Q4 2025 Boot Barn Holdings Inc Earnings Call Transcript
Key Points
- Boot Barn Holdings Inc (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 (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.
- 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 (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.
Good day, everyone, and welcome to the Boot Barn Holdings, Inc., fourth-quarter 2025 earnings conference call. As a reminder, this call is being recorded.
Now I'd like to turn the conference over to your host, Mr. Mark Dedovesh, Senior Vice President of Investor Relations and Finance. Please go ahead, sir.
Thank you. Good afternoon, everyone. Thank you for joining us today to discuss Boot Barn's fourth-quarter and fiscal 2025 earnings results. With me on today's call are John Hazen, Chief Executive Officer; and Jim Watkins, Chief Financial Officer. A copy of today's press release, along with a supplemental financial presentation, is available on the Investor Relations section of Boot Barn's website at bootbarn.com. Shortly after we end this call, a recording of the call will be available as a replay for 30 days on the Investor Relations section of the company's website.
I would like to remind you that certain statements we will make during this call
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