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what it is
Boot Barn sells boots, jeans, shirts, and work gear for people who want western style or tough clothes.
how it gets paid
Last year Boot Barn made $1.9B in revenue. western footwear was the main engine at $0.70B, or 37% of sales.
why it's growing
Revenue grew 14.6% last year. Revenue reached $705.6M, up 16% vs. prior year.
what just happened
Boot Barn beat by 9.4% on EPS, with $2.79 versus $2.55.
At a glance
B+ balance sheet — decent shape, but not bulletproof
50/100 earnings predictability — expect surprises
27.8x trailing p/e — priced about right
23.5% return on capital — every dollar works hard here
xvary composite: 57/100 — below average
What they do
Boot Barn sells boots, jeans, shirts, and work gear for people who want western style or tough clothes.
Boot Barn runs 489 stores in 49 states. You can buy boots online, but trying them on still matters. That is why a niche chain can keep customers inside the same lane, with bootbarn.com, sheplers.com, and countryoutfitter.com pulling the same shopper back.
How they make money
$1.9B
annual revenue · their business grew +14.6% last year
western footwear
$0.70B
work footwear
$0.46B
western apparel
$0.34B
work apparel
$0.23B
accessories and other
$0.17B
The products that matter
store-based western and workwear retail
retail stores
$1.7B · +17.7%
This is the core engine at $1.7B in the data shown here, and it grew 17.7% last year.
main revenue engine
online sales channel
e-commerce
$0.2B · +16.0%
Online sales are smaller at $0.2B, but 16.0% growth tells you demand is not limited to new store boxes.
support channel
higher-margin merchandise mix
exclusive private-label brands
39.9% gross margin
Management links margin expansion to this mix, and a 39.9% gross margin is one reason Q3 EPS reached $2.79.
margin lever
Key numbers
$1.9B
annual revenue
Revenue → sales dollars → this is a $1.9B niche chain, not a small local store.
19.0%
operating margin
Operating margin → profit from normal business → Boot Barn keeps 19 cents of each sales dollar before interest and taxes.
23.5%
return on capital
Return on capital → profit for each store dollar → management gets a strong payoff from the money it puts into the business.
$221
price target
Price target → analyst 18-month guess → that is 14% above $193.51, so Wall Street still sees room.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- net profit margin 11.8% — keeps 12 cents of every dollar in revenue
- return on equity 24% — $0.24 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in BOOT 3 years ago → it's now worth $30,720.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Boot Barn beat by 9.4% on EPS, with $2.79 versus $2.55.
Revenue reached $705.6M, up 16% vs. prior year. Gross margin was 39.9%, so the company kept more than 39 cents of each sales dollar before operating costs.
$705.6M
revenue
$2.79
eps
39.9%
gross margin
the number that mattered
EPS beat by $0.24. That is 9.4% above the $2.55 estimate, which is why the stock had fuel.
-
sales improved 19% vs. prior year, to $505.4 million, supported by e-commerce and brick-andmortar strength, alongside the build out of more stores.there was broad-based demand across boot and apparel categories, and economies of scale benefited margins.
-
in fact, pretax income as a percentage of sales gained 180 basis points, to 11.2%.
-
thus, share earnings jumped at an even more-impressive 44% rate, to $1.37.
-
our top- and bottom-line estimates for fiscal 2025 received another boost.
-
to note, we added $50 million to our sales target, and $0.60 to share earnings.
source: company earnings report, 2026
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What could go wrong
the top threat is execution risk after Jim Conroy's exit — Boot Barn is trying to preserve a 39.9% gross margin and open 70 stores while leadership changes at the top.
high
CEO departure
Longtime CEO Jim Conroy left to run Dollar General. That adds uncertainty to a strategy investors had tied closely to one operator.
If execution wobbles, the market can stop paying 27.8x earnings for a retailer very quickly.
high
tariff exposure on imported merchandise
Proposed U.S. tariffs on Chinese imports threaten product costs. That matters because the current bull case leans on a 39.9% gross margin staying healthy.
Margin pressure hits profit faster than revenue growth can fix it.
med
aggressive store expansion
Management plans 70 new stores in fiscal 2026 and about 20 more in early 2027. That is a lot of leases, labor, and local demand assumptions to get right.
If new stores mature slower than expected, revenue can grow while returns on capital move the wrong way.
These risks all hit the same pressure points: the 39.9% gross margin, the 70-store opening plan, and the premium multiple attached to both.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
gross margin
39.9% is holding the story together. If that number rolls over, the premium multiple gets harder to defend.
calendar
Q4 fiscal 2026 earnings
Management guided to $1.35–$1.45 EPS. You want to see whether the year closes with margin discipline intact.
risk
new CEO appointment
The successor matters because Boot Barn is not in harvest mode. It is still in rollout mode.
trend
store opening pace
70 stores in fiscal 2026 and about 20 more in early 2027 is the growth promise. Watch whether that cadence slips.
Analyst rankings
short-term outlook
average
Momentum score 3 means the near-term setup is ordinary. In human-speak, analysts do not see a major one-year edge here.
risk profile
average
Stability score 3 puts it near the middle. You are not buying a bunker stock, but you are not buying a chaos machine either.
chart momentum
top 5%
Technical score 1 is the highest rating. The chart has been doing the heavy lifting even while the fundamental story stays retail-simple.
earnings predictability
50 / 100
Halfway predictable means exactly what it sounds like: results are good enough to model, but volatile enough to surprise you.
source: institutional data
Institutional activity
189 buyers vs. 208 sellers in 3q2025. total institutional holdings: 35.5M shares.
source: institutional data
Price targets
3-5 year target range
$122
$319
$194
current price
$221
target midpoint · +14% from current · 3-5yr high: $320 (+65% · 13% ann'l return)
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