Highlights

  • Fiscal first quarter net sales rose 17.7% to $593.5 million, with consolidated same store sales up 4.7%.
  • Net income increased to $70.1 million, or $2.29 per diluted share, from $53.4 million, or $1.74, a year earlier.
  • Gross profit included $14.7 million of tariff refunds, which accounted for 250 basis points of the merchandise margin gain.
  • The company raised its revolving credit commitment from $250 million to $500 million and extended maturity to July 2031.

Boot Barn Holdings (NYSE:BOOT) shares were trading near their 52-week low at USD 116.75 on October 21, 2026, up 1.21%. The western and work wear retailer reported fiscal first quarter 2027 results in a Form 10-Q filed July 29, 2026, including higher sales and profit, tariff refunds, a 566-store footprint and an enlarged credit facility agreed on July 28.

Based in Irvine, California, Boot Barn Holdings is a Delaware corporation and says it is the largest lifestyle retail chain in the United States devoted to western and work-related footwear, apparel and accessories. It operated 566 stores in 49 states as of June 27, 2026, plus e-commerce sites including bootbarn.com and sheplers.com, and a mobile app. Its stores average 11,400 selling square feet. The company reports on a 52- or 53-week fiscal year ending on the last Saturday of March, and fiscal 2027 is scheduled to end on March 27, 2027.

Sales, Margins and Profit in the Thirteen Weeks Ended June 27, 2026

Net sales increased $89.4 million to $593.5 million from $504.1 million. Consolidated same store sales rose 4.7%, helped by a 13.4% rise in e-commerce same store sales; excluding e-commerce, same store sales grew 3.8%. The company attributed the sales increase to new stores and the same store gain. Stores numbered 566, up from 539 at March 28, 2026.

Gross profit rose 21.6% to $239.9 million, and the gross profit rate widened by 130 basis points to 40.4%. The result included $14.7 million of refunds of tariffs imposed under the International Emergency Economic Powers Act, which the Supreme Court ruled unauthorized on February 20, 2026. Merchandise margin rose 220 basis points, of which 250 basis points came from the refunds and 60 basis points from product margin expansion, partly offset by 90 basis points of higher freight expense. Occupancy costs at new stores caused 90 basis points of deleverage in buying, occupancy and distribution costs.

Selling, general and administrative expenses rose 18.1% to $149.4 million, or 25.2% of sales versus 25.1%, reflecting store payroll, corporate expenses and the timing of marketing. Income from operations rose 28.0% to $90.5 million, a 15.3% margin. Net income was $70.1 million against $53.4 million, and diluted earnings per share were $2.29 versus $1.74.

Tariff Refunds, Cash and Credit Facility

In total, the company recognized $17.3 million of realized or realizable tariff refunds in the quarter, with $2.6 million recorded against inventories. It had received $1.1 million by quarter end and carried $16.2 million in receivables. It noted that some entries are not currently eligible for refunds and that the government is challenging the court's authority to order refunds with interest on certain finally liquidated entries.

Operating cash flow was $83.8 million, up from $73.9 million. Cash and equivalents were $139.3 million, with no borrowings under the asset-based revolver. On July 28, 2026, the company amended its credit agreement to lift the revolving commitment to $500.0 million, extend maturity to July 28, 2031 and allow the commitment to grow to as much as $750.0 million under an accordion. During the quarter, it repurchased 158,451 shares for $25.0 million, leaving $125.0 million available under its $200 million program.

Capital Spending and Outlook

The filing offers no sales or earnings guidance. Management expects fiscal 2027 capital expenditures of $125.0 million to $130.0 million, net of an estimated $47.6 million of landlord tenant allowances, to be funded from operating cash flow. It expects cash from operations and credit availability to cover working capital and capital needs for at least the next twelve months.

The company cautioned that its results are sensitive to consumer discretionary spending, economic conditions, inflation and tariff and import rules, which make near-term and medium-term performance harder to estimate. Liquidity is moderately seasonal, with cash needs typically rising in the third fiscal quarter as inventory is built ahead of the holiday season.