BOOT

Boot Barn Holdings, Inc.

NYSE · CONSUMER DISCRETIONARY · RETAIL-SHOE STORES

116.09

+0.74 +0.64%

USD · close Oct 21

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FLAG · shorts 15

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MKT CAP $3.5BP/E 14.7DIV YIELD —FCF YIELD 3.32%REV TTM $2.3B +17.6%NET INCOME $242.6M +24.1%NET DEBT $118.9M52W 112.86 – 207.98SEC XBRL · TTM TO Invalid Date

How BOOT rewrote its risk factors

10-K ITEM 1A · FY2025 → FY2026

Text kept

56%

of sentences unchanged

Added

231

new sentences

Dropped

188

sentences removed

Length

+1,475

words, now 24,058

New in FY2026

The data presented contains references to fiscal 2026, fiscal 2025, and fiscal 2024, which represent our fiscal years ended March 28, 2026, March 29, 2025, and March 30, 2024, respectively.
Fiscal 2026, fiscal 2025, and fiscal 2024 were each 52-week periods. PART I Item 1.
With 539 stores in 49 states as of March 28, 2026, we have more than four times as many stores as our nearest direct competitor that sells primarily western and work wear, and believe we have the potential to grow our domestic store base to 1,200 stores.
Our stores, which are typically freestanding or located in strip centers, average 11,400 selling square feet and feature a comprehensive assortment of brands and styles, coupled with attentive, knowledgeable store associates.
Our boot selection, which comprises approximately one-third of each store’s selling square footage space, is merchandised on self-service fixtures, with western and work boots presented in separate sections, each arranged by size.
Our western assortment includes many of the industry’s most sought-after brands, such as Ariat , Cinch , Cody James, Dan Post, Durango, Horsepower, Idyllwind, Justin, Kimes Ranch, Laredo, Levi’s, Miss Me, Montana Silversmiths, Moonshine Spirit, Resistol, Shyanne, Stetson, Tony Lama, Twisted X, and Wrangler .
Among the top work brands sold in our stores are Brunt, Carhartt, Cody James Work, Georgia Boot, Hawx, Thorogood, Timberland Pro, and Wolverine .
Our merchandise is also available on our e-commerce platform.
Boot Barn was founded in 1978 and, over the past 48 years, has grown both organically and through successful strategic acquisitions of competing chains.
We offer a compelling shopping experience to our customers through our 539 brick-and-mortar stores (as of March 28, 2026) and our e-commerce platform, which includes our websites, mobile app, and third-party marketplaces.
Our e-commerce platform delivers differentiated experiences tailored to customers across western, work wear and country lifestyle categories.
Our broad geographic footprint, which currently spans 49 states (as of March 28, 2026), provides us with significant economies of scale, enhanced supplier relationships, the ability to recruit and retain high quality store associates and the ability to reinvest in our business at levels that we believe exceed those of our competition.
Our loyalty program has grown rapidly since its inception in fiscal 2011 and as of March 28, 2026, includes approximately 10.8 million members who have purchased merchandise from us in the last three fiscal years.
We leverage this database, which provides useful information about our customers, to enhance our marketing activities across our stores and e-commerce platform, refine our merchandising and planning efforts and assist in our selection of sites for new stores.
We continue to enhance customer service with our omni-channel initiatives, including buy online pick up in-store, buy online pick up curbside, buy online return in store, buy online ship from store, and in-store fulfillment of online purchases.
We have leveraged our scale, merchandising experience and customer knowledge to launch a portfolio of brands exclusive to us, which include Cody James , Shyanne , Idyllwind, Hawx, Moonshine Spirit, Rank 45, Cody James Black 1978, Gibson, Cody James Work, Cleo + Wolf, and El Dorado .
Our exclusive brands are currently available in stores and on our e-commerce platform, and offer high-quality western and work boots as well as apparel and accessories for men, ladies and kids.
Customer receptivity and demand for our exclusive brands have been strong, demonstrated by their increasing penetration and sales momentum across our store base and e-commerce platform.
Our growing national footprint, social media following and broader marketing efforts drive traffic to our stores and e-commerce platform.
We operate our e-commerce websites and mobile app as an alternative to shopping in the stores, which allows us to reach customers outside our geographic footprint.
We continue to make investments in both online and in-store advertising, aimed at increasing traffic to our e-commerce websites, which reached more than 164 million total visits during fiscal 2026, as compared to more than 114 million total visits in fiscal 2025, and increasing the amount of merchandise purchased by customers who visit our websites, while improving the shopping experience for our customers.
Our e-commerce sales as a portion of total consolidated net sales were 10.4% and 10.5% in fiscal 2026 and fiscal 2025, respectively.
We believe that we can grow our same store sales by increasing our brand awareness, driving additional traffic to our stores, e-commerce websites and mobile app, and increasing the amount of merchandise purchased by customers while visiting both our stores and e-commerce channels.
As of March 28, 2026, our exclusive brands include Cody James , Shyanne , Idyllwind, Hawx, Moonshine Spirit, Rank 45, Cody James Black 1978, Gibson, Cody James Work, Cleo + Wolf, and El Dorado , and are sold in our stores, on our e-commerce websites and app, and on third-party marketplaces.
During fiscal 2026, we opened 80 new stores with no acquisitions.
Based on an extensive analysis, we believe that we have the potential to grow our domestic store base of 539 stores as of March 28, 2026 to approximately 1,200 stores over time.
We have an effective social media strategy with high customer engagement, as evidenced by our strong following on Facebook, Instagram, and TikTok.
Our Sales Channels During fiscal 2026, we continued to enhance our omni-channel capabilities.
Our current omni-channel presence consists of both brick-and-mortar stores as well as an e-commerce platform, which includes our websites, mobile app, and third-party marketplaces.
The majority of our stores have ladies’ and kids’ apparel, men’s western and work apparel, basic and more stylized denim, and accessories such as hats, belts, jewelry, handbags, gifts and various other items.
We offer virtually all of our boots in pairs on the sales floor.
To reflect the typical purchasing preferences of our customers, we organize our boot assortment by category (western and work), and within each category by customer segment (men’s, ladies’, and kids’) and size.
While our knowledgeable and friendly store associates are readily available to assist customers, the store design facilitates a self-service shopping experience.
Our stores average 11,400 selling square feet and feature a comprehensive assortment of brands and styles, coupled with attentive, knowledgeable store associates.
During fiscal 2026, we opened 80 new stores.
As of March 28, 2026, our retail footprint included 539 stores in 49 states across the U.S.
The following table shows the number of stores in each of the 49 states in which we operated as of March 28, 2026. Number of Number of State stores State stores Alabama Nebraska Alaska Nevada Arizona New Hampshire Arkansas New Jersey California New Mexico Colorado New York Connecticut North Carolina Delaware North Dakota Florida Ohio Georgia Oklahoma Idaho Oregon Illinois Pennsylvania Indiana Rhode Island Iowa South Carolina Kansas South Dakota Kentucky Tennessee Louisiana Texas Maine Utah Maryland Vermont Massachusetts Virginia Michigan Washington Minnesota West Virginia Mississippi Wisconsin Missouri Wyoming Montana Total E-commerce Our e-commerce websites are an integral part of our brand and allow us to further build awareness in our current markets and reach customers not served by our current geographic footprint.
During fiscal 2026, we had more than 164 million total visits to our websites, and we sold merchandise to customers in all 50 states.
Approximately 2.8% of our total e-commerce revenue for fiscal 2026 was generated from customers outside of the United States.
Such foreign-source revenue constituted approximately 0.3% of our overall net sales in fiscal 2026.

and 191 more.

Gone since FY2025

The data presented contains references to fiscal 2025, fiscal 2024, and fiscal 2023, which represent our fiscal years ended March 29, 2025, March 30, 2024 and April 1, 2023, respectively.
Fiscal 2025 and 2024 were each 52-week periods and fiscal 2023 was a 53-week period. PART I Item 1.
With 459 stores in 49 states as of March 29, 2025, we have more than four times as many stores as our nearest direct competitor that sells primarily western and work wear, and believe we have the potential to grow our domestic store base to 900 stores.
Our stores, which are typically freestanding or located in strip centers, average 11,200 selling square feet and feature a comprehensive assortment of brands and styles, coupled with attentive, knowledgeable store associates.
Our boot selection, which comprises approximately one-third of each store’s selling square footage space, is merchandised on self-service fixtures with western boots arranged by size and work boots arranged by style and function.
Our western assortment includes many of the industry’s most sought-after brands, such as Ariat , Cinch , Cody James, Corral, Dan Post, Durango, El Dorado, Idyllwind, Justin, Laredo, Levi’s, Miss Me, Montana Silversmiths, Moonshine Spirit, Resistol, Shyanne, Stetson, Tony Lama, Twisted X, and Wrangler .
Among the top work brands sold in our stores are Carhartt , Cody James Work, Georgia Boot, Hawx, Thorogood , Timberland Pro and Wolverine .
Our merchandise is also available on our e-commerce websites.
Boot Barn was founded in 1978 and, over the past 47 years, has grown both organically and through successful strategic acquisitions of competing chains.
Acquisitions The Company has historically experienced growth organically and through strategic acquisitions.
No acquisitions have occurred in the past three fiscal years.
We offer a compelling shopping experience to our customers, including 459 brick-and-mortar stores (as of March 29, 2025) combined with our e-commerce websites consisting primarily of bootbarn.com, sheplers.com, countryoutfitter.com, idyllwind.com and third-party marketplaces, as well as the Boot Barn app.
Bootbarn.com and sheplers.com offer a compelling every-day low price shopping experience catered towards a lifestyle customer with western roots and a strong work influence.
Countryoutfitter.com has a curated assortment appealing to a more fashion-based country lifestyle customer.
Each of our e-commerce sites has distinct brand positioning and provides a differentiated shopping experience to our customers.
Our broad geographic footprint, which currently spans 49 states (as of March 29, 2025), provides us with significant economies of scale, enhanced supplier relationships, the ability to recruit and retain high quality store associates and the ability to reinvest in our business at levels that we believe exceed those of our competition.
Our loyalty program has grown rapidly since its inception in fiscal 2011 and as of March 29, 2025, includes approximately 9.6 million members who have purchased merchandise from us in the last three fiscal years.
We leverage this database, which provides useful information about our customers, to enhance our marketing activities across our stores and e-commerce websites, refine our merchandising and planning efforts and assist in our selection of sites for new stores.
We continue to enhance customer service with our omni-channel initiatives, including buy online pick up in-store, buy online pick up curbside, buy online return in store, buy online ship from store, same day delivery and in-store fulfillment of online purchases.
We have leveraged our scale, merchandising experience and customer knowledge to launch a portfolio of brands exclusive to us, which include Cody James , Shyanne , Idyllwind, Hawx, Moonshine Spirit, Rank 45, Cody James Black 1978, Gibson, Cody James Work, Cleo + Wolf, Brothers & Sons, El Dorado, and Blue Ranchwear .
Our exclusive brands are currently available in stores, on bootbarn.com, sheplers.com, countryoutfitter.com, idyllwind.com and third-party marketplaces, and offer high-quality western and work boots as well as apparel and accessories for men, ladies and kids.
Customer receptivity and demand for our exclusive brands have been strong, demonstrated by their increasing penetration and sales momentum across our store base and e-commerce websites.
Our growing national footprint, social media following and broader marketing efforts drive traffic to our stores and e-commerce websites.
We operate our e-commerce websites and app as an alternative to shopping in the stores, which allows us to reach customers outside our geographic footprint.
We continue to make investments in both online and in-store advertising, aimed at increasing traffic to our e-commerce websites, which reached more than 114 million total visits during fiscal 2025, as compared to more than 86 million total visits in fiscal 2024, and increasing the amount of merchandise purchased by customers who visit our websites, while improving the shopping experience for our customers.
Our e-commerce sales as a portion of total consolidated net sales were 10.5% and 11.0% in fiscal 2025 and fiscal 2024, respectively.
We believe that we can grow our same store sales by increasing our brand awareness, driving additional traffic to our stores, e-commerce websites and app, and increasing the amount of merchandise purchased by customers while visiting both our stores and e-commerce channels.
As of March 29, 2025, our exclusive brands include Cody James , Shyanne , Idyllwind, Hawx, Moonshine Spirit, Rank 45, Cody James Black 1978, Gibson, Cody James Work, Cleo + Wolf, Brothers & Sons, El Dorado, and Blue Ranchwear , and are sold in our stores, on our e-commerce websites and app, and on third-party marketplaces.
During fiscal 2025, we opened 60 new stores with no acquisitions.
Based on an extensive analysis, we believe that we have the potential to grow our domestic store base of 459 stores as of March 29, 2025 to approximately 900 stores over time.
We have an effective social media strategy with high customer engagement, as evidenced by our strong following on Facebook and Instagram.
Our Sales Channels During fiscal 2025, we continued to enhance our omni-channel capabilities.
Our current omni-channel presence consists of both brick-and-mortar stores as well as an e-commerce platform, consisting primarily of bootbarn.com, sheplers.com, countryoutfitter.com, idyllwind.com and third-party marketplaces as well as the Boot Barn app.
The majority of our stores have ladies’ and children’s apparel, men’s western and work apparel, basic and more stylized denim, and accessories such as hats, belts, jewelry, handbags, gifts and various other items.
We offer virtually all of our boots in pairs out on the sales floor.
To reflect the typical purchasing decision process of each of our customer segments, we arrange all western boots by size and all work boots by function and brand.
While our knowledgeable and friendly store associates are readily available to assist our customers, the store design facilitates a self-service shopping experience.
Our stores average 11,200 selling square feet and feature a comprehensive assortment of brands and styles, coupled with attentive, knowledgeable store associates.
During fiscal 2025, we opened 60 new stores.
As of March 29, 2025, our retail footprint included 459 stores in 49 states across the U.S.

and 148 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2025 ↗, FY2026 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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