Boot Barn Holdings Inc

Boot Barn Holdings, Inc. (BOOT) was a bottom contributor in the Small Cap strategy during the first quarter, despite delivering strong operating results. For the fiscal third quarter ended December 27, 2025, the company reported net sales of $705.6 million, up 16% year-over-year, with consolidated same-store sales growth of 5.7% (including e-commerce same-store sales up 19.6%). Management highlighted broad-based strength across all major merchandise categories and geographies, as well as a record quarter for new store openings with 25 locations added during the period, bringing total store count to 514 – with a long-term goal of 1,200 stores. The company also raised its full-year fiscal 2026 guidance, now expecting total net sales of approximately $2.24–$2.25 billion, representing growth of 17%–18% over the prior year.

Boot Barn Holdings, Inc. (BOOT) delivered strong operating results with net sales of $705.6 million, up 16% year-over-year, and same-store sales growth of 5.7%. The company also raised its full-year fiscal 2026 guidance, expecting total net sales of approximately $2.24–$2.25 billion, representing growth of 17%–18% over the prior year. Despite being a bottom contributor in the SMID Cap strategy, we believe the fundamentals remain intact, driven by compelling unit economics on new stores and a growing exclusive brand assortment. Management is proactively diversifying its supply chain to mitigate tariff impacts, indicating a long runway for store count expansion.

Boot Barn Holdings, Inc. (BOOT) was the top contributor in the Small Cap strategy. After a pullback in the first quarter, which we believe was due to concerns about the cost of tariffs and weakening consumer confidence, BOOT recovered nicely after reporting their fiscal 4th quarter and full year (2025) results. For the full year, sales were up 14.6%, and same store sales increased 5.5%. They opened 60 new stores last year, bringing their total store count to 459, and they plan on continuing to open new stores at a rate of approximately 15% new floor space per year. All in all, the BOOT thesis remains intact: growth through new stores and same store sales; growth in their higher margin proprietary brands; and their balance sheet is in excellent shape with no net debt.

Boot Barn Holdings, Inc. (BOOT) was a top contributor in the second quarter. After a pullback in the first quarter which we believe was due to concerns about the cost of tariffs and weakening consumer confidence, BOOT recovered nicely after reporting their fiscal 4th quarter and full year (2025) results. For the full year, sales were up 14.6%, and same store sales increased 5.5%. They opened 60 new stores last year, bringing their total store count to 459, and they plan on continuing to open new stores at a rate of approximately 15% new floor space per year. All in all, the BOOT thesis remains intact: growth through new stores and same store sales; growth in their higher margin proprietary brands; and their balance sheet is in excellent shape with no net debt.

Boot Barn Holdings, Inc. (BOOT) was the top detractor in the SMID Cap strategy after a very strong performance in 2024. In our opinion, BOOT's results have been excellent when looking back over longer periods of time. Over the last 5 years, their EBITDA/share has grown at a 23% CAGR. However, the stock has been hit hard recently by concerns about the health of the consumer and concerns about rising costs due to tariffs on imports. The company imports approximately 30% of their products from China; however, management expects to be able to offset the impact of tariffs with pricing, and they believe that their competitors will face similar challenges.

Boot Barn Holdings, Inc. (BOOT) was the top detractor in the Small Cap strategy after a very strong performance in 2024. In our opinion, BOOT's results have been excellent when looking back over longer periods of time. Over the last 5 years, their EBITDA/share has grown at a 23% CAGR. However, the stock has been hit hard recently by concerns about the health of the consumer and rising costs due to tariffs on imports. The company imports approximately 30% of their products from China; however, management expects to be able to offset the impact of tariffs with pricing, and they believe that their competitors will face similar challenges.

Boot Barn Holdings is a U.S. retailer specializing in western and work footwear, apparel, and accessories through physical stores and online. The stock rebounded sharply after reporting solid quarterly results and providing forward guidance, inclusive of tariffs, that exceeded expectations. Boot Barn’s brand strength continues to reflect its enduring nature, which is underpinned by strong consumer enthusiasm and widespread appeal and reinforced by management’s ability to execute well to offset the impacts of tariffs.

Boot Barn is a retailer focused on Western and work gear such as boots, accessories and apparel. The company has a long runway to grow at a double-digit pace within a fragmented market while leveraging catalysts such as exclusive brands and margin efficiencies to grow earnings at a healthy rate over the coming years.

Boot Barn Holdings, Inc. (BOOT) was the top detractor in the Small Cap strategy after a very strong performance in 2024. In our opinion, BOOT's results have been excellent when looking back over longer periods of time. Over the last 5 years, their EBITDA/share has grown at a 23% CAGR. The company imports approximately 30% of their products from China; however, management expects to be able to offset the impact of tariffs with pricing, and they believe that their competitors will face similar challenges. As we look forward, we believe BOOT has a strong market position, robust growth plans for new stores, a track record of improving margins, and a clean balance sheet.

Boot Barn Holdings, Inc. (BOOT) was the top detractor in the SMID Cap strategy after a very strong performance in 2024. In our opinion, BOOT's results have been excellent when looking back over longer periods of time. Over the last 5 years, their EBITDA/share has grown at a 23% CAGR. The company imports approximately 30% of their products from China; however, management expects to be able to offset the impact of tariffs with pricing, and they believe that their competitors will face similar challenges. As we look forward, we believe BOOT has a strong market position, robust growth plans for new stores, a track record of improving margins, and a clean balance sheet.