Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Q3 2023 Earnings Presentation
17 slides from Boot Barn's earnings presentation, Jan 25, 2023
Slide 1: Supplemental Financial Presentation January 2023
Supplemental Financial Presentation January 2023 Offering everyone a piece of the American spirit—one handshake at a time. 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: Q3 Fiscal 2023 Results
Q3 Fiscal 2023 Results Total Sales Growth Same Store Sales % 54.2% 60.7% 81% three-year 55% three-year total sales growth stack 11.8% 6.7% 6.5% 5.9% 4.6% Q3 FY20 Q3 FY21 Q3 FY22 Q3 FY23 -3.6% Total Q3 FY20 Q3 FY21 Q3 FY22 Q3 FY23 $284M $302M $486M $515M Store 5.7% Sales 1.9% 55.7% (0.8)% PRE-COVID C
Slide 4: Q3 Fiscal 2023 Financial Results
Q3 Fiscal 2023 Financial Results Q3 FY23 Actual Q3 FY22 Actual Q3 FY23 Financial Results Variance Comments vs. LY ($M) ($M) Total Net Sales $515 $486 Consolidated SSS% (3.6)% 54.2% Store SSS% (0.8)% 55.7% E-commerce SSS% (15.2)% 48.4% Total Net Sales Growth % 5.9% 60.7% New Store Openings 12 11 (10)
Slide 5: Sustainable AUV
Sustainable AUV Annualized Average Unit Volume ($M)1 6 5 4 3 2 1 0 2 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Prelim Jan 2021 2022 2023 $4.2M, Fiscal 2022 AUV $2.7M, Pre-COVID AUV 1Annualized average unit volume by month was calculated by annualizing the av
Slide 6: Sustainable Customer Growth
Sustainable Customer Growth New Customer Growth Where We Gained Market Share1 Active Customers2 Q: If you first purchased from us following the pandemic, where did you shop before COVID? (multiple options could be selected) (in millions) Took share from mainstream retailers 46% 6.8 5.8 32% 4.7 24% 2
Slide 7: 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 6
Slide 8: Consistent New Unit Openings
1 Consistent New Unit Openings History of Store Growth New Store Openings by Quarter 343 300 273 259 240 226 219 208 43 new store openings +14.3% New Unit Growth 169 152 12 11 11 11 117 10 10 86 3 3 1 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23E Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 PRE COVID FY
Slide 9: Expansion Into New and Existing Markets
1 Expansion Into New and Existing Markets FY23 Q3 FY12 • 86 stores • 333 stores • 8 states • 41 states IPO FY23 New New Legacy METRICS New Store Stores Markets1 Markets1 Algorithm Projection Store Size (sq. ft.) ~10,000 ~12,000 ~10,600 ~12,100 Year 1 Net Sales $1.7M $3.5M $3.7M $4.0M Net Capital Inv
Slide 10: A Decade of Strong Sales Across Channels
2 A Decade of Strong Sales Across Channels Consolidated SSS% Retail Store SSS% 53.7% 57.2% 11.9% 10.0% 7.3% 10.9% 9.5% 6.7% 5.2% 5.0% 6.8% 6.7% 6.1% 3.1% 1.8% 4.5% 3.6% 0.3% -0.1% -1.1% -2.4% -2.3% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Q3 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Slide 11: Inventory Position
2 Inventory Position • 20% average comp store inventory growth (39% at Q2 quarter end). • 54% total inventory growth (83% at Q2 quarter end). • 3-year retail store SSS% stack is outpacing 3-year stack comp store inventory growth. • 27 weeks of store supply. • Average annual unit store volume has inc
Slide 12: Integrating Channels
3 Integrating Channels ~60% of Online Orders Involve a E-comm % of Total Sales Store Associate Legacy Digital Omni-Channel 18% 17% 17% 19% 16% Capabilities 15% 15% 13% • Buy Online Pick-Up In Store • Ship from Store • Same Day Delivery • Ship to Store • In-Store Fulfillment FY16 FY17 FY18 FY19 FY20
Slide 13: Exclusive Brand Portfolio
4 Exclusive Brand Portfolio WESTERN COUNTRY ARTIST INSPIRED WORK RANCH & RODEO 12
Slide 14: Exclusive Brands Penetration Growth
4 Exclusive Brands Penetration Growth Exclusive Brands Sales ($M) $520 $421 $186 $212 $126 $67 $92 $39 $63 $5 $12 $24 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Q3 FY23 TTM Exclusive Brands Penetration % Margin enhancement ~1,000 bps vs. 3rd party brands +570bps vs. LY 34.1% 32.2% 28.3%
Slide 15: Full Year FY23 Financial Guidance
Full Year FY23 Financial Guidance Low End High End High End Guidance Full Year FY23 Financial Guidance ($M) ($M) Comments Total Net Sales1 $1,670 $1,680 Consolidated SSS% 0.5% 1.0% Store SSS% 2.5% 3.0% E-commerce SSS% (10.5)% (9.5)% Total Net Sales Growth % 12.2% 12.9% New Store Openings 43 43 Gross
Slide 16: Q4 FY23 Financial Guidance
Q4 FY23 Financial Guidance Low End High End High End Guidance Q4 FY23 Financial Guidance ($M) ($M) Comments Total Net Sales1 $438 $448 Consolidated SSS% (3.0)% (0.5)% Store SSS% Flat 2.0% E-commerce SSS% (20.0)% (16.0)% Total Net Sales Growth % 14.4% 17.0% New Store Openings 10 10 Gross Profit $156
Slide 17: investor.bootbarn.com
investor.bootbarn.com 16