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• The Bass Pro Shops for western and workwear.
• A Dick's Sporting Goods for the ranch and worksite.

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• Western Boots: Offers a diverse selection of cowboy and cowgirl boots for adults and children, featuring various styles, materials, and brands.
• Work Boots: Provides durable and protective footwear, including steel-toe, composite-toe, and waterproof options, suitable for various demanding work environments.
• Western Apparel: Sells a wide array of clothing items such as jeans, shirts, dresses, jackets, and outerwear, all designed with a distinct Western aesthetic.
• Workwear: Features a comprehensive collection of functional and resilient clothing, including flame-resistant (FR) garments, shirts, pants, and coveralls for professional use.
• Accessories: Includes a variety of complementary items such as hats, belts, buckles, wallets, jewelry, and other Western-themed gifts.

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John Hazen | Chief Executive Officer

John Hazen was appointed Chief Executive Officer of Boot Barn effective May 5, 2025, after serving as Interim CEO since November 2024. He joined Boot Barn in 2018 as Chief Digital Officer. Prior to his time at Boot Barn, Mr. Hazen was the Senior Vice President of Commerce and Subscriptions at Ring from 2017 to 2018. From 2014 to 2017, he served as the Senior Vice President of Direct to Consumer at True Religion, where he oversaw both brick-and-mortar and digital channels. With over 20 years of experience in the apparel and footwear industry, his career includes leadership positions at Kellwood, Nike, and Fox Racing. Mr. Hazen holds a Bachelor of Commerce degree in management information systems from Concordia University and a Master of Business Administration from Loyola Marymount University.

James M. Watkins | Chief Financial Officer and Secretary

James M. Watkins has served as Boot Barn's Chief Financial Officer and Secretary since November 2021. He joined Boot Barn in 2014 and has held various roles within the company, including Senior Vice President, Finance and Investor Relations. Before joining Boot Barn, Mr. Watkins was the Vice President, Corporate Controller and Principal Accounting Officer of Mindspeed Technologies, a publicly traded semiconductor company. He also spent 12 years as an auditor at Ernst & Young. Mr. Watkins is a Certified Public Accountant in California and earned a Bachelor of Science in accounting from Brigham Young University.

Laurie Grijalva | Chief Merchandising Officer

Laurie Grijalva has been Boot Barn's Chief Merchandising Officer since 2014. She began her career with Boot Barn in 1993 as a Senior Merchant and has held a variety of positions, including Vice President of Buying and Merchandising from 2004 to 2014. Prior to Boot Barn, Ms. Grijalva was employed by LeRoy Knitted Sportswear from 1981 to 1988 and Grunwald Marx Apparel from 1990 to 1993, where her responsibilities included line building and exclusive brand production. She holds a Bachelor of Arts in communications from California State University, Fullerton, and a Master of Business Administration from the Argyros School of Business at Chapman University.

Michael A. Love | Chief Retail Officer

Michael A. Love has served as Boot Barn's Chief Retail Officer since 2022. He joined the company in 2014 and previously held roles as Senior Vice President of Stores (2018-2022), Senior Vice President of Marketing and Merchandise Planning (2017-2018), and Vice President of Merchandise Planning (2014-2017). Before joining Boot Barn, Mr. Love was the Vice President of Merchandise Planning and Allocation at Claire's Stores, Inc. from 2010 to 2014, and Vice President Divisional Planning Manager for Kohl's Corporation from 2008 to 2010. His extensive career also includes various merchandising and planning roles at Federated Department Stores, May Department Stores Company, Inc., and Macy's Inc.

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1. Decreases in Consumer Spending and Changes in Consumer Preferences: Boot Barn's financial performance is highly susceptible to shifts in consumer discretionary spending, which can be negatively impacted by declines in consumer confidence, local economic conditions, and changes in consumer preferences. Inflation and other global economic challenges can also influence purchasing behavior, making it harder to predict future performance. The company's reliance on discretionary income for its products means that economic downturns, rising interest rates, and changes in fashion trends (such as the waning popularity of western-themed trends) could severely impact sales and profitability.
2. Supply Chain Risks and Tariffs: Boot Barn faces risks related to its supply chain, including potential disruptions and the impact of tariffs. A significant portion of its inventory is sourced from countries like China and Mexico, making it vulnerable to tariff increases and geopolitical trade tensions. These factors can lead to higher costs of goods, pressure on merchandise margins, and challenges in managing inventory and pricing. To mitigate this, Boot Barn has been actively shifting production to countries with lower tariffs such as Cambodia, India, and Vietnam.
3. Intense Competition: The retail market for western and work wear is highly fragmented and characterized by numerous regional and independent specialty stores, as well as competition from larger mass merchants and online retailers. While Boot Barn is considered a dominant player, this competitive landscape still poses a risk to market share, pricing power, and the ability to attract and retain customers. The company must continually enhance its brand image, expand exclusive product offerings, and compete effectively on various fronts, including its growing e-commerce presence.

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Boot Barn Holdings, Inc. (symbol: BOOT) primarily operates within the Western wear and workwear markets, offering a wide selection of boots, apparel, and accessories. The company also extends its offerings to outdoor recreation merchandise and gear.

Addressable Market Sizes:

• Western Wear:
  • The global Western wear market size was valued at approximately $81.7 billion in 2025 and is projected to reach $110.76 billion by 2034, growing at a compound annual growth rate (CAGR) of about 3.44% from 2025 to 2034. Other estimates place the global market at $103.88 billion in 2024, expected to reach $152.31 billion by 2032 with a CAGR of 4.9%.
  • In the United States, the Western wear market size is projected to be $27.96 billion in 2025. Another report estimates the U.S. Western Wear market size at $21,509.47 million in 2024, with a projected CAGR of 1.0% during the forecast period.
• Workwear:
  • The United States workwear market generated revenues of $3,373.3 million in 2023 and is anticipated to reach $4,354.1 million by 2030, with a CAGR of 3.7% from 2024 to 2030. Another estimate indicates the U.S. workwear market size was approximately $3.50 billion in 2024 and is expected to reach $5.17 billion by 2035, with a CAGR of 3.61% from 2025 to 2035.
  • Globally, the workwear market was valued at $19.08 billion in 2024 and is estimated to reach $30.60 billion by 2033, exhibiting a CAGR of 5.12% from 2025 to 2033.
• Outdoor Recreation Merchandise/Gear:
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Boot Barn (symbol: BOOT) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. New Store Expansion: Boot Barn consistently focuses on aggressive new store growth, with plans to open between 65 and 70 new stores in fiscal year 2026, representing approximately 15% unit growth. The company has increased its long-term U.S. store count potential from 900 to 1,200 stores. New stores are estimated to generate approximately $3.2 million in annual sales and pay back their initial investment in less than two years.
2. Same-Store Sales Growth: The company anticipates continued growth in same-store sales across both its retail stores and e-commerce channels. This growth is driven by factors such as increased transactions and average spending per customer. For fiscal year 2026, Boot Barn expects same-store sales to increase by 6%, with retail store same-store sales up 5.3% and e-commerce up 13%.
3. Expansion of Exclusive Brands: Boot Barn aims to increase the penetration of its exclusive brands, which currently represent a significant portion of sales and contribute to merchandise margin expansion. Exclusive brand penetration reached 41% of sales in Q2 2026, and the company is focused on further growing these offerings.
4. Omnichannel Leadership and E-commerce Growth: The company is investing in its differentiated online presence, including websites like bootbarn.com, sheplers.com, and countryoutfitter.com, as well as digital initiatives like AI-enhanced search. E-commerce same-store sales have shown strong growth, with guidance for a 13% increase in fiscal year 2026.
5. Broadening Total Addressable Market (TAM) and Product Categories: Boot Barn has expanded its estimated total addressable market from $40 billion to $58 billion. This expansion is attributed to a broader adoption of country-lifestyle trends, growth in Western and work categories, and increased penetration into mainstream denim segments.

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Share Repurchases

• Boot Barn's Board of Directors authorized a $200 million share repurchase program.
• The company repurchased $12.5 million and $25 million of its common stock during the thirteen and twenty-six weeks ended September 27, 2025, respectively, under its authorized share repurchase program.
• Approximately $50 million was allocated to share buybacks in Fiscal Year 2026.

Share Issuance

• The number of outstanding shares of common stock was approximately 30.40 million as of May 13, 2024.
• The number of outstanding shares of common stock was approximately 30.59 million as of May 9, 2025.
• As of September 27, 2025, the company had approximately 30.51 million outstanding shares of common stock.

Capital Expenditures

• Capital expenditures for fiscal year 2025 were estimated to be between $115.0 million and $120.0 million, net of estimated landlord tenant allowances. The primary focus was on expanding the store base, with 60 new stores opened in fiscal year 2025.
• For fiscal year 2026, expected capital expenditures are between $115 million and $120 million, net of estimated landlord tenant allowances. The company plans to open between 65 and 70 new stores in fiscal year 2026.
• Capital expenditures are also directed towards enhancing omni-channel capabilities and investing in e-commerce infrastructure, including automation in distribution centers.