Financial Analysis

7. Commitments and Contingencies The Company is involved, from time to time, in litigation that is incidental to its business. The Company has reviewed these matters to determine if reserves are required for losses that are probable and reasonable to estimate in accordance with FASB ASC Topic 450, Contingencies . The Company evaluates such reserves, if any, based upon several criteria, including the merits of each claim, settlement discussions, and advice from outside legal counsel, as well as indemnification of amounts expended by the Companys insurers or others, if any. The Company is also subject to certain other pending or threatened litigation matters incidental to its business. In managements opinion, as of the date of this Quarterly Report on Form 10-Q, none of these legal matters, individually or in the aggregate, will have a material effect on the Companys financial position, results of operations, or liquidity. During the normal course of its business, the Company has made certain indemnifications and commitments under which the Company may be required to make payments for certain transactions. These indemnifications include those given to various lessors in connection with facility leases for certain claims arising from such facility leases, and indemnifications to directors and officers of the Company to the maximum extent permitted under the laws of the State of Delaware. The majority of these indemnifications and commitments do not provide for any limitation of …

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5. Revolving Credit Facility Under that certain Credit Agreement, dated as of June 29, 2015, by and among Wells Fargo Bank, National Association as agent (Wells Fargo), the lenders party thereto (collectively, the Lenders), Boot Barn, Inc. and Sheplers, LLC (together, the Borrowers), and the Company and Sheplers Holding LLC (together, the Guarantors and, together with Wells Fargo, the Lenders, and the Borrowers, the Credit Agreement Parties) (as amended by Amendment No. 1 to Credit Agreement, dated as of January 25, 2017, Amendment No. 2 to Credit Agreement and Amendment No. 1 to Collateral Agreement, dated as of May 26, 2017, Amendment No. 3 to Credit Agreement, dated as of as of June 6, 2019, Amendment No. 4 to Credit Agreement and Amendment No. 2 to Collateral Agreement, dated as of July 11, 2022 and Amendment No. 5 to Credit Agreement, dated as of March 11, 2026, the Credit Agreement), the Company had a $250.0 million syndicated senior secured asset-based revolving credit facility (the Wells Fargo Revolver). Under the Wells Fargo Revolver, the sublimit for letters of credit is $10.0 million, and the maturity date was July 11, 2027. On July 28, 2026, the Credit Agreement Parties and certain new lenders named therein entered into Amendment No. 6 to Credit Agreement (the Credit Agreement Amendment) to, among other things, increase the Wells Fargo Revolver to $500.0 million and extend the maturity date to July 28, 2031. For additional information regarding the Credit Agreemen …

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The Company disaggregates net sales into the following major merchandise categories: Thirteen Weeks Ended % of Net Sales June 27, 2026 June 28, 2025 Footwear 47 % 48 % Apparel 36 % 35 % Hats, accessories and other 17 % 17 % Total 100 % 100 % The Company further disaggregates net sales between stores and e-commerce: Thirteen Weeks Ended % of Net Sales June 27, 2026 June 28, 2025 Stores 92 % 91 % E-commerce 8 % 9 % Total 100 % 100 % …

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6. Stock-Based Compensation Equity Incentive Plans On October 19, 2014, the Company approved the 2014 Equity Incentive Plan, which was amended as of August 24, 2016 (as amended, the 2014 Plan). The 2014 Plan authorized the Company to issue awards to employees, consultants, and directors for up to a total of 3,600,000 shares of common stock, par value $0.0001 per share . All awards granted by the Company under the 2014 Plan were nonqualified stock options, restricted stock awards, restricted stock units (RSUs) or performance share units (PSUs). Options granted under the 2014 Plan have a life of eight to ten years and vested over service periods of four or five years or in connection with certain events as defined by the 2014 Plan and as determined by the Compensation Committee of the Board (the Compensation Committee). Restricted stock awards granted under the 2014 Plan vested over one or four years, as determined by the Compensation Committee. RSUs granted under the 2014 Plan vested over service periods of one , four or five years, as determined by the Compensation Committee. PSUs granted under the 2014 Plan were subject to the vesting criteria discussed further below. On August 26, 2020 (the Effective Date), the Companys stockholders approved the Boot Barn Holdings, Inc. 2020 Equity Incentive Plan, and on August 25, 2021, the Companys stockholders approved Amendment No. 2021-1 to the Boot Barn Holdings, Inc. 2020 Equity Incentive Plan (as amended, the 2020 Plan). Following t …

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9. Income Taxes The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes (ASC 740). In accordance with ASC 740, the Company recognizes deferred tax assets and liabilities based on the liability method, which requires an adjustment to the deferred tax asset or liability to reflect income tax rates currently in effect. When income tax rates increase or decrease, a corresponding adjustment to income tax expense is recorded by applying the rate change to the cumulative temporary differences. ASC 740 prescribes the recognition threshold and measurement principles for financial statement disclosure of tax positions taken or expected to be taken on a tax return. ASC 740 requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recognized. Additionally, ASC 740 provides guidance on recognition measurement, derecognition, classification, related interest and penalties, accounting in interim periods, disclosure, and transition. The income tax rate was 24.1% and 25.1% for the thirteen weeks ended June 27, 2026 and June 28, 2025, respectively. The income tax rate for the thirteen weeks ended June 27, 2026 was lower than the income tax rate for the thirteen weeks ended June 28, 2025, primarily due to a higher income tax benefit from income tax accounting for stock-based compensation in the current-year period. Valuation al …

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Recent Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update (ASU) No. 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures . This ASU requires additional disclosure of certain costs and expenses within the notes to the financial statements. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2026, with early adoption permitted. The amendments should be applied either prospectively or retrospectively. The Company is currently evaluating the impact of adoption on its financial disclosures. …

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3. Segment Reporting The Company is an omni-channel lifestyle retail chain devoted to western and work-related footwear, apparel, and accessories in the United States, and derives revenue from customers purchasing product from the Companys stores and e-commerce websites. The Companys CODM is its Chief Executive Officer. The CODM regularly reviews operations and financial performance at a consolidated level. The Company operates as one operating and one reportable segment. The CODM uses net income, as reported on the Condensed Consolidated Statement of Operations, to manage business activities on a consolidated basis and to evaluate and assess the performance of the Company when determining how to allocate capital resources. Segment performance is monitored and resource allocation is determined during the annual budget process. The CODM does not review segment assets at a different asset level or category than what is presented on the Condensed Consolidated Balance Sheet. The following table presents information about our segment revenue, segment profit or loss, and significant expenses (in thousands): Thirteen Weeks Ended June 27, June 28, (In thousands) 2026 2025 Net Sales $ 593,515 $ 504,067 Less: Merchandise cost of goods sold 1 271,608 241,667 Buying, occupancy, and distribution center expenses 2 82,015 65,179 Gross profit 239,892 197,221 Selling expenses 3 110,197 92,142 Other general and administrative expenses 4 39,169 34,359 Income from operations 90,526 70,720 Other …

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2. Summary of Significant Accounting Policies Information regarding the Companys significant accounting policies is contained in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Companys Fiscal 2026 10-K. Presented below and in the following notes is supplemental information that should be read in conjunction with those consolidated financial statements. Comprehensive Income The Company does not have any components of other comprehensive income recorded within its condensed consolidated financial statements and, therefore, does not separately present a statement of comprehensive income in its condensed consolidated financial statements. Segment Reporting GAAP has established guidance for reporting information about a companys operating segments, including disclosures related to a companys products and services, geographic areas and major customers. The Company monitors and reviews its segment reporting structure in accordance with authoritative guidance to determine whether any changes have occurred that would impact its reportable segments. The Companys chief operating decision maker (CODM) is its Chief Executive Officer. The CODM regularly reviews operations and financial performance at a consolidated level, based on a single operating segment. The Company operates as one operating and one reportable segment. Further, the Companys operations represent one reporting unit for the purpose of its goodwill impairment an …

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11. Subsequent Events On July 28, 2026, the Credit Agreement Parties and certain new lenders named therein entered into the Credit Agreement Amendment. The Credit Agreement Amendment increases the aggregate Revolving Credit Commitment (as defined therein) from $250.0 million to $500.0 million and extends the Maturity Date (as defined therein) to the earliest of (a) July 28, 2031 (or such later date that may be determined thereunder), (b) the date of termination of the entire Revolving Credit Commitment by the borrowers pursuant to Section 2.5 of the Credit Agreement, and (c) the date of termination of the Revolving Credit Commitment pursuant to Section 10.2(a) of the Credit Agreement. Additionally, the Credit Agreement Amendment revises the accordion feature to permit increases in the aggregate Revolving Credit Commitments by an amount not to exceed the greater of $100.0 million and the suppressed availability, up to a maximum amount of Revolving Credit Commitments not to exceed $750.0 million, reduces the maximum amount of the swingline subfacility from the lesser of $20.0 million and the Revolving Credit Commitment to the lesser of $10.0 million and the Revolving Credit Commitment, eliminates the Credit Spread Adjustment (as defined therein) applicable to SOFR borrowings, and makes certain other amendments relating to certain covenant and reporting thresholds. …

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