Boot Barn 2025年度报告

BOOT BARNSTORE PORTFOLIO 539STORES IN 49 STATES1 1Data for Fiscal 2026. E-commerce sales in all 50states and more than 100 countries worldwide. Dear Stockholders, This year has marked an important period of progress for our organization as we not only executedon our four core strategic initiatives but also advanced three additional priorities we set for the pastyear: building a sourcing organization, marketing exclusive brands as stand-alone brands, andreinvigorating our work boots business. We believe these additional priorities further strengthen ourfoundation and position us for growth in the years ahead. Fiscal 2026 was an outstanding year for Boot Barn as our team demonstrated the agility anddisciplined execution that has become the hallmark of Boot Barn. We delivered record revenue of$2.25 billion, representing growth of 17.9%over fiscal 2025.Income from operations reached arecord $299 million, representing 13.3% of sales, driven by 7.2% consolidated same-store salesgrowth, 80 basis points of merchandise margin expansion, and disciplined expense management.As a result, earnings per diluted share increased 25% to a record $7.35. Expanded Opportunity A significantdevelopment this past year was the completion of a comprehensive study thatidentifieda substantially larger long-term growth opportunity for Boot Barn. Based on this analysis,we now believe that our total addressable market has expanded from $40 billion to $58 billion, andthat our U.S. store count potential has expanded from 900 to 1,200 locations across the country.This expanded opportunity reinforces our confidence in Boot Barn’s long-term growth strategy andour ability to continue creating value for our stockholders. Our Four Strategic Initiatives 1. New Stores This past year we strengthened our commitment to new unit growth, opening a record 80 newstoresduring fiscal 2026 and ending the year with 539 locations.Over the past five years, we havedoubled our store count through new unit openings. Collectively, these stores have exceeded ourexpectations for sales, profitability, and investment payback.Their consistent performance acrossall geographies further strengthens our conviction in our expanded long-term store growthopportunity. 2. Same-Store Sales Our same-store sales performance in fiscal 2026 demonstrated the strength of our brand and theeffectiveness of our merchandising and marketing strategies. For the full year, we deliveredconsolidated same-store sales growth of 7.2% on top of strong growthin the prior year, reflectingstrength across all major merchandise categories and regional geographies. This broad-basedperformance underscores the resilience of our business model and the continued appeal of thewestern and work lifestyle with consumers across the country. 3. Omni-Channel Our digital business continued to perform well this past year, with e-commerce same-store salesincreasing 15.3% infiscal 2026,driven by double-digit growth on bootbarn.com and positive compson our other digital sites. Our integrated omni-channel capabilities enable us to serve customersseamlessly across every touchpoint, strengthening customer engagement and loyalty whileleveraging our store footprint to support digitalfulfillment and drive in-store conversion. We alsocontinued to invest in AI-powered capabilities to enhance the customer experience, improveoperational efficiency,anddrive incremental traffic acrossboth our digital and physical channels. 4. Merchandise Margin and Exclusive Brands We delivered meaningful merchandise margin expansion of 80 basis points for the full year. Thisrepresents a remarkable 570 basis-point expansion over the pastfiveyears. Our continued margingrowthreflectsour commitment to increased full-price selling, better buying economies of scale,supply chain efficiencies, and growing exclusive brands. Our exclusive brands continue to resonatewith customers, representing a growing share of sales while strengthening our competitive positionand enhancing profitability. Fiscal 2026 Priorities Beyond our four core initiatives, I am particularly proud of the progress we made on the threeadditional priorities introduced this year. First,we significantly expanded oursourcing organizationduringfiscal 2026. Whilewe expect the run rate benefits ofthe sourcing organization to be realizedbeginninglate in fiscal 2027 andintofiscal 2028, the timing of this investment proved especiallybeneficialas the tariff landscape evolved.Second, we refined our marketing approach to betterposition our exclusive brands as distinct consumer brands. During the year, we launched dedicatedbrand websites for Cody James, Hawx, Shyanne, and Cleo + Wolf, in addition to our legacy Idyllwindsite. These investments strengthened our brand storytelling, expanded customer awareness, andsupported new customer acquisition. Finally, our work boots business exited this year with fourconsecutive quarters of accelerating same-storesales growth. This performance ref