Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Mar. 31, 2018	May 15, 2018	Sep. 30, 2017
Document and Entity Information
Entity Registrant Name	Boot Barn Holdings, Inc.
Entity Central Index Key	0001610250
Document Type	10-K
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 115.6
Entity Common Stock, Shares Outstanding		27,476,196
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Apr. 01, 2017
Current assets:
Cash and cash equivalents	$ 9,016	$ 8,035
Accounts receivable, net	4,389	4,354
Inventories	211,472	189,096
Prepaid expenses and other current assets	16,250	22,818
Total current assets	241,127	224,303
Property and equipment, net	89,208	82,711
Goodwill	193,095	193,095
Intangible assets, net	63,383	64,511
Other assets	1,128	961
Total assets	587,941	565,581
Current liabilities:
Line of credit	21,006	33,274
Accounts payable	89,958	77,482
Accrued expenses and other current liabilities	40,034	35,983
Current portion of notes payable, net		1,062
Total current liabilities	150,998	147,801
Deferred taxes	13,030	20,961
Long-term portion of notes payable, net	183,200	191,517
Capital lease obligations	7,303	7,825
Other liabilities	18,804	17,568
Total liabilities	373,335	385,672
Commitments and contingencies (Note 10)
Stockholders' equity:
Common stock, $0.0001 par value; March 31, 2018 - 100,000 shares authorized, 27,331 shares issued; April 1, 2017 - 100,000 shares authorized, 26,575 shares issued	3	3
Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding
Additional paid-in capital	148,127	142,184
Retained earnings	66,670	37,791
Less: Common stock held in treasury, at cost, 31 and 14 shares at March 31, 2018 and April 1, 2017, respectively	(194)	(69)
Total stockholders' equity	214,606	179,909
Total liabilities and stockholders' equity	$ 587,941	$ 565,581

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Apr. 01, 2017
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)	27,331,000	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)	31,000	14,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 677,949	$ 629,816	$ 569,020
Cost of goods sold	470,034	439,930	396,317
Amortization of inventory fair value adjustment	0	0	(500)
Total cost of goods sold	470,034	439,930	395,817
Gross profit	207,915	189,886	173,203
Operating expenses:
Selling, general and administrative expenses	161,660	152,068	142,078
Acquisition-related expenses			891
Total operating expenses	161,660	152,068	142,969
Income from operations	46,255	37,818	30,234
Interest expense, net	15,076	14,699	12,923
Income before income taxes	31,179	23,119	17,311
Income tax expense	2,300	8,922	7,443
Net income	$ 28,879	$ 14,197	$ 9,868
Earnings per share:
Basic shares (in dollars per share)	$ 1.08	$ 0.54	$ 0.38
Diluted shares (in dollars per share)	$ 1.05	$ 0.53	$ 0.37
Weighted average shares outstanding:
Basic shares	26,744	26,459	26,170
Diluted shares	27,528	26,939	26,955

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Shares	Total
Balance at Mar. 28, 2015	$ 3	$ 128,693	$ 13,726		$ 142,422
Balance (in shares) at Mar. 28, 2015	25,824,000
Increase (Decrease) in Stockholders' Equity
Net income			9,868		9,868
Stock options exercised		2,698			2,698
Stock options exercised (in shares)	530,000
Shares forfeited, held in treasury stock				(4,000)
Excess tax benefit (deficiency) related to stock-based compensation		3,621			3,621
Stock-based compensation expense		2,881			2,881
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			14,197		14,197
Issuance of common stock related to stock-based compensation		1,275			1,275
Issuance of common stock related to stock-based compensation (in shares)	221,000			(3,000)
Tax withholding for net share settlement				$ (69)	(69)
Tax withholding for net share settlement (in shares)				(7,000)
Excess tax benefit (deficiency) related to stock-based compensation		(7)			(7)
Stock-based compensation expense		3,023			3,023
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)	26,561,523
Increase (Decrease) in Stockholders' Equity
Net income			28,879		$ 28,879
Issuance of common stock related to stock-based compensation		3,695			3,695
Issuance of common stock related to stock-based compensation (in shares)	756,000			(4,000)
Tax withholding for net share settlement				$ (125)	(125)
Tax withholding for net share settlement (in shares)				(13,000)
Stock-based compensation expense		2,248			2,248
Balance at Mar. 31, 2018	$ 3	$ 148,127	$ 66,670	$ (194)	$ 214,606
Balance (in shares) at Mar. 31, 2018	27,331,000			(31,000)	27,299,688

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Cash flows from operating activities
Net income	$ 28,879	$ 14,197	$ 9,868
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	16,000	14,555	11,480
Stock-based compensation	2,248	3,023	2,881
Excess tax benefit			(3,621)
Amortization of intangible assets	1,128	2,155	2,536
Amortization and write-off of debt issuance fees and debt discount	1,199	1,145	2,274
Loss on disposal of property and equipment	252	367	463
Hurricane-related asset write-off	2,357
Store impairment charge	83	1,164	0
Accretion of above market leases	(2)	(36)	(72)
Deferred taxes	1,860	6,175	981
Amortization of inventory fair value adjustment	0	0	(500)
Changes in operating assets and liabilities:
Accounts receivable, net	(35)	(223)	1,524
Inventories	(24,598)	(12,761)	(16,087)
Prepaid expenses and other current assets	(3,281)	(3,805)	7,543
Other assets	(167)	5	(2,713)
Accounts payable	13,062	10,501	6,835
Accrued expenses and other current liabilities	3,977	(483)	5,068
Other liabilities	1,238	5,172	4,469
Net cash provided by operating activities	44,200	41,151	32,929
Cash flows from investing activities
Purchases of property and equipment	(24,418)	(22,293)	(36,127)
Hurricane-related insurance recoveries for property and equipment	865
Acquisition of business or assets, net of cash acquired		(1,305)	(146,541)
Net cash used in investing activities	(23,553)	(23,598)	(182,668)
Cash flows from financing activities
Borrowings/(payments) on line of credit - net	(12,268)	(15,541)	32,615
Proceeds from loan borrowings			200,938
Repayments on debt and capital lease obligations	(10,448)	(2,378)	(77,899)
Debt issuance fees paid	(520)		(6,487)
Tax withholding for net share settlement	(125)	(69)
Excess tax benefit from stock options			3,621
Proceeds from exercise of stock options	3,695	1,275	2,698
Net cash (used in)/provided by financing activities	(19,666)	(16,713)	155,486
Net increase in cash and cash equivalents	981	840	5,747
Cash and cash equivalents, beginning of period	8,035	7,195	1,448
Cash and cash equivalents, end of period	9,016	8,035	7,195
Supplemental disclosures of cash flow information:
Cash paid for income taxes	614	4,192	3,296
Cash paid for interest	13,743	13,646	10,333
Supplemental disclosure of non-cash activities:
Unpaid purchases of property and equipment	$ 1,315	$ 2,421	1,992
Equipment acquired through capital lease			$ 38

Business Operations	12 Months Ended
Business Operations	Mar. 31, 2018
Business Operations
Business Operations	Boot Barn Holdings, Inc. and Subsidiaries Notes to Consolidated Financial Statements 1. Business Operations Boot Barn Holdings, Inc., formerly known as WW Top Investment Corporation (the “Company”) was formed on November 17, 2011, and is incorporated in the State of Delaware. The equity of the Company consists of 100,000,000 authorized shares and 27,299,688 and 26,561,523 outstanding shares of common stock as of March 31, 2018 and April 1, 2017, respectively, with 7,021,771 and 13,435,387 shares of common stock held by Freeman Spogli & Co. as of March 31, 2018 and April 1, 2017, respectively. 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 226 stores in 31 states as of March 31, 2018, 219 stores in 31 states as of April 1, 2017 and 208 stores in 29 states as of March 26, 2016. As of the fiscal year ending March 31, 2018, all stores operate under the Boot Barn name, with the exception of two stores which operate under the “American Worker” name.

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2018

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The Company’s consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), include the accounts of the Company and each of its subsidiaries, including WW Holding Corporation, Boot Barn Holding Corporation, 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.

Fiscal Year

The Company reports its results of operations and cash flows on a 52‑ or 53‑week basis, and its fiscal year ends on the last Saturday of March unless April 1st is a Saturday, in which case the fiscal year ends on April 1st. The year ended March 31, 2018 (“fiscal 2018”) consisted of 52 weeks. The years ended April 1, 2017 (“fiscal 2017”) and March 26, 2016 (“fiscal 2016”) consisted of 53 and 52 weeks, respectively.

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.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents also include receivables from credit card sales. The carrying amounts of cash and cash equivalents represent their fair values.

Accounts Receivable

The Company’s accounts receivable consists of amounts due from commercial customers for merchandise sold, as well as receivables from suppliers under co‑operative arrangements. The Company’s allowance for doubtful accounts was less than $0.1 million for both the fiscal years ending March 31, 2018 and April 1, 2017.

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.

The Company recorded fair value adjustments to reflect the acquired cost of inventory related to its acquisitions of Baskins and Sheplers. These amounts were amortized over the period that the related inventory was sold. Amortization of the acquired cost of inventory was zero for both fiscal 2018 and fiscal 2017, and $0.5 million for fiscal 2016.

Debt Issuance Costs and Debt Discounts

Debt issuance costs are capitalized and amortized to interest expense over the terms of the applicable loan agreements using the effective interest method. Those costs related to the issuance of debt are presented as a reduction to the principal amount of the debt. Debt issuance costs incurred with the issuance of revolving credit lines are included in prepaid expenses and other current assets.

Debt discounts arise when transaction fees are paid to the lending institution. Debt discounts are recorded as a reduction to the principal amount of the debt. Amortization of debt discounts is recorded as an increase to the net principal amount of the debt and as a charge to interest expense over the term of the applicable loan agreement using the effective interest method.

Property and Equipment, net

Property and equipment consists of leasehold improvements, machinery and equipment, furniture and fixtures, software and vehicles. Property and equipment is subject to depreciation and is recorded at cost less accumulated depreciation. Expenditures for major remodels and improvements are capitalized while minor replacements, maintenance and repairs that do not improve or extend the life of such assets are charged to expense. Gains or losses on disposal of fixed assets, when applicable, are reflected in operations. Depreciation is computed using the straight‑line method over the estimated useful lives, ranging from five to ten years. Machinery and equipment is depreciated over five years. Furniture and fixtures are depreciated over seven years. Software and vehicles are depreciated over five years. Leasehold improvements are depreciated over the shorter of the terms of the leases or ten years.

Goodwill and Indefinite‑Lived Intangible Assets

Goodwill is recorded as the difference between the aggregate consideration paid for an acquisition and the fair value of the acquired net tangible and intangible assets. Goodwill is tested for impairment at least annually as of the first day of the fourth fiscal quarter or more frequently if indicators of impairment exist, in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 350, Goodwill and Other. This guidance provides the option to first assess qualitative factors such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance and other relevant entity-specific events to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value (a “Step 0” analysis). If, based on a review of qualitative factors it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company performs “Step 1” of the traditional two-step goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount.

If the Company proceeds to conduct a two‑step goodwill impairment test, the first step of the impairment test involves comparing the fair value of the reporting unit with its carrying value. Management evaluates the fair value of the reporting unit using a market‑based analysis to review market capitalization as well as reviewing a discounted cash flow analysis using management’s assumptions. The Company’s entire operations represent one reporting unit. The Company determines the fair value of its reporting unit using the income approach and market approach to valuation, as well as other generally accepted valuation methodologies. If the carrying amount of the reporting unit exceeds the reporting unit’s fair value, the Company performs the second step of the goodwill impairment test, which involves comparing the implied fair value of the reporting unit’s goodwill to the carrying value of that goodwill. The amount by which the carrying value of the goodwill exceeds its implied fair value, if any, will be recognized as an impairment loss. The Company concluded that there was no impairment of goodwill during fiscal 2018, 2017, or 2016.

Intangible assets with indefinite lives, which include the Boot Barn, Sheplers and Country Outfitter trademarks, are not amortized but instead are measured for impairment at least annually, or when events indicate that impairment may exist. The Company calculates impairment as the excess of the carrying value of indefinite‑lived intangible assets over their estimated fair value. If the carrying value exceeds the estimate of fair value, an impairment charge is recorded. The Company concluded there was no impairment of intangible assets with indefinite lives during fiscal 2018, 2017 or 2016.

Definite‑Lived Intangible Assets

Definite‑lived intangible assets consist of certain trademarks, customer lists, non‑compete agreements, and below‑market leases. Definite‑lived intangible assets are amortized utilizing the straight‑line method over the assets’ estimated useful lives, with the exception of customer lists, which are amortized based on the estimated attrition rate. The period of amortization for customer lists is three to five years, non‑compete agreements is four to five years and below‑market leases is four to 19 years.

Long‑Lived Assets

Long‑lived assets consist of property and equipment and definite‑lived intangible assets. The Company assesses potential impairment of its long‑lived assets whenever events or changes in circumstances indicate that an asset or asset group’s carrying value may not be recoverable. Factors that are considered important that could trigger an impairment review include a current period operating or cash flow loss combined with a history of operating or cash flow losses and a projection or forecast that demonstrates continuing losses or insufficient income associated with the use of a long‑lived asset or asset group. Other factors include a significant change in the manner of the use of the asset or a significant negative industry or economic trend. This evaluation is performed based on estimated undiscounted future cash flows from operating activities compared with the carrying value of the related assets. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized, measured by the difference between the carrying value, and the estimated fair value of the assets, with such estimated fair values determined using the best information available and in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 820, Fair Value Measurements. During Fiscal 2018, the Company recorded an asset impairment charge of less than $0.1 million related to two of its stores. During fiscal 2017, the Company recorded an asset impairment charge of $1.2 million related to three of its stores. Long-lived assets held and used with a carrying value of $1.5 million were written down to their fair value of $0.3 million, resulting in an asset impairment charge of $1.2 million. The fair values of these locations were calculated based on the projected discounted cash flows at a similar rate that would be used by market participants in valuing these assets or prices of similar assets. There were no impairments of long‑lived assets during fiscal 2016.

Stock‑Based Compensation

Stock‑based compensation is accounted for under FASB ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). The Company accounts for all stock‑based compensation transactions using a fair‑value method and recognizes the fair value of each award as an expense over the service period. The Company estimates the fair value of stock options granted using the Black‑Scholes option‑pricing model. The use of the Black‑Scholes model requires a number of estimates, including the expected option term, the expected volatility in the price of the Company’s common stock, the risk‑free rate of interest and the dividend yield on the Company’s common stock. Judgment is required in estimating the number of share‑based awards that the Company expects will ultimately vest upon the fulfillment of service conditions (such as time‑based vesting). The fair value of the Company’s restricted stock awards and restricted stock units is the closing price of the Company’s common stock on the grant date. The consolidated financial statements include amounts that are based on the Company’s best estimates and judgments. The Company classifies compensation expense related to these awards in the consolidated statements of operations based on the department to which the recipient reports.

Revenue Recognition

Revenue is recorded for store sales upon the purchase of merchandise by customers. E‑commerce sales are recorded when the customer takes title of the merchandise and assumes risk of loss, collection of the relevant receivable is reasonably assured, persuasive evidence of an arrangement exists and the sales price is fixed or determinable, which generally occurs upon delivery of the product. Shipping and handling revenues are included in total net sales. Shipping costs incurred by the Company are included as cost of goods sold.

Revenue is recorded net of estimated and actual sales returns and deductions for coupon redemptions, estimated future award redemption and other promotions. The sales return reserve reflects an estimate of sales returns based on projected merchandise returns determined through the use of historical average return percentages. The total reserve for returns was $1.6 million, $1.5 million, and $1.3 million as of fiscal 2018, 2017 and 2016, respectively and is recorded in accrued expenses and other current liabilities in the accompanying consolidated balance sheets. The following table provides a reconciliation of the activity related to the Company’s sales returns reserve:


Sales Returns Reserve	Fiscal Year Ended
	March 31,		April 1,		March 26,
(In thousands)	2018		2017		2016
Beginning balance	$	1,544	$	1,319	$	687
Provisions		35,189		30,624		29,597
Sales returns		(35,146)		(30,399)		(28,965)
Ending balance	$	1,587	$	1,544	$	1,319

The Company maintains a customer loyalty program. Under the program, customers accumulate points based on purchase activity. For customers to maintain their active point balance, they must make a qualifying purchase of merchandise at least once in a 365‑day period. Once a loyalty program member achieves a certain point level, the member earns awards that may be redeemed for credits on merchandise purchases. To redeem awards, the member must make a qualifying purchase of merchandise within 60 days of the date the award was granted. Unredeemed awards and accumulated partial points are accrued as unearned revenue and as an adjustment to net sales. The unearned revenue for this program is recorded in accrued expenses and other current liabilities on the consolidated balance sheets and was $1.7 million and $2.1 million as of March 31, 2018 and April 1, 2017, respectively. The following table provides a reconciliation of the activity related to the Company’s customer loyalty program:


Customer Loyalty Program	Fiscal Year Ended
	March 31,		April 1,		March 26,
(In thousands)	2018		2017		2016
Beginning balance	$	2,060	$	1,975	$	1,971
Current year provisions		4,877		6,782		5,718
Current year award redemptions		(5,232)		(6,697)		(5,714)
Ending balance	$	1,705	$	2,060	$	1,975

Proceeds from the sale of gift cards are deferred until the customers use the cards to acquire merchandise. Gift cards, gift certificates and store credits do not have expiration dates, and unredeemed gift cards, gift certificates and store credits are subject to state escheatment laws. The Company retains the percentage of the value of such unredeemed gift cards, gift certificates and store credits not escheated, and recognizes these amounts in net sales. The Company defers recognition of a layaway sale and its related profit to the accounting period when the customer receives the layaway merchandise. Income from the redemption of gift cards, gift card breakage, and the sale of layaway merchandise is included in net sales.

Cost of Goods Sold

Cost of goods sold includes the cost of merchandise, obsolescence and shrink provisions, store and warehouse occupancy costs (including rent, depreciation and utilities), inbound and outbound freight, supplier allowances, occupancy‑related taxes, compensation costs for merchandise purchasing and warehouse personnel and other inventory acquisition‑related costs.

Store Opening Costs

Store opening costs consist of costs incurred prior to opening a new store and primarily consist of manager and other employee payroll, travel and training costs, marketing expenses, initial opening supplies and costs of transporting initial inventory and certain fixtures to store locations, as well as occupancy costs incurred from the time that we take possession of a store site to the opening of that store. Occupancy costs are included in cost of goods sold and the other store opening costs are included in selling, general and administrative (“SG&A”) expenses. All of these costs are expensed as incurred.

Advertising Costs

Certain advertising costs, including pay-per-click, direct mail, television and radio promotions, event sponsorship, in‑store photographs and other promotional advertising are expensed when the marketing campaign commences. The Company had prepaid advertising costs of $0.8 million and $0.4 million as of March 31, 2018 and April 1, 2017, respectively. All other advertising costs are expensed as incurred. The Company recognized $25.5 million, $24.7 million, and $22.0 million in advertising costs during fiscal 2018, 2017 and 2016, respectively.

Leases

The Company recognizes rent expense for operating leases on a straight‑line basis (including the effect of reduced or free rent and rent escalations) over the lease term. The difference between the cash paid to the landlord and the amount recognized as rent expense on a straight‑line basis is recognized as an adjustment to deferred rent in the consolidated balance sheets. Cash reimbursements received from landlords for leasehold improvements and other cash payments received from landlords as lease incentives are recorded as deferred rent and are amortized using the straight‑line method over the lease term as an offset to rent expense. Contingent rent, determined based on a percentage of sales in excess of specified levels, is recognized as rent expense when the achievement of the specified sales that triggers the contingent rent is probable.

Income Taxes

The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires the asset and liability approach for financial accounting and reporting of income taxes. Deferred tax assets and liabilities are attributable to differences between financial statement and income tax reporting. Deferred tax assets, net of any valuation allowances, represent the future tax return consequences of those differences and for operating loss and tax credit carryforwards, which will be deductible when the assets are recovered. Deferred tax assets are reduced by a valuation allowance if it is deemed more likely than not that some or all of the deferred tax assets will not be realized. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

The Company accounts for uncertain tax positions in accordance with ASC 740, which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Such changes in recognition or measurement might result in the recognition of a tax benefit or an additional charge to the tax provision in the period.

The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of operations. Accrued interest and penalties, if incurred, are included within accrued expenses and other current liabilities in the consolidated balance sheets. There were no accrued interest or penalties for the fiscal years ended March 31, 2018 or April 1, 2017.

Per Share Information

Basic earnings per share is computed by dividing net income by the weighted average number of outstanding shares of common stock. In computing diluted earnings per share, the weighted average number of common shares outstanding is adjusted to reflect the effect of potentially dilutive securities such as stock options. In accordance with ASC 718, the Company utilizes the treasury stock method to compute the dilutive effect of stock options, restricted stock awards and restricted stock units.

Fair Value of Certain Financial Assets and Liabilities

The Company follows FASB 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. The Company’s Level 1 assets include investments in money market funds.

·

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 values of its financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or duration.

Although market quotes for the fair value of the outstanding debt arrangements discussed in Note 8 “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 as of March 31, 2018 on a recurring basis.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents. At times, such amounts held at banks may be in excess of Federal Deposit Insurance Corporation insurance limits, and the Company mitigates such risk by utilizing multiple banks.

Supplier Concentration Risk

The Company purchases merchandise inventories from several hundred suppliers worldwide. Sales of products from the Company’s three largest suppliers totaled approximately 40% of net sales in fiscal 2018, and approximately 38% of net sales in fiscal 2017 and fiscal 2016.

Hurricane-Related Insurance Claims

During fiscal 2018, as a result of Hurricane Harvey, $3.2 million of inventory and property, plant and equipment at certain Houston-area stores were damaged and written off. These assets were insured at the time of the loss. The Company also incurred $0.3 million of repairs and maintenance expense during fiscal 2018 as a result of Hurricane Harvey. The Company received cash insurance proceeds of $5.1 million as of March 31, 2018, which includes $0.1 million of business interruption cash insurance proceeds. The charges and recoveries are recorded in selling, general and administrative expenses, resulting in a net gain of $1.6 million during fiscal 2018.

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. On August 8, 2015, the FASB issued ASU No. 2015-14, which deferred 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. The Company’s revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue for such sales is recognized when the customer obtains control. The Company has completed its assessment of the impact of the revised standard and does not expect it to have a material impact on the consolidated financial statements. The Company will use the modified retrospective transition approach upon adoption in the first quarter of fiscal 2019.

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.

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 fiscal 2018. 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, the period of adoption. 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 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 retained earnings as of the beginning of the period presented. 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, the period of adoption.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other: Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment by eliminating step two from the goodwill impairment test. Under this new guidance, if the carrying amount of a reporting unit exceeds its estimated fair value, an impairment charge shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The amendments in this ASU are effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company plans to adopt the standard in the first quarter of fiscal 2021 and does not expect the revised standard to have a material impact on the consolidated financial statements.

On December 22, 2017, the SEC issued guidance under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), allowing taxpayers to record a reasonable estimate of the impact of the U.S. legislation when it does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the change in tax law. In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740), Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. This Accounting Standards Update adds various SEC paragraphs pursuant to the issuance of SEC Staff Accounting Bulletin No. 118 as amendments to Subtopic 740-10. In accordance with SAB 118, the Company has recorded estimated tax benefit associated with the impacts of the Tax Act (see Note 13: Income Taxes, for additional information).

Asset Acquisitions and Business Combination

12 Months Ended

Mar. 31, 2018

Asset Acquisitions and Business Combination

Asset Acquisitions and Business Combination

3. Asset Acquisitions and Business Combination

Wood’s Boots Asset Acquisition

On September 11, 2017, Boot Barn, Inc., a wholly owned subsidiary of the Company, completed the acquisition of assets from Wood’s Boots, a four-store family-owned retailer with stores in Midland and Odessa, Texas. As part of the transaction, Boot Barn, Inc. purchased the inventory, entered into new leases with the stores’ landlord, offered employment to the Wood’s Boots team at all four store locations and assumed certain customer credits. The cash consideration paid was $2.7 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 FASB ASC Topic 805, Business Combinations, 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 quoted market prices and estimates made by management. The inventory was valued using the comparative sales method. Based on the fair value analysis of the net assets acquired and liabilities assumed, the inventory was valued at $2.8 million, and the customer credits were valued at less than $0.1 million.

Country Outfitter Asset Acquisition

On February 16, 2017, Sheplers Inc., a wholly owned subsidiary of Boot Barn Holdings, Inc., 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.

Business Combination

Sheplers Acquisition

On June 29, 2015, the Company completed the acquisition of Sheplers, a western lifestyle company with 25 retail locations across the United States and an e-commerce business, for a purchase price of $147.0 million (which included assumption of certain indebtedness), subject to customary adjustments (the “Sheplers Acquisition”). The primary reason for the Sheplers Acquisition was to expand the Company’s retail operations into new and existing markets and grow the Company’s e-commerce business.

The Company funded the Sheplers Acquisition by refinancing approximately $172.0 million of its and Sheplers’ existing indebtedness in part with an initial borrowing of $57.0 million under a $125.0 million syndicated senior secured asset-based revolving credit facility for which Wells Fargo Bank, National Association (“June 2015 Wells Fargo Revolver”), is agent, and a $200.0 million syndicated senior secured term loan for which GCI Capital Markets LLC (“2015 Golub Term Loan”) is agent. Borrowings under the credit agreements were initially used to pay costs and expenses related to the Sheplers Acquisition and the closing of the credit agreements, and may be used for working capital and other general corporate purposes.

The acquisition-date fair value of the consideration transferred totaled $149.3 million, which consisted of $147.0 million in cash and $2.3 million of a working capital adjustment, cash acquired and other adjustments. The total fair value of consideration transferred for the acquisition was allocated to the net tangible and intangible assets based upon their estimated fair values as of the date of the acquisition. The excess of the purchase price over the net tangible and intangible assets was recorded as goodwill. The goodwill and intangibles assets are not deductible for income tax purposes. Such estimated fair values require management to make estimates and judgments, especially with respect to intangible assets.

The fair value of each intangible and fixed asset acquired through the Sheplers Acquisition was measured in accordance with ASC 820. Customer lists, furniture, fixtures, office equipment, leasehold improvements, computer equipment and warehouse equipment were all valued using the cost approach. The trade name was valued under the royalty savings income approach method and inventory was valued under the comparative sales method. All operating leases, below-market leases, capital leases and financing obligations were valued under either the cost or income approach. Such fair values were determined using Level 3 inputs.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date based on the purchase price allocation:


	At June 29, 2015
	(in thousands)
Assets acquired:
Cash	$	2,762
Accounts receivable		1,792
Inventory		30,436
Prepaid expenses and other current assets		17,711
Property and equipment		10,744
Properties under capital lease and financing transactions		10,528
Intangible - below-market leases		500
Intangible - trade name		9,200
Intangible - customer lists		488
Goodwill		99,998
Other assets		128
Total assets acquired	$	184,287

Liabilities assumed:
Accounts payable	$	14,554
Accrued liabilities and other payables		5,065
Accrued customer liabilities		1,318
Deferred tax liability		1,226
Capital lease and financing transactions		8,853
Other liabilities		3,968
Total liabilities assumed		34,984
Net Assets acquired	$	149,303

The Company incurred $0.9 million of acquisition‑related costs in fiscal 2016 related to the acquisition of Sheplers, which are recorded in “Acquisition-related expenses” in the consolidated statements of operations for the fiscal year ending March 26, 2016.

The amount of net revenue and net loss of Sheplers included in the Company’s consolidated statements of operations subsequent to the June 29, 2015 acquisition date was as follows:


	Fiscal Year Ended
	March 26, 2016
	(in thousands)

Net sales	$	126,877
Net loss	$	(6,082)

Supplemental As Adjusted Data (Unaudited)

The as adjusted net sales and net income below give effect to the Sheplers Acquisition as if it had been consummated on March 30, 2014, the first day of the Company’s 2015 fiscal year. These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Sheplers to reflect the effects of amortization of purchased intangible assets and acquired inventory valuation step-down, refinanced debt and capital lease and financing transactions as of March 30, 2014 in order to complete the acquisition, and income tax expense. The adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances. Pre-acquisition net sales and net income numbers for Sheplers are derived from their books and records prepared prior to the acquisition and are not verified by the Company. This as adjusted data is presented for informational purposes only and does not purport to be indicative of the results of future operations or of the results that would have occurred had the acquisition taken place as of the date noted above.


	Fiscal Year Ended
	March 26,
	2016
(in thousands)
As adjusted net sales	$	601,952
As adjusted net income	$	6,449

The carrying amount of goodwill was $193.1 million as of fiscal 2018, fiscal 2017 and fiscal 2016.

Prepaid Expenses and Other Current Assets

12 Months Ended

Mar. 31, 2018

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

4. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31,		April 1,
	2018		2017
Prepaid rent and property taxes	$	3,778	$	3,350
Prepaid advertising		849		396
Prepaid insurance		1,024		1,051
Deferred taxes		—		9,790
Income tax receivable		5,834		5,677
Debt issuance costs		514		572
Other		4,251		1,982
Total prepaid expenses and other current assets	$	16,250	$	22,818

Property and Equipment, Net

12 Months Ended

Mar. 31, 2018

Property and Equipment, Net

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	March 31,		April 1,
	2018		2017
Land	$	2,530	$	2,530
Buildings		7,998		7,998
Leasehold improvements		55,885		50,240
Machinery and equipment		26,411		19,101
Furniture and fixtures		47,103		36,948
Construction in progress		1,954		3,418
Vehicles		1,201		941
		143,082		121,176
Less: Accumulated depreciation		(53,874)		(38,465)
Property and equipment, net	$	89,208	$	82,711

Depreciation expense was $16.0 million, $14.6 million, and $11.5 million for fiscal years 2018, 2017, and 2016, respectively. Amortization related to assets under capital leases is included in the above depreciation expense (see Note 11 “Leases”).

Intangible Assets, Net

12 Months Ended

Mar. 31, 2018

Intangible Assets, Net

Intangible Assets, Net

6. Intangible Assets, Net

Net intangible assets consisted of the following:


	March 31, 2018
	Gross						Weighted
	Carrying		Accumulated				Average
	Amount		Amortization		Net		Useful Life
	(in thousands, except for weighted average useful life)
Customer lists	$	1,594	$	(1,287)	$	307	3.8
Below-market leases		4,918		(2,519)		2,399	11.6
Total definite lived		6,512		(3,806)		2,706
Trademarks—indefinite lived		60,677		—		60,677
Total intangible assets	$	67,189	$	(3,806)	$	63,383


	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 $1.1 million, $2.2 million, and $2.5 million for fiscal 2018, 2017, and 2016, respectively, and is included in selling, general and administrative expenses.

As of March 31, 2018, estimated future amortization of intangible assets was as follows:


Fiscal year	(in thousands)

2019	$	624
2020		477
2021		308
2022		215
2023		184
Thereafter		898
Total	$	2,706

Accrued Expenses and Other Current Liabilities

12 Months Ended

Mar. 31, 2018

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

7. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,		April 1,
	2018		2017
Accrued compensation	$	10,773	$	6,530
Deferred revenue		9,528		8,038
Sales tax liability		5,479		5,304
Accrued interest		192		35
Sales reward redemption liability		1,705		2,060
Capital leases-short term		521		447
Other		11,836		13,569
Total accrued expenses	$	40,034	$	35,983

Revolving Credit Facilities and Long-Term Debt

12 Months Ended

Mar. 31, 2018

Revolving Credit Facilities and Long-Term Debt

Revolving Credit Facilities and Long-Term Debt

8. Revolving Credit Facilities and Long-Term Debt

On June 29, 2015, the Company, as guarantor, and its wholly-owned primary operating subsidiary, Boot Barn, Inc., refinanced the $150.0 million credit facility with Wells Fargo Bank, N.A. (“February 2015 Wells Fargo Credit Facility”) with the $125.0 million June 2015 Wells Fargo Revolver and the $200.0 million 2015 Golub Term Loan. The borrowing base of the June 2015 Wells Fargo Revolver is calculated on a monthly basis and is based on the amount of eligible credit card receivables, commercial accounts, inventory, and available reserves. Borrowings under the credit agreements were initially used to pay costs and expenses related to the Sheplers Acquisition and the closing of such credit agreements, and may be used for working capital and other general corporate purposes.

Borrowings under the June 2015 Wells Fargo Revolver bear interest at per annum rates equal to, at the Company’s option, either (i) London Interbank Offered Rate (“LIBOR”) plus an applicable margin for LIBOR loans, or (ii) the base rate plus an applicable margin for base rate loans. The base rate is calculated as the highest of (a) the federal funds rate plus 0.5%, (b) the Wells Fargo prime rate and (c) one-month LIBOR plus 1.0%. The applicable margin is calculated based on a pricing grid that in each case is linked to quarterly average excess availability. For LIBOR Loans, the applicable margin ranges from 1.00% to 1.25%, and for base rate loans it ranges from 0.00% to 0.25%. The Company also pays a commitment fee of 0.25% per annum of the actual daily amount of the unutilized revolving loans. The interest on the June 2015 Wells Fargo Revolver is payable in quarterly installments ending on June 29, 2020, the maturity date as of April 1, 2017. 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 March 31, 2018 and April 1, 2017 was $21.0 million and $33.3 million, respectively. Total interest expense incurred in the fiscal year ended March 31, 2018 on the June 2015 Wells Fargo Revolver was $1.9 million, and the weighted average interest rate for the fiscal year ended March 31, 2018 was 2.5%. Total interest expense incurred in the fiscal year ended April 1, 2017 on the June 2015 Wells Fargo Revolver was $1.5 million, and the weighted average interest rate for the fiscal year ended April 1, 2017 was 1.9%. Total interest expense incurred in the fiscal year ended March 26, 2016 on the June 2015 Wells Fargo Revolver was $0.9 million, and the weighted average interest rate for the fiscal year ended March 26, 2016 was 1.7%.

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 the maturity date of the term loan, June 29, 2021. Quarterly principal payments of $500,000 are due each quarter. Total interest expense incurred in the fiscal year ended March 31, 2018 on the 2015 Golub Term Loan was $11.2 million, and the weighted average interest rate for the fiscal year ended March 31, 2018 was 5.9%. Total interest expense incurred in the fiscal year ended April 1, 2017 on the 2015 Golub Term Loan was $11.2 million, and the weighted average interest rate for the fiscal year ended April 1, 2017 was 5.5%. Total interest expense incurred in the fiscal year ended March 26, 2016 on the 2015 Golub Term Loan was $8.3 million, and the weighted average interest rate for the fiscal year ended March 26, 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 4.50:1.00 as of March 31, 2018, stepping down to 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 March 31, 2018, the fair value of these embedded derivatives was estimated and was not significant.

Debt Issuance Costs and Debt Discount

The Company paid $1.4 million of transaction fees in connection with the February 2015 Wells Fargo Credit Facility. These transaction fees were paid to both Wells Fargo and other advisors via a reduction in the proceeds from the February 2015 Wells Fargo Credit Facility and were accounted for as debt issuance costs and a debt discount at March 26, 2016. On June 29, 2015, the note payable was repaid when the new financing was obtained, and the $1.4 million remaining debt issuance costs and debt discounts were written off to interest expense.

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 consolidated balance sheets in prepaid expenses and other current assets. Total unamortized debt issuance costs were $0.5 million and $0.6 million as of March 31, 2018 and April 1, 2017, respectively. These amounts are being amortized to interest expense over the term of the June 2015 Wells Fargo Revolver.

Debt issuance costs and debt discount totaling $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 consolidated balance sheets. Total unamortized debt issuance costs and debt discount were $3.3 million and $3.9 million as of March 31, 2018 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:


	March 31,		April 1,
	2018		2017
(in thousands)
Term Loan	$	186,500	$	196,500
Unamortized value of the debt issuance costs and debt discount		(3,300)		(3,921)
Net carrying value	$	183,200	$	192,579

Total amortization expense of $1.2 million and $1.1 million related to the June 2015 Wells Fargo Revolver and 2015 Golub Term Loan is included as a component of interest expense in the fiscal year ended March 31, 2018 and April 1, 2017, respectively.

$150 Million Credit Facility (Wells Fargo Bank, N.A.)

On February 23, 2015, the Company and Boot Barn, Inc., the Company’s wholly-owned primary operating subsidiary, entered into the February 2015 Wells Fargo Credit Facility, which consisted of a $75.0 million revolving credit facility, including a $5.0 million sub-limit for letters of credit, and a $75.0 million term loan, and also provided the Company with the ability to incur additional incremental term loans of up to $50.0 million, provided that certain conditions were met, including compliance with certain covenants. On June 29, 2015, the Company repaid all outstanding borrowings under the February 2015 Wells Fargo Credit Facility and terminated such facility in connection with the refinancing discussed above.

Total interest expense incurred in fiscal 2016 on the February 2015 Wells Fargo Credit Facility was $0.8 million.

Aggregate contractual maturities

Aggregate contractual maturities for the Company’s long-term debt as of March 31, 2018 are as follows:


Fiscal Year		(in thousands)

2019	$	—
2020		—
2021		—
2022		186,500
2023		—
Total	$	186,500

Stock-Based Compensation

12 Months Ended

Mar. 31, 2018

Stock-Based Compensation

Stock-Based Compensation

9. 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 March 31, 2018, all awards granted by the Company under the 2011 Plan have been nonqualified stock options. Options granted under the 2011 Plan have a life of 10 years and vest over service periods of five years or in connection with certain events as defined by the 2011 Plan.

On October 19, 2014, the Company approved the 2014 Equity Incentive Plan, which was amended as of August 24, 2016 (as amended, the “2014 Plan”). The 2014 Plan authorizes the Company to issue awards to employees, consultants and directors for up to a total of 3,600,000 shares of common stock, par value $0.0001 per share. As of March 31, 2018, 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.

Stock Options

During fiscal 2018, the Company granted certain members of management options to purchase a total of 448,792 shares under the 2014 Plan. The total grant date fair value of stock options granted during fiscal 2018 was $1.2 million, with grant date fair values ranging from $2.11 to $6.97 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 $6.15 and $18.66 per share.

During fiscal 2017, 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 fiscal 2017 was $1.5 million, with grant date fair values ranging from $2.50 to $2.95 per share. The Company is recognizing the expense relating to these stock options on a straight-line basis over the five-year service period of the awards. The exercise prices of these awards range between $7.11 and $8.38 per share.

During fiscal 2016, the Company granted certain members of management options to purchase a total of 294,153 shares under the 2014 Plan. The total grant date fair value of stock options granted during fiscal 2016 was $2.7 million, with grant date fair values ranging from $7.48 to $11.52 per share. The Company is recognizing the expense relating to these stock options on a straight-line basis over the five-year service period of the awards. The exercise prices of these awards range between $22.31 and $32.02 per share.

The stock option awards discussed above 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 will issue shares of common stock when the options are exercised.

The fair values of stock options granted in fiscal 2018, 2017 and 2016 were estimated on the grant dates using the following assumptions:


	Fiscal Year Ended
	March 31,					April 1,					March 26,
	2018					2017					2016
Expected option term(1)				5.5	years				5.5	years				5.5	years
Expected volatility factor(2)	34.0	%	-	35.5	%	35.8	%	-	36.0	%	33.3	%	-	36.7	%
Risk-free interest rate(3)	1.8	%	-	2.7	%				1.4	%	1.3	%	-	1.8	%
Expected annual dividend yield(4)				0	%				0	%				0	%

(1)

The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected life of the options using the simplified method.

(2)

Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s competitors’ common stock over the most recent period equal to the expected option term of the Company’s awards.

(3)

The risk‑free interest rate is determined using the rate on treasury securities with the same term.

(4)

The Company’s board of directors does not plan to pay cash dividends in the foreseeable future. Consequently, we used an expected dividend yield of zero.

Intrinsic value for stock options is defined as the difference between the market price of the Company’s common stock on the last business day of the fiscal year 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 fiscal year ended March 31, 2018:


				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	448,792	$	7.74
Exercised	(705,474)	$	5.24		$	8,012
Cancelled, forfeited or expired	(211,893)	$	8.66
Outstanding at March 31, 2018	2,075,085	$	10.40	5.4	$	16,988
Vested and expected to vest after March 31, 2018	2,075,085	$	10.40	5.4	$	16,988
Exercisable at March 31, 2018	1,094,154	$	10.23	4.5	$	8,999

A summary of the status of non-vested stock options as of March 31, 2018 and changes during fiscal 2018 is presented below:


		Weighted-
		Average
		Grant Date
	Shares	Fair Value
Nonvested at April 1, 2017	1,148,500	$	4.84
Granted	448,792	$	2.73
Vested	(409,153)	$	4.92
Nonvested shares forfeited	(207,208)	$	3.70
Nonvested at March 31, 2018	980,931	$	4.08

Restricted Stock

During fiscal 2018, the Company granted 126,800 restricted stock units to various employees under the 2014 Plan. The shares granted to employees vest in five equal annual installments beginning on the grant date, provided that the respective award recipient continues to be employed by the Company through each of those dates. The 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 fiscal 2018 totaled $1.1 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 fiscal 2017, the Company granted 136,732 restricted stock units to various employees under the 2014 Plan. The shares granted to employees vest in five equal annual installments beginning on the grant date, provided that the respective award recipient continues to be employed by the Company through each of those dates. The 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 fiscal 2017 totaled $1.1 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 fiscal 2016, the Company granted 86,530 restricted stock units to various employees under the 2014 Plan. The shares granted to employees vest in five equal annual installments beginning on the grant date, provided that the respective award recipient continues to be employed by the Company through each of those dates. The grant date fair value of these awards for fiscal 2016 totaled $1.7 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 $2.2 million, $3.0 million, and $2.9 million for fiscal 2018, 2017 and 2016, respectively. Stock-based compensation expense of $0.4 million, $0.5 million, and $0.4 million was recorded in cost of goods sold in the consolidated statements of operations for fiscal 2018, 2017 and 2016, respectively. All other stock-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of operations.

As of March 31, 2018, there was $3.0 million of total unrecognized stock-based compensation expense related to unvested stock options, with a weighted-average remaining recognition period of 2.99 years. As of March 31, 2018, there was $1.9 million of total unrecognized stock-based compensation expense related to restricted stock, with a weighted-average remaining recognition period of 3.52 years.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Mar. 31, 2018
Commitments and Contingencies
Commitments and Contingencies	10. Commitments and Contingencies The Company is involved, from time to time, in litigation that is incidental to its business. The Company has reviewed these matters to determine if reserves are required for losses that are probable and reasonable to estimate in accordance with FASB ASC Topic 450, Contingencies. The Company evaluates such reserves, if any, based upon several criteria, including the merits of each claim, settlement discussions and advice from outside legal counsel, as well as indemnification of amounts expended by the Company’s insurers or others, if any. On April 28, 2016, two employees, on behalf of themselves and all other similarly situated employees, filed a wage-and-hour class action, which includes claims for penalties under California’s Private Attorney General Act, in the Fresno County Superior Court, Case No. 16 CE CG 01330, alleging violations of California’s wage and hour, overtime, meal break and statement of wages rules and regulations, among other things. 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 March 31, 2018. During the normal course of its business, the Company has made certain indemnifications and commitments under which the Company may be required to make payments for certain transactions. These indemnifications include those given to various lessors in connection with facility leases for certain claims arising from such facility leases, and indemnifications to directors and officers of the Company to the maximum extent permitted under the laws of the State of Delaware. The majority of these indemnifications and commitments do not provide for any limitation of the maximum potential future payments the Company could be obligated to make, and their duration may be indefinite. The Company has not recorded any liability for these indemnifications and commitments in the consolidated balance sheets as the impact is expected to be immaterial.

Leases

12 Months Ended

Mar. 31, 2018

Leases

Leases

11. Leases

Operating Leases

The following is a schedule by year of non‑cancelable future minimum rental payments under operating leases as of March 31, 2018 (in thousands):



	Total
2019	$	35,545
2020		32,588
2021		31,342
2022		27,063
2023		22,348
Thereafter		46,771
Total	$	195,657

Minimum rent payments consist primarily of future minimum lease commitments related to store operating leases. Minimum lease payments do not include common area maintenance, insurance or tax payments. Rent expense related to operating leases was $43.3 million, $41.3 million, and $38.1 million for the fiscal years ended March 31, 2018, April 1, 2017 and March 26, 2016, respectively, and includes common area maintenance and contingent rent payments.

Capital Leases and Financing Transactions

As of March 31, 2018, 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 March 31, 2018 totals $0.7 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 March 31, 2018 totals $7.1 million.

The total liability under capital lease and financing transactions as of March 31, 2018 is $7.8 million and is included as capital lease obligations in the consolidated balance sheet. The current portion of the capital lease arrangements is included in accrued expenses and other current liabilities on the consolidated balance sheets. The interest rates range from 6.1% to 10.9%.

As of March 31, 2018, future minimum capital lease and financing transaction payments are as follows:


Fiscal Year	(in thousands)

2019	$	1,291
2020		1,302
2021		1,326
2022		1,351
2023		1,300
Thereafter		5,527
Total		12,097
Less: Imputed interest		(4,273)
Present value of capital leases and financing transaction		7,824
Less: Current capital leases and financing transaction		(521)
Noncurrent capital leases and financing transaction	$	7,303

The net property and equipment involved in the Company’s capital leases and financing transaction are included in property and equipment as follows:


	March 31,		April 1,
	2018		2017
(in thousands)
Buildings	$	7,588	$	7,588
Land		2,530		2,530
Leasehold improvements		410		410
Equipment		63		63
Property and equipment, gross		10,591		10,591
Less: accumulated depreciation		(1,980)		(1,272)
Property and equipment, net	$	8,611	$	9,319

Other liabilities, which relate primarily to long‑term lease liabilities, are as follows:


	March 31,		April 1,
(in thousands)	2018		2017
Above-market leases	$	7	$	9
Long-term deferred rent		14,812		13,591
Capital lease residual value		3,968		3,968
Other		17		—
Total other liabilities	$	18,804	$	17,568

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Mar. 31, 2018
Defined Contribution Plan
Defined Contribution Plan	12. Defined Contribution Plan The Boot Barn 401(k) Plan (the “401(k) Plan”) is a qualified plan under Section 401(k) of the Internal Revenue Code. The 401(k) Plan provides a matching contribution for all employees that work a minimum of 1,000 hours per year. Contributions to the plan are based on certain criteria as defined in the agreement, governing the 401(k) Plan. Participating employees are allowed to contribute up to the statutory maximum set by the Internal Revenue Service. The Company provides a safe harbor matching contribution that matches 100% of employee contributions up to 3% of their respective wages and then 50% of further contributions up to 5% of their respective wages. Contributions to the plan and charges to selling, general and administrative expenses were $0.7 million, $0.6 million, and $0.4 million for fiscal 2018, 2017, and 2016, respectively.

Income Taxes

12 Months Ended

Mar. 31, 2018

Income Taxes

Income Taxes

13. Income Taxes

Income tax expense (benefit) consisted of the following:


	Fiscal Year Ended
	March 31,		April 1,		March 26,
(in thousands)	2018		2017		2016
Current:
Federal	$	(104)	$	2,274	$	2,533
State		544		464		1,105
Foreign		—		8		8
Total current		440		2,746		3,646
Deferred:
Federal		622		5,946		3,736
State		1,237		231		65
Foreign		1		(1)		(4)
Total deferred		1,860		6,176		3,797
Total income tax expense	$	2,300	$	8,922	$	7,443

The reconciliation between the Company’s effective tax rate on income from operations and the statutory tax rate is as follows:


	Fiscal Year Ended
	March 31,		April 1,		March 26,
	2018		2017		2016
Expected provision at statutory U.S. federal tax rate	30.8	%	35.0	%	35.0	%
State and local income taxes, net of federal tax benefit	3.3		3.0		4.7
Change in state rate	(0.2)		(1.2)		1.0
Federal rate change	(22.4)		—		—
Acquisition costs	—		—		1.8
Permanent items	1.1		0.3		1.7
Excess tax benefit of stock based compensation	(5.7)		—		—
Other	0.5		1.5		(1.2)
Effective tax rate	7.4	%	38.6	%	43.0	%

Differences between the effective tax rate and the statutory rate relate primarily to state taxes and the change in federal rate due to the legislation commonly referred to as the Tax Cuts and Jobs Act.

Deferred taxes reflect the net tax effects of the temporary differences between the carrying amount of assets and liabilities for financial reporting and the amount used for income tax purposes. Significant components of the Company’s net deferred tax liabilities as of March 31, 2018 and April 1, 2017 consisted of the following (in thousands):


	March 31		April 1,
	2018		2017
Deferred tax assets:
State taxes	$	47	$	237
Accrued liabilities		2,369		3,479
Award program liabilities		117		782
Deferred revenue		1,062		1,233
Inventory		2,338		3,421
Stock options		1,436		2,574
Net operating loss carryforward		5,077		7,232
Other, net		393		584
Total deferred tax assets		12,839		19,542
Deferred tax liabilities:
Depreciation and amortization		(23,875)		(29,551)
Prepaid expenses		(1,222)		(926)
Total deferred tax liabilities		(25,097)		(30,477)
Valuation allowance		(772)		(235)
Net deferred tax liabilities	$	(13,030)	$	(11,170)

As of March 31, 2018, the Company has net operating loss carryforwards for federal and state tax purposes of $14.4 million and $8.0 million, respectively. These net operating loss carryforwards expire at various dates beginning in 2018.

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 it expects to expire unused. The Company will continue to evaluate the need for a valuation allowance at each period end.

The Company applies ASC 740, which contains a two‑step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments. At March 31, 2018 and April 1, 2017, no material amounts were recorded for any uncertain tax positions.

The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision in the period that such determination is made. The Company does not have any accrued interest or penalties associated with any unrecognized tax benefits as of March 31, 2018 and April 1, 2017.

The Company does not anticipate a significant change in its uncertain tax benefits over the next 12 months.

The major jurisdictions in which the Company files income tax returns include the U.S. federal jurisdiction, as well as various state jurisdictions within the U.S. The Company’s fiscal years 2013 through 2017 returns are subject to examination by the U.S. federal and various state tax authorities.

On December 22, 2017, the legislation commonly referred to as the Tax Cuts and Jobs Act (the “Act”) was signed into law by the President of the United States. The Act includes various changes to previously existing tax law, including a permanent reduction in the federal corporate income tax rate from 35% to 21%, effective beginning January 1, 2018. As a result of this rate change, the Company was required to revalue its deferred tax assets and liabilities to account for the future impact of the lower federal corporate income tax rate. The revaluation of deferred tax assets and liabilities resulted in a non-cash tax benefit of $7.0 million to the Company’s earnings for the fiscal year ended March 31, 2018. In addition, during fiscal 2018, the Company realized a net $1.8 million tax benefit from the exercise of stock options and restricted stock vestings.

In conjunction with the tax law changes, the SEC issued guidance under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”) allowing taxpayers to record a reasonable estimate of the impact of the U.S. legislation when it does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the change in tax law. The Company has recognized the provisional tax impacts related to all aspects of tax reform in its tax calculations for the current tax year and included these amounts in its consolidated financial statements for the year ended March 31, 2018. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Act.

The Act allows for one hundred percent expensing of the cost of qualified property acquired and placed in service after September 27, 2017 and before January 1, 2023. The Company tentatively plans to take advantage of this provision for the near term but has the ability to opt out of this provision.

Net operating losses incurred in tax years beginning after December 31, 2017 are only allowed to offset a taxpayer's taxable income by eighty percent, but those net operating losses are allowed to be carried forward indefinitely with no expiration. The Company's net interest expense deductions are limited to 30% of earnings before interest, taxes, depreciation, and amortization through 2021 and of earnings before interest and taxes thereafter. This provision also takes effect for tax years beginning after 2017 and is not expected to have a material impact on the Company's deferred tax asset position due to the relative insignificance of interest expense.

Related Party Transactions	12 Months Ended
Related Party Transactions	Mar. 31, 2018
Related Party Transactions
Related Party Transactions	14. Related Party Transactions During fiscal 2018, the Company had capital expenditures with a specialty retail vendor in the flooring market that as of March 31, 2018 is 20.6% owned by Freeman Spogli, our majority stockholder. These capital expenditures amounted to $0.3 million and $0.2 million in fiscal 2018 and fiscal 2017, respectively, and were recorded as property and equipment, net on the consolidated balance sheet. John Grijalva, the husband of Ms. Grijalva, Chief Merchandising Officer, works as an independent sales representative primarily for Dan Post Boot Company, Outback Trading Company, LTD and KS Marketing LLC. Mr. Grijalva conducts his business as an independent sales representative through a limited liability company of which he and Ms. Grijalva are members. We purchased merchandise from these suppliers in the aggregate approximate amounts of $17.0 million, $16.1 million, and $17.7 million in fiscal 2018, fiscal 2017, and fiscal 2016, respectively. Mr. Grijalva was paid commissions on these sales of approximately $1.1 million, $1.3 million, and $1.3 million, respectively, in these periods, a portion of which were passed on to other sales representatives working for Mr. Grijalva.

Earnings Per Share

12 Months Ended

Mar. 31, 2018

Earnings Per Share

Earnings Per Share

15. Earnings Per Share

Earnings per share is computed under the provisions of FASB ASC Topic 260, Earnings Per Share. Basic earnings per share is computed based on the weighted average number of outstanding shares of common stock during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method, whereby proceeds from such exercise, unamortized compensation and hypothetical excess tax benefits, if any, on share-based awards are assumed to be used by the Company to purchase the common shares at the average market price during the period. The dilutive effect of stock options and restricted stock is applicable only in periods of net income.

The components of basic and diluted earnings per share of common stock, in aggregate, for fiscal 2018, 2017 and 2016 are as follows:


	Fiscal Year Ended
	March 31,		April 1,		March 26,
	2018		2017		2016
(in thousands, except per share data)
Net income	$	28,879	$	14,197	$	9,868

Weighted average basic shares outstanding		26,744		26,459		26,170
Dilutive effect of options and restricted stock		784		480		785
Weighted average diluted shares outstanding		27,528		26,939		26,955

Basic earnings per share	$	1.08	$	0.54	$	0.38
Diluted earnings per share	$	1.05	$	0.53	$	0.37

Options to purchase approximately 476,870, 694,278, and 476,333 shares of common stock during the fiscal years ended March 31, 2018, April 1, 2017 and March 26, 2016 were outstanding, but were not included in the computation of weighted average diluted common shares outstanding as the effect of doing so would have been anti-dilutive.

Quarterly Financial Information (Unaudited)

12 Months Ended

Mar. 31, 2018

Quarterly Financial Information (Unaudited)

Quarterly Financial Information (Unaudited)

16. Quarterly Financial Information (Unaudited)

The tables below set forth selected quarterly financial data for each of the last two fiscal years.


		Fiscal 2018								Fiscal 2017
		Fourth		Third		Second		First		Fourth		Third		Second		First
(in thousands, except per share data)		quarter		quarter		quarter		quarter		quarter		quarter		quarter		quarter
Net sales	$	170,766	$	224,732	$	143,072	$	139,379	$	163,003	$	199,431	$	133,969	$	133,414
Gross profit		52,896		71,937		41,690		41,392		49,328		63,363		36,446		40,750
Income from operations		11,282		24,395		5,638		4,941		8,063		20,863		4,443		4,450
Net income		6,855		20,149		1,098		777		2,588		10,507		479		624

Earnings per share:
Basic shares	$	0.25	$	0.76	$	0.04	$	0.03	$	0.10	$	0.40	$	0.02	$	0.02
Diluted shares	$	0.24	$	0.73	$	0.04	$	0.03	$	0.10	$	0.39	$	0.02	$	0.02
Weighted average shares outstanding:
Basic shares		27,134		26,674		26,608		26,559		26,535		26,495		26,427		26,373
Diluted shares		28,245		27,596		26,950		26,969		27,068		27,165		26,897		26,616

Subsequent Events	12 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events
Subsequent Events	17. Subsequent Events On April 24, 2018, we acquired assets of Lone Star Western & Casual LLC (“Lone Star”), an individually owned retail company with three stores in Waxahachie, Corsicana and Athens, Texas. As part of the transaction, we purchased the inventory, entered into new leases with the stores’ landlord and offered employment to the Lone Star team at all three store locations. We funded this acquisition from cash on hand.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2018

Summary of Significant Accounting Policies

Basis of Presentation

The Company’s consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), include the accounts of the Company and each of its subsidiaries, including WW Holding Corporation, Boot Barn Holding Corporation, 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.

Fiscal Year

The Company reports its results of operations and cash flows on a 52‑ or 53‑week basis, and its fiscal year ends on the last Saturday of March unless April 1st is a Saturday, in which case the fiscal year ends on April 1st. The year ended March 31, 2018 (“fiscal 2018”) consisted of 52 weeks. The years ended April 1, 2017 (“fiscal 2017”) and March 26, 2016 (“fiscal 2016”) consisted of 53 and 52 weeks, respectively.

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.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents also include receivables from credit card sales. The carrying amounts of cash and cash equivalents represent their fair values.

Accounts Receivable

The Company’s accounts receivable consists of amounts due from commercial customers for merchandise sold, as well as receivables from suppliers under co‑operative arrangements. The Company’s allowance for doubtful accounts was less than $0.1 million for both the fiscal years ending March 31, 2018 and April 1, 2017.

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.

The Company recorded fair value adjustments to reflect the acquired cost of inventory related to its acquisitions of Baskins and Sheplers. These amounts were amortized over the period that the related inventory was sold. Amortization of the acquired cost of inventory was zero for both fiscal 2018 and fiscal 2017, and $0.5 million for fiscal 2016.

Debt Issuance Costs and Debt Discounts

Debt issuance costs are capitalized and amortized to interest expense over the terms of the applicable loan agreements using the effective interest method. Those costs related to the issuance of debt are presented as a reduction to the principal amount of the debt. Debt issuance costs incurred with the issuance of revolving credit lines are included in prepaid expenses and other current assets.

Debt discounts arise when transaction fees are paid to the lending institution. Debt discounts are recorded as a reduction to the principal amount of the debt. Amortization of debt discounts is recorded as an increase to the net principal amount of the debt and as a charge to interest expense over the term of the applicable loan agreement using the effective interest method.

Property and Equipment, net

Property and equipment consists of leasehold improvements, machinery and equipment, furniture and fixtures, software and vehicles. Property and equipment is subject to depreciation and is recorded at cost less accumulated depreciation. Expenditures for major remodels and improvements are capitalized while minor replacements, maintenance and repairs that do not improve or extend the life of such assets are charged to expense. Gains or losses on disposal of fixed assets, when applicable, are reflected in operations. Depreciation is computed using the straight‑line method over the estimated useful lives, ranging from five to ten years. Machinery and equipment is depreciated over five years. Furniture and fixtures are depreciated over seven years. Software and vehicles are depreciated over five years. Leasehold improvements are depreciated over the shorter of the terms of the leases or ten years.

Goodwill and Indefinite-Lived Intangible Assets

Goodwill and Indefinite‑Lived Intangible Assets

Goodwill is recorded as the difference between the aggregate consideration paid for an acquisition and the fair value of the acquired net tangible and intangible assets. Goodwill is tested for impairment at least annually as of the first day of the fourth fiscal quarter or more frequently if indicators of impairment exist, in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 350, Goodwill and Other. This guidance provides the option to first assess qualitative factors such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance and other relevant entity-specific events to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value (a “Step 0” analysis). If, based on a review of qualitative factors it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company performs “Step 1” of the traditional two-step goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount.

If the Company proceeds to conduct a two‑step goodwill impairment test, the first step of the impairment test involves comparing the fair value of the reporting unit with its carrying value. Management evaluates the fair value of the reporting unit using a market‑based analysis to review market capitalization as well as reviewing a discounted cash flow analysis using management’s assumptions. The Company’s entire operations represent one reporting unit. The Company determines the fair value of its reporting unit using the income approach and market approach to valuation, as well as other generally accepted valuation methodologies. If the carrying amount of the reporting unit exceeds the reporting unit’s fair value, the Company performs the second step of the goodwill impairment test, which involves comparing the implied fair value of the reporting unit’s goodwill to the carrying value of that goodwill. The amount by which the carrying value of the goodwill exceeds its implied fair value, if any, will be recognized as an impairment loss. The Company concluded that there was no impairment of goodwill during fiscal 2018, 2017, or 2016.

Intangible assets with indefinite lives, which include the Boot Barn, Sheplers and Country Outfitter trademarks, are not amortized but instead are measured for impairment at least annually, or when events indicate that impairment may exist. The Company calculates impairment as the excess of the carrying value of indefinite‑lived intangible assets over their estimated fair value. If the carrying value exceeds the estimate of fair value, an impairment charge is recorded. The Company concluded there was no impairment of intangible assets with indefinite lives during fiscal 2018, 2017 or 2016.

Definite-Lived Intangible Assets

Definite‑Lived Intangible Assets

Definite‑lived intangible assets consist of certain trademarks, customer lists, non‑compete agreements, and below‑market leases. Definite‑lived intangible assets are amortized utilizing the straight‑line method over the assets’ estimated useful lives, with the exception of customer lists, which are amortized based on the estimated attrition rate. The period of amortization for customer lists is three to five years, non‑compete agreements is four to five years and below‑market leases is four to 19 years.

Long-Lived Assets

Long‑Lived Assets

Long‑lived assets consist of property and equipment and definite‑lived intangible assets. The Company assesses potential impairment of its long‑lived assets whenever events or changes in circumstances indicate that an asset or asset group’s carrying value may not be recoverable. Factors that are considered important that could trigger an impairment review include a current period operating or cash flow loss combined with a history of operating or cash flow losses and a projection or forecast that demonstrates continuing losses or insufficient income associated with the use of a long‑lived asset or asset group. Other factors include a significant change in the manner of the use of the asset or a significant negative industry or economic trend. This evaluation is performed based on estimated undiscounted future cash flows from operating activities compared with the carrying value of the related assets. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized, measured by the difference between the carrying value, and the estimated fair value of the assets, with such estimated fair values determined using the best information available and in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 820, Fair Value Measurements. During Fiscal 2018, the Company recorded an asset impairment charge of less than $0.1 million related to two of its stores. During fiscal 2017, the Company recorded an asset impairment charge of $1.2 million related to three of its stores. Long-lived assets held and used with a carrying value of $1.5 million were written down to their fair value of $0.3 million, resulting in an asset impairment charge of $1.2 million. The fair values of these locations were calculated based on the projected discounted cash flows at a similar rate that would be used by market participants in valuing these assets or prices of similar assets. There were no impairments of long‑lived assets during fiscal 2016.

Stock-Based Compensation

Stock‑Based Compensation

Stock‑based compensation is accounted for under FASB ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). The Company accounts for all stock‑based compensation transactions using a fair‑value method and recognizes the fair value of each award as an expense over the service period. The Company estimates the fair value of stock options granted using the Black‑Scholes option‑pricing model. The use of the Black‑Scholes model requires a number of estimates, including the expected option term, the expected volatility in the price of the Company’s common stock, the risk‑free rate of interest and the dividend yield on the Company’s common stock. Judgment is required in estimating the number of share‑based awards that the Company expects will ultimately vest upon the fulfillment of service conditions (such as time‑based vesting). The fair value of the Company’s restricted stock awards and restricted stock units is the closing price of the Company’s common stock on the grant date. The consolidated financial statements include amounts that are based on the Company’s best estimates and judgments. The Company classifies compensation expense related to these awards in the consolidated statements of operations based on the department to which the recipient reports.

Revenue Recognition

Revenue is recorded for store sales upon the purchase of merchandise by customers. E‑commerce sales are recorded when the customer takes title of the merchandise and assumes risk of loss, collection of the relevant receivable is reasonably assured, persuasive evidence of an arrangement exists and the sales price is fixed or determinable, which generally occurs upon delivery of the product. Shipping and handling revenues are included in total net sales. Shipping costs incurred by the Company are included as cost of goods sold.

Revenue is recorded net of estimated and actual sales returns and deductions for coupon redemptions, estimated future award redemption and other promotions. The sales return reserve reflects an estimate of sales returns based on projected merchandise returns determined through the use of historical average return percentages. The total reserve for returns was $1.6 million, $1.5 million, and $1.3 million as of fiscal 2018, 2017 and 2016, respectively and is recorded in accrued expenses and other current liabilities in the accompanying consolidated balance sheets. The following table provides a reconciliation of the activity related to the Company’s sales returns reserve:


Sales Returns Reserve	Fiscal Year Ended
	March 31,		April 1,		March 26,
(In thousands)	2018		2017		2016
Beginning balance	$	1,544	$	1,319	$	687
Provisions		35,189		30,624		29,597
Sales returns		(35,146)		(30,399)		(28,965)
Ending balance	$	1,587	$	1,544	$	1,319

The Company maintains a customer loyalty program. Under the program, customers accumulate points based on purchase activity. For customers to maintain their active point balance, they must make a qualifying purchase of merchandise at least once in a 365‑day period. Once a loyalty program member achieves a certain point level, the member earns awards that may be redeemed for credits on merchandise purchases. To redeem awards, the member must make a qualifying purchase of merchandise within 60 days of the date the award was granted. Unredeemed awards and accumulated partial points are accrued as unearned revenue and as an adjustment to net sales. The unearned revenue for this program is recorded in accrued expenses and other current liabilities on the consolidated balance sheets and was $1.7 million and $2.1 million as of March 31, 2018 and April 1, 2017, respectively. The following table provides a reconciliation of the activity related to the Company’s customer loyalty program:


Customer Loyalty Program	Fiscal Year Ended
	March 31,		April 1,		March 26,
(In thousands)	2018		2017		2016
Beginning balance	$	2,060	$	1,975	$	1,971
Current year provisions		4,877		6,782		5,718
Current year award redemptions		(5,232)		(6,697)		(5,714)
Ending balance	$	1,705	$	2,060	$	1,975

Proceeds from the sale of gift cards are deferred until the customers use the cards to acquire merchandise. Gift cards, gift certificates and store credits do not have expiration dates, and unredeemed gift cards, gift certificates and store credits are subject to state escheatment laws. The Company retains the percentage of the value of such unredeemed gift cards, gift certificates and store credits not escheated, and recognizes these amounts in net sales. The Company defers recognition of a layaway sale and its related profit to the accounting period when the customer receives the layaway merchandise. Income from the redemption of gift cards, gift card breakage, and the sale of layaway merchandise is included in net sales.

Cost of Goods Sold

Cost of goods sold includes the cost of merchandise, obsolescence and shrink provisions, store and warehouse occupancy costs (including rent, depreciation and utilities), inbound and outbound freight, supplier allowances, occupancy‑related taxes, compensation costs for merchandise purchasing and warehouse personnel and other inventory acquisition‑related costs.

Store Opening Costs

Store opening costs consist of costs incurred prior to opening a new store and primarily consist of manager and other employee payroll, travel and training costs, marketing expenses, initial opening supplies and costs of transporting initial inventory and certain fixtures to store locations, as well as occupancy costs incurred from the time that we take possession of a store site to the opening of that store. Occupancy costs are included in cost of goods sold and the other store opening costs are included in selling, general and administrative (“SG&A”) expenses. All of these costs are expensed as incurred.

Advertising Costs

Certain advertising costs, including pay-per-click, direct mail, television and radio promotions, event sponsorship, in‑store photographs and other promotional advertising are expensed when the marketing campaign commences. The Company had prepaid advertising costs of $0.8 million and $0.4 million as of March 31, 2018 and April 1, 2017, respectively. All other advertising costs are expensed as incurred. The Company recognized $25.5 million, $24.7 million, and $22.0 million in advertising costs during fiscal 2018, 2017 and 2016, respectively.

Leases

The Company recognizes rent expense for operating leases on a straight‑line basis (including the effect of reduced or free rent and rent escalations) over the lease term. The difference between the cash paid to the landlord and the amount recognized as rent expense on a straight‑line basis is recognized as an adjustment to deferred rent in the consolidated balance sheets. Cash reimbursements received from landlords for leasehold improvements and other cash payments received from landlords as lease incentives are recorded as deferred rent and are amortized using the straight‑line method over the lease term as an offset to rent expense. Contingent rent, determined based on a percentage of sales in excess of specified levels, is recognized as rent expense when the achievement of the specified sales that triggers the contingent rent is probable.

Income Taxes

The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires the asset and liability approach for financial accounting and reporting of income taxes. Deferred tax assets and liabilities are attributable to differences between financial statement and income tax reporting. Deferred tax assets, net of any valuation allowances, represent the future tax return consequences of those differences and for operating loss and tax credit carryforwards, which will be deductible when the assets are recovered. Deferred tax assets are reduced by a valuation allowance if it is deemed more likely than not that some or all of the deferred tax assets will not be realized. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

The Company accounts for uncertain tax positions in accordance with ASC 740, which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Such changes in recognition or measurement might result in the recognition of a tax benefit or an additional charge to the tax provision in the period.

The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of operations. Accrued interest and penalties, if incurred, are included within accrued expenses and other current liabilities in the consolidated balance sheets. There were no accrued interest or penalties for the fiscal years ended March 31, 2018 or April 1, 2017.

Per Share Information

Basic earnings per share is computed by dividing net income by the weighted average number of outstanding shares of common stock. In computing diluted earnings per share, the weighted average number of common shares outstanding is adjusted to reflect the effect of potentially dilutive securities such as stock options. In accordance with ASC 718, the Company utilizes the treasury stock method to compute the dilutive effect of stock options, restricted stock awards and restricted stock units.

Fair Value of Certain Financial Assets and Liabilities

The Company follows FASB 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. The Company’s Level 1 assets include investments in money market funds.

·

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 values of its financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or duration.

Although market quotes for the fair value of the outstanding debt arrangements discussed in Note 8 “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 as of March 31, 2018 on a recurring basis.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents. At times, such amounts held at banks may be in excess of Federal Deposit Insurance Corporation insurance limits, and the Company mitigates such risk by utilizing multiple banks.

Supplier Concentration Risk

The Company purchases merchandise inventories from several hundred suppliers worldwide. Sales of products from the Company’s three largest suppliers totaled approximately 40% of net sales in fiscal 2018, and approximately 38% of net sales in fiscal 2017 and fiscal 2016.

Hurricane-Related Insurance Claims

During fiscal 2018, as a result of Hurricane Harvey, $3.2 million of inventory and property, plant and equipment at certain Houston-area stores were damaged and written off. These assets were insured at the time of the loss. The Company also incurred $0.3 million of repairs and maintenance expense during fiscal 2018 as a result of Hurricane Harvey. The Company received cash insurance proceeds of $5.1 million as of March 31, 2018, which includes $0.1 million of business interruption cash insurance proceeds. The charges and recoveries are recorded in selling, general and administrative expenses, resulting in a net gain of $1.6 million during fiscal 2018.

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. On August 8, 2015, the FASB issued ASU No. 2015-14, which deferred 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. The Company’s revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue for such sales is recognized when the customer obtains control. The Company has completed its assessment of the impact of the revised standard and does not expect it to have a material impact on the consolidated financial statements. The Company will use the modified retrospective transition approach upon adoption in the first quarter of fiscal 2019.

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.

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 fiscal 2018. 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, the period of adoption. 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 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 retained earnings as of the beginning of the period presented. 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, the period of adoption.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other: Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment by eliminating step two from the goodwill impairment test. Under this new guidance, if the carrying amount of a reporting unit exceeds its estimated fair value, an impairment charge shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The amendments in this ASU are effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company plans to adopt the standard in the first quarter of fiscal 2021 and does not expect the revised standard to have a material impact on the consolidated financial statements.

On December 22, 2017, the SEC issued guidance under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), allowing taxpayers to record a reasonable estimate of the impact of the U.S. legislation when it does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the change in tax law. In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740), Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. This Accounting Standards Update adds various SEC paragraphs pursuant to the issuance of SEC Staff Accounting Bulletin No. 118 as amendments to Subtopic 740-10. In accordance with SAB 118, the Company has recorded estimated tax benefit associated with the impacts of the Tax Act (see Note 13: Income Taxes, for additional information).

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2018

Summary of Significant Accounting Policies

Schedule of reconciliation of the activity related to the Company's sales returns reserve

The following table provides a reconciliation of the activity related to the Company’s sales returns reserve:


Sales Returns Reserve	Fiscal Year Ended
	March 31,		April 1,		March 26,
(In thousands)	2018		2017		2016
Beginning balance	$	1,544	$	1,319	$	687
Provisions		35,189		30,624		29,597
Sales returns		(35,146)		(30,399)		(28,965)
Ending balance	$	1,587	$	1,544	$	1,319

Schedule of reconciliation of the activity related to the Company's customer loyalty program

The following table provides a reconciliation of the activity related to the Company’s customer loyalty program:


Customer Loyalty Program	Fiscal Year Ended
	March 31,		April 1,		March 26,
(In thousands)	2018		2017		2016
Beginning balance	$	2,060	$	1,975	$	1,971
Current year provisions		4,877		6,782		5,718
Current year award redemptions		(5,232)		(6,697)		(5,714)
Ending balance	$	1,705	$	2,060	$	1,975

Asset Acquisitions (Tables)

12 Months Ended

Mar. 31, 2018

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

Sheplers

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 June 29, 2015
	(in thousands)
Assets acquired:
Cash	$	2,762
Accounts receivable		1,792
Inventory		30,436
Prepaid expenses and other current assets		17,711
Property and equipment		10,744
Properties under capital lease and financing transactions		10,528
Intangible - below-market leases		500
Intangible - trade name		9,200
Intangible - customer lists		488
Goodwill		99,998
Other assets		128
Total assets acquired	$	184,287

Liabilities assumed:
Accounts payable	$	14,554
Accrued liabilities and other payables		5,065
Accrued customer liabilities		1,318
Deferred tax liability		1,226
Capital lease and financing transactions		8,853
Other liabilities		3,968
Total liabilities assumed		34,984
Net Assets acquired	$	149,303

Schedule of net revenue and net loss included in the unaudited consolidated condensed statements of operations

The amount of net revenue and net loss of Sheplers included in the Company’s consolidated statements of operations subsequent to the June 29, 2015 acquisition date was as follows:


	Fiscal Year Ended
	March 26, 2016
	(in thousands)

Net sales	$	126,877
Net loss	$	(6,082)

Schedule of pro forma results of operations


	Fiscal Year Ended
	March 26,
	2016
(in thousands)
As adjusted net sales	$	601,952
As adjusted net income	$	6,449

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Mar. 31, 2018

Prepaid Expenses and Other Current Assets

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31,		April 1,
	2018		2017
Prepaid rent and property taxes	$	3,778	$	3,350
Prepaid advertising		849		396
Prepaid insurance		1,024		1,051
Deferred taxes		—		9,790
Income tax receivable		5,834		5,677
Debt issuance costs		514		572
Other		4,251		1,982
Total prepaid expenses and other current assets	$	16,250	$	22,818

Property and Equipment, Net (Tables)

12 Months Ended

Mar. 31, 2018

Property and Equipment, Net

Schedule of property and equipment, net

Property and equipment, net, consisted of the following (in thousands):


	March 31,		April 1,
	2018		2017
Land	$	2,530	$	2,530
Buildings		7,998		7,998
Leasehold improvements		55,885		50,240
Machinery and equipment		26,411		19,101
Furniture and fixtures		47,103		36,948
Construction in progress		1,954		3,418
Vehicles		1,201		941
		143,082		121,176
Less: Accumulated depreciation		(53,874)		(38,465)
Property and equipment, net	$	89,208	$	82,711

Intangible Assets, Net (Tables)

12 Months Ended

Mar. 31, 2018

Intangible Assets, Net

Schedule of net finite-lived intangible assets

Net intangible assets consisted of the following:


	March 31, 2018
	Gross						Weighted
	Carrying		Accumulated				Average
	Amount		Amortization		Net		Useful Life
	(in thousands, except for weighted average useful life)
Customer lists	$	1,594	$	(1,287)	$	307	3.8
Below-market leases		4,918		(2,519)		2,399	11.6
Total definite lived		6,512		(3,806)		2,706
Trademarks—indefinite lived		60,677		—		60,677
Total intangible assets	$	67,189	$	(3,806)	$	63,383


	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 indefinite-lived intangible assets

Net intangible assets consisted of the following:


	March 31, 2018
	Gross						Weighted
	Carrying		Accumulated				Average
	Amount		Amortization		Net		Useful Life
	(in thousands, except for weighted average useful life)
Customer lists	$	1,594	$	(1,287)	$	307	3.8
Below-market leases		4,918		(2,519)		2,399	11.6
Total definite lived		6,512		(3,806)		2,706
Trademarks—indefinite lived		60,677		—		60,677
Total intangible assets	$	67,189	$	(3,806)	$	63,383


	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 March 31, 2018, estimated future amortization of intangible assets was as follows:


Fiscal year	(in thousands)

2019	$	624
2020		477
2021		308
2022		215
2023		184
Thereafter		898
Total	$	2,706

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Mar. 31, 2018

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,		April 1,
	2018		2017
Accrued compensation	$	10,773	$	6,530
Deferred revenue		9,528		8,038
Sales tax liability		5,479		5,304
Accrued interest		192		35
Sales reward redemption liability		1,705		2,060
Capital leases-short term		521		447
Other		11,836		13,569
Total accrued expenses	$	40,034	$	35,983

Revolving Credit Facilities and Long-Term Debt (Tables)

12 Months Ended

Mar. 31, 2018

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:


	March 31,		April 1,
	2018		2017
(in thousands)
Term Loan	$	186,500	$	196,500
Unamortized value of the debt issuance costs and debt discount		(3,300)		(3,921)
Net carrying value	$	183,200	$	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 March 31, 2018 are as follows:


Fiscal Year		(in thousands)

2019	$	—
2020		—
2021		—
2022		186,500
2023		—
Total	$	186,500

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2018

Stock-Based Compensation

Schedule of assumptions used to determine fair value of stock options

The fair values of stock options granted in fiscal 2018, 2017 and 2016 were estimated on the grant dates using the following assumptions:


	Fiscal Year Ended
	March 31,					April 1,					March 26,
	2018					2017					2016
Expected option term(1)				5.5	years				5.5	years				5.5	years
Expected volatility factor(2)	34.0	%	-	35.5	%	35.8	%	-	36.0	%	33.3	%	-	36.7	%
Risk-free interest rate(3)	1.8	%	-	2.7	%				1.4	%	1.3	%	-	1.8	%
Expected annual dividend yield(4)				0	%				0	%				0	%

(1)

The Company has limited historical information regarding expected option term. Accordingly, the Company determined the expected life of the options using the simplified method.

(2)

Stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s competitors’ common stock over the most recent period equal to the expected option term of the Company’s awards.

(3)

The risk‑free interest rate is determined using the rate on treasury securities with the same term.

(4)

The Company’s board of directors does not plan to pay cash dividends in the foreseeable future. Consequently, we used an expected dividend yield of zero.

Schedule of stock award activity

The following table summarizes the stock award activity for the fiscal year ended March 31, 2018:


				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	448,792	$	7.74
Exercised	(705,474)	$	5.24		$	8,012
Cancelled, forfeited or expired	(211,893)	$	8.66
Outstanding at March 31, 2018	2,075,085	$	10.40	5.4	$	16,988
Vested and expected to vest after March 31, 2018	2,075,085	$	10.40	5.4	$	16,988
Exercisable at March 31, 2018	1,094,154	$	10.23	4.5	$	8,999

Schedule of non-vested stock options


				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	448,792	$	7.74
Exercised	(705,474)	$	5.24		$	8,012
Cancelled, forfeited or expired	(211,893)	$	8.66
Outstanding at March 31, 2018	2,075,085	$	10.40	5.4	$	16,988
Vested and expected to vest after March 31, 2018	2,075,085	$	10.40	5.4	$	16,988
Exercisable at March 31, 2018	1,094,154	$	10.23	4.5	$	8,999

A summary of the status of non-vested stock options as of March 31, 2018 and changes during fiscal 2018 is presented below:


		Weighted-
		Average
		Grant Date
	Shares	Fair Value
Nonvested at April 1, 2017	1,148,500	$	4.84
Granted	448,792	$	2.73
Vested	(409,153)	$	4.92
Nonvested shares forfeited	(207,208)	$	3.70
Nonvested at March 31, 2018	980,931	$	4.08

Leases (Tables)

12 Months Ended

Mar. 31, 2018

Leases

Schedule of non-cancelable future minimum rental payments under operating leases

The following is a schedule by year of non‑cancelable future minimum rental payments under operating leases as of March 31, 2018 (in thousands):



	Total
2019	$	35,545
2020		32,588
2021		31,342
2022		27,063
2023		22,348
Thereafter		46,771
Total	$	195,657

Schedule of future minimum capital lease payments

As of March 31, 2018, future minimum capital lease and financing transaction payments are as follows:


Fiscal Year	(in thousands)

2019	$	1,291
2020		1,302
2021		1,326
2022		1,351
2023		1,300
Thereafter		5,527
Total		12,097
Less: Imputed interest		(4,273)
Present value of capital leases and financing transaction		7,824
Less: Current capital leases and financing transaction		(521)
Noncurrent capital leases and financing transaction	$	7,303

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:


	March 31,		April 1,
	2018		2017
(in thousands)
Buildings	$	7,588	$	7,588
Land		2,530		2,530
Leasehold improvements		410		410
Equipment		63		63
Property and equipment, gross		10,591		10,591
Less: accumulated depreciation		(1,980)		(1,272)
Property and equipment, net	$	8,611	$	9,319

Schedule of long-term lease liabilities

Other liabilities, which relate primarily to long‑term lease liabilities, are as follows:


	March 31,		April 1,
(in thousands)	2018		2017
Above-market leases	$	7	$	9
Long-term deferred rent		14,812		13,591
Capital lease residual value		3,968		3,968
Other		17		—
Total other liabilities	$	18,804	$	17,568

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2018

Income Taxes

Schedule of income tax expense

Income tax expense (benefit) consisted of the following:


	Fiscal Year Ended
	March 31,		April 1,		March 26,
(in thousands)	2018		2017		2016
Current:
Federal	$	(104)	$	2,274	$	2,533
State		544		464		1,105
Foreign		—		8		8
Total current		440		2,746		3,646
Deferred:
Federal		622		5,946		3,736
State		1,237		231		65
Foreign		1		(1)		(4)
Total deferred		1,860		6,176		3,797
Total income tax expense	$	2,300	$	8,922	$	7,443

Schedule of reconciliation between the Company?s effective tax rate on income from operations and the statutory tax rate

The reconciliation between the Company’s effective tax rate on income from operations and the statutory tax rate is as follows:


	Fiscal Year Ended
	March 31,		April 1,		March 26,
	2018		2017		2016
Expected provision at statutory U.S. federal tax rate	30.8	%	35.0	%	35.0	%
State and local income taxes, net of federal tax benefit	3.3		3.0		4.7
Change in state rate	(0.2)		(1.2)		1.0
Federal rate change	(22.4)		—		—
Acquisition costs	—		—		1.8
Permanent items	1.1		0.3		1.7
Excess tax benefit of stock based compensation	(5.7)		—		—
Other	0.5		1.5		(1.2)
Effective tax rate	7.4	%	38.6	%	43.0	%

Schedule of significant components of the Company?s net deferred tax assets

Significant components of the Company’s net deferred tax liabilities as of March 31, 2018 and April 1, 2017 consisted of the following (in thousands):


	March 31		April 1,
	2018		2017
Deferred tax assets:
State taxes	$	47	$	237
Accrued liabilities		2,369		3,479
Award program liabilities		117		782
Deferred revenue		1,062		1,233
Inventory		2,338		3,421
Stock options		1,436		2,574
Net operating loss carryforward		5,077		7,232
Other, net		393		584
Total deferred tax assets		12,839		19,542
Deferred tax liabilities:
Depreciation and amortization		(23,875)		(29,551)
Prepaid expenses		(1,222)		(926)
Total deferred tax liabilities		(25,097)		(30,477)
Valuation allowance		(772)		(235)
Net deferred tax liabilities	$	(13,030)	$	(11,170)

Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2018

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 fiscal 2018, 2017 and 2016 are as follows:


	Fiscal Year Ended
	March 31,		April 1,		March 26,
	2018		2017		2016
(in thousands, except per share data)
Net income	$	28,879	$	14,197	$	9,868

Weighted average basic shares outstanding		26,744		26,459		26,170
Dilutive effect of options and restricted stock		784		480		785
Weighted average diluted shares outstanding		27,528		26,939		26,955

Basic earnings per share	$	1.08	$	0.54	$	0.38
Diluted earnings per share	$	1.05	$	0.53	$	0.37

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Mar. 31, 2018

Quarterly Financial Information (Unaudited)

Schedule of quarterly financial data

The tables below set forth selected quarterly financial data for each of the last two fiscal years.


		Fiscal 2018								Fiscal 2017
		Fourth		Third		Second		First		Fourth		Third		Second		First
(in thousands, except per share data)		quarter		quarter		quarter		quarter		quarter		quarter		quarter		quarter
Net sales	$	170,766	$	224,732	$	143,072	$	139,379	$	163,003	$	199,431	$	133,969	$	133,414
Gross profit		52,896		71,937		41,690		41,392		49,328		63,363		36,446		40,750
Income from operations		11,282		24,395		5,638		4,941		8,063		20,863		4,443		4,450
Net income		6,855		20,149		1,098		777		2,588		10,507		479		624

Earnings per share:
Basic shares	$	0.25	$	0.76	$	0.04	$	0.03	$	0.10	$	0.40	$	0.02	$	0.02
Diluted shares	$	0.24	$	0.73	$	0.04	$	0.03	$	0.10	$	0.39	$	0.02	$	0.02
Weighted average shares outstanding:
Basic shares		27,134		26,674		26,608		26,559		26,535		26,495		26,427		26,373
Diluted shares		28,245		27,596		26,950		26,969		27,068		27,165		26,897		26,616

Business Operations (Details)	Mar. 31, 2018 state Vote store shares	Apr. 01, 2017 state store shares	Mar. 26, 2016 state store
Business Operations
Number of shares authorized	100,000,000	100,000,000
Number of shares outstanding	27,299,688	26,561,523
Number of votes per common share \| Vote	1
Number of stores \| store	226	219	208
Number of states in which the Company operates \| state	31	31	29
Freeman Spogli & Co.
Business Operations
Number of shares outstanding	7,021,771	13,435,387
American Worker
Business Operations
Number of stores \| store	2

Summary of Significant Accounting Policies - Reclassification of Debt Issuance Costs, Fiscal Year, Accounts Receivable and Inventories (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Fiscal Year
Fiscal year period	364 days	371 days	364 days
Inventories
Amortization of inventory fair value adjustment	$ 0	$ 0	$ 500
Maximum
Accounts Receivable
Allowance for bad debt	$ 100	$ 100

Summary of Significant Accounting Policies - Useful Lives of Property and Equipment (Details)	12 Months Ended
	Mar. 31, 2018
Minimum
Property and Equipment, Net
Useful life	5 years
Maximum
Property and Equipment, Net
Useful life	10 years
Machinery and equipment
Property and Equipment, Net
Useful life	5 years
Furniture and fixtures
Property and Equipment, Net
Useful life	7 years
Software
Property and Equipment, Net
Useful life	5 years
Vehicles
Property and Equipment, Net
Useful life	5 years
Leasehold improvements \| Maximum
Property and Equipment, Net
Useful life	10 years

Summary of Significant Accounting Policies = Intangible and Long-Lived Assets (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2018 USD ($) store	Apr. 01, 2017 USD ($) store	Mar. 26, 2016 USD ($)
Goodwill and Indefinite-Lived Intangible Assets
Goodwill impairment	$ 0	$ 0	$ 0
Impairment of indefinite-lived intangible assets, excluding goodwill	0	0	0
Long-Lived Assets
Impairments of long lived assets	83	1,164	$ 0
Two Stores with Asset Impairment
Long-Lived Assets
Impairments of long lived assets	$ 100
Number of stores with asset impairment \| store	2
Three Stores with Asset Impairment
Long-Lived Assets
Impairments of long lived assets		$ 1,200
Number of stores with asset impairment \| store		3
Three Stores with Asset Impairment \| Carrying value
Long-Lived Assets
Long-lived assets		$ 1,500
Three Stores with Asset Impairment \| Fair value
Long-Lived Assets
Long-lived assets		$ 300
Customer lists \| Minimum
Definite-Lived Intangible Assets
Useful life	3 years
Customer lists \| Maximum
Definite-Lived Intangible Assets
Useful life	5 years
Non-compete agreements \| Minimum
Definite-Lived Intangible Assets
Useful life	4 years
Non-compete agreements \| Maximum
Definite-Lived Intangible Assets
Useful life	5 years
Below-market leases \| Minimum
Definite-Lived Intangible Assets
Useful life	4 years
Below-market leases \| Maximum
Definite-Lived Intangible Assets
Useful life	19 years

Summary of Significant Accounting Policies - Sales Returns Reserve and Customer Loyalty Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Customer Loyalty Program
Activity related to customer loyalty program
Number of days in which customers must make a qualifying purchase in order to maintain an active point balance	365 days
Number of days from award grant date in which the customer has to make a qualifying purchase to redeem the awards	60 days
Beginning Balance	$ 2,060	$ 1,975	$ 1,971
Current year provisions	4,877	6,782	5,718
Current year award redemptions	(5,232)	(6,697)	(5,714)
Ending Balance	1,705	2,060	1,975
Allowance for Sales Returns
Activity related to sales returns reserve
Beginning Balance	1,544	1,319	687
Provisions	35,189	30,624	29,597
Sales returns	(35,146)	(30,399)	(28,965)
Ending Balance	$ 1,587	$ 1,544	$ 1,319

Summary of Significant Accounting Policies - Additional Disclosures (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2018 USD ($) item	Apr. 01, 2017 USD ($) item	Mar. 26, 2016 USD ($) item
Advertising Costs
Prepaid advertising	$ 849	$ 396
Advertising expense	25,500	24,700	$ 22,000
Income Taxes
Accrued interest and penalties	0	$ 0
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
Supplier Concentration Risk \| Sales Revenue
Supplier Concentration Risk
Number of largest suppliers \| item	3	3	3
Concentration risk percentage	40.00%	38.00%	38.00%

Summary of Significant Accounting Policies - Hurricane-related Insurance Claims (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2018 USD ($)
Hurricane-Related Insurance Claims
Hurricane-related asset write-off	$ 2,357
Hurricane Harvey
Hurricane-Related Insurance Claims
Hurricane-related asset write-off	3,200
Repairs and maintenance expense	300
Insurance proceeds	5,100
Business interruption insurance proceeds	100
Net gain on insurance recovery	$ 1,600

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 01, 2017	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Recently Adopted Accounting Pronouncements
Income tax expense		$ 2,300	$ 8,922	$ 7,443
ASU No. 2016-09
Recently Adopted Accounting Pronouncements
Income tax expense	$ 100

Asset Acquisitions and Business Combination - Asset Acquisition (Details) $ in Thousands			12 Months Ended
	Sep. 11, 2017 USD ($) store	Feb. 16, 2017 USD ($)	Apr. 01, 2017 USD ($) store	Mar. 26, 2016 USD ($) store	Mar. 31, 2018 store
Asset Acquisition
Number of stores \| store			219	208	226
Cash consideration paid			$ 1,305	$ 146,541
Wood's Boots Asset Acquisition
Asset Acquisition
Number of stores \| store	4
Cash consideration paid	$ 2,700
Assets acquired:
Inventory	2,800
Liabilities assumed:
Other liability - merchandise credits	$ 100
Country Outfitter Asset Acquisition \| Sheplers Inc
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
Country Outfitter Asset Acquisition \| Trade name \| Sheplers Inc
Assets acquired:
Intangible - trade name		1,300
Country Outfitter Asset Acquisition \| Customer lists \| Sheplers Inc
Assets acquired:
Intangible		$ 506
Period of amortization for acquired intangible assets		3 years

Asset Acquisition and Business Combinations - Business Combinations (Details) $ in Thousands		12 Months Ended
	Jun. 29, 2015 USD ($) item	Mar. 26, 2016 USD ($) store	Mar. 31, 2018 USD ($) store	May 26, 2017 USD ($)	Apr. 01, 2017 USD ($) store
Asset Acquisition
Number of stores \| store		208	226		219
Assets acquired:
Goodwill		$ 193,100	$ 193,095		$ 193,095
Purchase Price Reconciliation
Acquisition-related costs		891
Supplemental Pro Forma Data
Goodwill		193,100	$ 193,095		$ 193,095
2015 Golub Term Loan
Asset Acquisition
Principal amount	$ 200,000
June 2015 Wells Fargo Revolver
Asset Acquisition
Outstanding borrowings	57,000
Borrowing capacity	$ 125,000			$ 135,000
Sheplers
Asset Acquisition
Number of retail locations added as a result of acquisition \| item	25
Purchase price	$ 147,000
Existing indebtedness refinanced	172,000
Fair value of consideration transferred	149,300
Cash paid	147,000
Preliminary working capital adjustment, cash acquired and other adjustments	2,300
Assets acquired:
Cash	2,762
Accounts receivable	1,792
Inventory	30,436
Prepaid expenses and other current assets	17,711
Property and equipment	10,744
Properties under capital lease and financing transactions	10,528
Goodwill	99,998
Other assets	128
Total assets acquired	184,287
Liabilities assumed:
Accounts payable	14,554
Accrued liabilities and other payables	5,065
Accrued customer liabilities	1,318
Deferred tax liability	1,226
Capital lease and financing transactions	8,853
Other liabilities	3,968
Total liabilities assumed	34,984
Net Assets acquired	149,303
Purchase Price Reconciliation
Acquisition-related costs		900
Supplemental Pro Forma Data
Net sales		126,877
Net loss		(6,082)
As adjusted net sales		601,952
As adjusted net income		$ 6,449
Goodwill	99,998
Sheplers \| Trade name
Assets acquired:
Intangible - trade name	9,200
Sheplers \| Customer lists
Assets acquired:
Intangible	488
Sheplers \| Below-market leases
Assets acquired:
Intangible	$ 500

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Apr. 01, 2017
Prepaid Expenses and Other Current Assets
Prepaid rent and property taxes	$ 3,778	$ 3,350
Prepaid advertising	849	396
Prepaid insurance	1,024	1,051
Deferred taxes		9,790
Income tax receivable	5,834	5,677
Debt issuance costs	514	572
Other	4,251	1,982
Total prepaid expenses and other current assets	$ 16,250	$ 22,818

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Property and Equipment, Net
Property and equipment, gross	$ 143,082	$ 121,176
Less: Accumulated depreciation	(53,874)	(38,465)
Property and equipment, net	89,208	82,711
Depreciation	16,000	14,555	$ 11,480
Land
Property and Equipment, Net
Property and equipment, gross	2,530	2,530
Buildings
Property and Equipment, Net
Property and equipment, gross	7,998	7,998
Leasehold improvements
Property and Equipment, Net
Property and equipment, gross	55,885	50,240
Machinery and equipment
Property and Equipment, Net
Property and equipment, gross	26,411	19,101
Furniture and fixtures
Property and Equipment, Net
Property and equipment, gross	47,103	36,948
Construction in progress
Property and Equipment, Net
Property and equipment, gross	1,954	3,418
Vehicles
Property and Equipment, Net
Property and equipment, gross	$ 1,201	$ 941

Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Intangible assets, net
Gross Carrying Amount	$ 6,512	$ 10,602
Accumulated Amortization	(3,806)	(6,768)
Net	2,706	3,834
Gross carrying amount	67,189	71,279
Intangible assets, net	63,383	64,511
Amortization of intangible assets	1,128	2,155	$ 2,536
Fiscal year
2019	624
2020	477
2021	308
2022	215
2023	184
Thereafter	898
Total	2,706
Trademarks
Intangible assets, net
Indefinite-lived intangible assets	60,677	60,677
Customer lists
Intangible assets, net
Gross Carrying Amount	1,594	4,694
Accumulated Amortization	(1,287)	(3,810)
Net	$ 307	$ 884
Customer lists \| Weighted Average
Intangible assets, net
Weighted Average Useful Life	3 years 9 months 18 days	4 years 7 months 6 days
Non-compete agreements
Intangible assets, net
Gross Carrying Amount		$ 990
Accumulated Amortization		(915)
Net		$ 75
Non-compete agreements \| Weighted Average
Intangible assets, net
Weighted Average Useful Life		4 years 9 months 18 days
Below-market leases
Intangible assets, net
Gross Carrying Amount	$ 4,918	$ 4,918
Accumulated Amortization	(2,519)	(2,043)
Net	$ 2,399	$ 2,875
Below-market leases \| Weighted Average
Intangible assets, net
Weighted Average Useful Life	11 years 7 months 6 days	11 years 7 months 6 days

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Apr. 01, 2017
Accrued Expenses and Other Current Liabilities
Accrued compensation	$ 10,773	$ 6,530
Deferred revenue	9,528	8,038
Sales tax liability	5,479	5,304
Accrued interest	192	35
Sales award redemption liability	1,705	2,060
Capital leases-short term	521	447
Other	11,836	13,569
Total accrued expenses	$ 40,034	$ 35,983

- Definition

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

+ References + Details

Revolving Credit Facilities and Long-Term Debt - Revolving Credit Facilities and Long-Term Debt (Details)		12 Months Ended
	Jun. 29, 2015 USD ($)	Mar. 31, 2018 USD ($)	Apr. 01, 2017 USD ($)	Mar. 26, 2016 USD ($)	Dec. 29, 2018	May 26, 2017 USD ($)	Feb. 23, 2015 USD ($)
Interest expense
Revolving credit facilities and long-term debt
Amortization of deferred loan fees		$ 1,200,000	$ 1,100,000
February 2015 Wells Fargo Bank credit facility
Revolving credit facilities and long-term debt
Existing indebtedness refinanced	$ 150,000,000
Interest expense				$ 800,000
Transaction fee paid							$ 1,400,000
February 2015 Wells Fargo Bank credit facility \| Interest expense
Revolving credit facilities and long-term debt
Deferred loan fees written off	1,400,000
Wells Fargo Bank revolving credit facility
Revolving credit facilities and long-term debt
Current borrowing capacity							75,000,000
Wells Fargo Bank letters of credit
Revolving credit facilities and long-term debt
Current borrowing capacity							5,000,000
Wells Fargo Bank term loan
Revolving credit facilities and long-term debt
Principal amount							75,000,000
Additional incremental term loan capacity							$ 50,000,000
2015 Golub Term Loan
Revolving credit facilities and long-term debt
Principal amount	$ 200,000,000
Interest expense		$ 11,200,000	$ 11,200,000	$ 8,300,000
Weighted average interest rate (as a percent)		5.90%	5.50%	5.50%
Required payment frequency	quarter
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	$ 3,300,000	$ 3,900,000
Term loan		186,500,000	196,500,000
Unamortized value of the debt issuance costs and debt discount		(3,300,000)	(3,921,000)
Total		$ 183,200,000	192,579,000
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 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 \| Subsequent Event
Revolving credit facilities and long-term debt
Consolidated total net leverage ratio					4.00
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		$ 21,000,000	33,300,000
Interest expense		$ 1,900,000	$ 1,500,000	$ 900,000
Weighted average interest rate (as a percent)		2.50%	1.90%	1.70%
Additional interest rate required if certain triggering events come into existence (as a percent)	2.00%
Deferred loan fees	$ 1,000,000	$ 500,000	$ 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	1.00
June 2015 Wells Fargo Revolver \| Minimum \| Base rate
Revolving credit facilities and long-term debt
Basis margin (as a percent)	0.00%
June 2015 Wells Fargo Revolver \| 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%

Revolving Credit Facilities and Long-Term Debt - Aggregate Contractual Maturities (Details) - 2015 Golub Term Loan - USD ($) $ in Thousands	Mar. 31, 2018	Apr. 01, 2017
Fiscal year
2022	$ 186,500
Total	$ 186,500	$ 196,500

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016	Oct. 19, 2014	Jan. 27, 2012
Stock-Based Compensation
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Stock-based compensation expense	$ 2.2	$ 3.0	$ 2.9
Cost of goods sold
Stock-Based Compensation
Stock-based compensation expense	$ 0.4	$ 0.5	$ 0.4
Stock Options
Stock-Based Compensation
Stock options granted	448,792
Grant date fair value (in dollars per share)	$ 2.73
Exercise price (in dollars per share)	$ 5.24
Unrecognized stock-based compensation expense	$ 3.0
Weighted-average recognition period	2 years 11 months 27 days
Restricted Stock Awards
Stock-Based Compensation
Unrecognized stock-based compensation expense	$ 1.9
Weighted-average recognition period	3 years 6 months 7 days
2011 Plan
Stock-Based Compensation
Shares authorized					3,750,000
2011 Plan \| Stock Options
Stock-Based Compensation
Expiration period	10 years
Vesting period	5 years
2014 Plan
Stock-Based Compensation
Shares authorized				3,600,000
Common stock, par value (in dollars per share)				$ 0.0001
2014 Plan \| Stock Options
Stock-Based Compensation
Expiration period	8 years
Vesting period	5 years
2014 Plan \| Stock Options \| Members of management
Stock-Based Compensation
Vesting period	5 years	5 years	5 years
Stock options granted	448,792	560,892	294,153
Aggregate grant date fair value	$ 1.2	$ 1.5	$ 2.7
2014 Plan \| Stock Options \| Members of management \| Minimum
Stock-Based Compensation
Grant date fair value (in dollars per share)	$ 2.11	$ 2.50	$ 7.48
Exercise price (in dollars per share)	6.15	7.11	22.31
2014 Plan \| Stock Options \| Members of management \| Maximum
Stock-Based Compensation
Grant date fair value (in dollars per share)	6.97	2.95	11.52
Exercise price (in dollars per share)	$ 18.66	$ 8.38	$ 32.02
2014 Plan \| Restricted Stock Awards \| Minimum
Stock-Based Compensation
Vesting period	1 year
2014 Plan \| Restricted Stock Awards \| Maximum
Stock-Based Compensation
Vesting period	4 years
2014 Plan \| Restricted Stock Units
Stock-Based Compensation
Vesting period	5 years	5 years	5 years
Restricted stock units granted	126,800	136,732	86,530
Aggregate grant date fair value	$ 1.1	$ 1.1	$ 1.7
2014 Plan \| Restricted Stock Units \| Minimum
Stock-Based Compensation
Vesting period	1 year
2014 Plan \| Restricted Stock Units \| Maximum
Stock-Based Compensation
Vesting period	5 years

Stock-Based Compensation - Stock Options and Significant Valuation Assumptions (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Assumptions used
Expected option term	P5Y6M	P5Y6M	P5Y6M
Expected volatility factor, minimum	34.00%	35.80%	33.30%
Expected volatility factor, maximum	35.50%	36.00%	36.70%
Risk-free interest rate		1.40%
Risk-free interest rate, minimum	1.80%		1.30%
Risk-free interest rate, maximum	2.70%		1.80%
Expected annual dividend yield	0.00%	0.00%	0.00%
Stock Options
Outstanding at the beginning of period	2,543,660
Granted	448,792
Exercised	(705,474)
Canceled, forfeited or expired	(211,893)
Outstanding at the end of period	2,075,085	2,543,660
Vested and expected to vest after end of period	2,075,085
Exercisable at end of period	1,094,154
Grant Date Weighted-Average Exercise Price
Outstanding at the beginning of period	$ 9.29
Granted	7.74
Exercise price (in dollars per share)	5.24
Canceled, forfeited or expired	8.66
Outstanding at the end of period	10.40	$ 9.29
Vested and expected to vest at end of period	10.40
Exercisable at end of period	$ 10.23
Weighted Average Remaining Contractual Life
Weighted average remaining contractual life, awards outstanding	5 years 4 months 24 days
Weighted average remaining contractual life, awards vested and expected to vest	5 years 4 months 24 days
Weighted average remaining contractual life, awards exercisable	4 years 6 months
Aggregate Intrinsic Value
Aggregate intrinsic value, awards exercised	$ 8,012
Aggregate intrinsic value, awards outstanding	16,988
Aggregate intrinsic value, awards vested and expected to vest	16,988
Aggregate intrinsic value, awards exercisable	$ 8,999

Stock-Based Compensation - Nonvested Options (Details) - Stock Options	12 Months Ended
	Mar. 31, 2018 $ / shares shares
Shares
Nonvested at beginning of period \| shares	1,148,500
Granted \| shares	448,792
Vested \| shares	(409,153)
Nonvested shares forfeited \| shares	(207,208)
Nonvested at end of period \| shares	980,931
Weighted-Average Grant Date Fair Value
Nonvested at beginning of period \| $ / shares	$ 4.84
Granted \| $ / shares	2.73
Vested \| $ / shares	4.92
Nonvested shares forfeited \| $ / shares	3.70
Nonvested at end of period \| $ / shares	$ 4.08

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

Leases - Future Minimum Rental Payments Under Operating Leases and Rent Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Operating leases, future minimum payments
2019	$ 35,545
2020	32,588
2021	31,342
2022	27,063
2023	22,348
Thereafter	46,771
Total	195,657
Rent expense	$ 43,300	$ 41,300	$ 38,100

Leases - Capital Leases and Other Information (Details) $ in Thousands	12 Months Ended
	Mar. 26, 2016 store building item	Mar. 31, 2018 USD ($)	Apr. 01, 2017 USD ($)
Capital leases and the financing transactions included in property and equipment
Property and equipment, gross		$ 10,591	$ 10,591
Less: accumulated depreciation		(1,980)	(1,272)
Property and equipment, net		8,611	9,319
Capital leases, future minimum payments
2019		1,291
2020		1,302
2021		1,326
2022		1,351
2023		1,300
Thereafter		5,527
Total		12,097
Less: Imputed interest		(4,273)
Present value of capital lease and financing transaction		7,824
Less: Current capital lease and financing transaction		(521)	(447)
Noncurrent capital lease and financing transaction		7,303	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
Leasehold 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
Capital Lease
Capital Lease and Financing Transactions
Number of retail stores acquired as part of acquisition \| store	2
Number of office buildings acquired as part of acquisition \| building	2
Number of distribution center facilities acquired as part of acquisition \| item	1
Capital leases, future minimum payments
Present value of capital lease and financing transaction		$ 700
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		$ 7,100

Leases - Other liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Apr. 01, 2017
Other liabilities, which relate to long term lease liabilities
Above-market leases	$ 7	$ 9
Long-term deferred rent	14,812	13,591
Capital lease residual value	3,968	3,968
Other	17
Total other liabilities	$ 18,804	$ 17,568

Defined Contribution Plan (Details) $ in Millions	12 Months Ended
Defined Contribution Plan (Details) $ in Millions	Mar. 31, 2018 USD ($) item	Apr. 01, 2017 USD ($)	Mar. 26, 2016 USD ($)
Defined Contribution Plan
Minimum number of hours required for eligibility \| item	1,000
Plan contributions and plan costs \| $	$ 0.7	$ 0.6	$ 0.4
First 3%
Defined Contribution Plan
Percentage of employer match	100.00%
Percentage of employee gross pay for which employer contributes a full matching contribution	3.00%
Next 2%
Defined Contribution Plan
Percentage of employer match	50.00%
Percentage of employee gross pay for which employer contributes a full matching contribution	5.00%

Income Taxes (Details) - USD ($) $ in Thousands			12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Accrued interest and penalties			$ 0	$ 0
Current:
Federal			(104)	2,274	$ 2,533
State			544	464	1,105
Foreign				8	8
Total current			440	2,746	3,646
Deferred:
Federal			622	5,946	3,736
State			1,237	231	65
Foreign			1	(1)	(4)
Total deferred			1,860	6,176	3,797
Total income tax expense			$ 2,300	$ 8,922	$ 7,443
The reconciliation between the Company's effective tax rate on income from operations and the statutory tax rate
Expected provision at statutory U.S. federal tax rate	21.00%	35.00%	30.80%	35.00%	35.00%
State and local taxes, net of federal tax benefit			3.30%	3.00%	4.70%
Change in state rate			(0.20%)	(1.20%)	1.00%
Federal rate change			(22.40%)
Acquisition costs					1.80%
Permanent items			1.10%	0.30%	1.70%
Excess tax benefit of stock based compensation			(5.70%)
Other			0.50%	1.50%	(1.20%)
Effective tax rate			7.40%	38.60%	43.00%
Deferred tax assets:
State taxes			$ 47	$ 237
Accrued liabilities			2,369	3,479
Award program liabilities			117	782
Deferred revenue			1,062	1,233
Inventory			2,338	3,421
Stock options			1,436	2,574
Net operating loss carryforward			5,077	7,232
Other, net			393	584
Total deferred tax assets			12,839	19,542
Deferred tax liabilities:
Depreciation and amortization			(23,875)	(29,551)
Prepaid expenses			(1,222)	(926)
Total deferred tax liabilities			(25,097)	(30,477)
Valuation allowance			(772)	(235)
Net deferred tax liabilities			(13,030)	$ (11,170)
Federal
Deferred tax liabilities:
Net operating loss carryforwards			14,400
State
Deferred tax liabilities:
Net operating loss carryforwards			$ 8,000

Income Taxes - Tax Cuts and Jobs Act (Details) - USD ($) $ in Millions			12 Months Ended
	Jan. 01, 2018	Dec. 31, 2017	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Income Taxes
Federal corporate income tax rate	21.00%	35.00%	30.80%	35.00%	35.00%
Non-cash tax benefit			$ (7.0)
Tax benefit from the exercise of stock options and restricted stock vestings			$ 1.8

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Freeman Spogli & Co.
Related Party Transactions
Ownership interest by majority stockholder in specialty retail vendor	20.60%
Capital expenditures related to specialty retail vendor	$ 0.3	$ 0.2
John Grijalva
Related Party Transactions
Merchandise purchased	17.0	16.1	$ 17.7
Commissions paid on sales	$ 1.1	$ 1.3	$ 1.3

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 30, 2017	Sep. 30, 2017	Jul. 01, 2017	Apr. 01, 2017	Dec. 24, 2016	Sep. 24, 2016	Jun. 25, 2016	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Earnings Per Share
Net income									$ 28,879	$ 14,197	$ 9,868
Weighted average basic shares outstanding	27,134,000	26,674,000	26,608,000	26,559,000	26,535,000	26,495,000	26,427,000	26,373,000	26,744,000	26,459,000	26,170,000
Dilutive effect of options and restricted stock									784,000	480,000	785,000
Weighted average diluted shares outstanding	28,245,000	27,596,000	26,950,000	26,969,000	27,068,000	27,165,000	26,897,000	26,616,000	27,528,000	26,939,000	26,955,000
Basic earnings per share	$ 0.25	$ 0.76	$ 0.04	$ 0.03	$ 0.10	$ 0.40	$ 0.02	$ 0.02	$ 1.08	$ 0.54	$ 0.38
Diluted earnings per share	$ 0.24	$ 0.73	$ 0.04	$ 0.03	$ 0.10	$ 0.39	$ 0.02	$ 0.02	$ 1.05	$ 0.53	$ 0.37
Shares that were not included in the computation of weighted average diluted common shares amounts									476,870	694,278	476,333

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 30, 2017	Sep. 30, 2017	Jul. 01, 2017	Apr. 01, 2017	Dec. 24, 2016	Sep. 24, 2016	Jun. 25, 2016	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Quarterly Financial Information (Unaudited)
Net sales	$ 170,766	$ 224,732	$ 143,072	$ 139,379	$ 163,003	$ 199,431	$ 133,969	$ 133,414	$ 677,949	$ 629,816	$ 569,020
Gross profit	52,896	71,937	41,690	41,392	49,328	63,363	36,446	40,750	207,915	189,886	173,203
Income (loss) from operations	11,282	24,395	5,638	4,941	8,063	20,863	4,443	4,450	46,255	37,818	30,234
Net income/(loss)	$ 6,855	$ 20,149	$ 1,098	$ 777	$ 2,588	$ 10,507	$ 479	$ 624	$ 28,879	$ 14,197	$ 9,868
Earnings/(loss) per share:
Basic shares (in dollars per share)	$ 0.25	$ 0.76	$ 0.04	$ 0.03	$ 0.10	$ 0.40	$ 0.02	$ 0.02	$ 1.08	$ 0.54	$ 0.38
Diluted shares (in dollars per share)	$ 0.24	$ 0.73	$ 0.04	$ 0.03	$ 0.10	$ 0.39	$ 0.02	$ 0.02	$ 1.05	$ 0.53	$ 0.37
Weighted average shares outstanding:
Basic shares	27,134	26,674	26,608	26,559	26,535	26,495	26,427	26,373	26,744	26,459	26,170
Diluted shares	28,245	27,596	26,950	26,969	27,068	27,165	26,897	26,616	27,528	26,939	26,955

Subsequent Events (Details) - store	Apr. 24, 2018	Mar. 31, 2018	Apr. 01, 2017	Mar. 26, 2016
Subsequent Events
Number of Stores		226	219	208
Subsequent Event \| Lone Star
Subsequent Events
Number of Stores	3