Boot Barn Holdings, Inc.

Previous wording

This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are often identified by the use of words such as, but not

Current wording

This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “seek”, “should”, “target”, “will”, “would”, and similar expressions or variations intended to identify forward-looking statements. These statements are based on the beliefs and assumptions of our management based on information

Previous wording

limited to, “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “seek”, “should”, “target”, “will”, “would”, and similar expressions or variations intended to identify forward-looking statements. These statements are based on the beliefs and assumptions of our management based on information currently available to management. These forward-looking statements are subject to numerous risks and uncertainties, including the risks and uncertainties described under the section titled “Risk Factors” in our Fiscal 2025 10-K, and those identified in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in an evolving environment. New risks and uncertainties emerge from time to time and it is not possible for our management to predict all risks and uncertainties, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ materially from those contained in any forward-looking statement. We qualify all of our forward-looking statements by these cautionary statements.

Current wording

currently available to management. These forward-looking statements are subject to numerous risks and uncertainties, including the risks and uncertainties described under the section titled “Risk Factors” in our Fiscal 2026 10-K, and those identified in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in an evolving environment. New risks and uncertainties emerge from time to time and it is not possible for our management to predict all risks and uncertainties, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ materially from those contained in any forward-looking statement. We qualify all of our forward-looking statements by these cautionary statements.

Previous wording

We believe that Boot Barn is the largest lifestyle retail chain devoted to western and work-related footwear, apparel, and accessories in the U.S. As of December 27, 2025, we operated 514 stores in 49 states, as well as our e-commerce websites consisting primarily of bootbarn.com, sheplers.com, countryoutfitter.com, idyllwind.com, and third-party marketplaces, as well as the Boot Barn app. Our product offering is anchored by an extensive selection of western and work boots and is complemented by a wide assortment of coordinating apparel and accessories. Our stores feature a comprehensive assortment of brands and styles, coupled with attentive, knowledgeable store associates. Many of the items that we offer are basics or necessities for our customers’ daily lives and typically represent enduring styles that are not meaningfully impacted by changing fashion trends.

Current wording

We believe that Boot Barn is the largest lifestyle retail chain devoted to western and work-related footwear, apparel, and accessories in the U.S. As of June 27, 2026, we operated 566 stores in 49 states, as well as our e-commerce websites consisting primarily of bootbarn.com, sheplers.com, countryoutfitter.com, idyllwind.com, and third-party marketplaces, as well as the Boot Barn app. Our product offering is anchored by an extensive selection of western and work boots and is complemented by a wide assortment of coordinating apparel and accessories. Our stores, which are typically freestanding or located in strip centers, average 11,400 selling square feet and feature a comprehensive assortment of brands and styles, coupled with attentive, knowledgeable store associates. Many of the items that we offer are basics or necessities for our customers’ daily lives and typically represent enduring styles that are not meaningfully impacted by changing fashion trends.

Previous wording

and upon delivery of the product in the case of our e-commerce websites and app. Net sales also include shipping and handling fees for e-commerce shipments that have been delivered to our customers. Net sales are net of estimated and actual sales returns and deductions for estimated future award redemptions. Revenue from the sale of gift cards is deferred until the gift cards are used to purchase merchandise.

Current wording

Net sales reflect revenue from the sale of our merchandise at retail locations, as well as sales of merchandise through our e-commerce platform. We recognize revenue upon the purchase of merchandise by customers at our stores and upon delivery of the product in the case of our e-commerce websites. Net sales also include shipping and handling fees for e-commerce shipments that have been delivered to our customers. Net sales are net of returns on sales during the period, as

Previous wording

Our business is moderately seasonal, and as a result, our revenues fluctuate from quarter to quarter. In addition, our revenues in any given quarter can be affected by a number of factors, including the timing of holidays, weather patterns, rodeos, and country concerts. The third quarter of our fiscal year, which includes the Christmas shopping season, has historically produced higher sales and disproportionately larger operating income than the other quarters of our fiscal year. However, neither the western nor the work component of our business has been meaningfully impacted by fashion trends or seasonality historically. We believe that many of our customers are driven primarily by utility and brand, and our best-selling styles.

Current wording

Our business is moderately seasonal and, as a result, our revenues fluctuate from quarter to quarter. In addition, our revenues in any given quarter can be affected by a number of factors, including the timing of holidays and weather patterns. The third quarter of our fiscal year, which includes the Christmas shopping season, has historically produced higher sales and disproportionately higher operating results than the other quarters of our fiscal year. However, neither the western nor the work component of our business has been meaningfully impacted by fashion trends or seasonality historically. We believe that many of our customers are driven primarily by utility and brand, and our best-selling styles.

Previous wording

If the criteria described with respect to acquired stores above are met, then all net sales of such acquired store, excluding those net sales before our acquisition of that store, are included for the period presented. However, when an acquired store is included for the period presented, the net sales of such acquired store for periods before its acquisition are included (to the extent relevant) for purposes of calculating “same store sales growth” and illustrating the comparison between the applicable periods. Pre-acquisition net sales numbers are derived from the books and records of the acquired company, as prepared prior to the acquisition, and are not independently verified by us.

Current wording

If the criteria described with respect to acquired stores above are met, then all net sales of an acquired store, excluding those net sales before our acquisition of that store, are included for the period presented. However, when an acquired store is included for the period presented, the net sales of such acquired store for periods before its acquisition are included (to the extent relevant) for purposes of calculating “same store sales growth” and illustrating the comparison between the applicable periods. Pre-acquisition net sales numbers are derived from the books and records of the acquired company, as prepared prior to the acquisition, and are not independently verified by us.

Previous wording

Opening new stores is an important part of our growth strategy, and we anticipate that a percentage of our net sales in the near future will come from stores not included in our same store sales calculation. Accordingly, same store sales are only one measure that we use to assess the success of our business and growth strategy. Some of our competitors and other retailers may calculate “same” or “comparable” store sales differently than we do. As a result, data in this Quarterly Report on Form 10-Q regarding our same store sales may not be comparable to similar data made available by other retailers.

Current wording

Opening new stores is an important part of our growth strategy, and we anticipate that a percentage of our net sales in the near future will come from stores not included in our same store sales calculation. Accordingly, same store sales are only one measure that we use to assess the success of our business and growth strategy. Some of our competitors and

Previous wording

Gross profit is equal to our net sales less our cost of goods sold. Cost of goods sold includes the cost of merchandise, obsolescence and shrinkage provisions, store and distribution center occupancy costs (including rent, depreciation, and utilities), inbound and outbound freight, supplier allowances, occupancy-related taxes, compensation costs for merchandise purchasing, exclusive brand design and development, distribution center personnel, and other inventory acquisition-related costs. These costs are significant and can be expected to continue to increase as we grow. The components of our reported cost of goods sold may not be comparable to those of other retail companies, including our competitors.

Current wording

Gross profit is equal to our net sales less our merchandise cost of goods sold, and buying, occupancy, and distribution center expenses. Merchandise cost, cost of goods sold includes the cost of merchandise, inbound and outbound freight, obsolescence and shrinkage provisions, supplier allowances, and inventory acquisition-related costs. Buying, occupancy, and distribution center expenses include store and distribution center occupancy costs (including rent, depreciation, and utilities), occupancy-related taxes, and compensation costs for merchandise purchasing, exclusive brand design and development, sourcing, and distribution center personnel, and other inventory acquisition-related costs, and other inventory acquisition-related costs. These costs are significant and can be expected to continue to increase as we grow. The components of our reported cost of goods sold may not be comparable to those of other retail companies, including our competitors.

Previous wording

Our gross profit generally follows changes in net sales. We regularly analyze the components of gross profit, as well as gross profit as a percentage of net sales. Specifically, we examine the initial markup on purchases, markdowns and reserves, shrinkage, buying costs, distribution costs, and occupancy costs. Any inability to obtain acceptable levels of initial markups, a significant increase in our use of markdowns or in inventory shrinkage, or a significant increase in freight and other inventory acquisition costs, could have an adverse impact on our gross profit and results of operations.

Current wording

Our gross profit generally follows changes in net sales. We regularly analyze the components of gross profit, as well as gross profit as a percentage of net sales. Specifically, we examine the initial markup on purchases, markdowns and reserves, shrinkage, buying costs, distribution costs, and occupancy costs. Any inability to obtain acceptable levels of initial markups, or a significant increase in our use of markdowns or in inventory shrinkage, or a significant increase in freight and other inventory acquisition costs, could have an adverse impact on our gross profit and results of operations.

Previous wording

Gross profit is also impacted by shifts in the proportion of sales of our exclusive brand products compared to third-party brand products, as well as by sales mix changes within and between brands and major product categories such as footwear, apparel, or accessories.

Current wording

Gross profit is also impacted by shifts in the proportion of sales of our exclusive brand products compared to third-party brand products, as well as by sales mix shifts within and between brands and between major product categories such as footwear, apparel, or accessories.

Previous wording

The components of our SG&A expenses may not be comparable to those of our competitors and other retailers. We expect our SG&A expenses will increase in future periods as a result of incremental stock-based compensation, legal, and accounting-related expenses and increases resulting from growth in the number of our stores.

Current wording

The components of our SG&A expenses may not be comparable to those of our competitors and other retailers. We expect our SG&A expenses will increase in future periods as a result of incremental stock-based compensation, legal, and accounting and other compliance-related expenses and increases resulting from growth in the number of our stores.

Previous wording

Net sales. Net sales increased $97.5 million, or 16.0%, to $705.6 million for the thirteen weeks ended December 27, 2025 from $608.2 million for the thirteen weeks ended December 28, 2024. Consolidated same store sales increased 5.7%. Excluding the impact of the 19.6% increase in e-commerce same store sales, same store sales increased by 3.7%. The increase in net sales was the result of incremental sales from new stores and the increase in consolidated same store sales.

Current wording

Net sales. Net sales increased $89.4 million, or 17.7%, to $593.5 million for the thirteen weeks ended June 27, 2026 from $504.1 million for the thirteen weeks ended June 28, 2025. Consolidated same store sales increased 4.7%. Excluding the impact of the 13.4% increase in e-commerce same store sales, same store sales increased by 3.8%. The increase in net sales was the result of incremental sales from new stores and the increase in consolidated same store sales.

Previous wording

Gross profit. Gross profit increased $42.4 million, or 17.7%, to $281.2 million for the thirteen weeks ended December 27, 2025 from $238.9 million for the thirteen weeks ended December 28, 2024. As a percentage of net sales, gross profit increased by 60 basis points to 39.9% for the thirteen weeks ended December 27, 2025 from 39.3% for the thirteen weeks ended December 28, 2024. Gross profit increased primarily due to an increase in sales and merchandise margin, partially offset by the occupancy costs of new stores. The 60 basis-point increase in gross profit rate was driven primarily by a 110 basis-point increase in merchandise margin rate, partially offset by 50 basis points of deleverage in buying, occupancy and distribution center costs. The increase in merchandise margin rate was primarily the result of buying economies of scale, supply chain efficiencies, and growth in exclusive brand penetration. The deleverage in buying, occupancy and distribution center costs was primarily driven by the occupancy costs of new stores.

Current wording

Gross profit. Gross profit increased $42.7 million, or 21.6%, to $239.9 million for the thirteen weeks ended June 27, 2026 from $197.2 million for the thirteen weeks ended June 28, 2025. As a percentage of net sales, gross profit increased by 130 basis points to 40.4% for the thirteen weeks ended June 27, 2026 from 39.1% for the thirteen weeks ended June 28, 2025. Included in gross profit is $14.7 million of tariff refunds recognized in cost of goods sold during the current-year period. The remaining increase was driven by an increase in sales, partially offset by the occupancy costs of new stores. The 130 basis-point increase in gross profit rate was driven primarily by a 220 basis-point increase in merchandise margin rate partially offset by 90 basis points of deleverage in buying, occupancy and distribution center costs. The 220 basis-point increase in merchandise margin rate was primarily driven by a 250 basis-point of benefit from tariff refunds recognized during the current-year period and 60 basis points of product margin expansion, partially offset by a 90 basis-point decrease due to higher freight expense in the current-year period. The deleverage in buying, occupancy and distribution center costs was driven by the occupancy costs of new stores.

Previous wording

Selling, general and administrative expenses. SG&A expenses increased $27.1 million, or 19.4%, to $166.5 million for the thirteen weeks ended December 27, 2025 from $139.4 million for the thirteen weeks ended December 28, 2024.

Current wording

Selling, general and administrative expenses. SG&A expenses increased $22.9 million, or 18.1%, to $149.4 million for the thirteen weeks ended June 27, 2026 from $126.5 million for the thirteen weeks ended June 28, 2025. The increase in SG&A expenses compared to the prior-year period was primarily the result of higher store payroll and store-related

Previous wording

Selling, general and administrative expenses. SG&A expenses increased $61.9 million, or 17.2%, to $420.7 million for the thirty-nine weeks ended December 27, 2025 from $358.8 million for the thirty-nine weeks ended December 28, 2024. The increase in SG&A expenses compared to the prior-year period was primarily the result of higher store payroll and store-related expenses associated with operating more stores, corporate general and administrative expenses, and marketing expenses in the current-year period. As a percentage of net sales, SG&A leveraged by 10 basis points primarily as a result of lower corporate general and administrative expenses and legal expenses in the current-year period. Included in the prior-year period is a net benefit of $6.7 million related to the Company’s former Chief Executive Officer’s resignation. Excluding this benefit in the prior-year period, SG&A expenses as a percentage of net sales leveraged by 60 basis points.

Current wording

expenses associated with operating more stores, corporate general and administrative expenses, and marketing expenses in the current-year period. As a percentage of net sales, SG&A deleveraged by 10 basis points to 25.2% compared to 25.1% in the prior-year period, primarily as a result of the timing of marketing expenses.

Previous wording

Income from operat ions. Income from operations increased $15.3 million, or 15.4%, to $114.8 million for the thirteen weeks ended December 27, 2025 from $99.5 million for the thirteen weeks ended December 28, 2024. The increase in income from operations was attributable to the factors noted above. As a percentage of net sales, income from operations was 16.3% and 16.4% for the thirteen weeks ended December 27, 2025 and December 28, 2024, respectively.

Current wording

Income from operations. Income from operations increased $19.8 million, or 28.0%, to $90.5 million for the thirteen weeks ended June 27, 2026 from $70.7 million for the thirteen weeks ended June 28, 2025. The increase in income from operations was attributable to the factors noted above. As a percentage of net sales, income from operations was 15.3% and 14.0% for the thirteen weeks ended June 27, 2026 and June 28, 2025, respectively.

Previous wording

Interest expense. Interest expense was $0.4 million for both the thirteen weeks ended December 27, 2025 and December 28, 2024.

Current wording

Interest expense. Interest expense was $0.3 million for both the thirteen weeks ended June 27, 2026 and June 28, 2025.

Previous wording

Income tax expense. Income tax expense was $28.9 million for the thirteen weeks ended December 27, 2025 compared to $24.1 million for the thirteen weeks ended December 28, 2024. Our effective tax rate was 25.2% and 24.3% for the thirteen weeks ended December 27, 2025 and December 28, 2024, respectively. The income tax rate for the thirteen weeks ended December 27, 2025 was higher than the income tax rate for the thirteen weeks ended December 28, 2024, primarily due to fewer nondeductible expenses in the prior-year period.

Current wording

Income tax expense. Income tax expense was $22.3 million for the thirteen weeks ended June 27, 2026 compared to $17.9 million for the thirteen weeks ended June 28, 2025. Our effective tax rate was 24.1% and 25.1% for the thirteen weeks ended June 27, 2026 and June 28, 2025, respectively. The income tax rate for the thirteen weeks ended June 27, 2026 was lower than the income tax rate for the thirteen weeks ended June 28, 2025, primarily due to a higher income tax benefit from income tax accounting for stock-based compensation in the current-year period.

Previous wording

Net income. Net income was $85.8 million for the thirteen weeks ended December 27, 2025 compared to $75.1 million for the thirteen weeks ended December 28, 2024. The increase in net income was primarily attributable to the factors noted above.

Current wording

Net income. Net income was $70.1 million for the thirteen weeks ended June 27, 2026 compared to $53.4 million for the thirteen weeks ended June 28, 2025. The increase in net income was primarily attributable to the factors noted above.

Previous wording

We are planning to continue to open new stores, remodel and refurbish our existing stores, make continued investments in our distribution centers, and make improvements to our e-commerce and information technology infrastructure, which will result in increased capital expenditures. We estimate that our total capital expenditures in fiscal 2026 will be between $125.0 million and $130.0 million (including the capital expenditures made during the thirty-nine weeks ended December 27, 2025), which is net of estimated landlord tenant allowances of $45.0 million. We anticipate that we will use cash flows from operations to fund these expenditures.

Current wording

Our primary ongoing sources of liquidity include funds provided by operations and borrowings under our revolving credit facility. We expect our cash from operations will continue to be sufficient to support our operations and anticipated capital expenditures for the foreseeable future. We estimate that our capital expenditures in fiscal 2027 will be between approximately $125.0 million and $130.0 million (including the capital expenditures made during the thirteen weeks ended June 27, 2026), which is net of estimated landlord tenant allowances of $47.6 million. We anticipate that we will use cash flows from operations to fund these expenditures.

Previous wording

The Company has a $250.0 million syndicated senior secured asset-based revolving credit facility (the “Wells Fargo Revolver”) for which Wells Fargo Bank, National Association is agent (“Wells Fargo”). Under the Wells Fargo Revolver, the sublimit for letters of credit is $10.0 million, and the maturity date is July 11, 2027.

Current wording

Under that certain Credit Agreement, dated as of June 29, 2015, by and among Wells Fargo Bank, National Association as agent (“Wells Fargo”), the lenders party thereto (collectively, the “Lenders”), Boot Barn, Inc. and Sheplers, LLC (together, the “Borrowers”), and the Company and Sheplers Holding LLC (together, the “Guarantors” and, together with Wells Fargo, the Lenders, and the Borrowers, the “Credit Agreement Parties”) (as amended by Amendment No. 1 to Credit Agreement, dated as of January 25, 2017, Amendment No. 2 to Credit Agreement and Amendment No. 1 to Collateral Agreement, dated as of May 26, 2017, Amendment No. 3 to Credit Agreement, dated as of as of June 6, 2019, Amendment No. 4 to Credit Agreement and Amendment No. 2 to Collateral Agreement, dated as of July 11, 2022 and Amendment No. 5 to Credit Agreement, dated as of March 11, 2026, the “Credit Agreement”), the Company had a $250.0 million syndicated senior secured asset-based revolving credit facility (the “Wells Fargo Revolver”). Under the Wells Fargo Revolver, the sublimit for letters of credit is $10.0 million, and the maturity date was July 11, 2027. On July 28, 2026, the Credit Agreement Parties and certain new lenders named therein entered into Amendment No. 6 to Credit Agreement (the “Credit Agreement Amendment”) to, among other things, increase the Wells Fargo Revolver to $500.0 million and extend the maturity date to July 28, 2031. For additional information regarding the Credit Agreement Amendment, see Note 11, “Subsequent Events.”

Previous wording

The amounts outstanding under the Wells Fargo Revolver and letter of credit commitments as of December 27, 2025 were zero and $4.0 million, respectively. The amounts outstanding under the Wells Fargo Revolver and letter of credit commitments as of March 29, 2025 were zero and $2.9 million, respectively. Total interest expense incurred on the Wells Fargo Revolver during the thirteen and thirty-nine weeks ended December 27, 2025 was $0.3 million and $0.6 million, respectively, and the weighted average interest rate for the thirteen weeks ended December 27, 2025 was 7.1%. Total interest expense incurred on the Wells Fargo Revolver during the thirteen and thirty-nine weeks ended December 28, 2024 was $0.2 million and $0.6 million, respectively, and the weighted average interest rate for the thirteen weeks ended December 28, 2024 was 7.8%.

Current wording

The amounts outstanding under the Wells Fargo Revolver and letter of credit commitments as of both June 27, 2026 and March 28, 2026 were zero and $4.0 million, respectively. Total interest expense incurred on the Wells Fargo Revolver during the thirteen weeks ended June 27, 2026 was $0.2 million and the weighted average interest rate for the thirteen weeks ended June 27, 2026 was 6.8%. Total interest expense incurred on the Wells Fargo Revolver during the thirteen weeks ended June 28, 2025 was $0.2 million, and the weighted average interest rate for the thirteen weeks ended June 28, 2025 was 7.5%.

Previous wording

Cash and cash equivalents were $200.1 million as of December 27, 2025 compared to $69.8 million as of March 29, 2025.

Current wording

Cash and cash equivalents were $139.3 million as of June 27, 2026 compared to $141.0 million as of March 28, 2026.

Previous wording

Net cash provided by operating activities was $309.3 million for the thirty-nine weeks ended December 27, 2025. The significant components of cash flows provided by operating activities were net income of $181.4 million, the add-back of non-cash lease expense of $56.6 million, depreciation of $57.1 million, and stock-based compensation expense of $12.5 million. Accounts payable and accrued expenses and other current liabilities increased by $91.6 million due to the timing of payments. Inventory increased by $58.3 million as a result of an increase in purchases.

Current wording

Net cash provided by operating activities was $83.8 million for the thirteen weeks ended June 27, 2026. The significant components of cash flows provided by operating activities were net income of $70.1 million, the add-back of non-cash lease expense of $22.3 million, depreciation of $22.3 million, and stock-based compensation expense of $4.5 million. Accounts payable and accrued expenses and other current liabilities increased by $41.9 million due to the timing of payments. Inventory increased by $55.4 million as a result of an increase in purchases.

Previous wording

Net cash provided by operating activities was $190.7 million for the thirty-nine weeks ended December 28, 2024. The significant components of cash flows provided by operating activities were net income of $143.4 million, the add-back of non-cash lease expense of $49.3 million, depreciation and intangible asset amortization expense of $45.8 million, and stock-based compensation expense of $8.2 million. Accounts payable and accrued expenses and other current liabilities increased by $77.3 million due to the timing of payments. Inventory increased by $91.2 million as a result of an increase in purchases.

Current wording

Net cash provided by operating activities was $73.9 million for the thirteen weeks ended June 28, 2025. The significant components of cash flows provided by operating activities were net income of $53.4 million, the add-back of non-cash lease expense of $17.9 million, depreciation of $17.5 million, and stock-based compensation expense of $3.7 million. Accounts payable and accrued expenses and other current liabilities decreased by $6.5 million due to the timing of payments. Inventory increased by $26.9 million as a result of an increase in purchases.

Previous wording

Net cash used in investing activities was $108.3 million for the thirty-nine weeks ended December 28, 2024, which was attributable to capital expenditures related to store construction, investments in our Kansas City, Missouri distribution center, improvements to our e-commerce information technology infrastructure, and improvements to our distribution facilities.

Current wording

Net cash used in investing activities was $51.1 million for the thirteen weeks ended June 27, 2026, which was primarily attributable to capital expenditures related to store construction.

Previous wording

Net cash used in investing activities was $136.7 million for the thirty-nine weeks ended December 27, 2025, which was primarily attributable to capital expenditures related to store construction and investments in our new Store Support Center.

Current wording

Net cash used in investing activities was $31.5 million for the thirteen weeks ended June 28, 2025, which was primarily attributable to capital expenditures related to store construction and investments in our new Store Support Center.

Previous wording

Net cash used in financing activities was $42.3 million for the thirty-nine weeks ended December 27, 2025. We paid $37.5 million to repurchase shares of our common stock under our authorized Repurchase Program and $4.3 million in taxes related to the vesting of restricted stock.

Current wording

Net cash used in financing activities was $34.5 million for the thirteen weeks ended June 27, 2026. We paid $25.0 million to repurchase shares of our common stock under our authorized Repurchase Program and $9.5 million in taxes related to the vesting of restricted stock.

Previous wording

Net cash used in financing activities was $5.3 million for the thirty-nine weeks ended December 28, 2024. We paid $7.6 million in taxes related to the vesting of restricted stock. We also received $2.9 million from the exercise of stock options.

Current wording

Net cash used in financing activities was $16.8 million for the thirteen weeks ended June 28, 2025. We paid $12.5 million to repurchase shares of our common stock under our authorized Repurchase Program and $4.2 million in taxes related to the vesting of restricted stock.