Clothing and footwear retailer Boot Barn (NYSE: BOOT) announced better-than-expected revenue in Q1 CY2026, with sales up 18.7% year on year to $538.8 million. Guidance for next quarter’s revenue was better than expected at $579 million at the midpoint, 0.9% above analysts’ estimates. Its GAAP profit of $1.45 per share was 2.1% above analysts’ consensus estimates.
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Boot Barn (BOOT) Q1 CY2026 Highlights:
- Revenue: $538.8 million vs analyst estimates of $530.7 million (18.7% year-on-year growth, 1.5% beat)
- EPS (GAAP): $1.45 vs analyst estimates of $1.42 (2.1% beat)
- Adjusted EBITDA: $82.41 million vs analyst estimates of $80.92 million (15.3% margin, 1.9% beat)
- Revenue Guidance for Q2 CY2026 is $579 million at the midpoint, above analyst estimates of $573.6 million
- EPS (GAAP) guidance for the upcoming financial year 2027 is $8.43 at the midpoint, missing analyst estimates by 0.7%
- Operating Margin: 10.6%, in line with the same quarter last year
- Free Cash Flow was -$46.52 million compared to -$83.08 million in the same quarter last year
- Locations: 552 at quarter end, up from 459 in the same quarter last year
- Same-Store Sales rose 6.1% year on year, in line with the same quarter last year
- Market Capitalization: $4.42 billion
John Hazen, Chief Executive Officer, commented, “I am very proud of our performance in Fiscal 2026, which marked a record year for Boot Barn and reflects the strength of our business and the dedication of our team. We delivered strong results across key metrics, including 18% total sales growth, 80 basis points of merchandise margin expansion, and 25% growth in earnings per diluted share. We opened 80 new stores and generated 7.2% same store sales growth. The broad-based strength across merchandise categories, channels, and geographic regions underscores the strong appeal of the brand and the disciplined execution of our strategic initiatives. Looking ahead, I believe Boot Barn is well positioned to build on this foundation, and I remain confident in our ability to drive continued growth and deliver long-term value for our shareholders.”
Company Overview
With a strong store presence in Texas, California, Florida, and Oklahoma, Boot Barn (NYSE: BOOT) is a western-inspired apparel and footwear retailer.
Revenue Growth
A company’s long-term sales performance can indicate its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul.
With $2.25 billion in revenue over the past 12 months, Boot Barn is a small retailer, which sometimes brings disadvantages compared to larger competitors benefiting from economies of scale and negotiating leverage with suppliers. On the bright side, it can grow faster because it has more white space to build new stores.
As you can see below, Boot Barn’s sales grew at a decent 10.8% compounded annual growth rate over the last three years as it opened new stores and increased sales at existing, established locations.
This quarter, Boot Barn reported year-on-year revenue growth of 18.7%, and its $538.8 million of revenue exceeded Wall Street’s estimates by 1.5%. Company management is currently guiding for a 14.9% year-on-year increase in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 13.4% over the next 12 months, an acceleration versus the last three years. This projection is eye-popping and suggests its newer products will catalyze better top-line performance.
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Store Performance
Number of Stores
A retailer’s store count often determines how much revenue it can generate.
Boot Barn operated 552 locations in the latest quarter. It has opened new stores at a rapid clip over the last two years, averaging 15.7% annual growth, much faster than the broader consumer retail sector. This gives it a chance to scale into a mid-sized business over time.
When a retailer opens new stores, it usually means it’s investing for growth because demand is greater than supply, especially in areas where consumers may not have a store within reasonable driving distance.
Same-Store Sales
A company's store base only paints one part of the picture. When demand is high, it makes sense to open more. But when demand is low, it’s prudent to close some locations and use the money in other ways. Same-store sales provides a deeper understanding of this issue because it measures organic growth at brick-and-mortar shops for at least a year.
Boot Barn has been one of the most successful retailers over the last two years thanks to skyrocketing demand within its existing locations. On average, the company has posted exceptional year-on-year same-store sales growth of 6.3%. This performance along with its meaningful buildout of new stores suggest it’s playing some aggressive offense.
In the latest quarter, Boot Barn’s same-store sales rose 6.1% year on year. This performance was more or less in line with its historical levels.
Key Takeaways from Boot Barn’s Q1 Results
It was encouraging to see Boot Barn beat analysts’ revenue expectations this quarter. We were also glad its full-year revenue guidance exceeded Wall Street’s estimates. On the other hand, its EPS guidance for next quarter missed and its full-year EPS guidance fell slightly short of Wall Street’s estimates. Zooming out, we think this was a mixed quarter. The stock traded up 3.3% to $151.19 immediately following the results.
Big picture, is Boot Barn a buy here and now? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).
