Jim Watkins initially planned to work at Boot Barn for only a few months in 2014 when the Western apparel company was preparing to go public.
He was out of a job after his previous company, Mindspeed Technologies, was acquired at the end of 2013. A tax partner from Deloitte called Watkins in March and asked if he could temporarily help Boot Barn with its initial public offering (IPO) by drafting financial statements to file with the SEC.
At home, Watkins and his wife Katie had five children under age 6, including 6-month-old twins.
“If you ever want to train as an accountant to get ready for an IPO, having five kids ages six and under is perfect training, because you’re used to not sleeping through the night, and when called upon to do a few all-nighters to get an IPO out the door, it’s perfect training,” Watkins told the Business Journal.
“I had jumped onto a moving train,” he added. “But I was confident that I could get the job done.”
After working as a consultant for six months, Watkins said he could tell Boot Barn was in growth mode.
The chief financial officer at the time Paul Iacono hired Watkins full-time the day before Boot Barn went public in 2014 at $16 per share. Since the pandemic, the shares have soared, reaching an all-time high of $210 in December; it currently trades at $153 per share with a $4.6 billion market cap (NYSE: BOOT).
Watkins, who became CFO in 2021, has helped convince Wall Street of the company’s prospects at a time when retail has been challenged by online shopping and the COVID-19 pandemic.
In the past 12 years, Boot Barn has tripled its store count from 162 to 530 as of May. Annual sales have surged from $346 million to $2.25 billion in fiscal 2026. Earnings have also increased from 28 cents per share to $7.35 for the fiscal year ended March 28.
“We’re growing profitably,” Watkins said.
On May 12, Watkins was named the 2026 Outstanding CFO of a Public Company at the Business Journal’s CFO of the Year Awards.
“This is an award for Boot Barn as a company,” he told the audience.
The Boot Barn Call
Watkins started his financial career at Ernst & Young in Irvine. He spent 12 years at the firm, including a two-year rotation in Munich working with companies that had SEC reporting requirements in the U.S.
He joined Newport Beach-based Mindspeed Technologies in 2011. As vice president, corporate controller and principal accounting officer, Watkins said he learned firsthand about acquisitions and how to manage an accounting department.
Then in 2013, Massachusetts-based Macom Inc. acquired the publicly traded semiconductor company and left Watkins without work. That’s when he got the call about Boot Barn.
Under his leadership, Boot Barn paid off all remaining long-term debt. When longtime Chief Executive Jim Conroy suddenly left in 2024, Watkins assumed several of the former leader’s responsibilities. John Hazen was named CEO several months later, and Watkins helped him navigate the company’s investors in the early days.
Last year, amid tariff pressures and rising costs, Watkins also helped shift production and renegotiate with factories to maintain sales growth.
“As I look back over the last 20-plus years, there are a lot of people who have taken a chance on me,” Watkins said at the awards.
What’s Working at Boot Barn
Watkins said Boot Barn’s growth comes from sticking to the same four strategic initiatives for decades.
The first is building profitable new stores.
Boot Barn has continued expanding its physical footprint and surpassed 500 stores in 2025.
The company upgraded its long-term target in October from 900 to 1,200 locations.
“All the stores make money,” Watkins said.
The second priority is growing same-store sales – “making sure that the Boot Barn brand is growing and developing”.
Boot Barn reported same-store sales increased 6.1% in fiscal 2026. These results, driven by 80 new store openings during the year, contributed to an 18% jump in annual sales to $2.25 billion.
Watkins noted that Boot Barn’s core consumers — blue-collar workers in construction, oil and farming — are “the backbone” of the company.
The third initiative is investing in omnichannel capabilities, strengthening e-commerce while integrating online and mobile platforms with in-store shopping.
The fourth is expanding merchandise margins through exclusive brands. Boot Barn plans to grow in-house labels such as Cheyenne and CLEO & WOLF until they account for 50% of total sales.
A Cowboy Hat in the Ring
Attendees at the Business Journal’s CFO of the Year Awards could easily spot the Boot Barn table — they only needed to look for a cowboy hat.
Chief Executive John Hazen was among the executives cheering for Chief Financial Officer Jim Watkins when he was named Outstanding CFO of a Public Company.
Hazen told award judges that Watkins was “the steady hand” who helped lead Boot Barn through a “seamless” CEO transition in 2025.
Doug Zaper, vice president of merchandise planning, allocation and logistics, brought the cowboy hat to the event and told Watkins that if he won, he had to wear it.
“It was not planned when I left my house to come to the event, but it worked out well I think,” Watkins told the Business Journal.
