Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Q1 2025 Earnings Presentation
19 slides from Boot Barn's earnings presentation, Aug 7, 2024
Slide 1: Supplemental Financial Presentation August 2024
Offering everyone a piece of the American spirit—one handshake at a time. Supplemental Financial Presentation August 2024 0
Slide 2: Important Information
Important Information Forward-Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward- looking statements. You can identify forward-looking
Slide 3: Q1 Fiscal 2025 Results
Q1 Fiscal 2025 Results Q1 Total Sales ($M) Q1 Consolidated SSS% $423 $384 78.9% $366 $306 $186 $148 9.4% 10.0% 1.4% -2.9% -14.9% '20 Q1 '21 Q1 '22 Q1 '23 Q1 '24 Q1 '25 Q1 '20 Q1 '21 Q1 '22 Q1 '23 Q1 '24 Q1 '25 Q1 Onset Onset of COVID of COVID Q1 Merchandise Margin % Q1 EPS +100bps $1.35 $1.29 +90bps
Slide 4: Strategic Initiatives Update
Strategic Initiatives Update 1 New Stores 2 Same Store Sales 3 Omni-Channel 4 Merchandise Margin & Exclusive Brands 3
Slide 5: Annual Store Count
1 15% New Unit Growth Annual Store Count 460 400 345 300 273 259 240 219 226 208 169 152 117 86 1 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 E 1Represents management’s guidance to open a total of 60 new stores in Fiscal 2025, as provided on the Company’s first quarter earn
Slide 6: Profitable New Units & Expanding Our National Footprint
1 Profitable New Units & Expanding Our National Footprint FY25 Q1 • 411 stores • 46 states New Store Economics 12K $3.0M ~60% ~1.5yr 10K Payback $1.7M $1.5M 32% IPO Model 3yr $700K Payback FY25 E SqFt 1st Year Sales Investment Return on Investment 5
Slide 7: Looking Forward: 15% New Unit Growth
1 Looking Forward: 15% New Unit Growth New Store Opportunity1 900 460 2 FY25 E FY26 FY27 FY28 FY29 FY30 1Illustrative example of 15% new unit growth annually. 2Represents management’s guidance to open a total of 60 new stores in Fiscal 2025, as provided on the Company’s first quarter earnings call h
Slide 8: Over A Decade of Strong Same Store Sales
2 Over A Decade of Strong Same Store Sales Consolidated SSS% FY20 – FY25 E +57% six-year stack, +9% SSS avg 53.7% FY13 – FY19 +41% seven-year stack, +6% SSS avg 11.9% 10.0% 6.7% 7.3% 5.2% 5.0% 3.1% 0.3% 1.2% -0.1% -0.1% -6.2% 1 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 E 1Refl
Slide 9: Store SSS% by Month
2 Store SSS% by Month Stores are ~91% of FY25 Q1 Sales FY25 1.9% 1.8% 1.6% -1.5% -0.9% 1 1 Apr May Jun Jul Aug Week 1 FY24 1.5% 1.1% -5.0% -2.6% -3.7% -2.8% -7.3% -8.8% -8.5% -7.2% -8.1% -11.5% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY23 14.8% 8.1% 8.1% 4.4% 5.1% 1.6% 1.5% 1.9% 0.6% -3.2% -
Slide 10: Omni-Channel Capabilities
3 Omni-Channel Capabilities Deliver Digital Experience in Drive Store Traffic Stores • Bring Long Tail to Stores • Mobile App • Ship to Store / BOPIS • Range Finder (AI-enabled) • Return in Store • WHIP (endless aisle) Fulfill Online Demand Drive Online Profitability Efficiently • DC Fulfillment • B
Slide 11: Ecommerce SSS% by Month
Ecommerce is 3 Ecommerce SSS% by Month ~9% of FY25 Q1 Sales FY25 12.7% 6.0% 8.7% 5.0% 5.0% 1 1 Apr May Jun Jul Aug Week 1 FY24 -3.5% -5.9% -6.0% -9.0% -11.9% -10.6% -8.4% -11.3% -13.0% -16.8% -15.1% -19.1% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY23 13.1% 8.5% 6.4% -3.0% -1.3% -13.5% -10.1%
Slide 12: Exclusive Brands Portfolio
4 Exclusive Brands Portfolio WESTERN COUNTRY ARTIST INSPIRED WORK RANCH & RODEO PREMIUM VALUE 11
Slide 13: Exclusive Brands Penetration Growth
4 Exclusive Brands Penetration Growth Full Year Exclusive Brands Sales ($M) $718 $628 $564 $421 $186 $212 $126 $67 $92 $39 $63 $5 $12 $24 1 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 E Full Year Exclusive Brands Penetration % Margin enhancement ~1,000 bps vs. 3rd party bra
Slide 14: Exclusive Brands Growth & Margin Expansion
4 Exclusive Brands Growth & Margin Expansion Exclusive Brands Penetration Growth Over Seven Years EB is Only 1/3 of Margin Appreciation 38.8% EB Expansion 250bps Other Margin Drivers 13.5% 510bps FY18 FY25 E Merchandise Margin Growth Over Seven Years Estimated 760bps of Total Margin Expansion Margin
Slide 15: FY25 Guidance
FY25 Guidance 14
Slide 16: Q2 Fiscal 2025 Financial Guidance
Q2 Fiscal 2025 Financial Guidance Low End High End Q2 FY25 Financial Guidance ($M) ($M) Total Net Sales $405 $412 Consolidated SSS% (0.5)% 1.4% Store SSS% (1.0)% 1.0% E-commerce SSS% 3.0% 5.0% Total Net Sales Growth % 8.2% 10.0% New Store Openings 14 14 Gross Profit $142.4 $146.0 % 35.2% 35.4% SG&A
Slide 17: Full Year Fiscal 2025 Financial Guidance
Full Year Fiscal 2025 Financial Guidance Updated Updated Prior High High End Guidance Full Year FY25 Financial Guidance Low End High End End Comments ($M) ($M) ($M) Total Net Sales $1,816 $1,850 $1,800 Consolidated SSS% (1.0)% 1.2% (1.6)% Store SSS% (1.3)% 0.7% (2.0)% E-commerce SSS% 3.0% 5.5% 2.0%
Slide 18: Investment Considerations
Investment Considerations National Leader in World Class Omni-Channel Strong New Unit Growth Attractive Market Capabilities Opportunities • Leading player in estimated $40 • Strong variety of omni-channel • Proven ability to open stores in both billion industry offerings in place new and existing ma
Slide 19: investor.bootbarn.com
investor.bootbarn.com 18