Boot Barn (BOOT) Q1 2025 earnings summary

Executive summary

• Net sales rose 10.3% year-over-year to $423.4 million, with consolidated same store sales up 1.4% and e-commerce same store sales up 6.7%.

• Net income increased to $38.9 million ($1.26 per diluted share) from $34.3 million ($1.13 per diluted share) year-over-year, exceeding guidance.

• 11 new stores opened, bringing the total to 411 across 46 states.

• Merchandise margin expanded by 100 basis points, driven by supply chain efficiencies and exclusive brand penetration.

• Exclusive brand penetration reached 38.8% for FY25, supporting margin expansion.

Financial highlights

• Gross profit was $156.7 million (37.0% of net sales), flat year-over-year.

• SG&A expenses were $106.5 million (25.2% of net sales), up 20 basis points year-over-year.

• Income from operations was $50.2 million (11.9% of net sales); net income was $38.9 million.

• Cash balance at quarter end was $83 million, with no borrowings under the $250 million credit facility.

• Inventory increased 11% year-over-year to $627 million, up 6% on a same-store basis.

Outlook and guidance

• Fiscal 2025 sales expected between $1.816 billion and $1.85 billion, up 8.9% to 11.0% year-over-year.

• Same store sales for fiscal 2025 projected between a decline of 1.0% and growth of 1.2%; e-commerce SSS growth of 3.0% to 5.5%.

• EPS guidance increased to $5.05–$5.35, up $0.50 from prior guidance.

• 60 new stores planned for FY25; capital expenditures expected between $115 million and $120 million.

• Q2 2025 sales expected between $405 million and $412 million, with net income per diluted share of $0.81 to $0.87.