Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Q1 2026 Earnings Presentation
33 slides from Boot Barn's earnings presentation, Jul 31, 2025
Slide 1: Offering everyone a piece of the American spirit—one handshake at a time
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: Operating within a $40 Billion TAM
Operating within a $40 Billion1 TAM ~$25 Billion ~$15 Billion WESTERN INDUSTRY WORK INDUSTRY COUNTRY LIFESTYLE Country music & lifestyle Blue collar employment Hiking & hunting Western events – rodeos & Oil & gas industry Fishing & boating concerts Construction spending Camping Ranching Commercial a
Slide 4: Industry Leading Position
Industry Leading Position Direct Industry Competitors1 National 467 Regional (Mostly Texas) 104 National Independent Hundreds retailers Farm & Ranch Competitors Online/Other Competitors Direct to Consumer 1 Store count as of June 2, 2025. 3
Slide 5: Agenda
Agenda Boot Barn’s Story Four Strategic Initiatives 1 New Stores 2 Same Store Sales 3 Omni-Channel 4 Merchandise Margin & Exclusive Brands Future Growth Potential 4
Slide 6: Full Year Fiscal 2025 Results
Full Year Fiscal 2025 Results FY25 Full Year Total Sales ($M) FY25 Full Year Consolidated SSS% 18% five-year CAGR 53.7% $1,911 $1,658 $1,667 $1,488 $846 $893 5.0% 3.1% 5.5% -0.1% 1 -6.2% FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 FY25 Full Year Merchandise Margin % FY25 Full Year EP
Slide 7: Historical Same Store Sales Growth
Historical Same Store Sales Growth Consolidated SSS% 53.7% FY13 – FY21 +5.5% SSS avg 11.9% 10.0% 6.7% 7.3% Drop in oil and commodity prices + general retail 5.2% 5.0% 5.5% 4.5% softness. 3.1% Wrapping +53.7% SSS% 2.0% 0.3% 0.0% -0.1% -0.1% 1st Half 2nd Half Full Year Tariff Impact -6.2% FY13 FY14 FY
Slide 8: Boot Barn is a National Lifestyle Retailer
Boot Barn is a National Lifestyle Retailer 7
Slide 9: Over a Decade of Strong Sales Growth
Over a Decade of Strong Sales Growth Total Sales ($M) $2,150 $1,911 $1,658 $1,667 ~+19% CAGR $1,488 $893 $846 $777 $678 $630 $569 $403 $346 $233 1 1 2 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 E 1Fiscal 2017 and Fiscal 2023 were 53-week years. 2Reflects the high end of th
Slide 10: Current SSS% Trend
Current SSS% Trend Fiscal 2025 and Fiscal 2026 Consolidated SSS% 10.2% 8.6% 6.0% 4.9% 1.4% Q1 Q2 Q3 Q4 Q1 QTD 1 9 weeks through May 31, 2025 Fiscal 2025 Fiscal 2026 1Represents preliminary consolidated same store sales for April, May, and one week of June Fiscal 2026. 9
Slide 11: Sales Mix
Sales Mix Fiscal 20181 Western: ~70% of Sales Fiscal 20252 6 • Boots 53% • Boots 47% Product Mix2 Product Mix1 • Apparel & Denim 32% • Apparel & Denim 37% • Hats & Other 15% • Hats & Other 16% End Customer2 End Customer1 • Men 63% • Men 61% • Women 24% • Women 26% • General 8% • General 8% • Kids 5%
Slide 12: Strategic Initiatives Update
Strategic Initiatives Update 1 New Stores 2 Same Store Sales 3 Omni-Channel 4 Merchandise Margin & Exclusive Brands 11
Slide 13: We continue to add profitable new units at 15% annual growth
1 New Stores We continue to add profitable new units at 15% annual growth. Annual Store Count 524 to 529 15% 15% 459 16% 400 15% 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 FY26 E 1Represents management’s guidance to open a t
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Slide 18: New store economics are very strong
1 New Stores Our new store economics are very strong, with an average new store payback period of approximately 1.8 years and approximately 53% cash on cash return in the first year of operation. FY26 Metrics Guidance Selling Square Feet ~12,000 Year 1 Net Sales ~$3.2M Net Capital Investment ~$0.9M
Slide 19: Consolidated SSS%
2 Same Store Sales Consolidated SSS% 53.7% FY13 – FY21 +5.5% SSS avg 11.9% 10.0% 6.7% 7.3% Drop in oil and commodity prices + general retail 5.2% 5.0% 5.5% 4.5% softness. 3.1% Wrapping +53.7% SSS% 2.0% 0.3% 0.0% -0.1% -0.1% 1st Half 2nd Half Full Year Tariff Impact -6.2% FY13 FY14 FY15 FY16 FY17 FY1
Slide 20: We offer a broad product assortment to our customers
2 Same Store Sales We offer a broad product assortment to our customers. Men’s Boots Ladies’ Boots 19
Slide 21: We have continued to broaden our reach through marketing and new partnerships
2 Same Store Sales We have continued to broaden our reach through marketing and new partnerships. Luke Grimes Actor / Musician National Finals Rodeo (NFR) Morgan Wallen Sand in My Boots Festival Carín León Boot Barn Booth 2023 May 2025 Musician Jelly Roll NASCAR Sponsorship Musician 20
Slide 22: Marketing spend is targeted at 3% of sales
2 Same Store Sales Marketing spend is targeted at 3% of sales. Incremental marketing spend in Fiscal 2026 is focused on more content distribution. Targeted Marketing Spend $M Increased Content Distribution $65 $57 $50 $50 $45 $25 $27 $23 $19 $20 $17 $12 $10 $7 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Slide 23: Traffic Counters are Being Added in Q1 FY2026
2 Same Store Sales Traffic Counters are Being Added in Q1 FY2026 Previously, we have used transactions as a proxy for traffic. We believe that the addition of traffic counters will allow us to measure marketing tactics and an individual store’s operations with much more reliability. Conversion Traff
Slide 24: Omni-Channel Online Sites
3 Omni-Channel Primary Online Sites Branding & Acquisition Online Sites (~99% of online sales) (~1% of online sales) • Branded and strongest site • Same price as stores • Most profitable online site • ~75% of online sales • Price sensitive customer • Same assortment as Bootbarn.com • ~12% of online
Slide 25: We continue to leverage technology and artificial intelligence
3 Omni-Channel We continue to leverage technology and artificial intelligence to enhance the customer experience and our associate’s product knowledge. Use of Technology & AI • Enhancing the in-store experience through Cassidy, an AI assistant • Online shoppers can also use Cassidy as an online assi
Slide 26: We continue to position our exclusive brands as best in class
4 Merchandise Margin & Exclusive Brands We continue to position our exclusive brands as best in class. 6 Exclusive Brands Account for ~35% of Sales Volume 25
Slide 27: We are increasing our marketing spend on exclusive brands
4 Merchandise Margin & Exclusive Brands We are increasing our marketing spend on exclusive brands. Morgan Wallen Sand in My Boots Festival Cody James Stage 26
Slide 28: Multiple levers to drive merchandise margin growth
4 Merchandise Margin & Exclusive Brands We have multiple levers to drive merchandise margin growth and are excited about our next phase, which will focus on improved sourcing for exclusive brands. Merchandise Margin Growth Phase 1 Merchandise Margin Growth Phase 2 Margin Drivers Margin Drivers • Ful
Slide 29: Tariff Mitigation Strategy
Tariff Mitigation Strategy • Given BOOT’s lower inventory turns (~2x per year) plus accelerated receipts ahead of tariffs, the impact of recent tariffs is expected to largely be in the second half of Fiscal 2026. • Third-party inventory – we have been notified of cost increases on products that we s
Slide 30: Estimated Exclusive Brands Tariff Impact
Estimated Exclusive Brands Tariff Impact The following information provides estimates and assumptions to help quantify the potential impact of tariffs on the Company’s exclusive brands business. Fiscal 2026 guidance contemplates a 30% tariff on China, 10% global tariff rate, and 0% tariff on Mexico
Slide 31: Growth Potential
Growth Potential 30
Slide 32: Growth Potential
Growth Potential New Unit Growth Total Sales Growth ($M) 900 • Opportunity to ~double store count • +433 new stores = 467 $1.4B sales from $2,150 $1,911 new stores only $1,658 $1,667 $1,488 • Payback ~1.8 years $846 $893 1 Today Future FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Future Merchandise Margin R
Slide 33: investor.bootbarn.com
investor.bootbarn.com 32