Boot Barn (BOOT) Q2 2025 earnings summary

Executive summary

• Q2 FY25 net sales rose 13.7% year-over-year to $426 million, with same store sales up 4.9% and e-commerce same store sales up 10.1%.

• Net income for the quarter was $29.4 million ($0.95 per diluted share), up from $27.7 million ($0.90 per share) a year ago.

• CEO Jim Conroy announced his departure effective November 22, 2024, with Chief Digital Officer John Hazen named interim CEO and a search for a permanent replacement underway.

• The company operated 425–426 stores in 46 states as of September 28, 2024, up from 400 at the end of March 2024, with 15 new stores opened in Q2.

• Over the past decade, sales grew at a 17% CAGR to $1.9B, with exclusive brands penetration rising to nearly 39%.

Financial highlights

• Gross profit for Q2 increased 14% to $153 million (35.9% of sales), up 10 basis points year-over-year.

• SG&A expenses for Q2 were $113 million (26.5% of sales), up from $95 million (25.5% of sales) last year.

• Income from operations for Q2 was $40 million (9.4% of sales), compared to $39 million (10.3% of sales) last year.

• Cash and cash equivalents were $37 million at quarter end, with no borrowings on a $250 million credit line.

• Inventory increased 22% year-over-year to $713 million, up 10% on a same-store basis.

Outlook and guidance

• FY25 net sales guidance raised to $1.874–$1.91 billion (up to 14.4% growth), with same store sales expected to rise 3.0%–5.0% and e-commerce up 7.5%–9.5%.

• FY25 net income forecast at $164.4–$174 million and EPS at $5.30–$5.60, up from previous guidance.

• Q3 FY25 sales expected at $582–$595 million, with 3.5%–6% same store sales growth and EPS of $1.96–$2.07.

• Capital expenditures for FY25 projected at $115–$120 million, with 60 new stores planned.

• Cash flows from operations are anticipated to fund capital expenditures.