The sharp deceleration in same-store sales growth (from 8.4% to 1.4%) and the lowered full-year SSS guidance to 0.8%-2.0% signal a material slowdown in organic demand, partially masked by new store openings and tariff refund benefits. The Q3 guidance for flat to negative SSS suggests the trend may worsen. Monitor holiday season sales data and any further guidance revisions.
Price Chart
Executive Summary
Boot Barn reported Q2 FY2027 EPS of $1.73, beating the $1.63 consensus by 6.1%, on revenue of $581.8M, slightly above the $580.5M estimate. Same-store sales growth slowed to 1.4% (vs 8.4% a year ago), and the company lowered its full-year same-store sales guidance to 0.8%-2.0% from prior 2.0%-4.0%. The board authorized an additional $400M share repurchase, bringing total authorization to $468M remaining.
Key Financial Metrics
Key Facts
- Q2 FY2027 net sales $581.8M, +15.1% YoY
- Q2 EPS $1.73 diluted, +26.3% YoY, includes $0.05 tariff refund benefit
- Consolidated same-store sales +1.4% (retail +1.0%, e-commerce +5.2%)
- Merchandise margin +190 bps, including 130 bps freight benefit and 40 bps tariff refunds
- Full-year FY2027 guidance: sales $2.565B-$2.593B (14-15% growth), EPS $8.72-$9.00
- Full-year same-store sales guidance lowered to 0.8%-2.0% from prior 2.0%-4.0%
- Q3 FY2027 guidance: same-store sales -1.0% to +1.0%
- Board authorized additional $400M share repurchase; $468M remaining
- Opened 19 new stores in Q2, total store count 584
- Cash $97M, zero drawn on $500M revolver
Financial Impact
EPS beat of $0.10 (6.1%) vs consensus; revenue slightly above consensus by $1.3M; full-year EPS guidance $8.72-$9.00 implies 19-22% YoY growth
Risk Factors
- Same-store sales growth decelerating sharply from 8.4% to 1.4% YoY
- Full-year SSS guidance lowered to 0.8%-2.0% from 2.0%-4.0%
- Q3 guidance implies SSS decline of up to 1.0%
- Tariff refund benefits ($0.45/share for FY) are non-recurring and will not repeat
- Inventory per store up 3.4% on same-store basis, potential markdown risk
- Cash declined from $141M to $97M due to share repurchases and capex
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-119615 |
| Document: boot-20261028x8k.htm | 0001104659-26-119615 |
| Document: boot-ex99d2.htm | 0001104659-26-119615 |
| Document: 0001104659-26-119615-index-headers.html | 0001104659-26-119615 |
| Document: 0001104659-26-119615-index.html | 0001104659-26-119615 |
| Document: 0001104659-26-119615.txt | 0001104659-26-119615 |
| 8-K Data (Synthetic) | 0001104659-26-119615 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | 8-K | $113.30 | awaiting T+20 | awaiting T+20 | $130.48 (+15.16%) |
Oct 27, 2026 1d ago | Institutional Cluster | $113.30 | awaiting T+20 | awaiting T+20 | $130.48 (+15.16%) |
Oct 16, 2026 13d ago | ANALYST-UPGRADE | $121.72 | awaiting T+20 | awaiting T+20 | $130.48 (+7.20%) |
Jul 16, 2026 15w ago | DEFA14A | $153.80 $162.48 | ▲ +5.64% | ▲ +2.03% | $130.48 (−15.16%) |
Jun 11, 2026 20w ago | Institutional Cluster | $174.98 $157.37 | ▼ −10.06% | ▼ −11.95% | $130.48 (−25.43%) |
US Market Status
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