Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Q1 2024 Earnings Presentation
22 slides from Boot Barn's earnings presentation, Aug 2, 2023
Slide 1: Supplemental Financial Presentation August 2023
Offering everyone a piece of the American spirit—one handshake at a time. Supplemental Financial Presentation August 2023 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 2024 vs. Five Years Ago
Q1 Fiscal 2024 vs. Five Years Ago Q1 Total Sales ($M) Q1 GAAP EPS 137% Growth 371% Growth 19% CAGR 36% CAGR $384 $1.13 $162 $0.24 FY19 Q1 FY24 Q1 FY19 Q1 FY24 Q1 2
Slide 4: Customer Growth
Customer Growth Q1 Active Customers (in millions) Annual Active Customers (in millions)1 7.5 7.5 7.1 6.1 5.8 4.7 4.3 4.0 3.8 3.5 3.1 FY23 Q1 FY24 Q1 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q1 1Represents the number of B Rewarded Loyalty Members who have purchased merchandise from us in the trai
Slide 5: Customer Survey – Recap
Customer Survey – Recap1 Q: On your first visit to Boot Barn, were the Q: Why did you purchase product from Boot Barn? products what you expected? 76% 58% 35% 19% 5% 0% 7% For An Event and Don't For An Event and For Work Only Everyday Style Intend to Shop Again Intend to Shop at Boot Barn Again Less
Slide 6: Customer Survey - Retention
Customer Survey - Retention1 Q: How likely are you to shop at Boot Barn in the next 12 months? 67% 24% 8% 0% 1% Not Likely At All Slightly Likely Moderately Likely Very Likely Extremely likely 1In Q1 FY24, the Company conducted an online survey of customers who purchased an item from Boot Barn (eith
Slide 7: Newsweek – America's Best Retailers 2023
Newsweek – America’s Best Retailers 2023 America’s Best Overall Retailer America’s Best Clothing Retailer # Retailer Score # Retailer Score 1 Boot Barn 95.59 1 Boot Barn 95.59 2 Dooney & Burke 94.45 2 Dooney & Burke 94.45 3 2nd & Charles 92.84 3 Van Cleef & Arpels 92.74 4 Van Cleef & Arpels 92.74 4
Slide 8: 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 7
Slide 9: Annual Store Count and Quarterly New Unit Growth
1 15% New Unit Growth Quarterly New Unit Growth Annual Store Count 397 345 300 273 259 240 219 226 208 169 152 117 17 86 16 11 11 11 10 12 12 10 9 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 Q2 E
Slide 10: Expansion Into New and Existing Markets
1 Expansion Into New and Existing Markets Today 2012 • 86 stores • 363 stores • 8 states • 44 states New Store Economics 12K $3.5M $1.4M 75% 10K ~1.3yr Payback $1.7M $700K 32% IPO Model 3yr Payback Today SqFt 1st Year Sales Investment Return on Investment 9
Slide 11: Store SSS% by Month
2 Store SSS% by Month FY24 1.5% 1.0% -2.6% -5.0% 1 Apr May Jun Jul 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% 72.9% 56.7% 57.8% 54.0% 55.5% 50.4% 38.2% 47.8% 17.3% Apr May Jun Jul Aug Sep Oct Nov Dec Ja
Slide 12: A Decade of Strong Sales Across Channels
2 A Decade of Strong Sales Across Channels Total Sales Growth % Consolidated SSS% 66.6% 53.7% 48.4% 41.3% 38.2% 16.4% 14.6% 10.7% 11.4% 11.9% 10.0% 7.6% 8.8% 6.7% 7.3% 5.7% 5.5% 5.2% 5.0% 3.1% 0.3% -3.0% -0.1% -0.1% 1 1 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 E FY13 FY14 FY15 FY1
Slide 13: Healthy Inventory Position
2 Healthy Inventory Position • Total inventory growth of 6%. • Average comp store inventory decline of (9)%. • 26 weeks of store supply. ~640bps Q1 Merchandise Margin Rate Growth Stores Weeks of Supply1 over Six Years2 FY23 Q1 includes (70)bps of freight headwinds FY24 Q1 includes 10bps of freight t
Slide 14: Omni-Channel Capabilities
3 Omni-Channel Capabilities Deliver Digital Experience in Drive Store Traffic Stores • Bring Long Tail to Stores • • Ship to Store / BOPIS • Mobile App • Return in Store • Range Finder (finite aisle) • WHIP (endless aisle) • Handheld Tablet Fulfill Online Demand Improve Online Profitability Efficien
Slide 15: Ecommerce SSS% by Month
3 Ecommerce SSS% by Month FY24 -9.0% -3.5% -11.4% -19.1% 1 Apr May Jun Jul 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 Mar FY22 59.4% 63.1% 57.2% 49.3% 55.5% 40.3% 42.4% 32.1% 35.4% 26.1% 10.2% -4.4% Apr May Jun Jul Au
Slide 16: Exclusive Brands Portfolio
4 Exclusive Brands Portfolio WESTERN COUNTRY ARTIST INSPIRED WORK RANCH & RODEO 15
Slide 17: Exclusive Brands Penetration Growth
4 Exclusive Brands Penetration Growth Q1 Exclusive Brands Sales ($M) Full Year Exclusive Brands Sales ($M) $682 $146 $564 $116 $421 $186 $212 $126 $67 $92 $39 $63 $5 $12 $24 1 FY23 Q1 FY24 Q1 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 E Q1 Exclusive Brands Penetration % Full Ye
Slide 18: FY24 Guidance
FY24 Guidance 17
Slide 19: Q2 FY24 Financial Guidance
Q2 FY24 Financial Guidance Low End High End High End Guidance Q2 FY24 Financial Guidance ($M) ($M) Comments Total Net Sales $372 $379 Consolidated SSS% (5.5)% (3.5)% Store SSS% (4.5)% (2.5)% E-commerce SSS% (11.0)% (9.0)% Total Net Sales Growth % 5.8% 7.8% New Store Openings 10 10 +50bps merchandise
Slide 20: Full Year FY24 Financial Guidance
Full Year FY24 Financial Guidance Low End High End High End Guidance Full Year FY24 Financial Guidance ($M) ($M) Comments Total Net Sales $1,715 $1,748 Consolidated SSS% (5.0)% (3.0)% No change to Q3 & Q4 sales assumptions Store SSS% (5.5)% (3.5)% E-commerce SSS% (4.0)% Flat Total Net Sales Growth %
Slide 21: 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 22: investor.bootbarn.com
investor.bootbarn.com 21