Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Q4 2024 Earnings Presentation
28 slides from Boot Barn's earnings presentation, May 14, 2024
Slide 1: Supplemental Financial Presentation May 2024
Offering everyone a piece of the American spirit—one handshake at a time. Supplemental Financial Presentation May 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: Full Year Fiscal 2024 Highlights
Full Year Fiscal 2024 Highlights Results Fiscal 2024 Total Sales $ $1.67 Billion +0.6%1 Total Sales Growth % +2.3% excluding the 53rd week in Fiscal 2023 (6.2)% Consolidated Same Store Sales Growth % Stores (5.6)% E-comm (10.6)% 2 Active B Rewarded Customers Purchasing 8.4M +18% New Store Openings 5
Slide 4: Q4 Fiscal 2024 Results
Q4 Fiscal 2024 Results Q4 Total Sales ($M) Q4 Consolidated SSS% $426 33.3% $383 $388 26.9% $259 $193 $189 8.7% -4.7% -5.5% -5.9% 1 Q4 '19 Q4 '20 Q4 '21 Q4 '22 Q4 '23 Q4 '24 Q4 '19 Q4 '20 Q4 '21 Q4 '22 Q4 '23 Q4 '24 onset of COVID 14 weeks onset of COVID Q4 Merchandise Margin % Q4 EPS +160bps $1.53 +
Slide 5: Full Year Fiscal 2024 Results
Full Year Fiscal 2024 Results Full Year Sales ($M) Full Year Consolidated SSS% 16.5% five-year CAGR 65.5% six-year stack $1,658 $1,667 53.7% $1,488 $846 $893 $777 10.0% 5.0% 3.1% -0.1% -6.2% 1 FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24 53 weeks Full Year Merchandise Margin % Full Ye
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
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 60 new stores in Fiscal 2025 provided on the Company’s fourth quarter earnings call on M
Slide 8: Profitable New Units & Expanding Our National Footprint
1 Profitable New Units & Expanding Our National Footprint Today 2012 • 86 stores • 400 stores • 8 states • 45 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 7
Slide 9: Looking Forward: 15% New Unit Growth
1 Looking Forward: 15% New Unit Growth New Store Opportunity1 900 460 400 2 FY24 FY25 E FY26 FY27 FY28 FY29 FY30 1Illustrative example of 15% new unit growth annually. 2Represents management’s guidance to open 60 new stores in Fiscal 2025 provided on the Company’s fourth quarter earnings call on May
Slide 10: Over A Decade of Strong Same Store Sales
2 Over A Decade of Strong Same Store Sales Consolidated SSS% FY20 – FY25 E +54% 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% -0.1% -0.1% -1.6% -6.2% 1 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 E 1Ref
Slide 11: Average Comparable Store Sales
2 Average Comparable Store Sales • Average sales per comparable store have remained elevated compared to historical levels (pre-pandemic). • Negative retail store SSS% has put pressure on year-over-year comparable store sales in combination with adding new stores with lower average sales than a matu
Slide 12: Customer Segmentation
2 Customer Segmentation Western Work Country Fashion Mens Womens 11
Slide 13: Tailored Marketing - Western
2 Tailored Marketing - Western 12
Slide 14: Tailored Marketing - Work
2 Tailored Marketing - Work 13
Slide 15: Tailored Marketing - Country
2 Tailored Marketing - Country 14
Slide 16: Tailored Marketing - Fashion
2 Tailored Marketing - Fashion Kentucky Derby Marketing 15
Slide 17: Store SSS% by Month
Stores are 2 Store SSS% by Month ~90% of FY24 Q4 Sales FY25 1.1% -1.5% Apr 1 May 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% -1.9% -6.2% Apr May Jun Jul Aug Sep
Slide 18: 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 19: Differentiated Online Presence
3 Differentiated Online Presence • Branded site • Same price as stores • Sales performing better than other sites • Most profitable online site • ~75% of Q4 fiscal 2024 online sales • Price sensitive customer • Same assortment as Bootbarn.com • ~13% of Q4 fiscal 2024 online sales • Mostly ladies’ pr
Slide 20: Ecommerce SSS% by Month
Ecommerce is 3 Ecommerce SSS% by Month ~10% of FY24 Q4 Sales FY25 5.3% 3.1% 1 1 Apr May 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% -18.5% -16.3% -18.7% -19.4% -25.4
Slide 21: Exclusive Brands Portfolio
4 Exclusive Brands Portfolio WESTERN COUNTRY ARTIST INSPIRED WORK RANCH & RODEO PREMIUM VALUE 20
Slide 22: Exclusive Brands Penetration Growth
4 Exclusive Brands Penetration Growth Full Year Exclusive Brands Sales ($M) $698 $628 $564 $421 $186 $212 $126 $63 $67 $92 $12 $24 $39 $5 1 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 E Full Year Exclusive Brands Penetration % Margin enhancement ~1,000 bps vs. 3rd party bra
Slide 23: Exclusive Brands Growth & Margin Expansion
4 Exclusive Brands Growth & Margin Expansion Exclusive Brands Penetration Growth Over Seven Years EB is Only 1/3 of Margin Appreciation 37.7% 38.8% EB Expansion 250bps Improved full-price selling & 13.5% buying economies of scale 510bps 1 FY18 FY24 FY25 E Merchandise Margin Growth Over Seven Years +
Slide 24: FY25 Guidance
FY25 Guidance 23
Slide 25: Full Year Fiscal 2025 Financial Guidance
Full Year Fiscal 2025 Financial Guidance Low End High End High End Guidance Full Year FY25 Financial Guidance ($M) ($M) Comments Total Net Sales $1,766 $1,800 Consolidated SSS% (3.6)% (1.6)% Store SSS% (4.0)% (2.0)% E-commerce SSS% (0.5)% 2.0% Total Net Sales Growth % 5.9% 8.0% 15% new unit growth N
Slide 26: Q1 Fiscal 2025 Financial Guidance
Q1 Fiscal 2025 Financial Guidance Low End High End Q1 FY25 Financial Guidance ($M) ($M) Total Net Sales $399 $407 Consolidated SSS% (4.5)% (2.5)% Store SSS% (5.0)% (3.0)% E-commerce SSS% 0.0% 2.0% Total Net Sales Growth % 4.0% 6.1% New Store Openings 10 10 Gross Profit $142.6 $146.2 % 35.7% 36.0% SG
Slide 27: 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 28: investor.bootbarn.com
investor.bootbarn.com 27