Boot Barn (BOOT) 10-Q 27 Oct 16 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 24, 2016	Oct. 26, 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	Sep. 24, 2016
Amendment Flag	false
Current Fiscal Year End Date	--04-01
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		26,487,002
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 24, 2016	Mar. 26, 2016
Current assets:
Cash and cash equivalents	$ 11,063	$ 7,195
Accounts receivable, net	4,570	4,131
Inventories	190,760	176,335
Prepaid expenses and other current assets	16,589	15,558
Total current assets	222,982	203,219
Property and equipment, net	81,116	76,076
Goodwill	193,095	193,095
Intangible assets, net	63,761	64,861
Other assets	947	2,075
Total assets	561,901	539,326
Current liabilities:
Line of credit	56,983	48,815
Accounts payable	76,109	66,553
Accrued expenses and other current liabilities	34,933	35,896
Current portion of notes payable, net of unamortized debt issuance costs	1,040	1,035
Total current liabilities	169,065	152,299
Deferred taxes	11,803	12,255
Long-term portion of notes payable, net of unamortized debt issuance costs	192,049	192,579
Capital lease obligations	8,064	8,272
Other liabilities	16,125	12,431
Total liabilities	397,106	377,836
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.0001 par value; September 24, 2016 - 100,000 shares authorized, 26,497 shares issued; March 26, 2016 - 100,000 shares authorized, 26,354 shares issued	3	3
Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding
Additional paid-in capital	140,121	137,893
Retained earnings	24,697	23,594
Less: Common stock held in treasury, at cost, 10 and 4 shares at September 24, 2016 and March 26, 2016, respectively	(26)
Total stockholders' equity	164,795	161,490
Total liabilities and stockholders' equity	$ 561,901	$ 539,326

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 24, 2016	Mar. 26, 2016
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)	26,496,712	26,354,000
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)	10,000	4,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 133,969	$ 129,712	$ 267,382	$ 225,712
Cost of goods sold	97,523	94,064	190,187	159,285
Amortization of inventory fair value adjustment	0	(225)	0	(225)
Total cost of goods sold	97,523	93,839	190,187	159,060
Gross profit	36,446	35,873	77,195	66,652
Operating expenses:
Selling, general and administrative expenses	32,003	36,284	68,302	61,337
Acquisition-related expenses				891
Total operating expenses	32,003	36,284	68,302	62,228
Income/(loss) from operations	4,443	(411)	8,893	4,424
Interest expense, net	3,651	5,003	7,211	5,794
Income/(loss) before income taxes	792	(5,414)	1,682	(1,370)
Income tax expense/(benefit)	313	(2,071)	579	(298)
Net income/(loss)	$ 479	$ (3,343)	$ 1,103	$ (1,072)
Earnings/(loss) per share:
Basic shares (in dollars per share)	$ 0.02	$ (0.13)	$ 0.04	$ (0.04)
Diluted shares (in dollars per share)	$ 0.02	$ (0.13)	$ 0.04	$ (0.04)
Weighted average shares outstanding:
Basic shares	26,427	26,159	26,400	26,012
Diluted shares	26,897	26,159	26,736	26,012

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	Total
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/(loss)			(1,072)		(1,072)
Stock options exercised		2,424			2,424
Stock options exercised (in shares)	490
Shares forfeited, held in treasury stock				(1)
Excess tax (deficiency) benefit related to stock-based compensation		3,574			3,574
Stock-based compensation expense		1,382			1,382
Balance at Sep. 26, 2015	$ 3	136,073	12,654		148,730
Balance (in shares) at Sep. 26, 2015	26,314			(1)
Balance at Mar. 26, 2016	$ 3	137,893	23,594		161,490
Balance (in shares) at Mar. 26, 2016	26,354			(4)
Increase (Decrease) in Stockholders' Equity
Net income/(loss)			1,103		1,103
Issuance of common stock related to stock-based compensation		739			739
Issuance of common stock related to stock-based compensation (in shares)	143			(3)
Tax withholding for net share settlement				$ (26)	(26)
Tax withholding for net share settlement, (Treasury Shares)				(3)
Excess tax (deficiency) benefit related to stock-based compensation		(17)			(17)
Stock-based compensation expense		1,506			1,506
Balance at Sep. 24, 2016	$ 3	$ 140,121	$ 24,697	$ (26)	$ 164,795
Balance (in shares) at Sep. 24, 2016	26,497			(10)

CONDENSED CONDSOLIDATED STATEME

CONDENSED CONDSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 24, 2016	Sep. 26, 2015
Cash flows from operating activities
Net income/(loss)	$ 1,103	$ (1,072)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation	6,996	4,711
Stock-based compensation	1,506	1,382
Excess tax benefit		(3,574)
Amortization of intangible assets	1,100	1,218
Amortization and write-off of debt issuance fees and debt discount	563	1,709
Loss on disposal of property and equipment	126	234
Accretion of above market leases	(24)	37
Deferred taxes	140	(1,601)
Amortization of inventory fair value adjustment	0	(225)
Changes in operating assets and liabilities:
Accounts receivable, net	(439)	1,165
Inventories	(14,425)	(18,004)
Prepaid expenses and other current assets	(1,728)	1,599
Other assets	1,128	(1,610)
Accounts payable	7,875	2,811
Accrued expenses and other current liabilities	(963)	4,450
Other liabilities	3,718	2,388
Net cash provided/(used in) by operating activities	6,676	(4,382)
Cash flows from investing activities
Purchases of property and equipment	(10,481)	(19,695)
Acquisition of business, net of cash acquired		(146,541)
Net cash used in investing activities	(10,481)	(166,236)
Cash flows from financing activities
Line of credit - net	8,168	52,818
Proceeds from loan borrowings		200,938
Repayments on debt and capital lease obligations	(1,208)	(76,639)
Debt issuance fees		(6,487)
Tax withholding for net share settlement	(26)
Excess tax benefit from stock options		3,574
Proceeds from exercise of stock options	739	2,424
Net cash provided by financing activities	7,673	176,628
Net increase in cash and cash equivalents	3,868	6,010
Cash and cash equivalents, beginning of period	7,195	1,448
Cash and cash equivalents, end of period	11,063	7,458
Supplemental disclosures of cash flow information:
Cash paid for income taxes	1,182	2,827
Cash paid for interest	6,697	3,957
Supplemental disclosure of non-cash activities:
Unpaid purchases of property and equipment	$ 3,712	$ 51

Description of the Company and

Description of the Company and Basis of Presentation	6 Months Ended
	Sep. 24, 2016
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 (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. 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. On June 10, 2014, the legal name of the Company was changed from WW Top Investment Corporation to Boot Barn Holdings, Inc. The equity of the Company consists of 100,000,000 authorized shares and 26,496,712 issued and 26,487,002 outstanding shares of common stock as of September 24, 2016. 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 212 stores in 29 states as of September 24, 2016 and 208 stores in 29 states as of March 26, 2016. As of September 24, 2016, all stores operate under the Boot Barn name, with the exception of two stores which operate under the “American Worker” name. Basis of Presentation The Company’s condensed consolidated financial statements as of and for the thirteen and twenty-six weeks ended September 24, 2016 and September 26, 2015 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 April 1, 2017. 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 April 1, 2017 (“fiscal 2017”) will consist of 53 weeks; whereas, the fiscal year ended on March 26, 2016 (“fiscal 2016”) consisted of 52 weeks.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 24, 2016
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 June 3, 2016. 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 of $0.2 million in the thirteen and twenty-six weeks ended September 26, 2015 to reflect the acquired cost of inventory related to its acquisition of Sheplers. The amount was amortized over the period that the related inventory was sold. The amortization of inventory costs was zero for the thirteen and twenty-six weeks ended September 24, 2016. 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 on 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 approximate their current fair values because of their nature and respective 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 September 24, 2016. Recent Accounting Pronouncements In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued a new revenue recognition standard, Accounting Standards Update (“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 No. 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 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 its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes . ASU No. 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 No. 2015-17 is effective for public entities in annual periods beginning after December 15, 2016, and for interim periods within those annual periods. The amendments for ASU No. 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 its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The FASB issued this ASU to increase transparency and comparability among organizations by requiring lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under current U.S. GAAP and disclosing key information about leasing arrangements. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . ASU No. 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU No. 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements.

Business Combinations

Business Combinations	6 Months Ended
	Sep. 24, 2016
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 an 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. 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 $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 credit agreements were initially used to pay costs and expenses related to the Sheplers Acquisition and the closing of the credit agreements, and may be used for working capital and other general corporate purposes. The acquisition-date fair value of the consideration transferred totaled $149.3 million, which consisted of $147.0 million in cash and $2.3 million of a working capital adjustment, cash acquired 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. The excess of the purchase price over the net tangible and intangible assets was recorded as goodwill. The goodwill and intangible assets are not deductible for income tax purposes. Such estimated fair values require management 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 these 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 in fiscal 2016 related to the acquisition of Sheplers, which are recorded in “Acquisition-related expenses” in the condensed consolidated statements of operations for the twenty-six weeks ended September 26, 2015. Supplemental Pro Forma Data The as adjusted net sales and net loss below give effect to the Sheplers Acquisition 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 acquired 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 loss numbers for Sheplers are derived from their books and records prepared prior to the acquisition and are not verified by the Company. 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. Twenty-Six Weeks Ended September 26, 2015 (in thousands) As adjusted net sales $ As adjusted net loss $

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Sep. 24, 2016
Intangible Assets, Net
Intangible Assets, Net	4. Intangible Assets, Net Net intangible assets as of September 24, 2016 and March 26, 2016 consisted of the following: September 24, 2016 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Customer lists $ $ $ Non-compete agreements Below-market leases Total definite lived Trademarks—indefinite lived — Total intangible assets $ $ $ March 26, 2016 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Customer lists $ $ $ Non-compete agreements Below-market leases Total definite lived Trademarks—indefinite lived — Total intangible assets $ $ $ Amortization expense for intangible assets totaled $0.5 million for the thirteen weeks ended September 24, 2016 and $0.6 million for the thirteen weeks ended September 26, 2015, and is included in selling, general and administrative expenses. Amortization expense for intangible assets totaled $1.1 million for the twenty-six weeks ended September 24, 2016 and $1.2 million for the twenty-six weeks ended September 26, 2015, and is included in selling, general and administrative expenses. As of September 24, 2016, estimated future amortization of intangible assets was as follows: Fiscal Year (in thousands) 2017 $ 2018 2019 2020 2021 Thereafter Total $ 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 September 24, 2016, 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	6 Months Ended
	Sep. 24, 2016
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 Wells Fargo Credit Facility”) with the $125.0 million June 2015 Wells Fargo Revolver and the $200.0 million 2015 Golub Term Loan. The borrowing base of the June 2015 Wells Fargo Revolver is calculated on a monthly basis and is based on the amount of eligible credit card receivables, commercial accounts, inventory, and available reserves. Borrowings under the credit agreements were initially used to pay costs and expenses related to the Sheplers Acquisition and the closing of such credit agreements, 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 pays 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 ending on June 29, 2020, the maturity date. The amount outstanding under the June 2015 Wells Fargo Revolver as of September 24, 2016 and March 26, 2016 was $57.0 million and $48.8 million, respectively. Total interest expense incurred in the thirteen and twenty-six weeks ended September 24, 2016 on the June 2015 Wells Fargo Revolver was $0.4 million and $0.7 million, respectively, and the weighted average interest rate for the quarter ended September 24, 2016 was 1.8%. 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 rate 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 ending on June 29, 2021, the maturity date. Quarterly principal payments of $500,000 are due each quarter. Total interest expense incurred in the thirteen and twenty-six weeks ended September 24, 2016 on the 2015 Golub Term Loan was $2.7 million and $5.5 million, respectively, and the weighted average interest rate for the quarter ended September 24, 2016 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 lenders 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 as of September 24, 2016 of 4.75:1.00. As provided for in the 2015 Golub Term Loan, this ratio steps down to 4.50:1.00 as of December 24, 2016, 4.25:1.00 as of April 1, 2017, and 4.00:1:00 as of September 30, 2017 and for all subsequent periods. As of September 24, 2016, the Company was in compliance with the June 2015 Wells Fargo Revolver and the 2015 Golub Term Loan debt covenants. 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 September 24, 2016, the fair value of these embedded derivatives was estimated and was not significant. $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 million 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 conditions 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 twenty-six weeks ended September 26, 2015 on the February 2015 Wells Fargo Credit Facility was $0.8 million and the weighted average interest rate at September 26, 2015 was 4.09%. 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 accounted for as debt issuance costs and a debt discount at March 28, 2015. On June 29, 2015, the February 2015 Wells Fargo Credit Facility was repaid when the new financing was obtained, and the $1.4 million remaining debt issuance costs and debt discounts 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. Total debt issuance costs were $0.7 million and $0.8 million as of September 24, 2016 and March 26, 2016, respectively. 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 sheets. Total debt issuance costs and debt discount were $4.4 million and $4.9 million as of September 24, 2016 and March 26, 2016, respectively. 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: September 24, March 26, (in thousands) 2016    2016 Term Loan $   $ Unamortized value of the debt issuance costs and debt discount Net carrying value $ $ 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 twenty-six weeks ended September 24, 2016, respectively. Total amortization expense of $0.3 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 twenty-six weeks ended September 26, 2015. Aggregate Contractual Maturities Aggregate contractual maturities for the Company’s long-term debt as of September 24, 2016 are as follows: Fiscal Year (in thousands) 2017 $ 2018 2019 2020 2021 Thereafter Total $

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Sep. 24, 2016
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 exercisable for up to a total of 3,750,000 shares of common stock. As of September 24, 2016, 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, which was amended as of August 24, 2016 (as amended, the “2014 Plan”). The 2014 Plan authorizes the Company to issue awards to employees, consultants and directors for up to a total of 3,600,000 shares of common stock, par value $0.0001 per share. As of September 24, 2016, all awards granted by the Company under the 2014 Plan to date have been nonqualified stock options, restricted stock awards or restricted stock units. Options granted under the 2014 Plan have a life of eight years and vest over service periods of five years or in connection with certain events as defined by the 2014 Plan. Restricted stock awards granted vest over one or four years, as determined by the Compensation Committee of the Board of Directors. Restricted stock units vest over service periods of one or five years, as determined by the Compensation Committee of the Board of Directors. Non-Qualified Stock Options During the thirteen weeks ended September 24, 2016, the Company did not grant options to purchase shares under the 2014 Plan. During the twenty-six weeks ended September 24, 2016, the Company granted certain members of management options to purchase a total of 560,892 shares under the 2014 Plan. The total grant date fair value of stock options granted during the twenty-six weeks ended September 24, 2016 was $1.5 million, with grant date fair values ranging from $2.50 to $2.95 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 $7.11 and $8.38 per share. During the thirteen weeks ended September 26, 2015, the Company granted certain members of management options to purchase a total of 10,540 shares under the 2014 Plan. The total grant date fair value of stock options granted during the thirteen weeks ended September 26, 2015 was $0.1 million, with a grant date fair value of $11.52 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 price of these awards was $32.02 per share. During the twenty-six weeks ended September 26, 2015, the Company granted certain members of management options to purchase a total of 294,153 shares under the 2014 Plan. The total grant date fair value of stock options granted during the twenty-six weeks ended September 26, 2015 was $2.7 million, with grant date fair values ranging from $7.48 to $11.52 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 both 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. As of March 26, 2016, the market price targets were achieved, and 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 % 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 twenty-six weeks ended September 24, 2016 and September 26, 2015 were estimated on the grant dates using the following assumptions: Thirteen Weeks Ended Twenty-Six Weeks Ended September 24, September 26, September 24, September 26, 2016 2015 2016 2015 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 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. 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 following table summarizes the stock award activity for the twenty-six weeks ended September 24, 2016: Weighted Grant Date Average Weighted Remaining Aggregate Stock Average Contractual Intrinsic Options Exercise Price Life (in Years) Value (in thousands) Outstanding at March 26, 2016 $ Granted $ Exercised $ $ Cancelled, forfeited or expired $ Outstanding at September 24, 2016 $ $ Vested and expected to vest after September 24, 2016 $ $ Exercisable at September 24, 2016 $ $ A summary of the status of non-vested stock options as of September 24, 2016 including changes during the twenty-six weeks ended September 24, 2016 is presented below: Weighted- Average Grant Date Shares Fair Value Nonvested at March 26, 2016 $ Granted $ Vested $ Nonvested shares forfeited $ Nonvested at September 24, 2016 $ Restricted Stock During the thirteen and twenty-six weeks ended September 24, 2016, the Company granted 20,000 and 136,732 restricted stock units, respectively, to various directors and 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 shares granted to the Company’s directors vest on the first anniversary of the date of grant. The grant date fair value of these awards for the thirteen and twenty-six weeks ended September 24, 2016 totaled $0.3 million and $1.1 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 twenty-six weeks ended September 26, 2015, the Company granted 2,655 and 46,201 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 twenty-six weeks ended September 26, 2015 totaled $0.1 million and $1.3 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. Stock-Based Compensation Expense Stock-based compensation expense was $0.8 million and $0.7 million for the thirteen weeks ended September 24, 2016 and September 26, 2015, respectively. Stock-based compensation expense was $1.5 million and $1.4 million for the twenty-six weeks ended September 24, 2016 and September 26, 2015, 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 September 24, 2016 and September 26, 2015, respectively. Stock-based compensation expense of $0.2 million was recorded in cost of goods sold in the condensed consolidated statements of operations for each of the twenty-six weeks ended September 24, 2016 and September 26, 2015, respectively. All other stock-based compensation expense is included in selling, general and administrative expenses in the condensed consolidated statements of operations. As of September 24, 2016, there was $5.7 million of total unrecognized stock-based compensation expense related to unvested stock options, with a weighted-average remaining recognition period of 3.02 years. As of September 24, 2016, there was $2.2 million of total unrecognized stock-based compensation expense related to restricted stock, with a weighted-average remaining recognition period of 3.92 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 24, 2016
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. On April 28, 2016, two employees, on behalf of themselves and all other similarly situated employees, filed a wage-and-hour class action, which includes claims for penalties under California’s Private Attorney General Act, in the Fresno County Superior Court, Case No. 16 CE CG 01330, alleging violations of California’s wage and hour, overtime, meal break and statement of wages rules and regulations among other things. The complaint seeks an unspecified amount of damages and penalties. The Company intends to defend this claim vigorously. At present, the Company cannot reasonably estimate the loss that may arise from this matter, but has recorded as of September 24, 2016 an amount for the estimated probable loss, which is not material to the condensed consolidated financial statements. Depending on the actual outcome of pending litigation, charges in excess of such recorded amount could be recorded in the future, which may have a material adverse effect on the Company’s financial position, results of operations or liquidity. The Company is also subject to certain other pending or threatened litigation matters incidental to its business. 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 condensed consolidated balance sheets as the impact is expected to be immaterial.

Captial Lease and Financing Tra

Captial Lease and Financing Transactions	6 Months Ended
	Sep. 24, 2016
Capital Lease and Financing Transactions
Capital Lease and Financing Transactions	8. Capital Leases and Financing Transactions As of September 24, 2016, 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 as of September 24, 2016 totals $0.9 million. During fiscal 2016, the Company acquired leases related to two retail stores, two office buildings, 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 September 24, 2016 totals $7.6 million. The total liability under capital lease and financing transactions as of September 24, 2016 is $8.5 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 6.1% to 11.1%. The net property and equipment involved in the Company’s capital leases and financing transaction are included in property and equipment as follows: September 24, March 26, (in thousands) 2016 2016 Buildings $ $ Land Site improvements Equipment Property and equipment, gross Less: accumulated depreciation Property and equipment, net $ $ As of September 24, 2016, future minimum capital lease and financing transaction payments are as follows: Fiscal Year (in thousands) 2017 2018 2019 2020 2021 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	6 Months Ended
	Sep. 24, 2016
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/(benefit) 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 39.5% and 38.3% for the thirteen weeks ended September 24, 2016 and September 26, 2015, respectively, and 34.4% and 21.8% for the twenty-six weeks ended September 24, 2016 and September 26, 2015, respectively. The effective tax rate for the thirteen and twenty-six weeks ended September 24, 2016 is higher than the comparable periods in fiscal 2016 due to discrete items that decreased taxes in the thirteen and twenty-six weeks ended September 26, 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 September 24, 2016 and March 26, 2016, 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. At September 24, 2016, the Company is not aware of tax examinations (current or potential) in any tax jurisdictions.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Sep. 24, 2016
Related Party Transactions
Related Party Transactions	10. Related Party Transactions During the thirteen and twenty-six weeks ended September 24, 2016, the Company had capital expenditures with a specialty retail vendor in the flooring market that as of September 24, 2016 is 30.3% owned by Freeman Spogli, our majority stockholder. These capital expenditures amounted to less than $0.1 million in the thirteen and twenty-six weeks ended September 24, 2016 and were recorded as property and equipment, net on the condensed consolidated balance sheet. There were no costs incurred with this vendor in the prior year period.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Sep. 24, 2016
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. The dilutive effect of stock options and restricted stock is applicable only in periods of net income. The components of basic and diluted earnings per share of common stock, in aggregate, for the thirteen and twenty-six weeks ended September 24, 2016 and September 26, 2015 are as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended September 24, September 26, September 24, September 26, (in thousands, except per share data) 2016 2015 2016 2015 Net income /(loss) $ $ $ Weighted average basic shares outstanding Dilutive effect of options and restricted stock — — Weighted average diluted shares outstanding Basic earnings/(loss) per share $ $ $ $ Diluted earnings/(loss) per share $ $ $ $ Options to purchase 713,748 shares and 2,528,603 shares of common stock were outstanding during the thirteen weeks ended September 24, 2016 and September 26, 2015, 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 1,220,740 shares and 2,528,603 shares of common stock were outstanding during the twenty-six weeks ended September 24, 2016 and September 26, 2015, 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)	6 Months Ended
	Sep. 24, 2016
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 of $0.2 million in the thirteen and twenty-six weeks ended September 26, 2015 to reflect the acquired cost of inventory related to its acquisition of Sheplers. The amount was amortized over the period that the related inventory was sold. The amortization of inventory costs was zero for the thirteen and twenty-six weeks ended September 24, 2016.
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 on 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 approximate their current fair values because of their nature and respective 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 September 24, 2016.
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, Accounting Standards Update (“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 No. 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 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 its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes . ASU No. 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 No. 2015-17 is effective for public entities in annual periods beginning after December 15, 2016, and for interim periods within those annual periods. The amendments for ASU No. 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 its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The FASB issued this ASU to increase transparency and comparability among organizations by requiring lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under current U.S. GAAP and disclosing key information about leasing arrangements. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . ASU No. 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU No. 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements.

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Sep. 24, 2016
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 pro forma results of operations	Twenty-Six Weeks Ended September 26, 2015 (in thousands) As adjusted net sales $ As adjusted net loss $

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	6 Months Ended
	Sep. 24, 2016
Intangible Assets, Net
Schedule of net intangible assets	Net intangible assets as of September 24, 2016 and March 26, 2016 consisted of the following: September 24, 2016 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Customer lists $ $ $ Non-compete agreements Below-market leases Total definite lived Trademarks—indefinite lived — Total intangible assets $ $ $ March 26, 2016 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) 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 September 24, 2016, estimated future amortization of intangible assets was as follows: Fiscal Year (in thousands) 2017 $ 2018 2019 2020 2021 Thereafter Total $

Revolving Credit Facilities a21

Revolving Credit Facilities and Long-Term Debt (Tables)	6 Months Ended
	Sep. 24, 2016
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: September 24, March 26, (in thousands) 2016    2016 Term Loan $   $ Unamortized value of the debt issuance costs and debt discount Net carrying value $ $
Schedule of aggregate contractual maturities for the Company's long-term debt	Aggregate contractual maturities for the Company’s long-term debt as of September 24, 2016 are as follows: Fiscal Year (in thousands) 2017 $ 2018 2019 2020 2021 Thereafter Total $

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Sep. 24, 2016
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 twenty-six weeks ended September 24, 2016 and September 26, 2015 were estimated on the grant dates using the following assumptions: Thirteen Weeks Ended Twenty-Six Weeks Ended September 24, September 26, September 24, September 26, 2016 2015 2016 2015 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 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.
Schedule of stock award activity	The following table summarizes the stock award activity for the twenty-six weeks ended September 24, 2016: Weighted Grant Date Average Weighted Remaining Aggregate Stock Average Contractual Intrinsic Options Exercise Price Life (in Years) Value (in thousands) Outstanding at March 26, 2016 $ Granted $ Exercised $ $ Cancelled, forfeited or expired $ Outstanding at September 24, 2016 $ $ Vested and expected to vest after September 24, 2016 $ $ Exercisable at September 24, 2016 $ $
Schedule of non-vested stock options	A summary of the status of non-vested stock options as of September 24, 2016 including changes during the twenty-six weeks ended September 24, 2016 is presented below: Weighted- Average Grant Date Shares Fair Value Nonvested at March 26, 2016 $ Granted $ Vested $ Nonvested shares forfeited $ Nonvested at September 24, 2016 $
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)	6 Months Ended
	Sep. 24, 2016
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: September 24, March 26, (in thousands) 2016 2016 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 September 24, 2016, future minimum capital lease and financing transaction payments are as follows: Fiscal Year (in thousands) 2017 2018 2019 2020 2021 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)	6 Months Ended
	Sep. 24, 2016
Earnings Per Share
Schedule of the components of basic and diluted earnings per share of common stock	The components of basic and diluted earnings per share of common stock, in aggregate, for the thirteen and twenty-six weeks ended September 24, 2016 and September 26, 2015 are as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended September 24, September 26, September 24, September 26, (in thousands, except per share data) 2016 2015 2016 2015 Net income /(loss) $ $ $ Weighted average basic shares outstanding Dilutive effect of options and restricted stock — — Weighted average diluted shares outstanding Basic earnings/(loss) per share $ $ $ $ Diluted earnings/(loss) per share $ $ $ $

Description of the Company an25

Description of the Company and Basis of Presentation (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 24, 2016storestateVoteshares	Sep. 24, 2016storestateVoteshares	Mar. 26, 2016storestateshares	Jun. 08, 2014
Business Operations
Number of shares authorized	100,000,000	100,000,000	100,000,000
Number of shares issued	26,496,712	26,496,712	26,354,000
Number of shares outstanding	26,487,002	26,487,002
Number of votes per common share | Vote	1	1
Number of stores | store	212	212	208
Number of states in which the Company operates | state	29	29	29
Fiscal Year
Fiscal quarter period, except for a 53-week fiscal year	91 days
Fiscal quarter period, for a 53-week fiscal year	98 days
Minimum
Fiscal Year
Fiscal year period			364 days
Maximum
Fiscal Year
Fiscal year period		371 days
American Worker
Business Operations
Number of stores | store	2	2
WW Holding Corporation | Boot Barn Holding Corporation
Business Operations
Ownership percentage (as a percent)				95.00%

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
Inventories
Amortization of inventory fair value adjustment	$ 0	$ 225	$ 0	$ 225
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
Sheplers
Inventories
Amortization of inventory fair value adjustment		$ 200		$ 200

Business Combinations (Details)

Business Combinations (Details) $ in Thousands	Jun. 29, 2015USD ($)item	Sep. 24, 2016USD ($)	Sep. 26, 2015USD ($)	Mar. 26, 2016USD ($)
Business Combinations
Cash paid net of preliminary working capital adjustment, cash acquired and other adjustments			$ 146,541
Assets acquired:
Goodwill		$ 193,095		$ 193,095
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 2 months 12 days		9 years 4 months 24 days
Customer lists
Assets acquired:
Useful life		4 years 10 months 24 days		4 years 10 months 24 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	17,711
Property and equipment	10,744
Properties under capital lease and financing transactions	10,528
Goodwill	99,998
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
Acquisition-related costs			900
Supplemental Pro Forma Data
As adjusted net sales			258,644
As adjusted net loss			$ (4,680)
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		6 Months Ended		12 Months Ended
	Sep. 24, 2016USD ($)item	Sep. 26, 2015USD ($)	Sep. 24, 2016USD ($)item	Sep. 26, 2015USD ($)	Mar. 26, 2016USD ($)
Intangible assets, net
Gross Carrying Amount	$ 14,326		$ 14,326		$ 14,326
Accumulated Amortization	(9,942)		(9,942)		(8,842)
Net	4,384		4,384		5,484
Gross carrying amount	73,703		73,703		73,703
Intangible assets, net	63,761		63,761		64,861
Amortization of intangible assets	$ 500	$ 600	$ 1,100	$ 1,200
Number of indicators of impairment for goodwill, intangible, and long-lived assets | item	0		0
Fiscal year
2,017	$ 923		$ 923
2,018	966		966
2,019	500		500
2,020	388		388
2,021	314		314
Thereafter	1,293		1,293
Total	4,384		4,384
Trademarks
Intangible assets, net
Indefinite-lived intangible assets	59,377		59,377		59,377
Customer lists
Intangible assets, net
Gross Carrying Amount	7,788		7,788		7,788
Accumulated Amortization	(6,864)		(6,864)		(6,172)
Net	924		$ 924		$ 1,616
Weighted Average Useful Life			4 years 10 months 24 days		4 years 10 months 24 days
Non-compete agreements
Intangible assets, net
Gross Carrying Amount	1,290		$ 1,290		$ 1,290
Accumulated Amortization	(1,101)		(1,101)		(968)
Net	189		$ 189		$ 322
Weighted Average Useful Life			4 years 10 months 24 days		4 years 10 months 24 days
Below-market leases
Intangible assets, net
Gross Carrying Amount	5,248		$ 5,248		$ 5,248
Accumulated Amortization	(1,977)		(1,977)		(1,702)
Net	$ 3,271		$ 3,271		$ 3,546
Weighted Average Useful Life			9 years 2 months 12 days		9 years 4 months 24 days

Revolving Credit Facilities a29

Revolving Credit Facilities and Long-Term Debt - Revolving Credit Facilities and Long-Term Debt (Details)	Jun. 29, 2015USD ($)	Sep. 24, 2016USD ($)	Sep. 26, 2015USD ($)	Sep. 24, 2016USD ($)	Sep. 26, 2015USD ($)	Mar. 26, 2016USD ($)	Feb. 23, 2015USD ($)
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
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		$ 197,500,000		$ 197,500,000		$ 198,500,000
Unamortized value of the debt issuance costs and debt discount		(4,411,000)		(4,411,000)		(4,886,000)
Total		193,089,000		193,089,000		193,614,000
2015 Golub Term Loan
Revolving credit facilities and long-term debt
Principal amount	$ 200,000,000
Interest expense		$ 2,700,000		$ 5,500,000
Weighted average interest rate (as a percent)		5.50%		5.50%
Required payment frequency	Quarterly
Periodic payment	$ 500,000
Additional interest rate required if certain triggering events come into existence (as a percent)	2.00%
Deferred loan fees	$ 5,600,000	$ 4,400,000		$ 4,400,000		4,900,000
Total		197,500,000		$ 197,500,000
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 | LIBOR
Revolving credit facilities and long-term debt
Basis margin (as a percent)	4.50%
LIBOR floor rate	1.00%
2015 Golub Term Loan | Maximum
Revolving credit facilities and long-term debt
Consolidated total net leverage ratio				4.75
2015 Golub Term Loan | Leverage ratio as of December 24, 2016 | Maximum
Revolving credit facilities and long-term debt
Consolidated total net leverage ratio				4.50
2015 Golub Term Loan | Leverage ratio as of April 1, 2017 | Maximum
Revolving credit facilities and long-term debt
Consolidated total net leverage ratio				4.25
2015 Golub Term Loan | Leverage ratio subsequent to September 30, 2017 | Maximum
Revolving credit facilities and long-term debt
Consolidated total net leverage ratio				4
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%
Amount outstanding under 2015 Wells Fargo Revolver		57,000,000		$ 57,000,000		48,800,000
Interest expense		$ 400,000		$ 700,000
Weighted average interest rate (as a percent)		1.80%		1.80%
Additional interest rate required if certain triggering events come into existence (as a percent)	2.00%
Deferred loan fees	$ 900,000	$ 700,000		$ 700,000		$ 800,000
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 | Base rate
Revolving credit facilities and long-term debt
Basis margin (as a percent)	0.00%
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 | Maximum | Base rate
Revolving credit facilities and long-term debt
Basis margin (as a percent)	0.25%
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 | February 2015 Wells Fargo Bank credit facility
Revolving credit facilities and long-term debt
Interest expense					$ 800,000
Weighted average interest rate (as a percent)			4.09%		4.09%
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	$ 300,000	$ 600,000	$ 300,000

Revolving Credit Facilities a30

Revolving Credit Facilities and Long-Term Debt - Aggregate Contractual Maturities (Details) - 2015 Golub Term Loan $ in Thousands	Sep. 24, 2016USD ($)
Fiscal year
2,017	$ 1,000
2,018	2,000
2,019	2,000
2,020	2,000
2,021	2,000
Thereafter	188,500
Total	$ 197,500

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options and Significant Valuation Assumptions (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 29, 2014	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015	Mar. 26, 2016	Oct. 19, 2014	Jan. 27, 2012
Stock-Based Compensation
Common stock, par value (in dollars per share)		$ 0.0001		$ 0.0001		$ 0.0001
Retained earnings		$ 24,697		$ 24,697		$ 23,594
Stock Options
Stock-Based Compensation
Stock options granted				560,892
Grant date fair value, per share				$ 2.60
Assumptions used
Expected option term		N/A	P5Y6M	P5Y6M	P5Y6M
Expected volatility factor			36.30%
Expected volatility factor, minimum				35.80%	33.30%
Expected volatility factor, maximum				36.00%	37.10%
Risk-free interest rate, minimum				1.38%	1.60%
Risk-free interest rate, maximum				1.43%	2.00%
Risk-free interest rate			1.60%
Expected annual dividend yield			0.00%	0.00%	0.00%
Stock Options
Outstanding at the beginning of period				2,447,133
Granted				560,892
Exercised				(134,677)
Canceled, forfeited or expired				(181,418)
Outstanding at the end of period		2,691,930		2,691,930
Vested and expected to vest after end of period		2,691,930		2,691,930
Exercisable at end of period		1,076,104		1,076,104
Grant Date Weighted-Average Exercise Price
Outstanding at the beginning of period				$ 9.87
Granted				7.38
Exercised				5.49
Canceled, forfeited or expired				13.96
Outstanding at the end of period		$ 9.29		9.29
Vested and expected to vest at end of period		9.29		9.29
Exercisable at end of period		$ 8.15		$ 8.15
Weighted Average Remaining Contractual Life
Weighted average remaining contractual life, awards outstanding				6 years 4 months 24 days
Weighted average remaining contractual life, awards vested and expected to vest				6 years 4 months 24 days
Weighted average remaining contractual life, awards exercisable				5 years 10 months 24 days
Aggregate Intrinsic Value
Aggregate intrinsic value, awards exercised				$ 644
Aggregate intrinsic value, awards outstanding		$ 9,498		9,498
Aggregate intrinsic value, awards vested and expected to vest		9,498		9,498
Aggregate intrinsic value, awards exercisable		4,186		$ 4,186
2011 Plan
Stock-Based Compensation
Shares authorized								3,750,000
Expiration period				10 years
Vesting period				5 years
2014 Plan
Stock-Based Compensation
Shares authorized							3,600,000
Common stock, par value (in dollars per share)							$ 0.0001
2014 Plan | Stock Options
Stock-Based Compensation
Expiration period				8 years
Vesting period				5 years
2014 Plan | Stock Options | Members of management
Stock-Based Compensation
Vesting period			5 years	5 years	5 years
Stock options granted			10,540	560,892	294,153
Grant date fair value, per share			$ 11.52
Grant date fair value			$ 100	$ 1,500	$ 2,700
Stock Options
Granted			10,540	560,892	294,153
Grant Date Weighted-Average Exercise Price
Exercised			$ 32.02
2014 Plan | Stock Options | Members of management | Minimum
Stock-Based Compensation
Grant date fair value, per share				$ 2.50	$ 7.48
Grant Date Weighted-Average Exercise Price
Exercised				7.11	22.31
2014 Plan | Stock Options | Members of management | Maximum
Stock-Based Compensation
Grant date fair value, per share				2.95	11.52
Grant Date Weighted-Average Exercise Price
Exercised				$ 8.38	$ 32.02
2014 Plan | Stock Options | CEO
Stock-Based Compensation
Stock options granted	99,650
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	99,650
2014 Plan | Restricted Stock Awards | Minimum
Stock-Based Compensation
Vesting period				1 year
2014 Plan | Restricted Stock Awards | Maximum
Stock-Based Compensation
Vesting period				4 years
2014 Plan | Restricted Stock Units
Stock-Based Compensation
Vesting period			5 years		5 years
Aggregate grant date fair value		$ 300	$ 100	$ 1,100	$ 1,300
2014 Plan | Restricted Stock Units | Minimum
Stock-Based Compensation
Vesting period				1 year
2014 Plan | Restricted Stock Units | Maximum
Stock-Based Compensation
Vesting period				5 years

Stock-Based Compensation - Nonv

Stock-Based Compensation - Nonvested Options, Restricted Stock and Stock-Based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
Compensation Related Costs [Abstract]
Stock-based compensation expense	$ 0.8	$ 0.7	$ 1.5	$ 1.4
Cost of goods sold.
Compensation Related Costs [Abstract]
Stock-based compensation expense	$ 0.1	$ 0.1	$ 0.2	$ 0.2
Stock Options
Shares
Nonvested at beginning of period			1,335,103
Granted			560,892
Vested			(123,949)
Nonvested shares forfeited			(156,220)
Nonvested at end of period	1,615,826		1,615,826
Weighted-Average Grant Date Fair Value
Nonvested at beginning of period			$ 5.82
Granted			2.60
Vested			7.52
Nonvested shares forfeited			6.20
Nonvested at end of period	$ 4.53		$ 4.53
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 5.7		$ 5.7
Weighted-average recognition period			3 years 7 days
Stock Options | 2014 Plan
Compensation Related Costs [Abstract]
Vesting period			5 years
Restricted Stock Awards
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 2.2		$ 2.2
Weighted-average recognition period			3 years 11 months 1 day
Restricted Stock Units | 2014 Plan
Compensation Related Costs [Abstract]
Restricted stock units granted	20,000	2,655	136,732	46,201
Vesting period		5 years		5 years
Aggregate grant date fair value	$ 0.3	$ 0.1	$ 1.1	$ 1.3
Restricted Stock Units | 2014 Plan | Employees
Compensation Related Costs [Abstract]
Vesting period	5 years		5 years
Restricted Stock Units | 2014 Plan | Director
Compensation Related Costs [Abstract]
Vesting period	1 year		1 year

Commitments and Contingencies (

Commitments and Contingencies (Details)	Apr. 28, 2016employee
Commitments and Contingencies
Number of employees filing wage and hour class action	2

Leases - Capital Leases and Oth

Leases - Capital Leases and Other Information (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 24, 2016USD ($)	Mar. 26, 2016USD ($)item
Capital Lease and Financing Transactions
Capital Lease Obligations, Noncurrent	$ 8,064	$ 8,272
Capital leases and the financing transactions included in property and equipment
Property and equipment, gross	10,591	10,591
Less: accumulated depreciation	(908)	(551)
Property and equipment, net	9,683	10,040
Capital leases, future minimum payments
2,017	641
2,018	1,286
2,019	1,309
2,020	1,321
2,021	1,346
Thereafter	8,310
Total	14,213
Less: Imputed interest	(5,748)
Present value of capital lease and financing transaction	8,465
Less: Current capital lease and financing transaction	(401)
Noncurrent capital lease and financing transaction	8,064	8,272
Buildings
Capital leases and the financing transactions included in property and equipment
Property and equipment, gross	7,588	7,588
Land
Capital leases and the financing transactions included in property and equipment
Property and equipment, gross	2,530	2,530
Site Improvements
Capital leases and the financing transactions included in property and equipment
Property and equipment, gross	410	410
Equipment
Capital leases and the financing transactions included in property and equipment
Property and equipment, gross	$ 63	$ 63
Sheplers
Capital Lease and Financing Transactions
Number of retail stores acquired as part of acquisition | item		2
Number of office buildings leased | item		2
Number of distribution center facilities acquired as part of acquisition | item		1
Capital Lease
Capital Lease and Financing Transactions
Interest rate, minimum	6.10%
Interest rate, maximum	11.10%
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	$ 7,600

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015	Mar. 26, 2016
Income Taxes
Accrued interest and penalties	$ 0		$ 0		$ 0
The reconciliation between the Company's effective tax rate on income from operations and the statutory tax rate
Effective income tax rate	39.50%	38.30%	34.40%	21.80%

Related Party Transactions (Det

Related Party Transactions (Details) - Freeman Spogli & Co. - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 24, 2016	Sep. 24, 2016	Mar. 26, 2016
Related Party Transactions
Ownership interest by majority stockholder in specialty retail vendor	30.30%	30.30%
Property, plant and equipment
Related Party Transactions
Capital expenditures related to specialty retail vendor	$ 0.1	$ 0.1	$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
Earnings Per Share
Net income /(loss)	$ 479	$ (3,343)	$ 1,103	$ (1,072)
Weighted average basic shares outstanding	26,427,000	26,159,000	26,400,000	26,012,000
Dilutive effect of options and restricted stock	470,000		336,000
Weighted average diluted shares outstanding	26,897,000	26,159,000	26,736,000	26,012,000
Basic earnings/(loss) per share	$ 0.02	$ (0.13)	$ 0.04	$ (0.04)
Diluted earnings/(loss) per share	$ 0.02	$ (0.13)	$ 0.04	$ (0.04)
Shares that were not included in the computation of weighted average diluted common shares amounts	713,748,000	2,528,603	1,220,740	2,528,603