Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Q4 2022 Earnings Presentation
18 slides from Boot Barn's earnings presentation, May 10, 2022
Slide 1: Supplemental Financial Presentation
Supplemental Financial Presentation May 10, 2022 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: Q4 Fiscal 2022 Results
Q4 Fiscal 2022 Results Total Net Sales Growth ($MM) EPS Growth $1.47 ~48% $383 ~79% $259 $0.82 1 Q4 FY2021 Q4 FY2022 Q4 FY2021 Q4 FY2022 Consolidated SSS% 26.9% 33.3% Store Count 273 300 Q4 FY2022 vs. Q4 FY2021 Highlights • 540bps expansion in exclusive brand penetration • 120bps merchandise margin
Slide 4: Fiscal 2022 – A Record-Setting Year
Fiscal 2022 – A Record-Setting Year FY2022 was a milestone year where our sales crossed the $1 billion threshold to $1.5 billion and we opened our 300th store. Achievements Fiscal 2022 vs. Fiscal 2022 vs. Fiscal Year 2022 Fiscal 2021 Fiscal 2020 Total Sales Growth % +67% +76% Compared to FY2020, sal
Slide 5: Full Year Fiscal 2022 Results
Full Year Fiscal 2022 Results Total Net Sales Growth ($MM) EPS Growth $1,488 $6.33 ~67% ~215% $893 $2.01 1 2 FY2021 FY2022 FY2021 FY2022 Consolidated SSS% 3.1% 53.7% Store Count 273 300 FY2022 vs. FY2021 Highlights • 470bps expansion in exclusive brand penetration • 270bps merchandise margin expansi
Slide 6: Growth Since IPO
Growth Since IPO Over $1 Billion in Sales Growth ($MM) Over 10x EPS Growth $1,488 $6.33 CAGR 21% CAGR 42% $403 $0.54 1 2 FY2015 FY2022 FY2015 FY2022 Store Count 169 300 FY2022 vs. FY2015 Highlights • Over 20% sales CAGR and over 40% EPS CAGR • 630bps product margin expansion • 1,830bps expansion in
Slide 7: FY2023 Guidance – Growth on the New Baseline
FY2023 Guidance – Growth on the New Baseline Total Net Sales Growth ($MM)2 Maintaining New EPS Level 2 ~1% $6.41 3 $1,740 ~17% $6.33 $1,488 1 1 FY2022 FY2023 Guide FY2022 FY2023 Guide Consolidated SSS% 53.7% 4.8%1 Store Count 300 3401 FY2023 Guidance Assumptions1 • 4.8% consolidated SSS% growth • 40
Slide 8: Step Function Expansion in EBIT Margin Since FY2021
Step Function Expansion in EBIT Margin Since FY2021 EBIT Rate Bridge 17.4% SG&A Leverage Margin Freight 15.3% Expansion Occupancy Occupancy Headwinds Normalize Deleverage Leverage SG&A New Margin Freight Baseline 9.7% Expansion Headwinds 1 FY2021 FY2022 FY2023 Highlights1 Guide • FY2022 EBIT rate do
Slide 9: FY2023 Financial Guidance
FY2023 Financial Guidance B/(W) FY2022 FY2023 Guidance1 Metric vs. FY2022 Comments ($MM) ($MM) ($MM) 4.8% consolidated SSS% growth Stores low-single digit SSS% Total Sales2 $1,488 $1,740 $252 E-comm mid-teens SSS% 40 new stores Gross Profit $575 $652 $77 50bps product margin expansion (130)bps freig
Slide 10: Total Addressable Market – Has Doubled in Size
Total Addressable Market – Has Doubled in Size Prior TAM ~$20B1 Updated TAM ~$40B2 Country Lifestyle ~$15B Western Western & & Work Work ~$20B ~$25B Highlights • Western & work market estimate increased from ~$20 Billion to ~$25 Billion • Country lifestyle market estimated to be worth ~$15 Billion 1
Slide 11: Store Count Potential – 900 U.S. Stores
Store Count Potential – 900 U.S. Stores Over 200 New Stores in last 10 Years Triple the Current Store Count 900 Stores New Markets Existing Markets 300 86 Current1 300 FY2012 FY2022 CAGR% 13% Store Count Highlights • Opportunity to increase store count equally in new and existing markets • Synergist
Slide 12: New Stores Exceeding Expectations
New Stores Exceeding Expectations New Stores Opened FY2023 New Stores METRICS Prior Target After March 2020 Projection Store Size (sq. ft.) ~10,000 ~10,000 ~12,000 Year 1 Net Sales $1.7MM $4.0MM $3.5MM Net Capital Investment $0.4MM $0.5MM $0.6MM Net Inventory Investment $0.4MM $0.5MM $0.6MM Cash on
Slide 13: Leveraging Stores for Omni-Channel Capabilities
Leveraging Stores for Omni-Channel Capabilities ~Two-Thirds of E-comm Orders Involve a Store Associate1 Legacy Digital Omni-Channel Capabilities Q4 FY2022 E-commerce Orders 1Based on Q4 FY2022 In-Store Fulfillment, Ship to Store, WHIP, BOPIS and Same Day Delivery orders as a percent of total Q4 FY20
Slide 14: Healthy Growth in Customer Count
Healthy Growth in Customer Count Active B Rewarded Customers Purchasing1 (in millions) 5.8 ~35% 4.7 4.3 FY2020 FY2021 FY2022 Highlights • New customers have generated roughly half of revenue growth • Median age has been decreasing since IPO • Gender split more balanced with outsized growth in ladies
Slide 15: Management View – Industry Competition (Softlines)
Management View – Industry Competition (Softlines) Mom & Pop Western Farm & Ranch Strong inventory position Breadth of assortment Omni-channel capabilities Good, Better, Best High quality exclusive brands Knowledgeable associates Shopping Experience Strength of Brand Leading Capability Little/no cap
Slide 16: Investment Considerations
Investment Considerations Ample Whitespace for New Unit Growth1 Total U.S. Store Potential 900 High Growth Potential2 Multiple Trails Growth Companies New Unit Growth ~13% Lululemon Ulta Beauty Same Store Sales Growth Mid-single digit Five Below Tractor Supply Exclusive Brand Penetration +300bps Flo
Slide 17: 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 18: investor.bootbarn.com
BOOT BARN A & investor.bootbarn.com a Wits,