Boot Barn’s fourth quarter results were met positively by the market, with management attributing performance to broad-based sales strength across stores and online channels. CEO John Hazen highlighted robust same-store sales growth and expanding merchandise margins, noting that exclusive brands and disciplined inventory management supported profitability. Hazen stated, “The strength in sales and margin combined with solid expense control resulted in earnings per diluted share of $2.79 during the quarter.” The company’s ability to open new stores efficiently and capitalize on demand for Western and workwear apparel contributed to a strong holiday season.
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Boot Barn (BOOT) Q4 CY2025 Highlights:
- Revenue: $705.6 million vs analyst estimates of $705.1 million (16% year-on-year growth, in line)
- EPS (GAAP): $2.79 vs analyst estimates of $2.79 (in line)
- Adjusted EBITDA: $142.1 million vs analyst estimates of $135.7 million (20.1% margin, 4.8% beat)
- Revenue Guidance for Q1 CY2026 is $530 million at the midpoint, above analyst estimates of $523.2 million
- EPS (GAAP) guidance for the full year is $7.30 at the midpoint, roughly in line with what analysts were expecting
- Operating Margin: 16.3%, in line with the same quarter last year
- Locations: 514 at quarter end, up from 438 in the same quarter last year
- Same-Store Sales rose 5.7% year on year (8.6% in the same quarter last year)
- Market Capitalization: $5.90 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Boot Barn’s Q4 Earnings Call
- Matthew Boss (JPMorgan) asked whether the acceleration in January same-store sales was broad-based or category-specific. CEO John Hazen replied that growth was broad across categories, with work apparel and boots showing particular strength after weather events.
- Steven Zaccone (Citi) inquired about the sustainability of merchandise margin improvements and the outlook for new store openings. CFO Jim Watkins indicated margin gains were driven by exclusive brands and vendor discounts, and new store growth would remain within the company’s historical 12%-15% range.
- Alexia Morgan (Piper Sandler) probed the long-term potential of the work boots category and whether other merchandise areas could be similarly optimized. Hazen noted that work boots are a stable, needs-based business, and other categories are under review for optimization, though specifics were withheld for competitive reasons.
- Janine Stichter (BTIG) questioned the timing and impact of price increases on exclusive brands and whether supplier concessions would continue. Hazen explained that price hikes are being rolled out style-by-style, and Watkins added that supplier concessions are now at a steady run rate.
- Jay Sole (UBS) asked about the performance and strategic impact of exclusive brand websites. Hazen responded that these sites are attracting net new customers and will be expanded to more brands, targeting different demographics and driving incremental online sales.
Catalysts in Upcoming Quarters
In the coming quarters, our analysts will track (1) the pace and productivity of new store openings, particularly in underpenetrated regions, (2) the continued growth and profitability of exclusive brands and their dedicated digital platforms, and (3) the ability to sustain merchandise margin improvements amid evolving cost pressures. We will also monitor whether targeted marketing and product launches effectively attract new customer segments, especially women.
Boot Barn currently trades at $194.74, up from $183.20 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).
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