Boot Barn started the new fiscal year off strong after beating expectations in the first quarter.

The Irvine, Calif-based footwear company saw net sales in Q1 2027 increase 17.7 percent to $593.5 million from $504.1 million in the prior-year period. Net income in Q1 rose 31.3 percent to $70.1 million, or $2.29 per diluted share, compared to $53.4 million, or $1.74 per diluted share, in the prior-year period.

These results were above the guidance Boot Barn laid out last quarter, which called for net sales in Q1 at between $574 million and $584 million, representing growth between 14 percent and 16 percent over the prior-year period.

Analysts were calling for earnings between $578.4 million and $587.3 million in Q1, with earnings per diluted share between $1.65 and $1.82, according to Yahoo Finance.

Boot Barn noted that the increase in net sales in Q1 was the result of incremental sales from new stores and the increase in consolidated same store sales. In the first quarter, Boot Barn opened 27 new stores, bringing its total store count to 566 as of June 27.

The company also disclosed that tariff refunds of $14.7 million were recognized in cost of goods sold during the current-year period.

John Hazen, chief executive officer of Boot Barn, said in a statement that first quarter results exceeded expectations and “reflected broad-based strength” across the business.

“Our team continues to execute at a high level, delivering solid same store sales growth, expanding margin, and opening new stores that continue to perform above our expectations,” Hazen noted.

Looking ahead, the company raised its yearly guidance slightly to total sales in fiscal 2027 at between $2.580 billion and $2.625 billion, representing growth of 14 percent to 16 percent over fiscal 2026. Net income for the year is now expected to be between $267.9 million and $281.0 million.

These numbers are up from Boot Barn’s previous outlook, which called for net sales for fiscal 2027 between $2.578 billion to $ 2.623 billion, and net income for the year between $251.1 million to $264.5 million.

In the second quarter of 2027, Boot Barn expects total sales between $572 million and $582 million, representing growth of 13 percent to 15 percent over the prior-year period.

The CEO explained that as the company exited the first quarter, Boot Barn’s July sales “moderated” given the “more challenging” year-over-year comparisons.

“While July’s sales came in slightly below our expectations, we believe the shortfall primarily reflected the impact of seasonal events and concerts on our business during a lower-volume month,” Hazen said. “We remain confident in our outlook for the balance of the fiscal year and believe our four strategic initiatives continue to strengthen our competitive position and support long-term profitable growth.”