Boot Barn (BOOT) 10-Q 2 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 01, 2017	Aug. 01, 2017
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	Jul. 1, 2017
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		26,592,476
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 01, 2017	Apr. 01, 2017
Current assets:
Cash and cash equivalents	$ 7,305	$ 8,035
Accounts receivable, net	4,144	4,354
Inventories	192,343	189,096
Prepaid expenses and other current assets	14,394	22,818
Total current assets	218,186	224,303
Property and equipment, net	84,389	82,711
Goodwill	193,095	193,095
Intangible assets, net	64,149	64,511
Other assets	977	961
Total assets	560,796	565,581
Current liabilities:
Line of credit	62,819	33,274
Accounts payable	60,745	77,482
Accrued expenses and other current liabilities	35,887	35,983
Current portion of notes payable, net of unamortized debt issuance costs		1,062
Total current liabilities	159,451	147,801
Deferred taxes	11,735	20,961
Long-term portion of notes payable, net	182,419	191,517
Capital lease obligations	7,703	7,825
Other liabilities	18,305	17,568
Total liabilities	379,613	385,672
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.0001 par value; July 1, 2017 - 100,000 shares authorized, 26,618 shares issued; April 1, 2017 - 100,000 shares authorized, 26,575 shares issued	3	3
Additional paid-in capital	142,759	142,184
Retained earnings	38,568	37,791
Less: Common stock held in treasury, at cost, 26 and 14 shares at July 1, 2017 and April 1, 2017, respectively	(147)	(69)
Total stockholders' equity	181,183	179,909
Total liabilities and stockholders' equity	$ 560,796	$ 565,581

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 01, 2017	Apr. 01, 2017
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)	26,618,167	26,575,000
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)	26,000	14,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jun. 25, 2016
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 139,379	$ 133,414
Cost of goods sold	97,987	92,664
Gross profit	41,392	40,750
Selling, general and administrative expenses	36,451	36,300
Income from operations	4,941	4,450
Interest expense, net	3,658	3,560
Income before income taxes	1,283	890
Income tax expense	506	266
Net income	$ 777	$ 624
Earnings per share:
Basic shares (in dollars per share)	$ 0.03	$ 0.02
Diluted shares (in dollars per share)	$ 0.03	$ 0.02
Weighted average shares outstanding:
Basic shares	26,559	26,373
Diluted shares	26,969	26,616

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Shares	Total
Balance at Mar. 26, 2016	$ 3	$ 137,893	$ 23,594		$ 161,490
Balance (in shares) at Mar. 26, 2016	26,354,000			(4,000)
Increase (Decrease) in Stockholders' Equity
Net income			624		624
Issuance of common stock related to stock-based compensation		268			268
Issuance of common stock related to stock-based compensation (in shares)	65,000
Tax withholding for net share settlement				$ (25)	(25)
Tax withholding for net share settlement (in shares)				(3,000)
Excess tax deficiency related to stock-based compensation		(23)			(23)
Stock-based compensation expense		756			756
Balance at Jun. 25, 2016	$ 3	138,894	24,218	$ (25)	163,090
Balance (in shares) at Jun. 25, 2016	26,419,000			(7,000)
Balance at Apr. 01, 2017	$ 3	142,184	37,791	$ (69)	179,909
Balance (in shares) at Apr. 01, 2017	26,575,000			(14,000)
Increase (Decrease) in Stockholders' Equity
Net income			777		777
Issuance of common stock related to stock-based compensation (in shares)	43,000			(2,000)
Tax withholding for net share settlement				$ (78)	(78)
Tax withholding for net share settlement (in shares)				(10,000)
Stock-based compensation expense		575			575
Balance at Jul. 01, 2017	$ 3	$ 142,759	$ 38,568	$ (147)	$ 181,183
Balance (in shares) at Jul. 01, 2017	26,618,000			(26,000)	26,592,127

CONDENSED CONDSOLIDATED STATEME

CONDENSED CONDSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jun. 25, 2016
Cash flows from operating activities
Net income	$ 777	$ 624
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,751	3,518
Stock-based compensation	575	756
Amortization of intangible assets	362	561
Amortization and write-off of debt issuance fees and debt discount	289	281
Loss on disposal of property and equipment	14	59
Accretion of above market leases		(14)
Deferred taxes	564	(141)
Changes in operating assets and liabilities:
Accounts receivable, net	210	671
Inventories	(3,247)	(2,890)
Prepaid expenses and other current assets	(1,296)	(1,201)
Other assets	(16)	1,040
Accounts payable	(16,922)	(7,815)
Accrued expenses and other current liabilities	(113)	(3,666)
Other liabilities	737	567
Net cash used in operating activities	(14,315)	(7,650)
Cash flows from investing activities
Purchases of property and equipment	(5,258)	(4,721)
Net cash used in investing activities	(5,258)	(4,721)
Cash flows from financing activities
Borrowings on line of credit - net	29,545	11,375
Repayments on debt and capital lease obligations	(10,105)	(603)
Debt issuance fees	(519)
Tax withholding for net share settlement	(78)	(25)
Proceeds from exercise of stock options		268
Net cash provided by financing activities	18,843	11,015
Net decrease in cash and cash equivalents	(730)	(1,356)
Cash and cash equivalents, beginning of period	8,035	7,195
Cash and cash equivalents, end of period	7,305	5,839
Supplemental disclosures of cash flow information:
Cash paid for income taxes	308	399
Cash paid for interest	3,384	3,306
Supplemental disclosure of non-cash activities:
Unpaid purchases of property and equipment	$ 2,086	$ 1,253

Description of the Company and

Description of the Company and Basis of Presentation	3 Months Ended
	Jul. 01, 2017
Business Operations
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	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 26,618,167 issued and 26,592,127 outstanding shares of common stock as of July 1, 2017. 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 220 stores in 31 states as of July 1, 2017 and 219 stores in 31 states as of April 1, 2017. As of July 1, 2017, 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 weeks ended July 1, 2017 and June 25, 2016 are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”), and include the accounts of the Company and each of its subsidiaries, including Boot Barn, Inc., RCC Western Stores, Inc. (“RCC”), Baskins Acquisition Holdings, LLC (“Baskins”), Sheplers Inc. and Sheplers Holding Corporation (collectively with Sheplers, Inc., “Sheplers”) and Boot Barn International (Hong Kong) Limited (“Hong Kong”). All intercompany accounts and transactions among the Company and its subsidiaries have been eliminated in consolidation. Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements have been condensed or omitted. In the opinion of management, the interim condensed consolidated financial statements reflect all adjustments that are of a normal and recurring nature necessary to fairly present the Company’s financial position and results of operations and cash flows in all material respects as of the dates and for the periods presented. The results of operations presented in the interim condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2018. Fiscal Periods The Company reports its results of operations and cash flows on a 52- or 53-week basis ending on the last Saturday of March unless April 1st is a Saturday, in which case the fiscal year ends on April 1st. In a 52-week year, each quarter includes thirteen weeks of operations; in a 53-week fiscal year, the first, second and third quarters each include thirteen weeks of operations and the fourth quarter includes fourteen weeks of operations. The fiscal year ending on March 31, 2018 (“fiscal 2018”) will consist of 52 weeks; whereas, the fiscal year ended on April 1, 2017 (“fiscal 2017”) consisted of 53 weeks.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jul. 01, 2017
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 6, 2017. 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 net realizable value. 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. 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 classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified as Level 2 or Level 3 even though there may be certain significant inputs that are readily observable. The Company believes that the recorded value of its financial instruments approximates their current fair values because of their nature and 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 July 1, 2017. Recently Adopted Accounting Pronouncements In November 2015, the FASB issued Accounting Standards Update (“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 adopted this standard prospectively as of April 2, 2017, the first day of the thirteen week period ended July 1, 2017. As a result of the prospective adoption, the Company reclassified deferred tax assets of $9.8 million from prepaid expenses and other current assets (a component of current assets), to deferred taxes (a component of long-term liabilities) on its Condensed Consolidated Balance Sheet. Prior periods were not retrospectively adjusted for the accounting change. 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 adopted ASU No. 2016-09 beginning April 2, 2017, the first day of the thirteen weeks ended July 1, 2017 . Upon adoption, the Company began to recognize, on a prospective basis, all excess tax benefits and deficiencies as income tax benefit or expense, respectively, in its Condensed Consolidated Statement of Operations. This resulted in the recognition of less than $0.1 million of additional income tax expense associated with net tax deficiencies for awards that were exercised or vested during the thirteen weeks ended July 1, 2017. Additionally, as of April 2, 2017, excess tax benefits are classified as an operating activity along with deferred tax cash flows in the Condensed Consolidated Statement of Cash Flows. The Company has elected to adopt such presentation on a prospective basis. Cash paid by the Company to tax authorities when directly withholding shares for tax withholding purposes will continue to be classified as a financing activity in the consolidated statements of cash flows. Stock-based compensation expense will no longer reflect estimated forfeitures of share-based awards and forfeitures will instead be recorded as they occur. In evaluating the impact of this change, the adjustment to adopt on a modified retrospective basis was immaterial, therefore no adjustment was made to beginning retained earnings. Lastly, excess tax benefits are now excluded from assumed future proceeds in the Company’s calculation of diluted shares for purposes of determining diluted earnings per share. This change had an immaterial impact on the Company’s weighted average diluted shares outstanding for the thirteen weeks ended July 1, 2017. Recent Accounting Pronouncements In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued a new revenue recognition standard, ASU No. 2014‑09, Revenue From Contracts with Customers , that will supersede nearly all existing revenue recognition guidance under GAAP. The revenue recognition standard will allow for the recognition of revenue when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard permits the use of either a full retrospective or retrospective with cumulative effect transition method. Early adoption is not permitted. On August 8, 2015, the FASB issued ASU 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 periods, and interim periods within that year, beginning after December 15, 2017. Based on the Company’s preliminary assessment, the adoption may impact the timing and recognition of gift card breakage income, sales attributable to loyalty program benefits and the timing and recognition of revenue related to e-commerce sales. Additionally, the new guidance requires enhanced disclosures, including revenue recognition policies to identify performance obligations to customers and significant judgments in measurement and recognition. The Company plans to adopt the standard in the first quarter of fiscal 2019 and is currently continuing its assessment, which may identify other impacts the revised standard will have on the 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 that year, 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. The Company currently expects that most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption. Therefore, the Company expects this adoption will result in a material increase in the assets and liabilities on its consolidated balance sheets. Enhanced disclosures will also be required to give financial statement users the ability to assess the amount, timing and uncertainty of cash flows arising from leases. The Company plans to adopt the standard in the first quarter of fiscal 2020 and is currently continuing its assessment, which may identify other impacts the revised standard will have on the consolidated financial statements.

Asset Acquisition

Asset Acquisition	3 Months Ended
	Jul. 01, 2017
Asset Acquisition
Asset Acquisition	3. Asset Acquisition On February 16, 2017, Sheplers Inc., a wholly owned subsidiary of the Company, entered into an asset purchase agreement with Acumen Brands, Inc., who owned and historically operated as one of its unincorporated business divisions a multi-faceted e-commerce retail business under the “Country Outfitter” name. As a result of the asset purchase agreement, Sheplers Inc. purchased the rights and interest in the www.countryoutfitter.com website and social media accounts along with a customer email list (collectively the “Country Outfitter Asset Acquisition”). The cash consideration paid for the Country Outfitter Asset Acquisition was $1.3 million. In allocating the purchase price, the Company recorded all assets acquired and liabilities assumed at fair value. As the acquisition did not meet the definition of a business combination under ASC 805, the Company accounted for the transaction as an asset acquisition. In an asset acquisition, goodwill is not recognized, but rather any excess consideration transferred over the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net assets. The Company determined the estimated fair values using Level 3 inputs after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The trade name was valued using the relief from royalty method, the customer list was valued using the cost approach, and the merchandise credits were valued using the cost build-up approach. 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 February 16, 2017 (in thousands) Assets acquired: Intangible - trade name $ 1,300 Intangible - customer list 506 Total assets acquired $ 1,806 Liabilities assumed: Other liability - merchandise credits $ 501 Total liabilities assumed 501 Net Assets acquired $ 1,305 The acquired trade name is an indefinite-lived intangible asset. The period of amortization for the acquired customer list is based on the estimated attrition rate of three years, consistent with the valuation of the Company’s other customer list intangible assets.

Intangible Assets, Net and Good

Intangible Assets, Net and Goodwill	3 Months Ended
	Jul. 01, 2017
Intangible Assets, Net and Goodwill
Intangible Assets, Net and Goodwill	4. Intangible Assets, Net and Goodwill Net intangible assets as of July 1, 2017 and April 1, 2017 consisted of the following: July 1, 2017 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Customer lists $ 4,694 $ (4,001) $ 693 4.6 Non-compete agreements 990 (963) 27 4.8 Below-market leases 4,918 (2,166) 2,752 11.6 Total definite lived 10,602 (7,130) 3,472 Trademarks—indefinite lived 60,677 — 60,677 Total intangible assets $ 71,279 $ (7,130) $ 64,149 April 1, 2017 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Customer lists $ 4,694 $ (3,810) $ 884 4.6 Non-compete agreements 990 (915) 75 4.8 Below-market leases 4,918 (2,043) 2,875 11.6 Total definite lived 10,602 (6,768) 3,834 Trademarks—indefinite lived 60,677 — 60,677 Total intangible assets $ 71,279 $ (6,768) $ 64,511 Amortization expense for intangible assets totaled $0.4 million for the thirteen weeks ended July 1, 2017 and $0.6 million for the thirteen weeks ended June 25, 2016, and is included in selling, general and administrative expenses. As of July 1, 2017, estimated future amortization of intangible assets was as follows: Fiscal Year (in thousands) 2018 $ 767 2019 624 2020 477 2021 308 2022 215 Thereafter 1,081 Total $ 3,472 The Company performs its annual goodwill impairment assessment on the first day of the fourth fiscal quarter, or more frequently if it believes that indicators of impairment exist. The Company’s Goodwill balance was $193.1 million as of both July 1, 2017 and April 1, 2017. As of July 1, 2017, 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	3 Months Ended
	Jul. 01, 2017
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., entered into the $125.0 million revolving credit facility pursuant to a Credit Agreement, dated as of June 29, 2015, by and among the Company, Boot Barn, Inc., Sheplers, Inc., Wells Fargo Bank, National Association and the other Lenders named therein (as amended from time to time, the “June 2015 Wells Fargo Revolver”) and the $200.0 million term loan Credit Agreement, dated as of June 29, 2015, by and among the Company, Boot Barn, Inc., Golub Capital Markets LLC and the other Lenders named therein (as amended from time to time, the “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 two credit agreements were initially used to refinance and replace existing credit facilities, 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 the maturity date. On May 26, 2017, the Company entered into an amendment to the June 2015 Wells Fargo Revolver (the “2017 Wells Amendment”), increasing the aggregate revolving credit facility to $135.0 million and extending the maturity date to the earlier of May 26, 2022 or 90 days prior to the maturity of the 2015 Golub Term Loan, which is currently scheduled to mature on June 29, 2021. The amount outstanding under the June 2015 Wells Fargo Revolver as of July 1, 2017 and April 1, 2017 was $62.8 million and $33.3 million, respectively. Total interest expense incurred in the thirteen weeks ended July 1, 2017 on the June 2015 Wells Fargo Revolver was $0.4 million, and the weighted average interest rate for the thirteen weeks ended July 1, 2017 was 2.2%. Total interest expense incurred in the thirteen weeks ended June 25, 2016 on the June 2015 Wells Fargo Revolver was $0.3 million, and the weighted average interest rate for the thirteen weeks ended June 25, 2016 was 1.6%. Borrowings under the 2015 Golub Term Loan bear interest at per annum rates equal to, at the Company’s option, either (a) LIBOR plus an applicable margin for LIBOR loans with a LIBOR floor of 1.0%, or (b) the base 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 for each quarter; however, on June 2, 2017, the Company prepaid $10.0 million on the 2015 Golub Term Loan, which included all of the required quarterly principal payments until the maturity date of the loan. Total interest expense incurred in the thirteen weeks ended July 1, 2017 on the 2015 Golub Term Loan was $2.8 million, and the weighted average interest rate for the thirteen weeks ended July 1, 2017 was 5.6%. Total interest expense incurred in the thirteen weeks ended June 25, 2016 on the 2015 Golub Term Loan was $2.8 million, and the weighted average interest rate for the thirteen weeks ended June 25, 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. On May 26, 2017, the Company entered into an amendment to the 2015 Golub Term Loan (the “2017 Golub Amendment”). The 2017 Golub Amendment changed the maximum Consolidated Total Net Leverage Ratio requirements to 4.75:1.00 as of July 1, 2017, stepping down to 4.50:1.00 as of December 30, 2017 and 4.00:1.00 as of December 29, 2018 and for all subsequent periods. 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 July 1, 2017, the fair value of these embedded derivatives was estimated and was not significant. Debt Issuance Costs and Debt Discount Debt issuance costs totaling $1.0 million were incurred under the June 2015 Wells Fargo Revolver and 2017 Wells Amendment and are included as assets on the condensed consolidated balance sheets in prepaid expenses and other current assets. Total unamortized debt issuance costs were $0.6 million as of both July 1, 2017 and April 1, 2017. 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 $6.0 million were incurred under the 2015 Golub Term Loan and 2017 Golub Amendment and are included as a reduction of the current and non-current note payable on the condensed consolidated balance sheets. Total unamortized debt issuance costs and debt discount were $4.1 million and $3.9 million as of July 1, 2017 and April 1, 2017, 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: July 1, April 1, (in thousands) 2017    2017 Term Loan $ 186,500   $ 196,500 Unamortized value of the debt issuance costs and debt discount (4,081) (3,921) Net carrying value $ 182,419 $ 192,579 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 both the thirteen weeks ended July 1, 2017 and June 25, 2016. Aggregate Contractual Maturities Aggregate contractual maturities for the Company’s long-term debt as of July 1, 2017 are as follows: Fiscal Year (in thousands) 2018 $ — 2019 — 2020 — 2021 — 2022 186,500 Total $ 186,500

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jul. 01, 2017
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 July 1, 2017, 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. As of July 1, 2017, 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 July 1, 2017, the Company granted certain members of management options to purchase a total of 387,615 shares under the 2014 Plan. The total grant date fair value of stock options granted during the thirteen weeks ended July 1, 2017 was $0.8 million, with a grant date fair value of $2.11 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 is $6.15 per share. During the thirteen weeks ended June 25, 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 thirteen weeks ended June 25, 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. 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 $ 16.00 Exercise price $ 16.00 Expected option term 6.0 years Expected volatility 55.0 % 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 weeks ended July 1, 2017 and June 25, 2016 were estimated on the grant dates using the following assumptions: Thirteen Weeks Ended July 1, June 25, 2017 2016 Expected option term (1) 5.5 years 5.5 years Expected volatility factor (2) 34.0 % 35.8 % - 36.0 % Risk-free interest rate (3) 1.8 % 1.4 % Expected annual dividend yield % % (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 thirteen weeks ended July 1, 2017: Weighted Grant Date Average Weighted Remaining Aggregate Stock Average Contractual Intrinsic Options Exercise Price Life (in Years) Value (in thousands) Outstanding at April 1, 2017 2,543,660 $ 9.29 Granted 387,615 $ 6.15 Exercised — $ — $ — Cancelled, forfeited or expired (59,726) $ 8.50 Outstanding at July 1, 2017 2,871,549 $ 8.89 5.8 $ 2,299 Vested and expected to vest after July 1, 2017 2,871,549 $ 8.89 5.8 $ 2,299 Exercisable at July 1, 2017 1,543,819 $ 7.99 5.0 $ 1,818 A summary of the status of non-vested stock options as of July 1, 2017 including changes during the thirteen weeks ended July 1, 2017 is presented below: Weighted- Average Grant Date Shares Fair Value Nonvested at April 1, 2017 1,148,500 $ 4.84 Granted 387,615 $ 2.11 Vested (148,659) $ 4.35 Nonvested shares forfeited (59,726) $ 4.33 Nonvested at July 1, 2017 1,327,730 $ 4.12 Restricted Stock During the thirteen weeks ended July 1, 2017, the Company granted 86,552 restricted stock units 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 weeks ended July 1, 2017 totaled $0.5 million. The Company is recognizing the expense relating to these awards on a straight-line basis over the service period of each award, commencing on the date of grant. During the thirteen weeks ended June 25, 2016, the Company granted 116,732 restricted stock units 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 totaled $0.8 million. The Company is recognizing the expense relating to these awards on a straight-line basis over the service period of each award, commencing on the date of grant. Stock-Based Compensation Expense Stock-based compensation expense was $0.6 million and $0.8 million for the thirteen weeks ended July 1, 2017 and June 25, 2016, respectively. Stock-based compensation expense of less than $0.1 million and $0.1 million was recorded in cost of goods sold in the condensed consolidated statements of operations for the thirteen weeks ended July 1, 2017 and June 25, 2016, respectively. All other stock-based compensation expense is included in selling, general and administrative expenses in the condensed consolidated statements of operations. As of July 1, 2017, there was $4.3 million of total unrecognized stock-based compensation expense related to unvested stock options, with a weighted-average remaining recognition period of 3.06 years. As of July 1, 2017, there was $2.0 million of total unrecognized stock-based compensation expense related to restricted stock, with a weighted-average remaining recognition period of 3.62 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 01, 2017
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 pursuant to indemnification policies or agreements, 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. On April 10, 2017, the Company reached a settlement with the employees for an amount that is not material to the consolidated financial statements. The amount of the settlement has been accrued as of April 1, 2017. 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	3 Months Ended
	Jul. 01, 2017
Capital Lease and Financing Transactions
Capital Lease and Financing Transactions	8. Capital Leases and Financing Transactions As of July 1, 2017, 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 July 1, 2017 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 expires in fiscal 2028 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 July 1, 2017 totals $7.3 million. The total liability under capital lease and financing transactions as of July 1, 2017 is $8.2 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 10.9%. The net property and equipment involved in the Company’s capital leases and financing transaction are included in property and equipment as follows: July 1, April 1, (in thousands) 2017 2017 Buildings $ 7,588 $ 7,588 Land 2,530 2,530 Site improvements 410 410 Equipment 63 63 Property and equipment, gross 10,591 10,591 Less: accumulated depreciation (1,449) (1,272) Property and equipment, net $ 9,142 $ 9,319 As of July 1, 2017, future minimum capital lease and financing transaction payments are as follows: Fiscal Year (in thousands) 2018 958 2019 1,296 2020 1,307 2021 1,331 2022 1,356 Thereafter 6,857 Total 13,105 Less: Imputed interest (4,938) Present value of capital leases and financing transaction 8,167 Less: Current capital leases and financing transaction (464) Noncurrent capital leases and financing transaction $ 7,703

Income Taxes

Income Taxes	3 Months Ended
	Jul. 01, 2017
Income Taxes
Income Taxes	9. Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). In accordance with ASC 740, the Company recognizes deferred tax assets and liabilities based on the liability method, which requires an adjustment to the deferred tax asset or liability to reflect income tax rates currently in effect. When income tax rates increase or decrease, a corresponding adjustment to income tax expense is recorded by applying the rate change to the cumulative temporary differences. ASC 740 prescribes the recognition threshold and measurement principles for financial statement disclosure of tax positions taken or expected to be taken on a tax return. ASC 740 requires the Company to determine whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recognized. Additionally, ASC 740 provides guidance on recognition measurement, derecognition, classification, related interest and penalties, accounting in interim periods, disclosure and transition. The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for discrete events occurring in a particular period. The income tax rate was 39.4% and 29.9% for the thirteen weeks ended July 1, 2017 and June 25, 2016, respectively. The effective tax rate for the thirteen weeks ended July 1, 2017 is higher than the comparable period in fiscal 2017 due to larger discrete items and lower income before income taxes in the thirteen weeks ended June 25, 2016 compared to the thirteen weeks ended July 1, 2017. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amounts expected to be realized. To this end, the Company has considered and evaluated its sources of taxable income, including forecasted future taxable income, and the Company has concluded that a valuation allowance is required for state net operating losses and credits it expects to expire unused. The Company will continue to evaluate the need for a valuation allowance at each period end. The Company’s policy is to accrue interest and penalties related to unrecognized tax benefits as a component of income tax expense. At July 1, 2017 and April 1, 2017, 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 July 1, 2017, the Company is not aware of tax examinations (current or potential) in any tax jurisdictions.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jul. 01, 2017
Related Party Transactions
Related Party Transactions	10. Related Party Transactions During the thirteen weeks ended July 1, 2017, the Company had capital expenditures with a specialty retail vendor in the flooring market that as of July 1, 2017 is 26.9% owned by Freeman Spogli, our majority stockholder. These capital expenditures amounted to $0.1 million and less than $0.1 million in the thirteen weeks ended July 1, 2017 and June 25, 2016, respectively, and were recorded as property and equipment, net on the condensed consolidated balance sheet.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jul. 01, 2017
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 shares of common stock outstanding during the period using the treasury stock method, whereby proceeds from such exercise and unamortized compensation, if any, on share-based awards, are assumed to be used by the Company to purchase the shares of common stock 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 weeks ended July 1, 2017 and June 25, 2016 are as follows: Thirteen Weeks Ended July 1, June 25, (in thousands, except per share data) 2017 2016 Net income $ 777 $ 624 Weighted average basic shares outstanding 26,559 26,373 Dilutive effect of options and restricted stock 410 243 Weighted average diluted shares outstanding 26,969 26,616 Basic earnings per share $ 0.03 $ 0.02 Diluted earnings per share $ 0.03 $ 0.02 Options to purchase 1,491,134 shares and 2,001,560 shares of common stock were outstanding during the thirteen weeks ended July 1, 2017 and June 25, 2016, respectively, but were not included in the computation of weighted average diluted shares of common stock outstanding as the effect of doing so would have been anti-dilutive.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 01, 2017
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 net realizable value. 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.
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 classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified as Level 2 or Level 3 even though there may be certain significant inputs that are readily observable. The Company believes that the recorded value of its financial instruments approximates their current fair values because of their nature and 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 July 1, 2017.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2015, the FASB issued Accounting Standards Update (“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 adopted this standard prospectively as of April 2, 2017, the first day of the thirteen week period ended July 1, 2017. As a result of the prospective adoption, the Company reclassified deferred tax assets of $9.8 million from prepaid expenses and other current assets (a component of current assets), to deferred taxes (a component of long-term liabilities) on its Condensed Consolidated Balance Sheet. Prior periods were not retrospectively adjusted for the accounting change. 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 adopted ASU No. 2016-09 beginning April 2, 2017, the first day of the thirteen weeks ended July 1, 2017 . Upon adoption, the Company began to recognize, on a prospective basis, all excess tax benefits and deficiencies as income tax benefit or expense, respectively, in its Condensed Consolidated Statement of Operations. This resulted in the recognition of less than $0.1 million of additional income tax expense associated with net tax deficiencies for awards that were exercised or vested during the thirteen weeks ended July 1, 2017. Additionally, as of April 2, 2017, excess tax benefits are classified as an operating activity along with deferred tax cash flows in the Condensed Consolidated Statement of Cash Flows. The Company has elected to adopt such presentation on a prospective basis. Cash paid by the Company to tax authorities when directly withholding shares for tax withholding purposes will continue to be classified as a financing activity in the consolidated statements of cash flows. Stock-based compensation expense will no longer reflect estimated forfeitures of share-based awards and forfeitures will instead be recorded as they occur. In evaluating the impact of this change, the adjustment to adopt on a modified retrospective basis was immaterial, therefore no adjustment was made to beginning retained earnings. Lastly, excess tax benefits are now excluded from assumed future proceeds in the Company’s calculation of diluted shares for purposes of determining diluted earnings per share. This change had an immaterial impact on the Company’s weighted average diluted shares outstanding for the thirteen weeks ended July 1, 2017. Recent Accounting Pronouncements In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued a new revenue recognition standard, ASU No. 2014‑09, Revenue From Contracts with Customers , that will supersede nearly all existing revenue recognition guidance under GAAP. The revenue recognition standard will allow for the recognition of revenue when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard permits the use of either a full retrospective or retrospective with cumulative effect transition method. Early adoption is not permitted. On August 8, 2015, the FASB issued ASU 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 periods, and interim periods within that year, beginning after December 15, 2017. Based on the Company’s preliminary assessment, the adoption may impact the timing and recognition of gift card breakage income, sales attributable to loyalty program benefits and the timing and recognition of revenue related to e-commerce sales. Additionally, the new guidance requires enhanced disclosures, including revenue recognition policies to identify performance obligations to customers and significant judgments in measurement and recognition. The Company plans to adopt the standard in the first quarter of fiscal 2019 and is currently continuing its assessment, which may identify other impacts the revised standard will have on the 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 that year, 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. The Company currently expects that most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption. Therefore, the Company expects this adoption will result in a material increase in the assets and liabilities on its consolidated balance sheets. Enhanced disclosures will also be required to give financial statement users the ability to assess the amount, timing and uncertainty of cash flows arising from leases. The Company plans to adopt the standard in the first quarter of fiscal 2020 and is currently continuing its assessment, which may identify other impacts the revised standard will have on the consolidated financial statements.

Asset Acquisition (Tables)

Asset Acquisition (Tables)	3 Months Ended
	Jul. 01, 2017
Country Outfitter Asset Acquisition
Asset Acquisition
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 February 16, 2017 (in thousands) Assets acquired: Intangible - trade name $ 1,300 Intangible - customer list 506 Total assets acquired $ 1,806 Liabilities assumed: Other liability - merchandise credits $ 501 Total liabilities assumed 501 Net Assets acquired $ 1,305

Intangible Assets, Net and Go20

Intangible Assets, Net and Goodwill (Tables)	3 Months Ended
	Jul. 01, 2017
Intangible Assets, Net and Goodwill
Schedule of net finite-lived intangible assets	Net intangible assets as of July 1, 2017 and April 1, 2017 consisted of the following: July 1, 2017 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Customer lists $ 4,694 $ (4,001) $ 693 4.6 Non-compete agreements 990 (963) 27 4.8 Below-market leases 4,918 (2,166) 2,752 11.6 Total definite lived 10,602 (7,130) 3,472 Trademarks—indefinite lived 60,677 — 60,677 Total intangible assets $ 71,279 $ (7,130) $ 64,149 April 1, 2017 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Customer lists $ 4,694 $ (3,810) $ 884 4.6 Non-compete agreements 990 (915) 75 4.8 Below-market leases 4,918 (2,043) 2,875 11.6 Total definite lived 10,602 (6,768) 3,834 Trademarks—indefinite lived 60,677 — 60,677 Total intangible assets $ 71,279 $ (6,768) $ 64,511
Schedule of net indefiite-lived intangible assets	Net intangible assets as of July 1, 2017 and April 1, 2017 consisted of the following: July 1, 2017 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Customer lists $ 4,694 $ (4,001) $ 693 4.6 Non-compete agreements 990 (963) 27 4.8 Below-market leases 4,918 (2,166) 2,752 11.6 Total definite lived 10,602 (7,130) 3,472 Trademarks—indefinite lived 60,677 — 60,677 Total intangible assets $ 71,279 $ (7,130) $ 64,149 April 1, 2017 Gross Weighted Carrying Accumulated Average Amount Amortization Net Useful Life (in thousands, except for weighted average useful life) Customer lists $ 4,694 $ (3,810) $ 884 4.6 Non-compete agreements 990 (915) 75 4.8 Below-market leases 4,918 (2,043) 2,875 11.6 Total definite lived 10,602 (6,768) 3,834 Trademarks—indefinite lived 60,677 — 60,677 Total intangible assets $ 71,279 $ (6,768) $ 64,511
Schedule of estimated future amortization of intangible assets	As of July 1, 2017, estimated future amortization of intangible assets was as follows: Fiscal Year (in thousands) 2018 $ 767 2019 624 2020 477 2021 308 2022 215 Thereafter 1,081 Total $ 3,472

Revolving Credit Facilities a21

Revolving Credit Facilities and Long-Term Debt (Tables)	3 Months Ended
	Jul. 01, 2017
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: July 1, April 1, (in thousands) 2017    2017 Term Loan $ 186,500   $ 196,500 Unamortized value of the debt issuance costs and debt discount (4,081) (3,921) Net carrying value $ 182,419 $ 192,579
Schedule of aggregate contractual maturities for the Company's long-term debt	Aggregate contractual maturities for the Company’s long-term debt as of July 1, 2017 are as follows: Fiscal Year (in thousands) 2018 $ — 2019 — 2020 — 2021 — 2022 186,500 Total $ 186,500

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jul. 01, 2017
Stock-Based Compensation
Schedule of assumptions used to determine fair value of stock options	The fair values of stock options granted during the thirteen weeks ended July 1, 2017 and June 25, 2016 were estimated on the grant dates using the following assumptions: Thirteen Weeks Ended July 1, June 25, 2017 2016 Expected option term (1) 5.5 years 5.5 years Expected volatility factor (2) 34.0 % 35.8 % - 36.0 % Risk-free interest rate (3) 1.8 % 1.4 % Expected annual dividend yield % % (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 thirteen weeks ended July 1, 2017: Weighted Grant Date Average Weighted Remaining Aggregate Stock Average Contractual Intrinsic Options Exercise Price Life (in Years) Value (in thousands) Outstanding at April 1, 2017 2,543,660 $ 9.29 Granted 387,615 $ 6.15 Exercised — $ — $ — Cancelled, forfeited or expired (59,726) $ 8.50 Outstanding at July 1, 2017 2,871,549 $ 8.89 5.8 $ 2,299 Vested and expected to vest after July 1, 2017 2,871,549 $ 8.89 5.8 $ 2,299 Exercisable at July 1, 2017 1,543,819 $ 7.99 5.0 $ 1,818
Schedule of non-vested stock options	A summary of the status of non-vested stock options as of July 1, 2017 including changes during the thirteen weeks ended July 1, 2017 is presented below: Weighted- Average Grant Date Shares Fair Value Nonvested at April 1, 2017 1,148,500 $ 4.84 Granted 387,615 $ 2.11 Vested (148,659) $ 4.35 Nonvested shares forfeited (59,726) $ 4.33 Nonvested at July 1, 2017 1,327,730 $ 4.12
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 $ 16.00 Exercise price $ 16.00 Expected option term 6.0 years Expected volatility 55.0 % Risk-free interest rate % Expected annual dividend yield %

Capital Lease and Financing Tra

Capital Lease and Financing Transactions (Tables)	3 Months Ended
	Jul. 01, 2017
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: July 1, April 1, (in thousands) 2017 2017 Buildings $ 7,588 $ 7,588 Land 2,530 2,530 Site improvements 410 410 Equipment 63 63 Property and equipment, gross 10,591 10,591 Less: accumulated depreciation (1,449) (1,272) Property and equipment, net $ 9,142 $ 9,319
Schedule of future minimum capital lease payments	As of July 1, 2017, future minimum capital lease and financing transaction payments are as follows: Fiscal Year (in thousands) 2018 958 2019 1,296 2020 1,307 2021 1,331 2022 1,356 Thereafter 6,857 Total 13,105 Less: Imputed interest (4,938) Present value of capital leases and financing transaction 8,167 Less: Current capital leases and financing transaction (464) Noncurrent capital leases and financing transaction $ 7,703

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jul. 01, 2017
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 weeks ended July 1, 2017 and June 25, 2016 are as follows: Thirteen Weeks Ended July 1, June 25, (in thousands, except per share data) 2017 2016 Net income $ 777 $ 624 Weighted average basic shares outstanding 26,559 26,373 Dilutive effect of options and restricted stock 410 243 Weighted average diluted shares outstanding 26,969 26,616 Basic earnings per share $ 0.03 $ 0.02 Diluted earnings per share $ 0.03 $ 0.02

Description of the Company an25

Description of the Company and Basis of Presentation (Details)	3 Months Ended		12 Months Ended
	Jul. 01, 2017storestateVoteshares	Apr. 01, 2017storestateshares	Mar. 31, 2018	Apr. 01, 2017storestateshares	Jun. 08, 2014
Business Operations
Number of shares authorized	100,000,000	100,000,000		100,000,000
Number of shares issued	26,618,167	26,575,000		26,575,000
Number of shares outstanding	26,592,127
Number of votes per common share | Vote	1
Number of stores | store	220	219		219
Number of states in which the Company operates | state	31	31		31
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
Fiscal year period				371 days
Subsequent Event
Fiscal Year
Fiscal year period			364 days
WW Holding Corporation | Boot Barn Holding Corporation
Business Operations
Ownership percentage (as a percent)					95.00%
American Worker
Business Operations
Number of stores | store	2

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jun. 25, 2016
Fair Value of Certain Financial Assets and Liabilities
Financial assets requiring fair value measurements on a recurring basis	$ 0
Financial liabilities requiring fair value measurements on a recurring basis	0
Recently Adopted Accounting Pronouncements
Income tax expense	506	$ 266
ASU No. 2015-17
Recently Adopted Accounting Pronouncements
Reclassification of deferred tax assets	9,800
ASU No. 2016-09
Recently Adopted Accounting Pronouncements
Income tax expense	$ 100

Asset Acquisition - Asset Acqui

Asset Acquisition - Asset Acquisitions (Details) - Country Outfitter Asset Acquisition $ in Thousands	Feb. 16, 2017USD ($)
Asset Acquisition
Cash consideration paid	$ 1,300
Assets acquired:
Total assets acquired	1,806
Liabilities assumed:
Other liability - merchandise credits	501
Total liabilities assumed	501
Net assets acquired	1,305
Trade name
Assets acquired:
Intangible - trade name	1,300
Customer lists
Assets acquired:
Intangible	$ 506
Liabilities assumed:
Period of amortization for acquired intangible assets	3 years

Intangible Assets, Net and Go28

Intangible Assets, Net and Goodwill (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Jul. 01, 2017USD ($)item	Jun. 25, 2016USD ($)	Apr. 01, 2017USD ($)
Intangible assets, net
Gross Carrying Amount	$ 10,602		$ 10,602
Accumulated Amortization	(7,130)		(6,768)
Net	3,472		3,834
Gross carrying amount	71,279		71,279
Intangible assets, net	64,149		64,511
Amortization of intangible assets	362	$ 561
Fiscal year
2,018	767
2,019	624
2,020	477
2,021	308
2,022	215
Thereafter	1,081
Total	3,472
Goodwill
Goodwill	$ 193,095		193,095
Number of indicators of impairment for goodwill, intangible, and long-lived assets | item	0
Trademarks
Intangible assets, net
Indefinite-lived intangible assets	$ 60,677		60,677
Customer lists
Intangible assets, net
Gross Carrying Amount	4,694		4,694
Accumulated Amortization	(4,001)		(3,810)
Net	$ 693		$ 884
Weighted Average Useful Life	4 years 7 months 6 days		4 years 7 months 6 days
Non-compete agreements
Intangible assets, net
Gross Carrying Amount	$ 990		$ 990
Accumulated Amortization	(963)		(915)
Net	$ 27		$ 75
Weighted Average Useful Life	4 years 9 months 18 days		4 years 9 months 18 days
Below-market leases
Intangible assets, net
Gross Carrying Amount	$ 4,918		$ 4,918
Accumulated Amortization	(2,166)		(2,043)
Net	$ 2,752		$ 2,875
Weighted Average Useful Life	11 years 7 months 6 days		11 years 7 months 6 days

Revolving Credit Facilities a29

Revolving Credit Facilities and Long-Term Debt - Revolving Credit Facilities and Long-Term Debt (Details)	Jun. 02, 2017USD ($)	Jun. 29, 2015USD ($)	Jul. 01, 2017USD ($)	Jun. 25, 2016USD ($)	May 26, 2017USD ($)	Apr. 01, 2017USD ($)
2015 Golub Term Loan
Revolving credit facilities and long-term debt
Principal amount		$ 200,000,000
Interest expense			$ 2,800,000	$ 2,800,000
Weighted average interest rate (as a percent)			5.60%	5.50%
Periodic payment			$ 500,000
Additional interest rate required if certain triggering events come into existence (as a percent)		2.00%
Deferred loan fees		$ 6,000,000	4,100,000			$ 3,900,000
Term loan			186,500,000			196,500,000
Unamortized value of the debt issuance costs and debt discount			(4,081,000)			(3,921,000)
Total			$ 182,419,000			192,579,000
Repayments of loan	$ 10,000,000
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%
2015 Golub Term Loan | Minimum | LIBOR
Revolving credit facilities and long-term debt
Interest rate (as a percent)		1.00%
2015 Golub Term Loan | Leverage ratio as of July 1, 2017 | Maximum
Revolving credit facilities and long-term debt
Consolidated total net leverage ratio			4.75
2015 Golub Term Loan | Leverage ratio as of December 30, 2017 | Maximum
Revolving credit facilities and long-term debt
Consolidated total net leverage ratio			4.50
2015 Golub Term Loan | Leverage ratio as of December 2018 | 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			$ 135,000,000
Commitment fee on unused capacity (as a percentage)		0.25%
Amount outstanding under 2015 Wells Fargo Revolver			$ 62,800,000			33,300,000
Interest expense			$ 400,000	$ 300,000
Weighted average interest rate (as a percent)			2.20%	1.60%
Additional interest rate required if certain triggering events come into existence (as a percent)		2.00%
Deferred loan fees		$ 1,000,000	$ 600,000			$ 600,000
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 | 2015 Golub Term Loan | Interest expense
Revolving credit facilities and long-term debt
Amortization of deferred loan fees			$ 300,000	$ 300,000

Revolving Credit Facilities a30

Revolving Credit Facilities and Long-Term Debt - Aggregate Contractual Maturities (Details) - 2015 Golub Term Loan - USD ($) $ in Thousands	Jul. 01, 2017	Apr. 01, 2017
Fiscal year
2,022	$ 186,500
Total	$ 186,500	$ 196,500

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Oct. 19, 2014	Jan. 27, 2012
Stock-Based Compensation
Stock-based compensation expense	$ 0.6	$ 0.8
Cost of goods sold
Stock-Based Compensation
Stock-based compensation expense		$ 0.1
Maximum | Cost of goods sold
Stock-Based Compensation
Stock-based compensation expense	$ 0.1
Stock Options
Stock-Based Compensation
Stock options granted	387,615
Grant date fair value (in dollars per share)	$ 2.11
Unrecognized stock-based compensation expense	$ 4.3
Weighted-average recognition period	3 years 22 days
Restricted Stock Awards
Stock-Based Compensation
Unrecognized stock-based compensation expense	$ 2
Weighted-average recognition period	3 years 7 months 13 days
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
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
Stock options granted	387,615	560,892
Aggregate grant date fair value	$ 0.8	$ 1.5
Grant date fair value (in dollars per share)	$ 2.11
Vesting period	5 years	5 years
Exercise price (in dollars per share)	$ 6.15
2014 Plan | Stock Options | Members of management | Minimum
Stock-Based Compensation
Grant date fair value (in dollars per share)		$ 2.50
Exercise price (in dollars per share)		7.11
2014 Plan | Stock Options | Members of management | Maximum
Stock-Based Compensation
Grant date fair value (in dollars per share)		2.95
Exercise price (in dollars per share)		$ 8.38
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
Restricted stock units granted	86,552	116,732
Aggregate grant date fair value	$ 0.5	$ 0.8
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
2014 Plan | Restricted Stock Units | Employees
Stock-Based Compensation
Vesting period	5 years	5 years
2014 Plan | Restricted Stock Units | Director
Stock-Based Compensation
Vesting period	1 year	1 year

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options and Significant Valuation Assumptions (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	Oct. 29, 2014	Jul. 01, 2017	Jun. 25, 2016
Assumptions used
Expected option term		P5Y6M	P5Y6M
Expected volatility factor		34.00%
Expected volatility factor, minimum			35.80%
Expected volatility factor, maximum			36.00%
Risk-free interest rate		1.80%	1.40%
Expected annual dividend yield		0.00%	0.00%
Stock Options
Outstanding at the beginning of period		2,543,660
Granted		387,615
Canceled, forfeited or expired		(59,726)
Outstanding at the end of period		2,871,549
Vested and expected to vest after end of period		2,871,549
Exercisable at end of period		1,543,819
Grant Date Weighted-Average Exercise Price
Outstanding at the beginning of period		$ 9.29
Granted		6.15
Canceled, forfeited or expired		8.50
Outstanding at the end of period		8.89
Vested and expected to vest at end of period		8.89
Exercisable at end of period		$ 7.99
Weighted Average Remaining Contractual Life
Weighted average remaining contractual life, awards outstanding		5 years 9 months 18 days
Weighted average remaining contractual life, awards vested and expected to vest		5 years 9 months 18 days
Weighted average remaining contractual life, awards exercisable		5 years
Aggregate Intrinsic Value
Aggregate intrinsic value, awards outstanding		$ 2,299
Aggregate intrinsic value, awards vested and expected to vest		2,299
Aggregate intrinsic value, awards exercisable		$ 1,818
2014 Plan | CEO
Assumptions used
Stock price (in dollars per share)	$ 16
Exercise price (in dollars per share)	$ 16
Expected option term	P6Y
Expected volatility factor	55.00%
Risk-free interest rate	1.80%
Expected annual dividend yield	0.00%
Stock Options
Granted	99,650

Stock-Based Compensation - Nonv

Stock-Based Compensation - Nonvested Options (Details) - Stock Options	3 Months Ended
	Jul. 01, 2017$ / sharesshares
Shares
Nonvested at beginning of period | shares	1,148,500
Granted | shares	387,615
Vested | shares	(148,659)
Nonvested shares forfeited | shares	(59,726)
Nonvested at end of period | shares	1,327,730
Weighted-Average Grant Date Fair Value
Nonvested at beginning of period | $ / shares	$ 4.84
Granted | $ / shares	2.11
Vested | $ / shares	4.35
Nonvested shares forfeited | $ / shares	4.33
Nonvested at end of period | $ / shares	$ 4.12

Commitments and Contingencies (

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

Capital Lease and Financing T35

Capital Lease and Financing Transactions - Capital Leases and Other Information (Details) $ in Thousands	12 Months Ended
	Mar. 26, 2016item	Jul. 01, 2017USD ($)	Apr. 01, 2017USD ($)
Capital leases and the financing transactions included in property and equipment
Property and equipment, gross		$ 10,591	$ 10,591
Less: accumulated depreciation		(1,449)	(1,272)
Property and equipment, net		9,142	9,319
Capital leases, future minimum payments
2,018		958
2,019		1,296
2,020		1,307
2,021		1,331
2,022		1,356
Thereafter		6,857
Total		13,105
Less: Imputed interest		(4,938)
Present value of capital lease and financing transaction		8,167
Less: Current capital lease and financing transaction		(464)
Noncurrent capital lease and financing transaction		7,703	7,825
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 acquired as part of acquisition | item	2
Number of distribution center facilities acquired as part of acquisition | item	1
Capital Lease
Capital leases, future minimum payments
Present value of capital lease and financing transaction		$ 900
Capital Lease | Minimum
Capital Lease and Financing Transactions
Effective interest rate (as a percent)		6.10%
Capital Lease | Maximum
Capital Lease and Financing Transactions
Effective interest rate (as a percent)		10.90%
Financing Transactions
Capital leases, future minimum payments
Present value of capital lease and financing transaction		$ 7,300

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Apr. 01, 2017
Income Taxes
Effective tax rate	39.40%	29.90%
Accrued interest and penalties	$ 0		$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - Freeman Spogli & Co. - USD ($) $ in Millions	3 Months Ended
	Jul. 01, 2017	Jun. 25, 2016
Related Party Transactions
Ownership interest by majority stockholder in specialty retail vendor	26.90%
Property, plant and equipment
Related Party Transactions
Capital expenditures related to specialty retail vendor	$ 0.1
Maximum | Property, plant and equipment
Related Party Transactions
Capital expenditures related to specialty retail vendor		$ 0.1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jun. 25, 2016
Earnings Per Share
Net income	$ 777	$ 624
Weighted average basic shares outstanding	26,559,000	26,373,000
Dilutive effect of options and restricted stock	410,000	243,000
Weighted average diluted shares outstanding	26,969,000	26,616,000
Basic earnings per share	$ 0.03	$ 0.02
Diluted earnings per share	$ 0.03	$ 0.02
Shares that were not included in the computation of weighted average diluted common shares amounts	1,491,134	2,001,560