Americas Retail: Specialty Apparel & Accessories: The Western Wear Pulse: June ’26 Update

Research evidence excerpt

Americas Retail: Specialty Apparel & Accessories: The Western Wear Pulse: June ’26 Update

Equity Research

6 July 2026 | 5:13AM EDT

Americas Retail: Specialty Apparel & Accessories: The Western Wear

Pulse: June ‘26 Update

Jon Keypour

+1(212)934-0334 |

jon.keypour@gs.com

Goldman Sachs & Co. LLC

Kareem Elbadrawi

+1(212)902-7320 |

kareem.elbadrawi@gs.com

We reiterate our Buy rating on BOOT and conviction the brand can maintain +MSD

same-store sales growth through FY27 as indicators of consumer engagement with

the Western Wear industry and BOOT in particular continue to trend positively.

Western Wear Category: Interest in Western fashion and the Western lifestyle

remains resilient with growth across most KPIs including: 1) +MSD growth in TTM

country music listenership and 2) continued positive trends for “Western Wear” and

“Boot Barn” Google Trends. While agricultural and O&G employment continues to

contract, BOOT mgmt has downplayed the impact this industry has on their business

which is now diversified towards general tradesmen and “country lifestyle”

customers.

BOOT Momentum Drill Down: Utilizing GS Data Works to analyze Reddit consumer

sentiment, we find improving positive sentiment in June for Boot Barn generally and

for the exclusive Cody James brand specifically, ahead of competitor brands Ariat

and Tecovas. Although BOOT conversation volume is lower than peers, we view the

favorable sentiment as supportive of management’s aims to deepen Exclusive Brand

sales penetration. Other favorable BOOT specific trends include: 1) triple-digit

growth in online ad impressions, and 2) strong indications of conversion/demand

with positive foot and web traffic, though the latter is moderating from +50% levels

to +30%.

Western Wear Category Data Overview

Industry KPI summary