US' Boot Barn delivers strong FY25, plans up to 70 new stores in FY26
American retailer of western wear Boot Barn Holdings Inc has reported net sales of $1.91 billion in full fiscal 2025 (FY25) ended March 29, up 14.6 per cent year-over-year (YoY). The same store sales rose 5.5 per cent YoY, with retail store same store sales up 5 per cent and e-commerce same store sales climbing 9.7 per cent.
The net income grew to $180.9 million, or $5.88 per diluted share, The company also expanded its retail footprint by opening 60 new stores, bringing the total number of stores to 459 by the end of FY25.
Boot Barn Holdings has reported net sales of $1.91 billion in FY25, up 14.6 per cent YoY, with net income rising to $180.9 million. Same store sales grew 5.5 per cent, and 60 new stores were added. For FY26, it expects up to $2.15 billion in sales, with up to 70 new stores. Q1 FY26 sales are projected to grow 14â€'16 per cent YoY, with strong margins and earnings per share.
Income from operations increased to $239.4 million, or 12.5 per cent of net sales, and net income stood at $180.9 million, or $5.88 per diluted share. The gross profit increased to $717.0 million, or 37.5 per cent of net sales due to a rise in sales and merchandise margin, partially offset by the occupancy costs of new stores.
The 70 basis-point (bps) increase in gross profit rate was driven primarily by a 130 bps increase in merchandise margin rate partially offset by 60 bps of deleverage in buying, occupancy and distribution centre costs, Boot Barn Holdings said in a press statement.
The company stated that the increase in merchandise margin rate was primarily the result of supply chain efficiencies, lower shrink expense, better buying economies of scale, and growth in exclusive brand penetration. The deleverage in buying, occupancy and distribution centre costs was driven by the occupancy costs of new stores.
Meanwhile, in the fourth quarter (Q4) of FY25, the company's net sales rose 16.8 per cent YoY to $453.7 million and net income stood at $37.5 million, or $1.22 per diluted share.
'Our team delivered a solid finish to fiscal year 2025 highlighted by 15 per cent annual total sales growth and 23% growth in earnings per diluted share, underscoring the ongoing resilience of our core consumer despite broader market uncertainties,' said John Hazen, Chief Executive Officer (CEO) at Boot Barn Holdings. 'The continued strength across major merchandise categories, channels, and geographies reaffirms the broad appeal of our brand and the effectiveness of our strategic initiatives.'
For fiscal 2026 (FY26), Boot Barn anticipates opening 65 to 70 new stores and projects total sales between $2.07 billion and $2.15 billion, reflecting an 8 to 13 per cent YoY increase. Same store sales are expected to range from a decline of 2 per cent to growth of 2 per cent, with retail store same store sales projected between a 2.5 per cent decline and 1.5 per cent growth, and e-commerce same store sales anticipated to rise between 1 and 7.5 per cent.
Net income for FY26 is forecast at $169 million to $197 million, or $5.5 to $6.4 per diluted share and capital expenditures between $115 million and $120 million.
For Q1 FY26 ending June 28, 2025, total sales are expected between $483 million and $491 million, reflecting 14-16 per cent YoY growth. Same store sales, including retail and e-commerce, are expected to grow 4-6 per cent.
Meanwhile, merchandise margin is projected at $250-254 million (51.7 per cent of sales) in Q1 FY26, and gross profit is expected between $183 million and $188 million (37.9–38.2 per cent of sales). Net income per diluted share is expected to be in the range of $1.44-$1.52, based on 30.9 million weighted average diluted shares outstanding.
'As we look ahead, we remain confident in our ability to navigate the current tariff environment through our diversified sourcing capabilities and established vendor partnerships. The fundamentals of our business remain strong, and we are well-positioned to continue generating value for our shareholders,' added Hazen.
Fibre2Fashion News Desk (SG)
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