approximately 38.4% to 38.5% of sales.
- Operating expensesSG&A expenses between $634 million and $637 million, or approximately 24.7% to 24.6% of sales.
- Tax rateEffective tax rate of 25.7% for the remaining six months of the fiscal year.
- NoteTo open 75-80 stores.
- NoteConsolidated same store sales growth of 0.8% to 2.0%, with retail store same store sales growth of 0.5% to 1.7% and e-commerce same store sales growth of 3.0% to 4.0%.
- NoteMerchandise margin between $1.343 billion and $1.357 billion, or approximately 52.3% of sales, representing growth of 140 basis points over Fiscal 2026. Included in merchandise margin is an estimated $17.6 million benefit related to tariff refunds.
- NoteIncome from operations between $351 million and $362 million, or approximately 13.7% to 14.0% of sales.
- NoteNet income of $263.6 million to $272.0 million.
- NoteNet income per diluted share of $8.72 to $9.00 based on 30.2 million weighted average diluted shares outstanding, representing growth of 19% to 22% over Fiscal 2026. Included in net income per diluted share is an estimated $0.45 benefit related to tariff refunds.
- NoteCapital expenditures between $135 million and $140 million, which is net of estimated landlord tenant allowances of $54.4 million.
- NoteThird fiscal quarter ending December 26, 2026: Total sales of $785 million to $802 million, representing growth of 11% to 14% over the prior-year period.
- NoteThird fiscal quarter ending December 26, 2026: Consolidated same store sales declines of (1.0)% to growth of 1.0%, with retail store same store sales declines of (1.0)% to growth of 1.0%, and e-commerce same store sales declines of (1.0)% to growth of 1.0%.
- NoteThird fiscal quarter ending December 26, 2026: Merchandise margin between $404 million and $413 million, or approximately 51.5% of sales. Included in merchandise margin is an estimated $0.7 million benefit related to tariff refunds.
- NoteThird fiscal quarter ending December 26, 2026: Gross profit between $311 million and $319 million, or approximately 39.6% to 39.8% of sales.
- NoteThird fiscal quarter ending December 26, 2026: SG&A expenses between $187 million and $189 million, or approximately 23.9% to 23.6% of sales.
- NoteThird fiscal quarter ending December 26, 2026: Income from operations between $123 million and $130 million, or approximately 15.7% to 16.2% of sales.
- NoteThird fiscal quarter ending December 26, 2026: Net income per diluted share of $3.03 to $3.19, based on 30.0 million weighted average diluted shares outstanding.
Capital returns
- The Company repurchased 240,937 shares of its common stock for an aggregate purchase price of $35 million during the thirteen weeks ended September 26, 2026.
- The Company repurchased 399,388 shares of its common stock for an aggregate purchase price of $60 million during the twenty-six weeks ended September 26, 2026.
- On October 21, 2026, the Board of Directors authorized the Company to repurchase an additional $400 million of shares of its common stock under the existing repurchase program.
- Approximately $468 million remained available for future share repurchases under the current repurchase program.
What drove it
- Incremental sales from new stores and the increase in consolidated same store sales drove the increase in net sales.
- The 190 basis-point increase in second-quarter merchandise margin rate reflected a 130 basis-point benefit from lower freight expense, a 40 basis-point benefit from tariff refunds and 20 basis points of product margin expansion.
- The 80 basis-point increase in second-quarter gross profit rate was partially offset by 110 basis points of deleverage in buying, occupancy and distribution center costs.
- New stores continue to exceed expectations, with recent openings generating sales above original projections.
- The company cited refreshed merchandise assortments, improved in-store presentations, expanded national marketing, continued momentum in its work business and the relaunch of Boot Barn Workforce as opportunities to support sales.
Concerns
- Second-quarter consolidated same store sales growth was 1.4%, while fiscal third-quarter guidance calls for consolidated same store sales ranging from a decline of (1.0)% to growth of 1.0%.
- Second-quarter gross-profit-rate expansion was aided by $2.2 million of tariff refunds recognized in cost of goods sold.
- Fiscal 2027 merchandise margin guidance includes an estimated $17.6 million benefit related to tariff refunds, while third-quarter merchandise margin guidance includes an estimated $0.7 million benefit.
- Occupancy costs of new stores partially offset gross-profit growth, and buying, occupancy and distribution center costs deleveraged by 110 basis points in the second quarter.
- SG&A expense increased as a result of higher store payroll and store-related expenses associated with operating more stores, corporate general and administrative expenses and marketing expenses.
What to watch
- Consolidated, retail store and e-commerce same store sales during the third fiscal quarter ending December 26, 2026.
- Execution against the plan to open 75-80 stores during fiscal 2027.
- Merchandise-margin performance excluding the estimated tariff-refund benefits.
- Gross profit and SG&A performance within the fiscal 2027 outlook ranges.
- Capital expenditures of $135 million to $140 million, net of estimated landlord tenant allowances of $54.4 million.
- Use of the approximately $468 million remaining authorization under the repurchase program.
Balance sheet and cash flow
- Cash of $97 million as of September 26, 2026.
- Zero drawn under the $500 million revolving credit facility as of September 26, 2026.
- Average inventory per store increased approximately 3.4% on a same-store basis compared to September 27, 2025.
- Net cash provided by operating activities was $123,739 for the twenty-six weeks ended September 26, 2026, compared to $99,585 for the twenty-six weeks ended September 27, 2025.
- Net cash used in investing activities was $(97,699) for the twenty-six weeks ended September 26, 2026, compared to $(74,981) for the twenty-six weeks ended September 27, 2025.
- Repurchases of common stock were $(59,602) for the twenty-six weeks ended September 26, 2026, compared to $(25,004) for the twenty-six weeks ended September 27, 2025.
- Net decrease in cash and cash equivalents was $(43,620) for the twenty-six weeks ended September 26, 2026, compared to $(5,042) for the twenty-six weeks ended September 27, 2025.
Analysis
Boot Barn delivered second-quarter net sales of $581.8 million, up 15.1% from $505.4 million in the prior-year period. Growth was driven by incremental sales from new stores and a 1.4% increase in consolidated same store sales. Retail store same store sales increased 1.0%, while e-commerce same store sales increased 5.2%. The company opened 19 stores during the quarter and ended the period with 584 stores, compared with 489 at September 27, 2025.
Gross profit increased to $216.5 million, or 37.2% of net sales, from $184.1 million, or 36.4% of net sales. The gross-profit-rate expansion reflected a 190 basis-point increase in merchandise margin rate, partially offset by 110 basis points of deleverage in buying, occupancy and distribution center costs. The merchandise-margin result included a 130 basis-point benefit from lower freight expense, a 40 basis-point benefit from tariff refunds and 20 basis points of product margin expansion. Tariff refunds recognized in cost of goods sold contributed $2.2 million to second-quarter gross profit.
SG&A expenses increased to $146.2 million from $127.7 million, but improved to 25.1% of net sales from 25.3%. Higher store payroll and store-related expenses, corporate general and administrative expenses and marketing expenses drove the dollar increase. Income from operations increased to $70.2 million, or 12.1% of net sales, from $56.4 million, or 11.2% of net sales. Net income rose to $52.5 million from $42.2 million, and diluted EPS increased to $1.73 from $1.37. The company said tariff refunds contributed an estimated $0.05 per share to quarterly EPS.
For the twenty-six weeks ended September 26, 2026, net sales increased 16.4% to $1.175 billion, consolidated same store sales increased 3.0%, and income from operations increased to $160.8 million from $127.1 million. Net cash provided by operating activities was $123,739, while purchases of property and equipment were $(97,707). Cash and cash equivalents were $97,416 at September 26, 2026, and the company had zero drawn under its $500 million revolving credit facility.
The fiscal 2027 outlook calls for total sales of $2.565 billion to $2.593 billion, consolidated same store sales growth of 0.8% to 2.0%, income from operations of $351 million to $362 million and diluted EPS of $8.72 to $9.00. The third-quarter outlook anticipates total sales of $785 million to $802 million and consolidated same store sales ranging from a decline of (1.0)% to growth of 1.0%. The company also authorized an additional $400 million for its repurchase program, leaving approximately $468 million available for future repurchases.
Management, verbatim
We are pleased with our second quarter results, as continued revenue growth and merchandise margin expansion contributed to a 26% increase in earnings per diluted share. Our new stores continue to exceed expectations, with recent openings generating sales above our original projections. This performance reflects the growing national reach of the Boot Barn brand and reinforces our confidence in the company's long-term expansion opportunity.
John Hazen, Chief Executive Officer
Looking ahead, we are excited about the holiday season and the work our teams have done to prepare, including refreshed merchandise assortments, improved in-store presentations, and a significantly expanded national marketing campaign. Together with the continued momentum in our work business and the relaunch of Boot Barn Workforce, these initiatives provide additional opportunities to drive sales and support our long-term growth.
John Hazen, Chief Executive Officer
Not in the filing
stated, not guessed- Prior-outlook figures required to compare actual results with prior guidance were not provided.
- Non-GAAP financial measures were not reported.
- Revenue by retail-store and e-commerce channel was not reported.
- Free cash flow was not reported.
- Dividend information was not reported.
- Total debt balance was not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Boot Barn Holdings, Inc. (NYSE: BOOT) filed an 8‑K announcing its Q2 FY2027 financial results and a $400 million increase to its share repurchase program.
Ticker impact
Boot Barn reported Q2 FY2027 results with 15.1% sales growth, EPS up 26.3% and authorized an additional $400M share repurchase.
likely upward pressure as investors price in stronger earnings and larger buyback capacity
The company posted higher sales and earnings per share while increasing its share repurchase authorization, which typically supports the stock price.
Market effects
Retail apparel sector may see modest uplift as a peer demonstrates strong same-store sales and margin expansion.
U.S. consumer discretionary market could benefit from the positive earnings surprise.
Limited to U.S. retail investors; no broader macro impact.
Counterpoint
If the sales growth slows in the next quarter, the recent buyback expansion may not sustain the stock.
Key entities
- companyBoot Barn Holdings, Inc.
U.S. retailer of western and work apparel.
