BOOT

AI MemoPost-earnings T+3

Boot Barn

As of 2026-05-17/Post-earnings T+3/Confidence medium

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Data freshness

AI Memo

As of 2026-05-17 • Model: RankAlpha Sentiment Codex

Decision Panel

Action, confidence, horizon, and decision blockers at a glance.

Action

—

Confidence

medium

Horizon

—

Key catalyst

Next quarter must validate the lower FY27 comp cadence • 2026-08-05

Expected move: -6%

Biggest risk

The bear read is that FY27 same-store sales guidance slowed to 2%-4% after a 7.2% FY26 comp, Q4 gross margin rate fell 80 bps because new-store occupancy deleveraged and merchandise margin slipped 30 bps, and verified post-print analyst revision data is still thin, so the market may keep discounting a normalization story rather than paying for peak momentum [#8-K-2026-05-14].

Invalidation

Break below $120 or thesis failure.

What would change my mind?

The strongest bull read is that the May 14, 2026 earnings release showed record FY26 sales, EPS growth, 80 openings, positive comps across stores and e-commerce, and a still-double-digit FY27 outlook, which supports the idea that the April drawdown had overshot fundamentals [#8-K-2026-05-14]. At the $143.85 anchor price, the stock sits well below the packet's median target summary of $238.2857, though the analyst count is unavailable.

Research note

Recommendation

—

Confidence

medium

As of

2026-05-17

Base target

$155

p=45%

Bull target

$185

p=30%

Bear target

$120

p=25%

Key bullets

Fast scan of bull, bear, and watch items

BullKey bullets

Q4/FY26 beat with FY27 guide reset higher
Store growth and exclusive-brand mix can keep margins expanding
The strongest bull read is that the May 14, 2026 earnings release showed record FY26 sales, EPS growth, 80 openings, positive comps across stores and e-commerce, and a still-double-digit FY27 outlook, which supports the idea that the April drawdown had overshot fundamentals [#8-K-2026-05-14].

BearKey bullets

Aggressive store growth can keep occupancy and distribution costs elevated; Q4 gross margin rate already saw 50 bps of deleverage in buying, occupancy, and distribution-center costs [#8-K-2026-05-14].
Boot Barn's strategy leans on exclusive-brand expansion; the 10-K warns that mis-balancing exclusive and third-party brands could hurt sales and gross profit [#10-K-2026-05-14].
FY27 guidance assumes only 2.0%-4.0% same-store sales growth, so even a modest demand miss could pressure the post-earnings thesis [#8-K-2026-05-14].

WatchKey bullets

Next quarter must validate the lower FY27 comp cadence

Summary

High-level snapshot

Recommendation

Model confidence

medium

Timeframe

Asset

Equity

Trigger

Post-earnings T+3

Base case: $155 (p=45%)

Bull/Bear spread: +13% / -27%

Vs latest close: Bull +13% · Base -6% · Bear -27%

Scenario probabilities

Bull Target: $185 (p=30%)Base Target: $155 (p=45%)Bear Target: $120 (p=25%)

Commentary

Primary-source evidence improved materially on May 14, 2026 with the earnings 8-K and release, and secondary coverage framed the initial reaction as modestly positive after a small EPS beat. Still, this is a T+3 follow-up with limited verified post-print analyst revision flow, no reliable social coverage packet, and a medium-coverage name, so the tone is better but still best treated as an earnings-monitoring setup rather than a full conviction rerating.

As of 2026-05-17 • Updated bi-weekly / post-earningsSource: Internal modelMethodology

Analyst Summary

Thesis highlights from the latest analysis

Bull Case

Bear Case

Drivers

Scannable catalysts and supporting factors

Q4/FY26 beat with FY27 guide reset higher
Store growth and exclusive-brand mix can keep margins expanding

Scenarios

Bull Target (Scenario probability)

$185 / p=30% prob

Base Target (Scenario probability)

$155 / p=45% prob

Bear Target (Scenario probability)

$120 / p=25% prob

Price $164 as of 2026-07-13

Nearest Scenario: Base (∆ 6%)

Targets vs latest close: Bull +13% · Base -6% · Bear -27%

Sentiment & Exposure

News Sentiment (30d)

0.20

Social Sentiment (7d)

0.00

Events

Other notable items detected

EVENT2026-08-05
Next quarter must validate the lower FY27 comp cadence
Management guided Q1 FY27 to 2.0%-4.0% consolidated same-store sales growth and $1.62-$1.71 EPS, so the next print becomes the proof point for whether FY26 momentum can continue after a record year [#8-K-2026-05-14].
Prob 65.00% • Move 8.00% • Priced-in 45.00%

Short-term Catalysts

Next few weeks

Q4/FY26 beat with FY27 guide reset higher
2026-05-14
Boot Barn reported Q4 sales up 18.7% to $538.8M, same-store sales up 6.1%, diluted EPS of $1.45, and guided FY27 to 14%-16% sales growth with 70 planned openings plus 10 stores pulled into Q4 FY26; this is the clearest post-earnings driver and is primary-source confirmed [#8-K-2026-05-14].
Prob 80% • Move 7% • Priced-in 55%

Long-term Catalysts

Months to a year

Store growth and exclusive-brand mix can keep margins expanding
2027-03-27
FY26 merchandise margin expanded on better buying economies of scale, higher exclusive-brand penetration, and supply-chain efficiencies, while the 10-K says exclusive brands were 40.8% of sales and remain a strategic focus; if Boot Barn scales 70 more stores without losing margin discipline, the longer-duration earnings story remains intact [#8-K-2026-05-14] [#10-K-2026-05-14].
Prob 60% • Move 14% • Priced-in 35%

Risks

Aggressive store growth can keep occupancy and distribution costs elevated; Q4 gross margin rate already saw 50 bps of deleverage in buying, occupancy, and distribution-center costs [#8-K-2026-05-14].
Boot Barn's strategy leans on exclusive-brand expansion; the 10-K warns that mis-balancing exclusive and third-party brands could hurt sales and gross profit [#10-K-2026-05-14].
FY27 guidance assumes only 2.0%-4.0% same-store sales growth, so even a modest demand miss could pressure the post-earnings thesis [#8-K-2026-05-14].
The 10-K also flags ongoing tariff and trade-policy uncertainty; management says changing tariff rates and refund timing remain hard to predict, which can affect product costs and consumer behavior [#10-K-2026-05-14].
The 10-K flags discretionary-spending sensitivity and says lower consumer confidence, inflation, rates, or weaker local conditions could reduce demand and increase markdown pressure [#10-K-2026-05-14].

Peers

Symbol	Summary
FND	Floor & Decor is a closer specialty-retail comp on unit growth, category authority, and new-store economics, though its end-market is home improvement rather than western/work apparel.
OLLI	Ollie's is a useful retail execution comp for traffic, value perception, and store expansion, but it is a looser peer because the merchandise model is off-price closeout rather than brand-led specialty retail.
MNSO	MINISO offers a read-through on specialty retail store rollout and merchandise mix leverage, but it is also a loose peer given a very different category and geographic mix.

Sources

Internal and external references used in this analysis

Model source: RankAlpha Sentiment Codex
Human targets: serper
Analysis date: 2026-05-17

AI Stock Memo: BOOT - Boot Barn - RankAlpha