Boot Barn (BOOT) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 FY25 rose 16.9% year-over-year to $608.2 million, with consolidated same store sales up 8.6% and e-commerce same store sales up 11.1%.

• Net income increased to $75.1 million ($2.43 per diluted share), up from $55.6 million ($1.81 per share) in Q3 FY24, including a $0.22/share benefit from the former CEO's resignation.

• 13 new stores opened in Q3, bringing the total to 438 stores in 46 states at quarter end, with 39 new stores opened year-to-date.

• Over a decade, sales have grown at a ~19% CAGR, with FY25E sales projected at $1.918 billion and 15% new unit growth.

• Exclusive brands now represent 38.7% of sales, contributing to significant margin expansion.

Financial highlights

• Gross profit for Q3 increased 20% to $238.9 million (39.3% of sales), with gross margin up 100–130 basis points year-over-year.

• SG&A expenses were $139.4 million (22.9% of sales), down 90 basis points as a percentage of sales, aided by a $6.7 million one-time CEO transition benefit.

• Income from operations was $99.5 million (16.4% of sales), up 32.4% year-over-year.

• Cash and cash equivalents were $153 million at quarter-end, with no borrowings on a $250 million credit line.

• Inventory increased 23% year-over-year to $690 million, but only 1% on a same-store basis.

Outlook and guidance

• FY25 sales expected at $1.908 billion–$1.918 billion (14.5%–15.1% growth), same store sales growth of 5.4%–5.9%, and EPS of $5.81–$5.90.

• Q4 FY25 sales guidance: $451 million–$460 million, same store sales growth of 5.3%–7.8%, and EPS of $1.17–$1.26.

• 60 new stores expected to open in fiscal 2025, representing 15% unit growth.

• Capital expenditures for FY25 projected at $115 million–$120 million, including investments in a new distribution center.

• FY26 effective tax rate projected at ~26%.