Boot Barn (NYSE:BOOT) Issues Quarterly Earnings Results, Hits Expectations

Boot Barn (NYSE:BOOT) released its quarterly earnings data on Wednesday. The company reported $2.79 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.79, FiscalAI reports. The company had revenue of $705.64 million during the quarter, compared to analysts’ expectations of $700.71 million. Boot Barn had a net margin of 10.05% and a return on equity of 18.11%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.43 earnings per share. Boot Barn updated its FY 2026 guidance to 7.250-7.350 EPS and its Q4 2026 guidance to 1.350-1.450 EPS.

Here are the key takeaways from Boot Barn’s conference call:

• Strong Q3 results: Revenue grew 16% to $706 million, consolidated same-store sales rose 5.7%, and diluted EPS was $2.79, driven by broad-based strength across categories and channels.
• Merchandise margin expansion: Merchandise margin increased ~110 bps (exclusive brands +240 bps) from buying scale and supply‑chain efficiencies, and the company plans selective exclusive‑brand price increases in Q4 to sustain margins.
• Accelerating store growth: Opened a record 25 stores in Q3 (514 total); new stores average ~$3.2M in first‑year sales with <2‑year payback, 15 planned in Q4 (70 for the fiscal year) and a strong pipeline for FY27 toward a 1,200‑store target.
• Raised full‑year guidance: Management raised FY2026 outlook to $2.25 billion in sales (+18%), same‑store sales +7%, and EPS of $7.35, reflecting confidence in the business momentum.
• Near‑term headwinds: Q4 guidance contemplates a ~60 bps y/y merchandise‑margin decline due to normalized shrink and freight, inventory is up 17% to $805 million, and recent winter storms reduced revenue by roughly $5 million that is unlikely to be fully recovered.

Boot Barn Stock Performance

Shares of BOOT stock opened at $183.80 on Thursday. Boot Barn has a fifty-two week low of $86.17 and a fifty-two week high of $210.25. The stock’s fifty day moving average is $190.67 and its two-hundred day moving average is $182.24. The firm has a market capitalization of $5.60 billion, a P/E ratio of 27.19, a PEG ratio of 1.35 and a beta of 1.67.

Analysts Set New Price Targets

A number of research firms have recently commented on BOOT. BTIG Research boosted their price objective on Boot Barn from $226.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Citigroup increased their target price on Boot Barn from $225.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, January 16th. The Goldman Sachs Group assumed coverage on shares of Boot Barn in a report on Thursday, December 11th. They issued a “buy” rating and a $225.00 price target for the company. Piper Sandler upped their price objective on shares of Boot Barn from $220.00 to $229.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Boot Barn from $276.00 to $282.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Boot Barn presently has an average rating of “Moderate Buy” and an average price target of $206.08.

Insider Activity

In other Boot Barn news, Director Gene Eddie Burt sold 1,200 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $191.41, for a total value of $229,692.00. Following the transaction, the director directly owned 3,338 shares of the company’s stock, valued at $638,926.58. This trade represents a 26.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.66% of the stock is owned by insiders.

Hedge Funds Weigh In On Boot Barn

Institutional investors have recently bought and sold shares of the company. Invesco Ltd. lifted its stake in Boot Barn by 46.3% during the third quarter. Invesco Ltd. now owns 917,406 shares of the company’s stock worth $152,033,000 after purchasing an additional 290,493 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Boot Barn by 24.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 579,680 shares of the company’s stock valued at $96,065,000 after buying an additional 112,918 shares during the period. Balyasny Asset Management L.P. lifted its stake in Boot Barn by 2,547.7% during the 3rd quarter. Balyasny Asset Management L.P. now owns 471,192 shares of the company’s stock worth $78,086,000 after acquiring an additional 453,396 shares in the last quarter. Raymond James Financial Inc. lifted its stake in Boot Barn by 25.1% during the 2nd quarter. Raymond James Financial Inc. now owns 413,387 shares of the company’s stock worth $62,835,000 after acquiring an additional 82,938 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in Boot Barn by 43.4% during the 2nd quarter. Bank of America Corp DE now owns 384,404 shares of the company’s stock valued at $58,429,000 after acquiring an additional 116,269 shares during the period.

Boot Barn News Roundup

Here are the key news stories impacting Boot Barn this week:

• Positive Sentiment: Q3 beat on both EPS and revenue: Boot Barn reported $2.79 EPS vs. consensus ~$2.56 and revenue of $705.6M (up 16% YoY); same-store sales rose 5.7% and margins/ROE remained healthy — investors see durable demand and margin leverage. Q3 Financial Results (BusinessWire)
• Positive Sentiment: Management raised full-year sales guidance (midpoint lifted toward $2.25B) and improved profit outlook, citing store expansion and margin initiatives — supports forward revenue and earnings growth expectations. Boot Barn raises full-year sales guidance (MSN)
• Positive Sentiment: Analyst sentiment warming: Zacks upgraded BOOT from “hold” to “strong-buy,” which can boost short-term demand from momentum and growth-oriented investors. Zacks upgrade
• Neutral Sentiment: Guidance largely in line but conservative in places — FY26 EPS guidance of $7.25–$7.35 sits roughly at/just below Street midpoint (~$7.32), and Q4 EPS guidance of $1.35–$1.45 tracks consensus; revenue guidance $2.2–$2.3B overlaps estimates. Watch whether management hits the high end. Guidance details (BusinessWire)
• Neutral Sentiment: Investor materials and the earnings-call transcript are now available for deeper read-through of management commentary on inventory, margins and store cadence — useful for drivers of forward guidance. Earnings call transcript (Seeking Alpha)
• Negative Sentiment: Some coverage framed the quarter as merely meeting/only modestly beating estimates in certain metrics — if expectations ratchet up after the beat, the stock will be vulnerable to any future misses. Zacks: Q3 earnings meet estimates

Boot Barn Company Profile

Boot Barn, Inc is a leading specialty retailer focused on western and work-related footwear, apparel and accessories. The company operates full-price and outlet retail stores under the Boot Barn and BootBarn.com brands, offering a wide assortment of cowboy boots, work boots, casual and fashion footwear, western and work apparel, hats, belts and related accessories. In addition to its brick-and-mortar network, Boot Barn maintains an e-commerce platform to serve customers seeking ranch-and-rodeo style clothing and rugged workwear from coast to coast.

Founded in 1978 in Southern California, Boot Barn began as a single store catering to ranchers, farmworkers and western enthusiasts.