Boot Barn Adds $400 Million to Buyback as Fiscal Q2 EPS Jumps 26%

Boot Barn Holdings said Wednesday that its board authorized an additional $400 million for share buybacks, as the western and work-wear retailer reported a 26% jump in fiscal second-quarter earnings per share and raised its store-opening plan for the year.

Net sales rose 15.1% to $581.8 million in the quarter ended Sept. 26, from $505.4 million a year earlier, according to the earnings release Boot Barn filed with an 8-K on Wednesday. Diluted EPS climbed 26.3% to $1.73 from $1.37.

New stores drive the gain

Same-store sales rose a more modest 1.4%, with retail stores up 1.0% and e-commerce up 5.2%. The company said the sales increase came from new stores and the same-store gain. Boot Barn opened 19 stores in the quarter, ending with 584.

"Our new stores continue to exceed expectations, with recent openings generating sales above our original projections," CEO John Hazen said in the release.

Merchandise margin rate rose 190 basis points, including a 130-basis-point benefit from lower freight expense, 40 basis points from tariff refunds and 20 basis points of product margin expansion. Gross margin widened to 37.2% of sales from 36.4%.

Net income increased to $52.5 million from $42.2 million. The EPS figure includes an estimated 5-cent benefit from tariff refunds; excluding it, EPS rose 22.6%, the company said. Income from operations grew $13.8 million to $70.2 million, or 12.1% of sales.

For the first six months of the fiscal year, net sales rose 16.4% to $1.175 billion and diluted EPS rose to $4.02 from $3.11, including an estimated 43-cent benefit from tariff refunds.

Updated fiscal 2027 outlook

Boot Barn now expects to open 75 to 80 stores in the fiscal year ending March 27, 2027, up from 70, according to a supplemental presentation filed with the 8-K. It projects total sales of $2.565 billion to $2.593 billion, up 14% to 15%, and same-store sales growth of 0.8% to 2.0%.

Diluted EPS is forecast at $8.72 to $9.00, growth of 19% to 22% over fiscal 2026, including an estimated 45-cent benefit from tariff refunds.

For the fiscal third quarter, the company expects sales of $785 million to $802 million, same-store sales ranging from a 1.0% decline to a 1.0% increase, and EPS of $3.03 to $3.19. Consolidated same-store sales rose 0.4% in the five-week fiscal October period ended Oct. 24.

Hazen said the company is preparing for the holidays with refreshed assortments, improved in-store presentations and "a significantly expanded national marketing campaign," along with the relaunch of Boot Barn Workforce.

Buyback boost

Boot Barn repurchased 240,937 shares for $35 million during the quarter under its $200 million program. On Oct. 21, the board authorized another $400 million under the existing program, leaving about $468 million available. The company had nothing drawn on its $500 million revolving credit facility at quarter end.

Sources

1. Boot Barn Holdings Form 8-K with fiscal second-quarter 2027 earnings release (Exhibit 99.1) and supplemental financial presentation (Exhibit 99.2), filed Oct. 28, 2026 (accession 0001104659-26-119615)

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