Boot Barn (BOOT.N): EPS Flash — Strong F1Q Results, but Flat SSS Growth in July Leads to Softer F2Q Guide (Somewhat Anticipated)

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Boot Barn (BOOT.N): EPS Flash — Strong F1Q Results, but Flat SSS Growth in July Leads to Softer F2Q Guide (Somewhat Anticipated)

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29 Jul 2026 18:18:31 ET │ 16 pages

Boot Barn (BOOT.N)

EPS Flash — Strong F1Q Results, but Flat SSS Growth in July Leads to

Softer F2Q Guide (Somewhat Anticipated)

CITI'S TAKE Buy

Price (29 Jul 26 16:00) US$150.89 It was a mixed print — F1Q was strong with SSS of +4.7% and EPS of $1.91

Target price US$205.00 (ex. tariff refund benefit) both beating expectations. Full year guidance

was raised to reflect an organic roll-forward of the F1Q beat and the new Expected share price return 35.9%

tariff refund benefit all flowing to the bottom-line, partially offset by Expected dividend yield 0.0%

lowered F2Q expectations due to the softer start in July. There will be a Expected total return 35.9%

debate whether the softer trend in July is transitory. The commentary Market Cap US$4,577M

about traffic softness and western category weakness (especially

women's) is a signal the tough comparisons are catching up to BOOT. In

our view, July is low volume month and we need to see a couple months to

assess if the category is destined for slower growth over the next few Q's. Steven Zaccone, CFAAC

The long-term growth story remains intact. Stock specific, recent +1-212-816-7089

weakness in BOOT shares show the July softness was somewhat steven.zaccone@citi.com

anticipated.

Key Takeaways from the Earnings Call — (1) July SSS Deceleration: The

deceleration in July SSS to Flat y/y vs. June exit rate of +5.4% largely attributable to

traffic weakness across the US and deceleration in western category performance

(more pronounced in women's). Mgmt. believes lack of stadium country music tours

and World Cup distraction were traffic issues.