Boot Barn raises store target while trimming sales and comp outlooks

By Nathan Brooks

Boot Barn plans to open 75 to 80 stores in fiscal 2027 even as it lowered its full-year sales and same-store sales forecasts. That adds five to 10 locations to its previous expectation of 70 openings.

Boot Barn reported in a Wednesday press release that second-quarter net sales rose 15.1% year over year to $581.8 million. Same-store sales increased 1.4%. More of that growth came from e-commerce than from retail locations, according to the release.

The retailer’s revised outlook splits expansion from performance:

• Full-year total sales growth: 14% to 15%, down from 14% to 16%.
• Consolidated same-store sales growth: 0.8% to 2%, down from 2% to 4%.
• Fiscal 2027 store openings: 75 to 80, up from 70.

The store plan got bigger. The same-store ceiling got smaller, falling from 4% to 2%.

Dive’s analysis said Boot Barn continued expanding despite a lowered outlook, a hit to the women’s boot category and unusually warm weather.

“While recent results demonstrate the opportunity to outperform our projections, we continue to underwrite new locations to approximately $3.2 million in first-year sales, consistent with our historical approach,” CEO John Hazen said on a call with analysts Wednesday.

“With a long-term opportunity to expand to 1,200 locations nationwide, we remain confident in our ability to sustain new store growth for years to come,” Hazen said.

Put plainly, Hazen said Boot Barn continues to underwrite each new location to approximately $3.2 million in first-year sales. His 1,200-location target is the longer-term national ambition.

Boot Barn also moved premium denim to the front of stores and value-focused denim to the back, according to the company. Hazen said the western boots business for both men and women dragged in the latest quarter. The retailer is refreshing its women’s boot assortment with a broader selection of styles and colors for the holiday season.

Dive reported that Boot Barn’s third-quarter outlook came in below some analyst expectations. The retailer anticipates third-quarter sales growth of 11% to 14%, though same-store sales could decline by as much as 1%.

“We don’t anticipate much improvement until Dec as initiatives take time to scale but need to see comps inflect exiting 3Q to maintain confidence in the historical durability of the [business],” TD Cowen analysts said in a Wednesday note.

The analysts added: “Meanwhile, we’re constructive on new store ramps, cost control & buyups.”

What does this change for Boot Barn’s growth?

The practical change is more openings with a softer forecast for existing stores. Boot Barn plans 75 to 80 fiscal 2027 locations while full-year same-store growth ranges from 0.8% to 2%. Boot Barn expects third-quarter sales to grow 11% to 14%, but same-store sales may fall by as much as 1%.

Boot Barn is counting on new stores, revised denim placement and a broader holiday boot assortment to drive sales, according to the company. TD Cowen sees little improvement before December, leaving the existing-store case waiting for evidence.

TD Cowen’s condition is precise: comps need to inflect exiting the third quarter to maintain confidence in the historical durability of the business. Until then, the store-opening plan is the clear part of Boot Barn’s story; the comp inflection is the awkward one.