Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Q2 2025 Earnings Presentation
22 slides from Boot Barn's earnings presentation, Oct 28, 2024
Slide 1: Supplemental Financial Presentation October 2024
Offering everyone a piece of the American spirit—one handshake at a time. Supplemental Financial Presentation October 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: Q2 Fiscal 2025 Financial Results
Q2 Fiscal 2025 Financial Results Q2 Total Sales ($M) Q2 Income from Operations ($M) Q2 GAAP EPS $412 $426 $0.95 $40 $0.90 $0.87 $374 $39 $36 10.0% 13.7% 10.3% 8.7% 9.4% Growth Growth of sales of sales of sales vs. LY vs. LY Last Year High-End Actual Last Year High-End Actual Last Year High-End Actua
Slide 4: Q2 Fiscal 2025 Financial Results
Q2 Fiscal 2025 Financial Results Q2 Total Sales ($M) Q2 Consolidated SSS% $426 61.7% $352 $374 $313 $187 $185 7.8% 4.9% 2.3% -5.1% -4.8% '20 Q2 '21 Q2 '22 Q2 '23 Q2 '24 Q2 '25 Q2 '20 Q2 '21 Q2 '22 Q2 '23 Q2 '24 Q2 '25 Q2 Onset Onset of COVID of COVID Q2 Merchandise Margin % Q2 GAAP EPS +70bps $1.25
Slide 5: 10 Year Anniversary of IPO
10 Year Anniversary of IPO Total Sales ($M) Exclusive Brands Penetration % ~17% $1,907 ~+290bps average CAGR increase per year 38.8% $403 9.7% 169 Stores 460 Stores 1 1 IPO FY25 E IPO FY25 E Income from Operations ($M) Stock Price $233 ~21% $158 ~26% CAGR CAGR $35 $16 1 2 3 IPO FY25 E IPO FY25 1Repr
Slide 6: Strategic Initiatives Update
Strategic Initiatives Update 1 New Stores 2 Same Store Sales 3 Omni-Channel 4 Merchandise Margin & Exclusive Brands 5
Slide 7: Annual Store Count
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 a total of 60 new stores in Fiscal 2025, as provided on the Company’s second quarter ear
Slide 8: Profitable New Units & Expanding Our National Footprint
1 Profitable New Units & Expanding Our National Footprint FY25 Q2 • 425 stores • 46 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 2 FY25 E FY26 FY27 FY28 FY29 FY30 1Illustrative example of 15% new unit growth annually. 2Represents management’s guidance to open a total of 60 new stores in Fiscal 2025, as provided on the Company’s second quarter earnings call
Slide 10: Over A Decade of Strong Same Store Sales
2 Over A Decade of Strong Same Store Sales Consolidated SSS% FY20 – FY25 E ~+60% six-year stack, ~+10% 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% 5.0% 3.1% 0.3% -0.1% -0.1% -6.2% 1 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 E 1R
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 126% +55% five-year SSS% stack 7% Western & Work Industry 1 BOOT 2 1Western and and work public companies is comprised of Levi Strauss & Co. (consolidated revenue), Kontoor Brands
Slide 12: Store SSS% by Month
2 Store SSS% by Month Stores are ~90% of FY25 Q2 Sales FY25 5.3% 7.5% 1.9% 1.8% 4.3% -1.5% -0.9% 1 Apr May Jun Jul Aug Sep Oct 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
Slide 13: 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) • Cassidy (piloting in-store consumer A.I. solution) Fulfill Online Demand Drive
Slide 14: Ecommerce SSS% by Month
Ecommerce is 3 Ecommerce SSS% by Month ~10% of FY25 Q2 Sales FY25 12.1% 12.2% 12.5% 6.0% 8.7% 5.0% 5.0% 1 Apr May Jun Jul Aug Sep Oct 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% -
Slide 15: Exclusive Brands Portfolio
4 Exclusive Brands Portfolio WESTERN COUNTRY ARTIST INSPIRED WORK RANCH & RODEO PREMIUM VALUE 14
Slide 16: Exclusive Brands Penetration Growth
4 Exclusive Brands Penetration Growth Full Year Exclusive Brands Sales ($M) $740 $628 $564 $421 $186 $212 $126 $67 $92 $39 $63 $5 $12 $24 1 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 E Full Year Exclusive Brands Penetration % Margin enhancement ~1,000 bps vs. 3rd party bra
Slide 17: Exclusive Brands Growth & Margin Expansion
4 Exclusive Brands Growth & Margin Expansion Exclusive Brands Penetration Growth Over Seven Years EB is Only 1/3 of Margin Appreciation 38.8% EB Expansion 250bps Other Margin Drivers 13.5% 510bps FY18 FY25 E Merchandise Margin Growth Over Seven Years Estimated 760bps of Total Margin Expansion Margin
Slide 18: FY25 Guidance
FY25 Guidance 17
Slide 19: Q3 Fiscal 2025 Financial Guidance
Q3 Fiscal 2025 Financial Guidance Low End High End Q3 FY25 Financial Guidance ($M) ($M) Total Net Sales $582 $595 Consolidated SSS% 3.5% 6.0% Store SSS% 3.0% 5.0% E-commerce SSS% 7.5% 10.0% Total Net Sales Growth % 11.8% 14.3% New Store Openings 14 14 Gross Profit $225.4 $231.7 % 38.7% 38.9% SG&A $1
Slide 20: Full Year Fiscal 2025 Financial Guidance
Full Year Fiscal 2025 Financial Guidance Updated Updated Prior High High End Guidance Full Year FY25 Financial Guidance Low End High End End Comments ($M) ($M) ($M) Total Net Sales $1,874 $1,907 $1,850 Consolidated SSS% 3.0% 5.0% 1.2% Store SSS% 2.5% 4.5% 0.7% E-commerce SSS% 7.5% 9.5% 5.5% Total Ne
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