Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Q3 2024 Earnings Presentation
23 slides from Boot Barn's earnings presentation, Jan 31, 2024
Slide 1: Supplemental Financial Presentation January 2024
Offering everyone a piece of the American spirit—one handshake at a time. Supplemental Financial Presentation January 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: Solid Q3 Results Despite Challenging SSS%
Solid Q3 Results Despite Challenging SSS% Total Sales ($M) Grew Despite a Decline in SSS% 54.2% $486 $515 $520 $284 $302 6.7% 4.6% -3.6% -9.7% Q3 '20 Q3 '21 Q3 '22 Q3 '23 Q3 '24 Q3 '20 Q3 '21 Q3 '22 Q3 '23 Q3 '24 Merchandise Margin Continued to Grow Modest EPS Growth +300bps +270bps +250bps $2.27 fr
Slide 4: Solid Q3 Results Despite Challenging SSS%
Solid Q3 Results Despite Challenging SSS% Q3 Total Sales ($M) Q3 Income from Operations ($M) Q3 GAAP EPS $520 $522 $535 $74.8 $75.1 $1.81 $515 $72.0 $1.74 $1.79 $69.6 $1.67 1.1% 1.4% 4.0% 14.1% 13.3% 14.0% 14.4% growth growth growth of sales of sales of sales of sales LY Actual Low-End High-End LY L
Slide 5: Boot Barn Brand Awareness is Growing Nationally
Boot Barn Brand Awareness is Growing Nationally Boot Barn Brand Awareness by Region1 Aided awareness2 Unaided awareness3 74% 67% 57% 48% 35% 50% 33% 40% 33% 25% 32% 16% 24% 17% 8% Total Eastern Western Southern Northern 1Illuminology researchers surveyed a nationally representative, random sample of
Slide 6: Strategic Initiatives Update
Strategic Initiatives Update 1 Expand Our Store Base 2 Drive Same Store Sales Growth 3 Continue Omni-Channel Leadership 4 Build Out Exclusive Brand Portfolio 5
Slide 7: 15% New Unit Growth: Annual Store Count and New Stores Opened
1 15% New Unit Growth New Stores Opened by Quarter Annual Store Count 397 345 300 273 259 240 219 226 208 169 152 117 86 16 15 11 11 11 10 12 12 10 11 1 FY22 FY22 FY23 FY23 FY23 FY23 FY24 FY24 FY24 FY24 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 E 1 1 1 1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 8: Profitable New Units & Expanding Our National Footprint
1 Profitable New Units & Expanding Our National Footprint Today 2012 • 86 stores • 382 stores • 8 states • 44 states New Store Economics $3M+ $1.5M 12K ~60% ~1.5yr 10K Payback $1.7M $700K 32% IPO Model 3yr Projection Payback Today SqFt 1st Year Sales Investment Return on Investment 7
Slide 9: Looking Forward: 15% New Unit Growth
1 Looking Forward: 15% New Unit Growth New Store Opportunity1 900 397 FY24 E FY25 FY26 FY27 FY28 FY29 FY30 1Illustrative example of 15% new unit growth annually. • 500 additional stores opportunity • Expected to contribute ~$1.5 billion in sales • Payback in ~18 months (ROIC ~60%) • All stores posit
Slide 10: Over A Decade of Strong Same Store Sales
2 Over A Decade of Strong Same Store Sales Consolidated SSS% FY20 – FY24 E +55% five-year stack, +11% 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% -0.1% -0.1% -6.3% 1 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 E 1Reflects the
Slide 11: Total Sales Growth % Industry Comparison
2 Total Sales Growth % Total Sales Growth % Pre-COVID Annual Sales to Latest Annual Sales Projection Industry Comparison Total Retail Comparison 141% 114% 97% 93% 97% +55% +55% five-year 75% five-year SSS% SSS% stack stack 8% 3 4 2 5 6 Western & Work Industry 1 BOOT 2 TSCO FIVE BOOT FND LULU 1Wester
Slide 12: Store SSS% by Month
2 Store SSS% by Month Stores are ~87% of FY24 Q3 Sales FY24 1.5% 1.1% -5.0% -2.6% -3.7% -7.3% -8.8% -8.5% -7.4% -11.5% 1 Apr May Jun Jul Aug Sep Oct Nov Dec Jan FY23 14.8% 8.1% 8.1% 4.4% 5.1% 1.6% 1.5% 1.9% 0.6% -3.2% -1.9% -6.2% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY22 323.1% 98.2% 74.8
Slide 13: Differentiated Online Presence
3 Differentiated Online Presence • Branded site • Same price as stores • Sales performing better than other sites • Most profitable online site • ~70% of online sales • Price sensitive customer • Same assortment as Bootbarn.com • ~15% of online sales • Mostly ladies’ product • More fashionable custo
Slide 14: 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 15: Ecommerce SSS% by Month
Ecommerce is 3 Ecommerce SSS% by Month ~13% of FY24 Q3 Sales FY24 -9.0% -3.5% -10.6% -8.4% -19.1% -11.9% -13.0% -16.8% -15.1% -12.9% 1 Apr May Jun Jul Aug Sep Oct Nov Dec Jan FY23 13.1% 8.5% 6.4% -3.0% -1.3% -13.5% -10.1% -16.3% -18.5% -18.7% -19.4% -25.4% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Slide 16: Exclusive Brands Portfolio
4 Exclusive Brands Portfolio WESTERN 3 OF OUR TOP 5 SELLING BRANDS ARE EXCLUSIVE BRANDS ARTIST INSPIRED COUNTRY WORK RANCH & RODEO LUXURY PRICE SENSITIVE 15
Slide 17: Exclusive Brands Penetration Growth
4 Exclusive Brands Penetration Growth Q3 Exclusive Brands Sales ($M) Full Year Exclusive Brands Sales ($M) $628 $564 $194 $421 $175 $186 $212 $126 $67 $92 $39 $63 $5 $12 $24 1 FY23 Q3 FY24 Q3 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 E Q3 Exclusive Brands Penetration % Full Ye
Slide 18: Exclusive Brands Growth & Margin Expansion
4 Exclusive Brands Growth & Margin Expansion Exclusive Brands Penetration EB is Only 1/3 of Margin Appreciation 37.7% EB Expansion 215bps Improved 16.2% full-price selling & buying economies of scale 435bps 1 FY19 FY24 E Merchandise Margin Growth Over Six Years +160bps +270bps +120ps (70)bps Freight
Slide 19: FY24 Guidance
FY24 Guidance 18
Slide 20: Full Year FY24 Financial Guidance
Full Year FY24 Financial Guidance Low End High End High End Guidance Full Year FY24 Financial Guidance ($M) ($M) Comments Total Net Sales $1,654 $1,664 Consolidated SSS% (7.0)% (6.3)% Store SSS% (6.3)% (5.5)% E-commerce SSS% (11.7)% (11.7)% Total Net Sales Growth % (0.2)% 0.4% Fiscal 2023 includes s
Slide 21: Q4 FY24 Financial Guidance
Q4 FY24 Financial Guidance Low End High End High End Guidance Q4 FY24 Financial Guidance ($M) ($M) Comments Total Net Sales $376 $386 Consolidated SSS% (9.0)% (6.3)% Fiscal Q4 LY includes sales from the 53rd week Store SSS% (8.5)% (5.5)% and includes the week after Christmas, which E-commerce SSS% (
Slide 22: 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 23: investor.bootbarn.com
investor.bootbarn.com 22