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• Full-Year Revenue: $1.9 billion, a record level.

• Fourth-Quarter Revenue Increase: 17%.

• Fourth-Quarter Same-Store Sales Increase: 6%.

• Fourth-Quarter Merchandise Margin Expansion: 210 basis points.

• Full-Year Earnings Per Diluted Share: $5.88, a 23% increase.

• Fourth-Quarter Earnings Per Diluted Share: $1.22, up from $0.96 in the prior year.

• New Stores Opened in Fiscal '25: 60 new stores.

• Total Stores at Year-End: 459 stores.

• Fourth-Quarter Gross Profit Increase: 21% to $169 million.

• Fourth-Quarter Gross Profit Rate: 37.1%, up 130 basis points.

• Fourth-Quarter SG&A Expenses: $119 million or 26.2% of sales.

• Fourth-Quarter Net Income Per Diluted Share: $1.22.

• Inventory Increase: 25% to $747 million.

• Cash at Year-End: $70 million with zero drawn on $250 million credit line.

• Fiscal '26 Revenue Guidance (High End): $2.15 billion.

• Fiscal '26 Earnings Per Diluted Share Guidance (High End): $6.40.

• Fiscal '26 New Store Openings Plan: 65 to 70 new stores.

• Share Repurchase Program: Up to $200 million authorized.

• Warning! GuruFocus has detected 2 Warning Sign with BOOT.

Release Date: May 14, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Boot Barn Holdings Inc (NYSE:BOOT) achieved a record full-year fiscal 2025 revenue of $1.9 billion, marking significant growth over the past four years.

• The company opened 60 new stores in fiscal 2025, expanding into four new states, and plans to open 65 to 70 new stores in fiscal 2026.

• Fourth-quarter revenue increased by 17%, with consolidated same-store sales rising by 6%, driven by strong performance in both physical stores and e-commerce.

• Merchandise margin expanded by 210 basis points in the fourth quarter, contributing to a 23% increase in earnings per diluted share for the year.

• Boot Barn Holdings Inc (NYSE:BOOT) has successfully reduced its reliance on Chinese factories for exclusive brand products, with only 5% expected to be produced in China by the second half of fiscal 2026.

Negative Points

• The company faces ongoing uncertainty regarding tariffs, which could impact consumer demand and merchandise margins in the second half of fiscal 2026.

• Boot Barn Holdings Inc (NYSE:BOOT) anticipates an $8 million incremental cost due to tariffs, affecting the second half of fiscal 2026.

• The work boots business experienced low-single-digit negative growth, indicating challenges in this category.

• The company expects potential softness in consumer demand due to anticipated price increases from third-party vendors.

• SG&A expenses as a percentage of net sales slightly deleveraged by 10 basis points, primarily due to higher legal expenses and store payroll.