Boot Barn Holdings Inc. continues to grow its store base.

The specialty retailer’s CEO John Hazen told investors at its fourth quarter earnings call on Thursday that the “new store engine continues to deliver strong results across all regions of the country.” He said that the specialty chain opened 267 stores over the past five years, doubling the store count to 539 locations on March 28, the fiscal year-end.

More importantly, the 267 stores, representing half of the chain, “contributed more than $750 million in incremental revenue to fiscal ’26,” Hazen said, noting that the contribution exceeded company expectations on average for sales, earnings and payback. He said the new stores “on average are on track to generate approximately $3.2 million in annual sales in their first full year of operations and to pay back their initial investment in less than two years.”

In addition to driving incremental sales and earnings. the new store sales also drive same-store sale growth once they are a year old and enter the comp base.

“Stores opened with in the past five years, which as a reminder, have not yet reached their sales maturity, added approximately 150 basis points to consolidated same-store sales in fiscal ’26,” the CEO said.

The company has a long-term target of 1,200 locations across the U.S. Hazen said the retailer’s new store pipeline “remains strong” and that the company is “well positioned to continue to expanding the Boot Barn brand for years to come.”

Jefferies Corey Tarlowe wrote in a research note that with management reiterating its 1.200-store long-term opportunity, “unit growth remains a key earnings driver.” Tarlowe also noted that 25 doors are expected in the first quarter of Fiscal Year 2027. Full year store openings were reduced to 70 from 80, as 10 store openings were accelerated into the fourth quarter of Fiscal Year 2026.

“Boot [Barn] is one of the last remaining unit growth stories in retail, while also offering a level of sales and margin consistency that should be afforded a premium in the current market,” wrote BTIG analyst Janine Stichter. “We see Boot growing units in the solid double digits annually for the foreseeable future, with the potential to more than double the store base.”

Stichter added that the specialty chain’s heavily need-based assortment and lack of fashion or seasonal risk offer a “degree of relative stability not seen at most retailers, allowing for historically steady performance even in volatile environments.”

“We continue to believe that Boot is the best growth story in retail. Boot Barn owns the space in the better Country, Country Lifestyle, and Country Western, and Work footwear and apparel, and is improving its position in Work apparel and footwear,” wrote Williams Trading analyst Sam Poser. “Boot is just beginning to reap the benefits from narrowing and deepening its merchandise assortments.”

According to Poser, “We foresee little that will prevent Boot Barn from reaching its 1,200 store objective over the next five to six years, in our opinion, as long as it continues to evolve its focus and execution.”

The retailer on Thursday marked a “record year” as fourth quarter net income rose 18.4 percent to $44.4 million and a net sales gain of 18.7 percent to $538.8 million.