Boot Barn (BOOT) 10-Q 2 Feb 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 26, 2015	Feb. 01, 2016
Document and Entity Information
Entity Registrant Name	Boot Barn Holdings, Inc.
Entity Central Index Key	1,610,250
Document Type	10-Q
Document Period End Date	Dec. 26, 2015
Amendment Flag	false
Current Fiscal Year End Date	--03-26
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		26,349,738
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 26, 2015	Mar. 28, 2015
Current assets:
Cash and cash equivalents	$ 17,840	$ 1,448
Accounts receivable	5,732	3,863
Inventories	174,060	129,312
Prepaid expenses and other current assets	9,091	10,656
Total current assets	206,723	145,279
Property and equipment, net	72,562	30,054
Goodwill	191,915	93,097
Intangible assets, net	65,561	57,131
Other assets	896	567
Total assets	537,657	326,128
Current liabilities:
Line of credit	30,007	16,200
Accounts payable	81,292	44,636
Accrued expenses and other current liabilities	47,896	24,061
Current portion of notes payable, net of unamortized debt issuance costs	1,050	1,596
Total current liabilities	160,245	86,493
Deferred taxes	3,957	21,102
Long-term portion of notes payable, net of unamortized debt issuance costs	192,826	72,030
Capital lease obligation	8,334	15
Other liabilities	12,475	4,066
Total liabilities	$ 377,837	$ 183,706
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.0001 par value; December 26, 2015 - 100,000 shares authorized, 26,353 shares issued; March 28, 2015 - 100,000 shares authorized, 25,824 shares issued	$ 3	$ 3
Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding
Additional paid-in capital	$ 137,235	$ 128,693
Retained earnings	$ 22,582	$ 13,726
Less: Common stock held in treasury, at cost, 3 and zero shares at December 26, 2015 and March 28, 2015, respectively
Total stockholders' equity	$ 159,820	$ 142,422
Total liabilities and stockholders' equity	$ 537,657	$ 326,128

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 26, 2015	Mar. 28, 2015
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common Stock, shares issued (in shares)	26,353,144	25,824,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Common Stock, shares held in treasury (in shares)	3,000	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 193,842	$ 130,523	$ 419,554	$ 299,404
Cost of goods sold	129,891	84,367	289,176	198,605
Amortization of inventory fair value adjustment	(228)		(453)
Total cost of goods sold	129,663	84,367	288,723	198,605
Gross profit	64,179	46,156	130,831	100,799
Operating expenses:
Selling, general and administrative expenses	43,986	28,299	105,323	73,167
Acquisition-related expenses			891
Total operating expenses	43,986	28,299	106,214	73,167
Income from operations	20,193	17,857	24,617	27,632
Interest expense, net	3,553	4,177	9,347	9,755
Other income, net		12		37
Income before income taxes	16,640	13,692	15,270	17,914
Income tax (benefit)/expense	6,712	4,929	6,414	6,794
Net income	9,928	8,763	8,856	11,120
Net income attributed to non-controlling interest				4
Net income attributed to Boot Barn Holdings, Inc.	$ 9,928	$ 8,763	$ 8,856	$ 11,116
Earnings per share:
Basic shares (in dollars per share)	$ 0.38	$ 0.37	$ 0.34	$ 0.46
Diluted shares (in dollars per share)	$ 0.37	$ 0.36	$ 0.33	$ 0.45
Weighted average shares outstanding:
Basic shares	26,326	23,704	26,116	20,928
Diluted shares	26,871	24,556	27,003	21,599

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Shares	Noncontrolling Interest	Total
Balance at Mar. 29, 2014	$ 2	$ 78,834	$ 1,652		$ 4,087	$ 84,575
Balance (in shares) at Mar. 29, 2014	18,929
Increase (Decrease) in Stockholders' Equity
Net income			11,116		4	11,120
Dividend paid		(39,648)	(1,652)			(41,300)
Reorganization and issuance of stock		4,091			$ (4,091)
Reorganization and issuance of stock (in shares)	1,000
Issuance of stock in IPO, net of cost	$ 1	82,223				82,224
Issuance of stock in IPO, net of cost (in shares)	5,750
Issuance of restricted stock awards (in shares)	30
Stock-based compensation expense		1,459				1,459
Balance at Dec. 27, 2014	$ 3	126,959	11,116			138,078
Balance (in shares) at Dec. 27, 2014	25,709
Balance at Mar. 28, 2015	$ 3	128,693	13,726			142,422
Balance (in shares) at Mar. 28, 2015	25,824
Increase (Decrease) in Stockholders' Equity
Net income			8,856			8,856
Stock options exercised		2,698				2,698
Stock options exercised (in shares)	529
Shares forfeited, held in treasury stock				(3)
Excess tax benefit		3,701				3,701
Stock-based compensation expense		2,143				2,143
Balance at Dec. 26, 2015	$ 3	$ 137,235	$ 22,582			$ 159,820
Balance (in shares) at Dec. 26, 2015	26,353			(3)

CONDENSED CONDSOLIDATED STATEME

CONDENSED CONDSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014
Cash flows from operating activities
Net income	$ 8,856	$ 11,120
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation	7,670	4,481
Stock-based compensation	2,143	1,459
Excess tax benefit	(3,701)
Amortization of intangible assets	1,852	1,962
Amortization and write-off of debt issuance fees and debt discount	1,991	2,218
Loss on disposal of property and equipment	237	113
Accretion of above market leases	54	(126)
Deferred taxes	(1,060)	604
Amortization of inventory fair value adjustment	(453)
Changes in operating assets and liabilities:
Accounts receivable	(77)	(2,321)
Inventories	(13,859)	(19,153)
Prepaid expenses and other current assets	9,057	1,176
Other assets	(1,550)	(166)
Accounts payable	23,053	5,647
Accrued expenses and other current liabilities	17,068	12,423
Other liabilities	4,387	1,148
Net cash provided by operating activities	55,668	20,585
Cash flows from investing activities
Purchases of property and equipment	(30,094)	(9,562)
Acquisition of business, net of cash acquired	(146,541)
Net cash used in investing activities	(176,635)	(9,562)
Cash flows from financing activities
Line of credit - net	13,807	3,419
Proceeds from loan borrowings	200,938	30,750
Repayments on debt and capital lease obligations	(77,298)	(82,860)
Debt issuance fees	(6,487)	(776)
Net proceeds from initial public offering		82,224
Excess tax benefits from stock options	3,701
Proceeds from exercise of stock options	2,698
Dividends paid		(41,300)
Net cash provided by/(used in) financing activities	137,359	(8,543)
Net increase in cash and cash equivalents	16,392	2,480
Cash and cash equivalents, beginning of period	1,448	1,118
Cash and cash equivalents, end of period	17,840	3,598
Supplemental disclosures of cash flow information:
Cash paid for income taxes	2,901	3,347
Cash paid for interest	7,044	7,818
Supplemental disclosure of non-cash activities:
Unpaid purchases of property and equipment	$ 2,416	702
Equipment acquired through capital lease		$ 36

Description of the Company and

Description of the Company and Basis of Presentation	9 Months Ended
	Dec. 26, 2015
Description of the Company and Basis of Presentation
Description of the Company and Basis of Presentation	BOOT BARN HOLDINGS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENT S (Unaudited) 1. Description of the Company and Basis of Presentation Boot Barn Holdings, Inc., formerly known as WW Top Investment Corporation (the “Company”) was formed on November 17, 2011, and is incorporated in the State of Delaware. The equity of the Company consists of 100,000,000 authorized shares and 26,353,144 issued and 26,349,738 outstanding shares of common stock as of December 26, 2015. The shares of common stock have voting rights of one vote per share. The Company operates specialty retail stores that sell western and work boots and related apparel and accessories. The Company operates retail locations throughout the U.S. and sells its merchandise via the internet. The Company operated a total of 2 06 stores in 2 9 states as of December 26, 2015 and 169 stores in 26 states as of March 28, 2015. As of December 26, 2015, all stores operate under the Boot Barn name, with the exception of one store which operates under the “Sheplers” name and two stores which operate under the “American Worker” name. As of June 8, 2014, the Company held all of the outstanding shares of common stock of WW Holding Corporation, which held 95.0% of the outstanding shares of common stock of Boot Barn Holding Corporation. On June 9, 2014, WW Holding Corporation was merged with and into the Company and then Boot Barn Holding Corporation was merged with and into the Company (“Reorganization”). As a result of this Reorganization, Boot Barn, Inc. became a direct wholly owned subsidiary of the Company, and the minority stockholders that formerly held 5.0% of Boot Barn Holding Corporation were issued a total of 1,000,000 shares of common stock and became holders of 5.0% of the Company. Net income attributed to non-controlling interest was recorded for all periods through June 9, 2014. Subsequent to June 9, 2014, there were no noncontrolling interests. On June 10, 2014, the legal name of the Company was changed from WW Top Investment Corporation to Boot Barn Holdings, Inc. Basis of Presentation The Company’s consolidated financial statements as of and for the thirteen and thirty-nine weeks ended December 26, 2015 and December 27, 2014 are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”), and include the accounts of the Company and each of its subsidiaries, including Boot Barn, Inc., RCC Western Stores, Inc. (“RCC”), Baskins Acquisition Holdings, LLC (“Baskins”), Sheplers Inc. and Sheplers Holding Corporation (collectively with Sheplers, Inc. “Sheplers”) and Boot Barn International (Hong Kong) Limited (“Hong Kong”). All intercompany accounts and transactions among the Company and its subsidiaries have been eliminated in consolidation. Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements have been condensed or omitted. In the opinion of management, the interim condensed consolidated financial statements reflect all adjustments that are of a normal and recurring nature necessary to fairly present the Company’s financial position and results of operations and cash flows in all material respects as of the dates and for the periods presented. The results of operations presented in the interim condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the fiscal year ending March 26, 2016. Change in Accounting Principle The Company historically presented debt issuance costs, or fees paid to third party advisors related to directly issuing debt, as assets on the consolidated balance sheet. During the second quarter of fiscal 2016, the Company elected early adoption of Accounting Standards Update (ASU) 2015−03, “Interest − Imputation of Interest (Subtopic 835−30), Simplifying the Presentation of Debt Issuance Costs”. The guidance simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected. Therefore, these costs will continue to be amortized as interest expense over the term of the corresponding debt issuance. This guidance is not applicable to debt issuance costs associated with revolving line of credit agreements, and therefore these costs remain as assets on the condensed consolidated balance sheets. The Company has applied the guidance in ASU 2015-03 retrospectively to the prior period presented in the condensed consolidated balance sheet. The reclassification did not impact net income previously reported or any prior amounts reported on the condensed consolidated statements of operations. The following table presents the effect of the retrospective application of this change in accounting principle on the Company’s condensed consolidated balance sheet as of March 28, 2015: Reclassification of Debt Issuance Costs As Reported Effect of Change in As Adjusted (in thousands) March 28, 2015 Accounting Principle March 28, 2015 Assets Current assets: Prepaid expenses and other current assets $ $ $ Total current assets Noncurrent assets: Other assets Total assets $ $ $ Liabilities and stockholders' equity Current liabilities: Current portion of notes payable $ $ $ Total current liabilities Long-term liabilities: Long-term debt, net of current portion Total liabilities $ $ $ Total liabilities and stockholders' equity $ $ $ Fiscal Periods The Company reports its results of operations and cash flows on a 52- or 53-week basis ending on the last Saturday of March unless April 1st is a Saturday, in which case the fiscal year ends on April 1st. In a 52-week year, each quarter includes thirteen weeks of operations; in a 53-week fiscal year, the first, second and third quarters each include thirteen weeks of operations and the fourth quarter includes fourteen weeks of operations. The fiscal year ending on March 26, 2016 (“fiscal 2016”) and the fiscal year ended on March 28, 2015 (“fiscal 2015”), each consists of 52 weeks. Amendment of Certificate of Incorporation On October 19, 2014, the Company’s board of directors authorized the amendment of its certificate of incorporation to increase the number of shares that the Company is authorized to issue to 100,000,000 shares of common stock, par value $0.0001 per share. In addition, the amendment of the certificate of incorporation authorized the Company to issue 10,000,000 shares of preferred stock, par value $0.0001 per share, and effect a 25 -for-1 stock split of its outstanding common stock. The amendment became effective on October 27, 2014. Accordingly, all common share and per share amounts in these condensed consolidated financial statements have been adjusted to reflect the increase in authorized shares and the 25 -for-1 stock split as though it had occurred at the beginning of the initial period presented. Initial Public Offering On October 29, 2014, the Company commenced its initial public offering (“IPO”) of 5,000,000 shares of its common stock. In addition, on October 31, 2014, the underwriters of the IPO exercised their option to purchase an additional 750,000 shares of common stock from the Company. As a result, 5,750,000 shares of common stock were issued and sold by the Company at a price of $16.00 per share. As a result of the IPO, the Company received net proceeds of approximately $82.2 million, after deducting the underwriting discount of $6.4 million and related fees and expenses of $3.3 million. The Company used the net proceeds from the IPO to pay down the principal balance of its term loan with Golub Capital LLC. See Note 5, “Revolving Credit Facilities and Long-Term Debt.”

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 26, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Information regarding the Company’s significant accounting policies is contained in Note 2, “Summary of Significant Accounting Policies”, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on May 29, 2015. Presented below 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 consolidated financial statements and, therefore, does not separately present a statement of comprehensive income in its consolidated financial statements. Segment Reporting GAAP has established guidance for reporting information about a company’s operating segments, including disclosures related to a company’s products and services, geographic areas and major customers. The Company operates in a single operating segment, which includes net sales generated from its retail stores and e-commerce websites. The vast majority of the Company’s identifiable assets are in the U.S. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Among the significant estimates affecting the Company’s consolidated financial statements are those relating to revenue recognition, inventories, goodwill, intangible and long-lived assets, stock-based compensation and income taxes. Management regularly evaluates its estimates and assumptions based upon historical experience and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. To the extent actual results differ from those estimates, the Company’s future results of operations may be affected. Inventories Inventory consists primarily of purchased merchandise and is valued at the lower of cost or market. Cost is determined on a first-in, first-out basis and includes the cost of merchandise and import related costs, including freight, duty and agent commissions. The Company assesses the recoverability of inventory through a periodic review of historical usage and present demand. When the inventory on hand exceeds the foreseeable demand, the value of inventory that, at the time of the review, is not expected to be sold is written down to its estimated net realizable value. The Company recorded a fair value adjustment to reflect the acquired cost of inventory related to the Sheplers Acquisition (defined below). The amount will be amortized over the period that the related inventory is sold. The amortization of inventory costs was $0.2 million and $0.5 million for the thirteen and thirty-nine weeks ended December 26, 2015, respectively, and zero for the thirteen and thirty-nine weeks ended December 27, 2014. Fair Value of Certain Financial Assets and Liabilities The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which requires disclosure of the estimated fair value of certain assets and liabilities defined by the guidance as financial instruments. The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable and debt. ASC 820 defines the fair value of financial instruments as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level hierarchy for disclosure that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities. · Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities. · Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data. · Level 3 uses one or more significant inputs that are unobservable and supported by little or no market activity, and reflect the use of significant management judgment. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques and significant management judgment or estimation. The Company’s Level 3 assets include certain acquired businesses. Cash and cash equivalents, accounts receivable and accounts payable are valued at fair value and are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified as Level 2 or Level 3 even though there may be certain significant inputs that are readily observable. The Company believes that the recorded value of its financial instruments approximates their current fair values because of their nature and relatively short maturity dates or duration. Although market quotes for the fair value of the outstanding debt arrangements discussed in Note 5, “Revolving Credit Facilities and Long-Term Debt” are not readily available, the Company believes its carrying value approximates fair value due to the variable interest rates, which are Level 2 inputs. There were no financial assets or liabilities requiring fair value measurements on a recurring basis as of December 26, 2015. Recent Accounting Pronouncements In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued a new revenue recognition standard, ASU No. 2014 ‑09, Revenue From Contracts with Customers , that will supersede nearly all existing revenue recognition guidance under GAAP. The revenue recognition standard will allow for the recognition of revenue when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard permits the use of either a full retrospective or retrospective with cumulative effect transition method. Early adoption is not permitted. On August 8, 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU No. 2014-09 by one year, and permits early adoption as long as the adoption date is not before the original public entity effective date. The standard is effective for public entities for annual and interim periods beginning after December 15, 2017. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on the consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) which amends the accounting guidance related to the evaluation of an entity’s ability to continue as a going concern. The amendment establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern in connection with preparing financial statements for each annual and interim reporting period. The update also gives guidance to determine whether to disclose information about relevant conditions and events when there is substantial doubt about an entity’s ability to continue as a going concern. This guidance is effective for the Company beginning in fiscal 2017. The Company does not expect the new guidance to have an impact on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory . This update requires inventory within the scope of the standard to be measured at the lower of cost and net realizable value. Previous guidance required inventory to be measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin). This update is effective for annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact the guidance will have on our consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments ("ASU 2015-16"), which simplifies the accounting for measurement-period adjustments to provisional amounts recognized in a business combination. ASU 2015-16 is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2016. The Company does not expect the new guidance to have an impact on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 eliminates the requirement to bifurcate deferred taxes between current and non-current on the balance sheet and requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for public entities in fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. The amendments for ASU-2015-17 can be applied retrospectively or prospectively and early adoption is permitted. The Company is currently evaluating the impact the guidance will have on our consolidated financial statements.

Business Combinations

Business Combinations	9 Months Ended
	Dec. 26, 2015
Business Combinations
Business Combinations	3. Business Combinations On June 29, 2015, the Company completed the acquisition of Sheplers, a western lifestyle company with 25 retail locations across the United States and a n e-commerce business, for a purchase price of $147.0 million (which included assumption of certain indebtedness), subject to customary adjustments (the “Sheplers Acquisition”). The primary reason for the Sheplers Acquisition was to expand the Company’s retail operations into new and existing markets and grow the Company’s e-commerce business and omni-channel capability. The Company funded the Sheplers Acquisition by refinancing approximately $172.0 million of its and Sheplers’ existing indebtedness in part with an initial borrowing of $57.0 million under a new $125.0 million syndicated senior secured asset-based revolving credit facility for which Wells Fargo Bank, National Association (“June 2015 Wells Fargo Revolver”), is agent, and a $200.0 million syndicated senior secured term loan for which GCI Capital Markets LLC (“2015 Golub Term Loan”) is agent. Borrowings under the new credit agreements were also used to pay costs and expenses related to the acquisition and the closing of the new credit agreement s , and may be used for working capital and other general corporate purposes. The acquisition-date fair value of the consideration transferred totaled $1 49.3 million, which consisted of $147.0 million in cash and $ 2.3 million of a working capital adjustment, cash a cquired and other adjustments. The total fair value of consideration transferred for the acquisition was allocated to the net tangible and intangible assets based upon their estimated fair values as of the date of the acquisition. Any measurement period adjustments will be recorded retrospectively to the acquisition date. The excess of the purchase price over the net tangible and intangible assets was recorded as goodwill. The goodwill is not deductible for income tax purposes. The intangible assets are not expected to be deductible for income tax purposes. Such estimated fair values require ma nagement to make estimates and judgments, especially with respect to intangible assets. The fair value of each intangible and fixed asset acquired through the Sheplers Acquisition was measured in accordance with ASC 820. Customer lists, furniture, fixtures, office equipment, leasehold improvements, computer equipment and warehouse equipment were all valued using the cost approach. The trade name was valued under the royalty savings income approach method and inventory was valued under the comparative sales method. All operating leases, below-market leases, capital leases and financing obligations were valued under either the cost or income approach. Such fair values were determined using Level 3 inputs. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date based on the purchase price allocation : At June 29, 2015 (in thousands) Assets acquired: Cash $ Accounts receivable Inventory Prepaid expenses and other current assets Property and equipment Properties under capital lease and financing transactions Intangible - below-market leases Intangible - trade name Intangible - customer lists Goodwill Other assets Total assets acquired $ Liabilities assumed: Accounts payable $ Accrued liabilities and other payables Accrued customer liabilities Deferred tax liability Capital lease and financing transactions Other liabilities Total liabilities assumed Net Assets acquired $ Definite-lived intangible assets are recorded at their fair value as of the acquisition date with amortization computed utilizing the straight-line method over the assets’ estimated useful lives. The period of amortization for below-market leases is 8 to 12 years and for customer lists is three years. The trade name is an indefinite-lived intangible asset and is not amortized but instead is measured for impairment at least annually, or when events indicate that impairment may exist. The Company incurred $0.9 million of acquisition-related costs, which are expens ed in “Acquisition-related expenses ” in the condensed consolidated statement of operations for the thirty-nine weeks ended December 26, 2015 . The amount of net revenue and net income/( loss ) of Sheplers included in the Company’s unaudited condensed consolidated statements of operations subsequent to the June 29, 2015 acquisition date was as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended December 26, December 26, 2015 2015 (in thousands) Net sales $ $ Net income/(loss) $ $ Supplem ental Pro Forma Data The as adjusted net sales and net income below give effect to the Sheplers A cquisition as if it had been consummated on March 30, 2014 , the first day of the Company’s 2015 fiscal year . These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Sheplers to reflect the effects of amortization of purchased intangible assets and acqu ired inventory valuation step-down , refinanced debt and capital lease and financing transactions as of March 30, 2014 in order to complete the acquisition, and income tax expense. The adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances. Pre-acquisition net sales and net income numbers for Sheplers are deri ved from their books and records prepared prior to the acquisition. This as adjusted data is presented for informational purposes only and does not purport to be indicative of the results of future operations or of the results that would have occurred had the acquisition taken place as of the date noted above. Thirteen Weeks Ended Thirty-Nine Weeks Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 (in thousands) As adjusted net sales $ $ $ $ As adjusted net income $ $ $ $

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Dec. 26, 2015
Intangible Assets, Net
Intangible Assets, Net	4 . Intangible Assets, Net Net intangible assets as of December 26, 2015 and March 28, 2015 consisted of the following: December 26, 2015 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Trademarks $ $ $ — Customer lists Non-compete agreements Below-market leases Total definite lived Trademarks—indefinite lived — Total intangible assets $ $ $ March 28, 2015 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Trademarks $ $ $ — Customer lists Non-compete agreements Below-market leases Total definite lived Trademarks—indefinite lived — Total intangible assets $ $ $ Amortization expense for intangible assets totaled $0.6 million for both the thirteen weeks ended December 26, 2015 and the thirteen weeks ended December 27, 2014, and is included in selling, general and administrative expenses. Amortization expense for intangible assets totaled $1.9 million for the thirty-nine weeks ended December 26, 2015 and $2.0 million for the thirty-nine weeks ended December 27, 2014, and is included in selling, general and administrative expenses. As of December 26, 2015, estimated future amortization of intangible assets was as follows: Fiscal year (in thousands) 2016 $ 2017 2018 2019 2020 Thereafter Total $ The entire change in goodwill from March 28, 2015 to December 26, 2015 resulted from the purchase of Sheplers. The Company performs its annual goodwill impairment test on the first day of the fourth fiscal quarter, or more frequently if it believes that indicators of impairment exist. As of December 26, 2015, the Company had identified no indicators of impairment with respect to its goodwill, intangible and long-lived asset balances.

Revolving Credit Facilities and

Revolving Credit Facilities and Long-Term Debt	9 Months Ended
	Dec. 26, 2015
Revolving Credit Facilities and Long-Term Debt
Revolving Credit Facilities and Long-Term Debt	5. Revolving Credit Facilities and Long-Term Debt On June 29, 2015, the Company , as guarantor, and its wholly-owned primary operating subsidiary, Boot Barn, Inc., refinanced the $150.0 million credit facility with Wells Fargo Bank, N.A. (“February 2015 Well s Fargo Credit Facility”) with the $125.0 million June 2015 Wells Fargo Revolver and the $200.0 million 2015 Golub Term Loan. Borrowings under the new credit agreements were also used to pay costs and expenses related to the Sheplers A cquisition and the closing of the new credit agreement s , and may be used for working capital and other general corporate purposes. Borrowings under the June 2015 Wells Fargo Revolver bear interest at per annum rates equal to, at the Company’s option, either (i) London Interbank Offered Rate (“ LIBOR ”) plus an applicable margin for LIBOR loans, or (ii) the base rate plus an applicable margin for base rate loans. The base rate is calculated as the highest of (a) the federal funds rate plus 0.5% , (b) the Wells Fargo prime rate and (c) one-month LIBOR plus 1.0% . The applicable margin is calculated based on a pricing grid that in each case is linked to quarterly average excess availability. For LIBOR Loans, the applicable margin ranges from 1.00% to 1.25% , and for base rate loans it ranges from 0.00% to 0.25% . The Company also pay s a commitment fee of 0.25% per annum of the actual daily amount of the unutilized revolving loans. The interest on the June 2015 Wells Fargo Revolver is payable in quarterly installments beginning on September 25, 2015 and ending on June 29, 2020 , the maturity date. Total interest expense incurred in the thirteen and thirty-nine weeks ended December 26, 2015 on the June 2015 Wells Fargo Revolver was $0 .3 million and $0.6 million, respectively, and the weighted average interest rate at December 26, 2015 was 1.6% . Borrowings under the 2015 Golub Term Loan bear interest at per annum rates equal to, at the Company’s option, either (a) LIBOR plus an applicable margin for LIBOR loans with a LIBOR floor of 1.0% , or (b) the base r ate plus an applicable margin for base rate loans. The base rate is calculated as the greater of (i) the higher of (x) the prime rate and (y) the federal funds rate plus 0.5% and (ii) the sum of one-month LIBOR plus 1.0% . The applicable margin is 4.5% for LIBOR Loans and 3.5% for base rate loans. The principal and interest on the 2015 Golub Term Loan is payable in quarterly installments beginning on September 25, 2015 and ending on the maturit y date of the term loan, June 29 , 2021. Quarterly principal payments of $500,000 are due each quarter. Total interest expense incurred in the thirteen and thirty-nine weeks ended December 26, 2015 on the 2015 Golub Term Loan w as $ 2.8 million and $5.6 million, respectively, and the weighted average interest rate at December 26, 2015 was 5.5% . All obligations under each of the 2015 Golub Term Loan and the June 2015 Wells Fargo Revolver are unconditionally guaranteed by the Company and each of its direct and indirect domestic subsidiaries (other than certain immaterial subsidiaries) which are not named as borrowers under the 2015 Golub Term Loan or the June 2015 Wells Fargo Revolver, as applicable. The priority with respect to collateral under each of the 2015 Golub Term Loan and the June 2015 Wells Fargo Revolver is subject to the terms of an intercreditor agreement among the l enders under the 2015 Golub Term Loan and the June 2015 Wells Fargo Revolver. Each of the June 2015 Wells Fargo Revolver and the 2015 Golub Term Loan contains customary provisions relating to mandatory prepayments, restricted payments, voluntary payments, affirmative and negative covenants, and events of default. In addition, the terms of the June 2015 Wells Fargo Revolver require the Company to maintain, on a consolidated basis, a Consolidated Fixed Charge Coverage Ratio of at least 1.00 :1.00 during such times as a covenant trigger event shall exist. The terms of the 2015 Golub Term Loan require the Company to maintain, on a consolidated basis, a maximum Consolidated Total Net Leverage Ratio of 5.25 :1.00 (with step downs to 4.00 :1.00 as provided for in the 2015 Golub Term Loan). The June 2015 Wells Fargo Revolver and 2015 Golub Term Loan also require the Company to pay additional interest of 2.0% per annum upon triggering certain specified events of default set forth therein . For financial accounting purposes, the requirement for the Company to pay a higher interest rate upon an event of default is an embedded derivative. As of December 26, 2015 , the fair value of these embedded derivatives was estimated and was not significant . Debt Issuance Costs and Debt Discount The Company paid $1.4 million of transaction fees in connection with the February 2015 Wells Fargo Credit Facility. These transaction fees were paid to both Wells Fargo and other advisors via a reduction in the proceeds from the February 2015 Wells Fargo Credit Facility and were a ccounted for as debt issuance costs and a debt discount at March 28, 2015. On June 29, 2015, the note payable was repaid when the new financing was obtained, and the $1.4 million remaining debt issuance costs and debt discount s were written off to interest expense. Debt issuance costs totaling $0.9 million were incurred under the June 2015 Wells Fargo Revolver and are included as assets on the condensed consolidated balance sheets in prepaid expenses and other current assets. Debt issuance costs totaling $0.8 million remain as of December 26, 2015. These amounts are being amortized to interest expense over the term of the June 2015 Wells Fargo Revolver. Debt issuance costs and debt discount totaling $5.6 million were incurred under the 2015 Golub Term Loan and are included as a reduction of the current and non-current note payable on the condensed consolidated balance sheet. Debt issuance costs and debt discount totaling $5.1 million remain as of December 26, 2015. These amounts are being amortized to interest expense over the term of the 2015 Golub Term Loan. The following sets forth the balance sheet information related to the term loan: December 26, March 28, 2015    2015 (in thousands) Term Loan $   $ Unamortized value of the debt issuance costs and debt discount (1) Net carrying value $ $ (1) Includes the reclassification of debt issuance costs of $0 .1 million from “Prepaid and other current assets” and $0.5 million from “Other assets” at March 28, 2015 as a result of the Company adopting ASU 2015-03. See Note 1. Total amortization expense of $0.3 million and $0.6 million related to the June 2015 Wells Fargo Revolver and 2015 Golub Term Loan is included as a component of interest expense in the thirteen and thirty-nine weeks ended December 26, 2015, respectively . $150 Million Credit Facility (Wells Fargo Bank, N.A.) On February 23, 2015, the Company and Boot Barn, Inc., the Company’s wholly-owned primary operating subsidiary, entered into the February 2015 Wells Fargo Credit Facility, which consisted of a $75.0 million revolving credit facility, including a $5.0 million sub-limit for letters of credit, and a $75.0 mill ion term loan, and also provided the Company with the ability to incur additional incremental term loans of up to $50.0 million, provided that certain condit ions were met, including compliance with certain covenants. On June 29, 2015, the Company repaid all outstanding borrowings under the February 2015 Wells Fargo Credit Facility and terminated such facility in connection with the refinancing discussed above. Total interest expense incurred in the thirty-nine weeks ended December 26, 2015 on the February 2015 Wells Fargo Credit Facility was $0.8 million. Revolving Credit Facility (PNC Bank, N.A.) On December 11, 2011, the Company obtained a collateral-based revolving line of credit with PNC Bank, N.A. (the “PNC Line of Credit”), which the Company amended on August 31, 2012 and May 31, 2013. The PNC Line of Credit included a $5.0 million sub-limit for letters of credit. On April 15, 2014, the Company amended the PNC Line of Credit to increase the borrowing capacity from $60.0 million to up to $70.0 million. The available borrowing under the PNC Line of Credit was based on the collective value of eligible inventory and credit card receivables multiplied by specific advance rates. Total interest expense incurred on the PNC Line of Credit for the thirteen and thirty-nine weeks ended December 27, 2014 was $0.9 million and $1.5 million, respectively . On February 23, 2015, proceeds from the February 2015 Wells Fargo Credit Facility were used to pay the entire $50.8 million outstanding balance of the PNC Line of Credit. Term Loan Due May 2019 (Golub Capital LLC) The Company entered into a loan and security agreement with Golub Capital LLC on May 31, 2013, as amended by the first amendment to the term loan and security agreement dated September 23, 2013 (the “2013 Golub Loan”). On April 14, 2014, the Company entered into an amended and restated term loan and security agreement for the 2013 Golub Loan. The amended and restated loan and security agreement increased the borrowings on the 2013 Golub Loan from $99.2 million to $130.0 million, with the proceeds used to fund a portion of the $41.3 million dividend to stockholders and cash payment to holders of vested options that was paid in April 2014. See Note 6, “Stock-Based Compensation”. On November 5, 2014, the Company amended the 2013 Golub Loan to reduce the applicable LIBOR Floor from 1.25% to 1.00 % which changed the current interest rate from 7.00% to 6.75% . Total interest expense incurred on the 2013 Golub Loan for the thirteen and thirty-nine weeks ended December 27, 2 014 was $1.4 million and $6.0 million, respectively. On November 5, 2014, the Company used $81.9 million of the net proceeds from the IPO to repay a portion of the principal balance on the 2013 Golub Loan. The Company incurred a pre-payment penalty of $0.6 million and accelerated amortization of debt issuance costs of $1.7 million, which was recorded to interest expense. On February 23, 2015, proceeds from the February 2015 Wells Fargo Credit Facility were used to pay the entire $47.3 million outstanding balance of the 2013 Golub Loan. The Company incurred prepayment penalties of $1.1 million to the lenders under the Company’s prior credit facilities. Total debt issuance costs from the PNC Line of Credit and the 2013 Golub Loan of $1.4 million were written off to interest expense. Aggregate Contractual Maturities Aggregate contractual maturities for the Company’s line of credit and long-term debt as of December 26, 2015 are as follows: Fiscal year (in thousands) 2016 $ 2017 2018 2019 2020 Thereafter Total $

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 26, 2015
Stock-Based Compensation
Stock-Based Compensation	6. Stock-Based Compensation Equity Incentive Plans On January 27, 2012, the Company approved the 2011 Equity Incentive Plan (the “2011 Plan”). The 2011 Plan authorized the Company to issue options to employees, consultants and directors to purchase up to a total of 3,750,000 shares of common stock. As of December 26, 2015, all awards granted by the Company under the 2011 Plan have been nonqualified stock options. Options granted under the 2011 Plan have a life of 10 years and vest over service periods of five years or in connection with certain events as defined by the 2011 Plan. On October 19, 2014, the Company approved the 2014 Equity Incentive Plan (the “2014 Plan”). The 2014 Plan authorizes the Company to issue awards to employees, consultants and directors with respect to a total of 1,600,000 shares of common stock, par value $0.0001 per share. Options granted under the 2014 Plan have a life of 8 years and vest over service periods of five years or in connection with certain events as defined by the 2014 Plan. All awards granted by the Company under the 2014 Plan to date have been nonqualified stock options, restricted stock awards or restricted stock units. Pro Rata Cash Dividend, Cash Payment to Holders of Vested Options and Adjustment to Exercise Price of Unvested Options On April 11, 2014, the Company declared and subsequently paid a pro rata cash dividend to its stockholders totaling $39.9 million, made a cash payment of $1.4 million to holders of vested options, and lowered the exercise price of 1,918,550 unvested options by $2.00 per share. The cash payments totaling $41.3 million reduced retained earnings to zero and reduced additional paid-in capital by $39.7 million. The 2011 Plan has nondiscretionary anti-dilution provisions that require the fair value of the option awards to be equalized in the event of an equity restructuring. Consequently, the Board of Directors of the Company was obligated under the anti-dilution provisions to approve the reduction of the exercise price on the unvested options and make the cash payment to the holders of vested options. No incremental stock-based compensation expense was recognized for the dividend for the vested options or reduction in exercise price of the unvested options. Non-Qualified Stock Options During the thirteen weeks ended December 26, 2015, the Company did not grant options to purchase shares under the 2014 Plan. During the thirty-nine weeks ended December 26, 2015, the Company granted certain members of management options to purchase a total of 2 94,153 shares under the 2014 Plan. The total grant date fair value of stock options granted during the thirty-nine weeks ended December 26, 2015 was $ 2.7 million, with grant date fair values ranging from $ 7.48 to $1 1.52 per share. The Company is recognizing the expense relating to these stock options on a straight-line basis over the five -year service period of the awards. The exercise prices of these awards range between $22.31 and $ 32.02 per share. On October 29, 2014, the Company granted its Chief Executive Officer (“CEO”) options to purchase 99,650 shares of common stock under the 2014 Plan. These options contain provisions related to both time of service and market conditions. Vesting of the options occurs if the market price of the Company’s stock achieves stated targets through the third anniversary of the date of grant. If those market price targets are achieved, the options will vest in equal amounts on the third, fourth and fifth anniversaries of the grant date. The fair value of the options was estimated using a Monte Carlo simulation model. The following significant assumptions were used as of October 29, 2014: Stock price $ Exercise price $ Expected option term years Expected volatility % Risk-free interest rate % Expected annual dividend yield % During the thirteen and thirty-nine weeks ended December 27, 2014, the Company granted certain members of management options to purchase a total of 1 24,650 shares (all under the 2014 Plan) and 237,500 shares of common stock, respectively. The total grant date fair value of stock options during the thirteen and thirty-nine weeks ended December 27, 2014 was $0.9 million and $2.4 million, respectively, with grant date fair value s ranging from $6.08 to $7.79 per share. The Company is recognizing the expense relating to these stock options on a straight-line basis over the five -year service period of the awards. The exercise prices of these awards range between $9.40 and $16.00 per share. The stock option awards discussed above, with the exception of options awarded to the Company’s CEO on October 29, 2014, were measured at fair value on the grant date using the Black-Scholes option valuation model. Key input assumptions used to estimate the fair value of stock options include the exercise price of the award, the expected option term, expected volatility of the Company’s stock price over the option’s expected term, the risk-free interest rate over the option’s expected term and the Company’s expected annual dividend yield, if any. The Company’s estimate of pre-vesting forfeitures, or forfeiture rate, was based on its internal analysis, which included the award recipients’ positions within the Company and the vesting period of the awards. The Company will issue shares of common stock when the options are exercised. The fair values of stock options granted during the thirteen and thirty-nine weeks ended December 26, 2015 and December 27, 2014 were estimated on the grant dates using the following assumptions: Thirteen Weeks Ended Thirty-Nine Weeks Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Expected option term (1) N/A years years years Expected volatility factor (2) N/A % - % % - % % - % Risk-free interest rate (3) N/A % - % % - % % - % Expected annual dividend yield (4) N/A % % % (1) The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected life of the options using the simplified method. (2) Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s competitors’ common stock over the most recent period equal to the expected option term of the Company’s awards. (3) The risk-free interest rate is determined using the rate on treasury securities with the same term. (4) The board of directors paid a dividend to stockholders in April 2014. The Company’s board of directors does not plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. Intrinsic value for stock options is defined as the difference between the market price of the Company’s common stock on the last business day of the fiscal quarter and the weighted average exercise price of in-the-money stock options outstanding at the end of each fiscal period. The market value per share at December 26, 2015 was $12.43 . The following table summarizes the stock award activity for the thirty-nine weeks ended December 26, 2015: Weighted Grant Date Average Weighted Remaining Aggregate Stock Average Contractual Intrinsic Options Exercise Price (1) Life (in Years) Value (in thousands) Outstanding at March 28, 2015 $ Granted $ Exercised $ $ Cancelled, forfeited or expired $ Outstanding at December 26, 2015 $ $ Vested and expected to vest after December 26, 2015 $ $ Exerciseable at December 26, 2015 $ $ (1) The grant date weighted-average exercise price reflects the reduction of the exercise price by $2.00 per share for the 1,918,550 unvested options in connection with the April 2014 dividend discussed above. A summary of the status of non-vested stock options as of December 26, 2015 including changes during the thirty-nine weeks ended December 26, 2015 is presented below: Weighted- Average Grant Date Shares Fair Value Nonvested at March 28, 2015 $ Granted $ Vested $ Nonvested shares forfeited $ Nonvested at December 26, 2015 $ Restricted Stock During the thirteen and thirty-nine weeks ended December 26, 2015, the Company granted 25,329 and 71,530 restricted stock units, respectively, to various employees under the 2014 Plan. The shares granted to employees vest in five equal annual installments beginning on the grant date, provided that the respective award recipient continues to be employed by the Company through each of those dates. The grant date fair value of these awards for the thirteen and thirty-nine weeks ended December 26, 2015 totaled $0.3 million and $1.6 million, respectively. The Company is recognizing the expense relating to these awards on a straight-line basis over the service period of each award, commencing on the date of grant. During the thirteen and thirty-nine weeks ended December 27, 2014, the Company granted 30,313 restricted shares of common stock to various employees and one member of its Board of Directors under the 2014 Plan. The shares granted to employees vest in four equal annual installments beginning on the grant date, provided that the respective award recipient continues to be employed by the Company through each of those dates. The shares granted to the member of the Board of Directors vest in full upon the one -year anniversary of the date of grant, provided that the Board member continues to serve on the Board of Directors through that date. The grant date fair value of these awards totaled $0.5 million. The Company is recognizing the expense relating to these awards on a straight-line basis over the service period of each award, commencing on the date of grant. Stock-Based Compensation Expense Stock-based compensation expense was $0.8 million and $0. 5 million for the thirteen weeks ended December 26, 2015 and December 27, 2014, respectively. Stock-based compensation expense was $2.1 million and $ 1.5 million for the thirty-nine weeks ended December 26, 2015 and December 27, 2014, respectively. Stock-based compensation expense of $0.1 million was recorded in cost of goods sold in the condensed consolidated statements of operations for each of the thirteen weeks ended December 26, 2015 and December 27, 2014, respectively. Stock-based compensation expense of $0.3 million was recorded in cost of goods sold in the condensed consolidated statements of operations for each of the thirty-nine weeks ended December 26, 2015 and December 27, 2014, respectively. All other stock-based compensation expense is included in selling, general and administrative expenses in the condensed consolidated statements of operations. As of December 26, 2015, there was $ 7.2 million of total unrecognized stock-based compensation expense related to unvested stock options, with a weighted-average remaining recognition period of 3.21 years. As of December 26, 2015, there was $1.7 million of total unrecognized stock-based compensation expense related to restricted stock, with a weighted-average remaining recognition period of 4.25 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 26, 2015
Commitments and Contingencies
Commitments and Contingencies	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 Company’s insurers or others, if any. In management’s opinion, none of these legal matters, individually or in the aggregate, will have a material effect on the Company’s 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 the maximum potential future payments the Company could be obligated to make, and their duration may be indefinite. The Company has not recorded any liability for these indemnifications and commitments in the consolidated balance sheets as the impact is expected to be immaterial.

Captial Lease and Financing Tra

Captial Lease and Financing Transactions	9 Months Ended
	Dec. 26, 2015
Capital Lease and Financing Transactions
Capital Lease and Financing Transactions	8. Capital Lease and Financing Transactions As of December 26, 2015 , the Company had non-cancelable capital leases for property and equipment rentals with principal and interest payments due monthly. The liability under capital lease arrangements totals $0.9 million. The Company acquired two retail stores, one distribution center facility and land as part of the Sheplers Acquisition. On July 30, 2007, Sheplers sold these properties to an unrelated third-party real estate company and simultaneously entered into an arrangement with the third-party real estate company to lease back these properties. Sheplers maintained continuing involvement in these properties such that this sale did not qualify for sale-leaseback accounting treatment. This transaction is recorded as a financing transaction with the assets and related financing obligation recorded on the balance sheet. The lease has a 20 -year term expiring in 2027 and includes renewal options and certain default provisions requiring the Company to perform repairs and maintenance, make timely rent payments and insure the buildings and equipment. The liability under the financing transaction as of December 26, 2015 totals $7.8 million. The total liability under capital lease and financing transactions is $8.7 million and is included as capital lease obligations in the condensed consolidated balance sheet. The current portion of the capital lease arrangements is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The interest rates range from 10.4% to 12.1% . The net property and equipment involved in the Company’s capital leases and financing transaction are included in property and equipment as follows: December 26, March 28, 2015 2015 (in thousands) Buildings $ $ — Land — Site Improvements — Equipment Property and equipment, gross Less: accumulated depreciation Property and equipment, net $ $ As of December 26, 2015 , future minimum capital lease and financing transaction payments are as follows: Fiscal year (in thousands) 2016 $ 2017 2018 2019 2020 Thereafter Total Less: Imputed interest Present value of capital leases and financing transaction Less: Current capital leases and financing transaction Noncurrent capital leases and financing transaction $

Income Taxes

Income Taxes	9 Months Ended
	Dec. 26, 2015
Income Taxes
Income Taxes	9. Income Taxes The Company accounts for income taxes in accordance with 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 provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for discrete events occurring in a particular period. The income tax rate was 40.3% and 36.0% for the thirteen weeks ended December 26, 2015 and December 27, 2014, respectively, and 42.0% and 37.9% for the thirty-nine weeks ended December 26, 2015 and December 27, 2014 , respectively. The effective tax rates for the thirteen and thirty-nine weeks ended December 26, 2015 are higher than the comparable period in fiscal 201 5 due to discrete items related to non-deductible Sheplers’ acquisition costs and increases in the blended state tax rate that increased taxes in fiscal 2016 compared to discrete items that decreased taxes in fiscal 2015. Because management believes that it is more likely than not that the Company will realize the full amount of the net deferred tax assets, the Company has not recorded any valuation allowance for the deferred tax assets. The Company’s policy is to accrue interest and penalties related to unrecognized tax benefits as a component of income tax expense. At December 26, 2015 and March 28, 2015, the Company had no accrued liability for penalties and interest. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. During the prior quarter, the Company was informed that the Internal Revenue Service will be auditing the fiscal 201 4 tax year.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 26, 2015
Related Party Transactions
Related Party Transactions	10. Related Party Transactions Leases and Other Transactions The Company has a lease agreement for one of its stores at a location owned by one minority stockholder of the Company. The Company paid approximately $0.1 million for this lease during the thirteen and thirty-nine weeks ended December 26, 2015 and December 27, 2014, respectively . These lease payments are included in cost of goods sold in the condensed consolidated statements of operations.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Dec. 26, 2015
Earnings Per Share
Earnings Per Share	11. Earnings Per Share Earnings per share is computed under the provisions of FASB ASC Topic 260, Earnings Per Share . Basic earnings per share is computed based on the weighted average number of outstanding shares of common stock during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method, whereby proceeds from such exercise, unamortized compensation and hypothetical excess tax benefits, if any, on share-based awards, are assumed to be used by the Company to purchase the common shares at the average market price during the period. Dilutive potential shares of common stock represent outstanding stock options. The dilutive effect of stock options and restricted stock is applicable only in periods of net income. As discussed in Note 6, “ Stock-Based Compensation”, holders of vested stock options received a cash payment of $ 1.4 million during the thirty-nine weeks ended December 27, 2014 , which the Company deducted from net income to determine the net income available for common stockholders when calculating earnings per share. The components of basic and diluted earnings per share of common stock, in aggregate, for the thirteen and thirty-nine weeks ended December 26, 2015 and December 27, 2014 are as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 (in thousands, except per share data) Net income attributed to Boot Barn Holdings, Inc. $ $ $ $ Less: Cash payment to holders of vested options — — — Net income available for common stockholders $ $ Weighted average basic shares outstanding Dilutive effect of stock options Weighted average diluted shares outstanding Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $ Options to purchase 592,303 shares and 237,150 shares of common stock were outstanding during the thirteen weeks ended December 26, 2015 and December 27, 2014 , respectively, but were not included in the computation of weighted average diluted common shares outstanding as the effect of doing so would have been anti-dilutive. Options to purchase 355,153 shares and 478,692 shares of common stock were outstanding during the thirty-nine weeks ended December 26, 2015 and December 27, 2014 , respectively, but were not included in the computation of weighted average diluted common shares outstanding as the effect of doing so would have been anti-dilutive.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 26, 2015
Summary of Significant Accounting Policies
Comprehensive Income	Comprehensive Income The Company does not have any components of other comprehensive income recorded within its consolidated financial statements and, therefore, does not separately present a statement of comprehensive income in its consolidated financial statements.
Segment Reporting	Segment Reporting GAAP has established guidance for reporting information about a company’s operating segments, including disclosures related to a company’s products and services, geographic areas and major customers. The Company operates in a single operating segment, which includes net sales generated from its retail stores and e-commerce websites. The vast majority of the Company’s identifiable assets are in the U.S.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Among the significant estimates affecting the Company’s consolidated financial statements are those relating to revenue recognition, inventories, goodwill, intangible and long-lived assets, stock-based compensation and income taxes. Management regularly evaluates its estimates and assumptions based upon historical experience and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. To the extent actual results differ from those estimates, the Company’s future results of operations may be affected.
Inventories	Inventories Inventory consists primarily of purchased merchandise and is valued at the lower of cost or market. Cost is determined on a first-in, first-out basis and includes the cost of merchandise and import related costs, including freight, duty and agent commissions. The Company assesses the recoverability of inventory through a periodic review of historical usage and present demand. When the inventory on hand exceeds the foreseeable demand, the value of inventory that, at the time of the review, is not expected to be sold is written down to its estimated net realizable value. The Company recorded a fair value adjustment to reflect the acquired cost of inventory related to the Sheplers Acquisition (defined below). The amount will be amortized over the period that the related inventory is sold. The amortization of inventory costs was $0.2 million and $0.5 million for the thirteen and thirty-nine weeks ended December 26, 2015, respectively, and zero for the thirteen and thirty-nine weeks ended December 27, 2014.
Fair Value of Certain Financial Assets and Liabilities	Fair Value of Certain Financial Assets and Liabilities The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which requires disclosure of the estimated fair value of certain assets and liabilities defined by the guidance as financial instruments. The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable and debt. ASC 820 defines the fair value of financial instruments as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level hierarchy for disclosure that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities. · Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities. · Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data. · Level 3 uses one or more significant inputs that are unobservable and supported by little or no market activity, and reflect the use of significant management judgment. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques and significant management judgment or estimation. The Company’s Level 3 assets include certain acquired businesses. Cash and cash equivalents, accounts receivable and accounts payable are valued at fair value and are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified as Level 2 or Level 3 even though there may be certain significant inputs that are readily observable. The Company believes that the recorded value of its financial instruments approximates their current fair values because of their nature and relatively short maturity dates or duration. Although market quotes for the fair value of the outstanding debt arrangements discussed in Note 5, “Revolving Credit Facilities and Long-Term Debt” are not readily available, the Company believes its carrying value approximates fair value due to the variable interest rates, which are Level 2 inputs. There were no financial assets or liabilities requiring fair value measurements on a recurring basis as of December 26, 2015.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued a new revenue recognition standard, ASU No. 2014 ‑09, Revenue From Contracts with Customers , that will supersede nearly all existing revenue recognition guidance under GAAP. The revenue recognition standard will allow for the recognition of revenue when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard permits the use of either a full retrospective or retrospective with cumulative effect transition method. Early adoption is not permitted. On August 8, 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU No. 2014-09 by one year, and permits early adoption as long as the adoption date is not before the original public entity effective date. The standard is effective for public entities for annual and interim periods beginning after December 15, 2017. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on the consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) which amends the accounting guidance related to the evaluation of an entity’s ability to continue as a going concern. The amendment establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern in connection with preparing financial statements for each annual and interim reporting period. The update also gives guidance to determine whether to disclose information about relevant conditions and events when there is substantial doubt about an entity’s ability to continue as a going concern. This guidance is effective for the Company beginning in fiscal 2017. The Company does not expect the new guidance to have an impact on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory . This update requires inventory within the scope of the standard to be measured at the lower of cost and net realizable value. Previous guidance required inventory to be measured at the lower of cost or market (where market was defined as replacement cost, with a ceiling of net realizable value and floor of net realizable value less a normal profit margin). This update is effective for annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact the guidance will have on our consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments ("ASU 2015-16"), which simplifies the accounting for measurement-period adjustments to provisional amounts recognized in a business combination. ASU 2015-16 is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2016. The Company does not expect the new guidance to have an impact on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 eliminates the requirement to bifurcate deferred taxes between current and non-current on the balance sheet and requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for public entities in fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. The amendments for ASU-2015-17 can be applied retrospectively or prospectively and early adoption is permitted. The Company is currently evaluating the impact the guidance will have on our consolidated financial statements.

Description of the Company an19

Description of the Company and Basis of Presentation (Tables)	9 Months Ended
	Dec. 26, 2015
Description of the Company and Basis of Presentation
Schedule of effect of the application of this change in accounting principle	The following table presents the effect of the retrospective application of this change in accounting principle on the Company’s condensed consolidated balance sheet as of March 28, 2015: Reclassification of Debt Issuance Costs As Reported Effect of Change in As Adjusted (in thousands) March 28, 2015 Accounting Principle March 28, 2015 Assets Current assets: Prepaid expenses and other current assets $ $ $ Total current assets Noncurrent assets: Other assets Total assets $ $ $ Liabilities and stockholders' equity Current liabilities: Current portion of notes payable $ $ $ Total current liabilities Long-term liabilities: Long-term debt, net of current portion Total liabilities $ $ $ Total liabilities and stockholders' equity $ $ $

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Dec. 26, 2015
Business Combinations
Schedule of estimated fair values of the assets acquired and liabilities assumed	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date based on the purchase price allocation : At June 29, 2015 (in thousands) Assets acquired: Cash $ Accounts receivable Inventory Prepaid expenses and other current assets Property and equipment Properties under capital lease and financing transactions Intangible - below-market leases Intangible - trade name Intangible - customer lists Goodwill Other assets Total assets acquired $ Liabilities assumed: Accounts payable $ Accrued liabilities and other payables Accrued customer liabilities Deferred tax liability Capital lease and financing transactions Other liabilities Total liabilities assumed Net Assets acquired $
Schedule of net revenue and net loss included in the unaudited consolidated condensed statements of operations	The amount of net revenue and net income/( loss ) of Sheplers included in the Company’s unaudited condensed consolidated statements of operations subsequent to the June 29, 2015 acquisition date was as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended December 26, December 26, 2015 2015 (in thousands) Net sales $ $ Net income/(loss) $ $
Schedule of proforma results of operations	Thirteen Weeks Ended Thirty-Nine Weeks Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 (in thousands) As adjusted net sales $ $ $ $ As adjusted net income $ $ $ $

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Dec. 26, 2015
Intangible Assets, Net
Schedule of net intangible assets	Net intangible assets as of December 26, 2015 and March 28, 2015 consisted of the following: December 26, 2015 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Trademarks $ $ $ — Customer lists Non-compete agreements Below-market leases Total definite lived Trademarks—indefinite lived — Total intangible assets $ $ $ March 28, 2015 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Trademarks $ $ $ — Customer lists Non-compete agreements Below-market leases Total definite lived Trademarks—indefinite lived — Total intangible assets $ $ $
Schedule of estimated future amortization of intangible assets	As of December 26, 2015, estimated future amortization of intangible assets was as follows: Fiscal year (in thousands) 2016 $ 2017 2018 2019 2020 Thereafter Total $

Revolving Credit Facilities a22

Revolving Credit Facilities and Long-Term Debt (Tables)	9 Months Ended
	Dec. 26, 2015
Revolving Credit Facilities and Long-Term Debt
Schedule of information related to the term loan	The following sets forth the balance sheet information related to the term loan: December 26, March 28, 2015    2015 (in thousands) Term Loan $   $ Unamortized value of the debt issuance costs and debt discount (1) Net carrying value $ $ (1) Includes the reclassification of debt issuance costs of $0 .1 million from “Prepaid and other current assets” and $0.5 million from “Other assets” at March 28, 2015 as a result of the Company adopting ASU 2015-03. See Note 1.
Schedule of aggregate contractual maturities for the Company's line of credit and long-term debt	Aggregate contractual maturities for the Company’s line of credit and long-term debt as of December 26, 2015 are as follows: Fiscal year (in thousands) 2016 $ 2017 2018 2019 2020 Thereafter Total $

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 26, 2015
Stock-Based Compensation
Schedule of assumptions used to determine fair value of stock options	The fair values of stock options granted during the thirteen and thirty-nine weeks ended December 26, 2015 and December 27, 2014 were estimated on the grant dates using the following assumptions: Thirteen Weeks Ended Thirty-Nine Weeks Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 Expected option term (1) N/A years years years Expected volatility factor (2) N/A % - % % - % % - % Risk-free interest rate (3) N/A % - % % - % % - % Expected annual dividend yield (4) N/A % % % (1) The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected life of the options using the simplified method. (2) Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s competitors’ common stock over the most recent period equal to the expected option term of the Company’s awards. (3) The risk-free interest rate is determined using the rate on treasury securities with the same term. (4) The board of directors paid a dividend to stockholders in April 2014. The Company’s board of directors does not plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero.
Schedule of stock award activity	The following table summarizes the stock award activity for the thirty-nine weeks ended December 26, 2015: Weighted Grant Date Average Weighted Remaining Aggregate Stock Average Contractual Intrinsic Options Exercise Price (1) Life (in Years) Value (in thousands) Outstanding at March 28, 2015 $ Granted $ Exercised $ $ Cancelled, forfeited or expired $ Outstanding at December 26, 2015 $ $ Vested and expected to vest after December 26, 2015 $ $ Exerciseable at December 26, 2015 $ $ (1) The grant date weighted-average exercise price reflects the reduction of the exercise price by $2.00 per share for the 1,918,550 unvested options in connection with the April 2014 dividend discussed above.
Schedule of non-vested stock options	A summary of the status of non-vested stock options as of December 26, 2015 including changes during the thirty-nine weeks ended December 26, 2015 is presented below: Weighted- Average Grant Date Shares Fair Value Nonvested at March 28, 2015 $ Granted $ Vested $ Nonvested shares forfeited $ Nonvested at December 26, 2015 $
CEO
Stock-Based Compensation
Schedule of assumptions used to determine fair value of stock options	The following significant assumptions were used as of October 29, 2014: Stock price $ Exercise price $ Expected option term years Expected volatility % Risk-free interest rate % Expected annual dividend yield %

Capital Lease and Financing Tra

Capital Lease and Financing Transactions (Tables)	9 Months Ended
	Dec. 26, 2015
Capital Lease and Financing Transactions
Schedule of capital leases included in property and equipment	The net property and equipment involved in the Company’s capital leases and financing transaction are included in property and equipment as follows: December 26, March 28, 2015 2015 (in thousands) Buildings $ $ — Land — Site Improvements — Equipment Property and equipment, gross Less: accumulated depreciation Property and equipment, net $ $
Schedule of future minimum capital lease payments	As of December 26, 2015 , future minimum capital lease and financing transaction payments are as follows: Fiscal year (in thousands) 2016 $ 2017 2018 2019 2020 Thereafter Total Less: Imputed interest Present value of capital leases and financing transaction Less: Current capital leases and financing transaction Noncurrent capital leases and financing transaction $

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Dec. 26, 2015
Earnings Per Share
Schedule of the components of basic and diluted loss per share of common stock	The components of basic and diluted earnings per share of common stock, in aggregate, for the thirteen and thirty-nine weeks ended December 26, 2015 and December 27, 2014 are as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended December 26, December 27, December 26, December 27, 2015 2014 2015 2014 (in thousands, except per share data) Net income attributed to Boot Barn Holdings, Inc. $ $ $ $ Less: Cash payment to holders of vested options — — — Net income available for common stockholders $ $ Weighted average basic shares outstanding Dilutive effect of stock options Weighted average diluted shares outstanding Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $

Description of the Company an26

Description of the Company and Basis of Presentation (Details) $ / shares in Units, $ in Thousands	Oct. 31, 2014$ / sharesshares	Oct. 29, 2014USD ($)shares	Oct. 19, 2014$ / sharesshares	Dec. 26, 2015USD ($)storestateVote$ / sharesshares	Mar. 26, 2016	Mar. 28, 2015USD ($)storestate$ / sharesshares	Jun. 09, 2014shares	Jun. 08, 2014
Business Operations
Number of shares authorized | shares			100,000,000	100,000,000		100,000,000
Number of shares issued | shares				26,353,144		25,824,000
Number of shares outstanding | shares				26,349,738
Number of votes per common share | Vote				1
Number of stores | store				206		169
Number of states in which the Company operates | state				29		26
Percentage of the entity's shares owned by minority stockholders of the Predecessor							5.00%
Non-controlling interest				$ 0
Common stock, par value (in dollars per share) | $ / shares			$ 0.0001	$ 0.0001		$ 0.0001
Preferred stock, shares authorized (in shares) | shares			10,000,000	10,000,000		10,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.0001	$ 0.0001		$ 0.0001
Stock split, conversion ratio			0.04
Change in Accounting Principle
Prepaid expenses and other current assets				$ 9,091		$ 10,656
Total current assets				206,723		145,279
Other assets				896		567
Total assets				537,657		326,128
Current portion of notes payable				1,050		1,596
Total current liabilities				160,245		86,493
Long-term debt, net of current portion				192,826		72,030
Total liabilities				377,837		183,706
Total liabilities and stockholders' equity				$ 537,657		$ 326,128
Fiscal Periods
Fiscal quarter period, except for a 53-week fiscal year				91 days
Fiscal quarter period, for a 53-week fiscal year				98 days
Fiscal period duration					364 days	364 days
IPO and over-allotments
Business Operations
Shares issued (in shares) | shares	5,750,000
Stock price (in dollars per share) | $ / shares	$ 16
IPO
Business Operations
Shares issued (in shares) | shares		5,000,000
Net proceeds from initial public offering		$ 82,200
Underwriting discount		6,400
Related fees and expenses		$ 3,300
Over-allotments
Business Operations
Shares issued (in shares) | shares	750,000
As Reported
Change in Accounting Principle
Prepaid expenses and other current assets						$ 10,773
Total current assets						145,396
Other assets						1,026
Total assets						326,704
Current portion of notes payable						1,713
Total current liabilities						86,610
Long-term debt, net of current portion						72,489
Total liabilities						184,282
Total liabilities and stockholders' equity						326,704
Effect of Change in Accounting Principle
Change in Accounting Principle
Prepaid expenses and other current assets						(117)
Total current assets						(117)
Other assets						(459)
Total assets						(576)
Current portion of notes payable						(117)
Total current liabilities						(117)
Long-term debt, net of current portion						(459)
Total liabilities						(576)
Total liabilities and stockholders' equity						$ (576)
WW Holding Corporation | Boot Barn Holding Corporation
Business Operations
Ownership percentage (as a percent)								95.00%
Boot Barn Holding Corporation
Business Operations
Number of shares issued | shares							1,000,000
Ownership percentage of noncontrolling shareholders (as a percent)							5.00%
Sheplers
Business Operations
Number of stores | store				1
American Worker
Business Operations
Number of stores | store				2

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
Inventories
Amortization of inventory costs	$ 600	$ 600	$ 1,852	$ 1,962
Fair Value of Certain Financial Assets and Liabilities
Financial assets requiring fair value measurements on a recurring basis	0		0
Financial liabilities requiring fair value measurements on a recurring basis	0		0
Fair Value Adjustment to Inventory | Sheplers
Inventories
Amortization of inventory costs	$ 200	$ 0	$ 500	$ 0

Business Combinations (Details)

Business Combinations (Details) $ in Thousands	Jun. 29, 2015USD ($)item	Dec. 26, 2015USD ($)	Dec. 27, 2014USD ($)	Dec. 26, 2015USD ($)	Dec. 27, 2014USD ($)	Mar. 28, 2015USD ($)
Business Combinations
Cash paid net of preliminary working capital adjustment, cash acquired and other adjustments				$ 146,541
Assets acquired:
Goodwill		$ 191,915		191,915		$ 93,097
Purchase Price Reconciliation
Acquisition-related costs				$ 891
2015 Golub Term Loan
Business Combinations
Principal amount	$ 200,000
June 2015 Wells Fargo Revolver
Business Combinations
Outstanding borrowings	57,000
Borrowing capacity	$ 125,000
Below-market leases
Assets acquired:
Useful life				9 years 7 months 6 days		10 years 4 months 24 days
Customer lists
Assets acquired:
Useful life				4 years 10 months 24 days		5 years
Trademarks
Assets acquired:
Useful life				10 months 24 days		10 months 24 days
Non-compete agreements
Assets acquired:
Useful life				4 years 8 months 12 days		4 years 8 months 12 days
Sheplers
Business Combinations
Number of retail locations added as a result of acquisition | item	25
Purchase price	$ 147,000
Existing indebtedness refinanced	172,000
Fair value of consideration transferred	149,300
Cash paid net of preliminary working capital adjustment, cash acquired and other adjustments	147,000
Preliminary working capital adjustment, cash acquired and other adjustments	2,300
Assets acquired:
Cash	2,762
Accounts receivable	1,792
Inventory	30,436
Prepaid expenses and other current assets	18,891
Property and equipment	10,744
Properties under capital lease and financing transactions	10,528
Goodwill	98,818
Other assets	128
Total assets acquired	184,287
Liabilities assumed:
Accounts payable	14,554
Accrued liabilities and other payables	5,065
Accrued customer liabilities	1,318
Deferred tax liability	1,226
Capital lease and financing transactions	8,853
Other liabilities	3,968
Total liabilities assumed	34,984
Net assets acquired	149,303
Purchase Price Reconciliation
Incurred acquisition-related costs		900		$ 900
Proforma information
Net revenue		55,506		87,631
Net income/(loss)		111		(4,426)
As adjusted net sales		193,842	$ 190,380	452,486	$ 420,231
As adjusted net loss		$ 10,094	$ 11,213	$ 5,414	$ 10,703
Sheplers | Below-market leases
Assets acquired:
Intangible	$ 500
Sheplers | Below-market leases | Minimum
Assets acquired:
Useful life	8 years
Sheplers | Below-market leases | Maximum
Assets acquired:
Useful life	12 years
Sheplers | Trade name
Assets acquired:
Intangible	$ 9,200
Sheplers | Customer lists
Assets acquired:
Intangible	$ 488
Useful life	3 years

Intangible Assets, Net (Details

Intangible Assets, Net (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 26, 2015USD ($)item	Dec. 27, 2014USD ($)	Dec. 26, 2015USD ($)item	Dec. 27, 2014USD ($)	Mar. 28, 2015USD ($)
Intangible assets, net
Gross Carrying Amount	$ 17,476		$ 17,476		$ 16,488
Accumulated Amortization	(11,310)		(11,310)		(9,457)
Net	6,166		6,166		7,031
Gross carrying amount	76,871		76,871		66,588
Intangible assets, net	65,561		65,561		57,131
Amortization of intangible assets	$ 600	$ 600	$ 1,852	$ 1,962
Number of indicators of impairment for goodwill, intangible, and long-lived assets | item	0		0
Fiscal year
2,016	$ 634		$ 634
2,017	2,074		2,074
2,018	919		919
2,019	522		522
2,020	391		391
Thereafter	1,626		1,626
Total	6,166		6,166
Trademarks
Intangible assets, net
Indefinite-lived intangible assets	59,395		59,395		50,100
Trademarks
Intangible assets, net
Gross Carrying Amount	2,490		2,490		2,490
Accumulated Amortization	(2,490)		$ (2,490)		$ (2,490)
Weighted Average Useful Life			10 months 24 days		10 months 24 days
Customer lists
Intangible assets, net
Gross Carrying Amount	7,788		$ 7,788		$ 7,300
Accumulated Amortization	(5,725)		(5,725)		(4,473)
Net	2,063		$ 2,063		$ 2,827
Weighted Average Useful Life			4 years 10 months 24 days		5 years
Non-compete agreements
Intangible assets, net
Gross Carrying Amount	1,380		$ 1,380		$ 1,380
Accumulated Amortization	(988)		(988)		(788)
Net	392		$ 392		$ 592
Weighted Average Useful Life			4 years 8 months 12 days		4 years 8 months 12 days
Below-market leases
Intangible assets, net
Below market lease, gross	5,818		$ 5,818		$ 5,318
Below market lease, accumulated amortization	(2,107)		(2,107)		(1,706)
Below market lease, net	$ 3,711		$ 3,711		$ 3,612
Weighted Average Useful Life			9 years 7 months 6 days		10 years 4 months 24 days

Revolving Credit Facilities a30

Revolving Credit Facilities and Long-Term Debt (Details) - USD ($)

Jun. 29, 2015

Feb. 23, 2015

Nov. 05, 2014

Nov. 04, 2014

Apr. 30, 2014

Dec. 26, 2015

Dec. 27, 2014

Dec. 26, 2015

Dec. 27, 2014

Mar. 28, 2015

Apr. 15, 2014

Apr. 14, 2014

Apr. 13, 2014

May. 31, 2013

Revolving credit facilities and long-term debt

Total

$ 229,007,000

$ 229,007,000

Dividends paid

$ 41,300,000

$ 41,300,000

Effect of Change in Accounting Principle | Prepaid expenses and other current assets

Revolving credit facilities and long-term debt

Reclassification adjustment

$ (100,000)

Effect of Change in Accounting Principle | Other Assets

Revolving credit facilities and long-term debt

Reclassification adjustment

(500,000)

February 2015 Wells Fargo Bank credit facility

Revolving credit facilities and long-term debt

Existing indebtedness refinanced

$ 150,000,000

Transaction fee paid

$ 1,400,000

Interest expense

800,000

February 2015 Wells Fargo Bank credit facility | Interest expense

Revolving credit facilities and long-term debt

Deferred loan fees written off

1,400,000

Wells Fargo Bank revolving credit facility

Revolving credit facilities and long-term debt

Current borrowing capacity

75,000,000

Wells Fargo Bank letters of credit

Revolving credit facilities and long-term debt

Current borrowing capacity

5,000,000

Wells Fargo Bank term loan

Revolving credit facilities and long-term debt

Principal amount

75,000,000

Additional incremental term loan capacity

50,000,000

Term loan

199,000,000

199,000,000

75,000,000

Unamortized value of the debt issuance costs and debt discount

(5,124,000)

(5,124,000)

(1,374,000)

Total

193,876,000

193,876,000

$ 73,626,000

2015 Golub Term Loan

Revolving credit facilities and long-term debt

Principal amount

$ 200,000,000

Required payment frequency

Quarterly

Periodic payment

$ 500,000

Deferred loan fees

$ 5,600,000

5,100,000

5,100,000

Interest expense

$ 2,800,000

$ 5,600,000

Weighted average interest rate (as a percent)

5.50%

5.50%

Additional interest rate required if certain triggering events come into existence (as a percent)

2.00%

2015 Golub Term Loan | LIBOR

Revolving credit facilities and long-term debt

Basis margin (as a percent)

4.50%

LIBOR floor rate

1.00%

2015 Golub Term Loan | Base rate

Revolving credit facilities and long-term debt

Basis margin (as a percent)

3.50%

2015 Golub Term Loan | Federal funds rate

Revolving credit facilities and long-term debt

Basis margin (as a percent)

0.50%

2015 Golub Term Loan | One-month LIBOR rate

Revolving credit facilities and long-term debt

Basis margin (as a percent)

1.00%

2015 Golub Term Loan | Minimum

Revolving credit facilities and long-term debt

Consolidated total net leverage ratio

5.25

Step down consolidated total net leverage ratio

4

Revolving credit facility (PNC Bank, N.A.)

Revolving credit facilities and long-term debt

Borrowing capacity

$ 70,000,000

$ 60,000,000

Repayment of line of credit

50,800,000

Interest expense

$ 900,000

1,500,000

Letter of Credit (PNC Bank, N.A.)

Revolving credit facilities and long-term debt

Borrowing capacity

$ 5,000,000

$130 million term loan due May 2019 (Golub Capital LLC)

Revolving credit facilities and long-term debt

Principal amount

$ 130,000,000

$ 99,200,000

LIBOR floor rate

1.00%

1.25%

Effective interest rate (as a percent)

6.75%

7.00%

Interest expense

$ 1,400,000

$ 6,000,000

Repayments of loan

47,300,000

$ 81,900,000

Pre-payment penalty

1,100,000

$130 million term loan due May 2019 (Golub Capital LLC) | Interest expense

Revolving credit facilities and long-term debt

Pre-payment penalty

600,000

Amortization of deferred loan fees

$ 1,700,000

2013 Golub Loan and PNC Line of Credit | Interest expense

Revolving credit facilities and long-term debt

Deferred loan fees

$ 1,400,000

June 2015 Wells Fargo Revolver

Revolving credit facilities and long-term debt

Borrowing capacity

$ 125,000,000

Commitment fee on unused capacity (as a percentage)

0.25%

Deferred loan fees

$ 900,000

$ 800,000

$ 800,000

Interest expense

$ 300,000

$ 600,000

Weighted average interest rate (as a percent)

1.60%

1.60%

Additional interest rate required if certain triggering events come into existence (as a percent)

2.00%

June 2015 Wells Fargo Revolver | Federal funds rate

Revolving credit facilities and long-term debt

Basis margin (as a percent)

0.50%

June 2015 Wells Fargo Revolver | One-month LIBOR rate

Revolving credit facilities and long-term debt

Basis margin (as a percent)

1.00%

June 2015 Wells Fargo Revolver | Minimum

Revolving credit facilities and long-term debt

Consolidated fixed charge coverage ratio

1

June 2015 Wells Fargo Revolver | Minimum | LIBOR

Revolving credit facilities and long-term debt

Basis margin (as a percent)

1.00%

June 2015 Wells Fargo Revolver | Minimum | Base rate

Revolving credit facilities and long-term debt

Basis margin (as a percent)

0.00%

June 2015 Wells Fargo Revolver | Maximum | LIBOR

Revolving credit facilities and long-term debt

Basis margin (as a percent)

1.25%

June 2015 Wells Fargo Revolver | Maximum | Base rate

Revolving credit facilities and long-term debt

Basis margin (as a percent)

0.25%

June 2015 Wells Fargo Revolver | 2015 Golub Term Loan | Interest expense

Revolving credit facilities and long-term debt

Amortization of deferred loan fees

$ 300,000

$ 600,000

Revolving Credit Facilities a31

Revolving Credit Facilities and Long-Term Debt (Details 2) $ in Thousands	Dec. 26, 2015USD ($)
Fiscal year
2,016	$ 500
2,017	2,000
2,018	2,000
2,019	2,000
2,020	2,000
Thereafter	220,507
Total	$ 229,007

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands	Oct. 29, 2014$ / sharesshares	Apr. 11, 2014USD ($)$ / sharesshares	Dec. 26, 2015USD ($)$ / sharesshares	Dec. 27, 2014USD ($)shares	Dec. 26, 2015USD ($)item$ / sharesshares	Dec. 27, 2014USD ($)item$ / sharesshares	Mar. 28, 2015USD ($)$ / shares	Oct. 19, 2014$ / sharesshares	Jan. 27, 2012shares
Stock-Based Compensation
Common stock, par value (in dollars per share)			$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Cash dividend | $		$ 39,900
Cash payment to holders of vested options | $						$ 1,443
Cash payments | $		41,300				$ 41,300
Retained earnings | $		0	$ 22,582		$ 22,582		$ 13,726
Reduction to paid-in capital | $		39,700
Stock Options
Stock-Based Compensation
Grant date fair value, per share					$ 9.92
Assumptions used
Exercise price (in dollars per share)			$ 12.43		$ 12.43
Expected option term				P6Y6M	P5Y6M	P6Y6M
Expected volatility factor, minimum				38.60%	33.30%
Expected volatility factor, maximum				55.00%	37.10%
Risk-free interest rate, minimum				1.70%	1.60%	1.70%
Risk-free interest rate, maximum				1.80%	2.00%	2.00%
Expected annual dividend yield				0.00%	0.00%	0.00%
Stock Options
Outstanding at the beginning of period | shares					2,902,775
Granted | shares					294,153
Exercised | shares					(528,575)
Canceled, forfeited or expired | shares					(178,500)
Outstanding at the end of period | shares			2,489,853		2,489,853
Vested and expected to vest after end of period | shares			2,489,853		2,489,853
Exercisable at end of period | shares			867,950		867,950
Grant Date Weighted-Average Exercise Price
Outstanding at the beginning of period					$ 7.56
Granted					26.29
Exercised					5.17
Canceled, forfeited or expired					14.28
Outstanding at the end of period			$ 9.80		9.80
Vested and expected to vest at end of period			9.80		9.80
Exercisable at end of period			$ 7.44		$ 7.44
Weighted Average Remaining Contractual Life
Weighted average remaining contractual life, awards outstanding					7 years
Weighted average remaining contractual life, awards vested and expected to vest					7 years
Weighted average remaining contractual life, awards exercisable					6 years 9 months 18 days
Aggregate Intrinsic Value
Aggregate intrinsic value, awards exercised | $					$ 10,679
Aggregate intrinsic value, awards outstanding | $			$ 11,236		11,236
Aggregate intrinsic value, awards vested and expected to vest | $			11,236		11,236
Aggregate intrinsic value, awards exercisable | $			4,345		$ 4,345
Stock Options | Minimum
Assumptions used
Expected volatility factor, minimum						38.60%
Stock Options | Maximum
Assumptions used
Expected volatility factor, maximum						56.00%
2011 Plan | Stock Options
Stock-Based Compensation
Shares authorized | shares									3,750,000
Expiration period					10 years
Vesting period					5 years
Cash payment to holders of vested options | $		$ 1,400
Number of options for which exercise price was lowered | shares		1,918,550
Reduction to exercise price		$ 2
Incremental stock-based compensation expense | $		$ 0
2011 Plan | Stock Options | Members of management
Stock-Based Compensation
Vesting period						5 years
Grant date fair value | $			900		$ 2,400
Stock Options
Granted | shares				124,650		237,500
2011 Plan | Stock Options | Members of management | Minimum
Stock-Based Compensation
Grant date fair value, per share						$ 6.08
Grant Date Weighted-Average Exercise Price
Exercised						9.40
2011 Plan | Stock Options | Members of management | Maximum
Stock-Based Compensation
Grant date fair value, per share						7.79
Grant Date Weighted-Average Exercise Price
Exercised						$ 16
2014 Plan | Stock Options | Members of management
Stock-Based Compensation
Vesting period					5 years
Grant date fair value | $					$ 2,700
Stock Options
Granted | shares					294,153
2014 Plan | Stock Options | Members of management | Minimum
Stock-Based Compensation
Grant date fair value, per share					$ 7.48
Grant Date Weighted-Average Exercise Price
Exercised					22.31
2014 Plan | Stock Options | Members of management | Maximum
Stock-Based Compensation
Grant date fair value, per share					11.52
Grant Date Weighted-Average Exercise Price
Exercised					$ 32.02
2014 Plan | Stock Options | CEO
Assumptions used
Stock price (in dollars per share)	$ 16
Exercise price (in dollars per share)	$ 16
Expected option term	P6Y
Expected volatility factor	55.00%
Risk-free interest rate	1.80%
Expected annual dividend yield	0.00%
Stock Options
Granted | shares	99,650
2014 Plan | Restricted Stock and Restricted Stock Units | Employees
Stock-Based Compensation
Grant date fair value | $			$ 300	$ 500	$ 1,600	$ 500
Number of annual, equal installments in which shares granted will vest | item					5	4
Granted | shares			25,329	30,313	71,530	30,313
2014 Plan | Restricted Stock and Restricted Stock Units | Director
Stock-Based Compensation
Vesting period						1 year
2014 Plan | Stock Options, Restricted Stock Awards and Restricted Stock Units
Stock-Based Compensation
Shares authorized | shares								1,600,000
Common stock, par value (in dollars per share)								$ 0.0001
Expiration period					8 years
Vesting period					5 years

Stock-Based Compensation (Det33

Stock-Based Compensation (Details 2) - Stock Options	9 Months Ended
	Dec. 26, 2015$ / sharesshares
Shares
Nonvested at beginning of period | shares	1,800,170
Granted | shares	294,153
Vested | shares	(293,920)
Nonvested shares forfeited | shares	(178,500)
Nonvested at end of period | shares	1,621,903
Weighted-Average Grant Date Fair Value
Nonvested at beginning of period | $ / shares	$ 4.57
Granted | $ / shares	9.92
Vested | $ / shares	4.92
Nonvested shares forfeited | $ / shares	4.29
Nonvested at end of period | $ / shares	$ 5.25

Stock-Based Compensation (Det34

Stock-Based Compensation (Details 3) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
Stock-Based Compensation
Stock-based compensation expense	$ 0.8	$ 0.5	$ 2.1	$ 1.5
Stock Options
Information related to unrecognized stock-based compensation expense
Unrecognized stock-based compensation expense	7.2		$ 7.2
Weighted-average recognition period			3 years 2 months 16 days
Restricted Stock Awards
Information related to unrecognized stock-based compensation expense
Unrecognized stock-based compensation expense	1.7		$ 1.7
Weighted-average recognition period			4 years 3 months
Cost of goods sold.
Stock-Based Compensation
Stock-based compensation expense	$ 0.1	$ 0.1	$ 0.3	$ 0.3

Capital Lease and Financing T35

Capital Lease and Financing Transactions (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Jul. 31, 2007item	Dec. 26, 2015USD ($)	Mar. 28, 2015USD ($)
Capital leases and the financing transactions included in property and equipment
Property and equipment, gross		$ 10,620	$ 91
Less: accumulated depreciation		(408)	(20)
Property and equipment, net		10,212	71
Capital leases, future minimum payments
2,016		311
2,017		1,253
2,018		1,272
2,019		1,296
2,020		1,321
Thereafter		9,656
Total		15,109
Less: Imputed interest		(6,413)
Present value of capital lease and financing transaction		8,696
Less: Current capital lease and financing transaction		(362)
Noncurrent capital lease and financing transaction		8,334	15
Buildings
Capital leases and the financing transactions included in property and equipment
Property and equipment, gross		7,588
Land
Capital leases and the financing transactions included in property and equipment
Property and equipment, gross		2,530
Site Improvements
Capital leases and the financing transactions included in property and equipment
Property and equipment, gross		410
Equipment
Capital leases and the financing transactions included in property and equipment
Property and equipment, gross		$ 92	$ 91
Sheplers
Capital Lease and Financing Transactions
Number of retail stores acquired as part of acquisition | item	2
Number of distribution center facilities acquired as part of acquisition | item	1
Capital Lease
Capital Lease and Financing Transactions
Interest rate, minimum		10.40%
Interest rate, maximum		12.10%
Capital leases, future minimum payments
Present value of capital lease and financing transaction		$ 900
Financing Transactions
Capital Lease and Financing Transactions
Lease term	20 years
Capital leases, future minimum payments
Present value of capital lease and financing transaction		$ 7,800

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014	Mar. 28, 2015
Income Taxes
Income tax rate (as a percent)	40.30%	36.00%	42.00%	37.90%
Accrued interest and penalties	$ 0		$ 0		$ 0

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 26, 2015USD ($)store	Dec. 27, 2014USD ($)	Dec. 26, 2015USD ($)storestockholder	Dec. 27, 2014USD ($)	Mar. 28, 2015store
Related Party Transactions
Number of stores involved in agreement	206		206		169
Leases and other transactions | Minority Stockholder
Related Party Transactions
Number of stores involved in agreement	1		1
Number of minority stockholders involved in related party lease agreement | stockholder			1
Leases and other transactions | Minority Stockholder | Maximum | Cost of goods sold.
Related Party Transactions
Lease payments | $	$ 0.1	$ 0.1	$ 0.1	$ 0.1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 26, 2015	Dec. 27, 2014	Dec. 26, 2015	Dec. 27, 2014
Earnings Per Share
Net (loss)/income attributed to Boot Barn Holdings, Inc.	$ 9,928	$ 8,763	$ 8,856	$ 11,116
Less: Cash payment to holders of vested options				(1,443)
Net (loss)/income available for common stockholders	$ 9,928	$ 8,763	$ 8,856	$ 9,673
Weighted average basic shares outstanding	26,326,000	23,704,000	26,116,000	20,928,000
Dilutive effect of stock options	545,000	852,000	887,000	671,000
Weighted average diluted shares outstanding	26,871,000	24,556,000	27,003,000	21,599,000
Basic (loss)/earnings per share	$ 0.38	$ 0.37	$ 0.34	$ 0.46
Diluted (loss)/earnings per share	$ 0.37	$ 0.36	$ 0.33	$ 0.45
Shares that were not included in the computation of weighted average diluted common shares amounts	592,303	237,150	355,153	478,692