Boot Barn beats Q1 estimates by 34%, raises full-year EPS guidance

Boot Barn reported fiscal Q1 EPS of $2.29, beating the $1.70 consensus by 34%, as revenue rose 18% to $593.5 million.

"We are pleased with our strong start to fiscal 2027, as first quarter results exceeded our expectations," John Hazen, chief executive officer at Boot Barn, said.

Same-store sales increased 4.7%, with e-commerce same-store sales jumping 13.4% and retail stores rising 3.8%. The company opened 27 new stores during the quarter, bringing its total to 566. Gross margin expanded 130 basis points to 40.4%, helped by $14.7 million in tariff refunds recognized in cost of goods sold. Excluding the tariff benefit, product margins still expanded 60 basis points.

Boot Barn raised its full-year EPS forecast to $8.80-$9.23, up from $8.21-$8.64, with total sales expected between $2.58 billion and $2.63 billion. The higher guidance reflects management's confidence in the balance of the fiscal year, though July sales moderated as foot traffic weakened during the first four weeks of the fiscal second quarter.

The $14.7 million in tariff refunds contributed an estimated $0.38 per share to Q1 earnings. The company's merchandise margin rate increased 220 basis points, driven by the tariff benefit and 60 basis points of product margin expansion, partially offset by a 90-basis-point headwind from higher freight costs.

For the fiscal second quarter ending September, Boot Barn expects sales of $572 million to $582 million, representing 13% to 15% growth. Same-store sales are expected to be flat to up 2%, with e-commerce growth of 10% to 12% partially offsetting flat retail store traffic.

The company ended the quarter with $139 million in cash and no borrowings under its revolving credit facility, which was expanded to $500 million from $250 million in July. Boot Barn repurchased 158,451 shares for $25 million during the quarter under its $200 million buyback program.

The guidance raise suggests Boot Barn's expansion strategy is gaining traction, with 70 new stores planned for the fiscal year. Investors will watch second-quarter same-store sales trends for signs of a rebound from July's softer traffic.

This article is for informational purposes only and does not constitute investment advice.