Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Q2 2023 Earnings Presentation
21 slides from Boot Barn's earnings presentation, Oct 26, 2022
Slide 1: Supplemental Financial Presentation
Supplemental Financial Presentation October 26, 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: Q2 Fiscal 2023 Results
Q2 Fiscal 2023 Results Total Net Sales ($MM) EPS Beats Guidance $1.06 $352 $346 $0.93 $339 $0.87 1 Q2 FY2023 Guidance1 Q2 FY2023 Q2 FY2023 Guidance Q2 FY2023 Low-End High-End Actual Low-End High-End Actual Q2 FY2023 Highlights • 10 new stores opened • 12.4% total sales growth (88% 3-year total sales
Slide 4: Trailing Twelve Months Results
Trailing Twelve Months Results 1 TTM Sales $ Operating Income $ Operating Income % EPS $ $1.6 Billion $251 Million 15.8% $6.09 Trailing Twelve Months Highlights • 43 new stores opened • 30.4% exclusive brands penetration • 4 new exclusive brands launched • 15.8% operating income margin • $6.09 EPS 1
Slide 5: Strategic Initiatives Update
Strategic Initiatives Update 1 Drive Same Store Sales Growth 2 Continue Omni-Channel Leadership 3 Build Out Exclusive Brand Portfolio 4 Expand Our Store Base 4
Slide 6: Consistent Average Unit Volume for 19 Months
1 Consistent Average Unit Volume for 19 Months The average annual unit volume is proving to be sustainable. Annualized Average Unit Volume ($MM)1 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 2 May Jun Jul Aug Sep Oct Nov-Mar Guide $4.2MM 1Annualized average unit volume by month was calculated
Slide 7: Broadening Our Reach
1 Broadening Our Reach Carolina Cowboys Los Angeles Angels Chris Paddack PBR Teams Series Sponsorship Minnesota Twins Marlon Humphrey Danielle Bradbery Baltimore Ravens Musician 6
Slide 8: Broadening Our Reach
1 Broadening Our Reach Boot Barn brand continues to gain awareness through both industry and mainstream press coverage. 7
Slide 9: Healthy Inventory Position
1 Healthy Inventory Position • 39% average comp store inventory growth. • 3-year stack SSS% is outpacing 3-year stack comp store inventory growth. • 23 weeks of store supply. • Minimal markdown exposure as fashionable product is ~14% of inventory. • Average annual unit store volume has increased 56%
Slide 10: Q2 FY2023 E-commerce Sales Bridge
2 Q2 FY2023 E-commerce Sales Bridge Q2 E-commerce Sales ($MM) Amazon Amazon Marketplace $44 BB+SHP+CO Marketplace BB+SHP+CO $42 Amazon BB+SHP+CO Marketplace $31 $28 Amazon marketplace accounts for ~10% of Q2 FY2023 e-commerce sales or ~1% of Q2 FY2023 total company sales. FY20 FY21 FY22 FY23 9
Slide 11: Extensive Omni-Channel Capabilities
2 Extensive Omni-Channel Capabilities Our omni-channel initiatives continue to drive more online-only customers to the stores. Deliver Digital Experience in Drive Store Traffic Stores • Bring Long Tail to Stores • Range Finder (finite aisle) • Ship to Store / BOPIS • WHIP (endless aisle) • Return in
Slide 12: Exclusive Brand Growth
3 Exclusive Brand Growth Our exclusive brands continue to grow and are well received by customers. Q2 EB Penetration % 32.3% 28.8% 24.9% 21.3% 15.3% FY2019 FY2020 FY2021 FY2022 FY2023 11
Slide 13: Exclusive Brand Portfolio
3 Exclusive Brand Portfolio WESTERN COUNTRY ARTIST INSPIRED WORK RANCH & RODEO 12
Slide 14: Store Openings in New and Legacy Markets
4 Store Openings in New and Legacy Markets We continue to see opportunity to add stores in new and legacy markets on our path to 900 stores. Current Locations Stores opened in the last 12 months 13
Slide 15: Consistent New Unit Openings
4 Consistent New Unit Openings 43 new stores opened in the last 12 months. ~19 Additional Stores New Store Openings by Quarter 1 to be opened in FY23 43 11 11 11 10 ~10 ~9 3 3 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 TTM Q3 FY2023 Q4 FY2024 1Represents FY 2023 guidance provided on
Slide 16: New Stores Continue to Exceed Expectations
4 New Stores Continue to Exceed Expectations FY2023 new openings are projected to do $3.5MM in annual sales and payback in just over 1 year. 1 FY2023 New Stores METRICS Projection Store Size (sq. ft.) ~12,000 Year 1 Net Sales $3.5MM Sales per Square Foot $292/sq. ft. Net Capital Investment $0.6MM Ne
Slide 17: Revised Full Year FY2023 Guidance
Revised Full Year FY2023 Guidance1 Total Net Sales ($MM)1 Earnings Per Share2 $1,670 $1,650 $5.90 $5.70 Low-End High-End Low-End High-End High-End Guidance Highlights3 • 40 new stores opened • 12.2% total sales growth • 0.5% same store sales growth • $243MM income from operations • 14.6% operating i
Slide 18: Revised FY2023 Financial Guidance
Revised FY2023 Financial Guidance Previous New Full Year FY2023 Financial Guidance High End High End Revised High End Guidance Comments ($MM) ($MM) Total Net Sales1 $1,700 $1,670 Consolidated SSS% 2.0% 0.5% Store SSS% 2.0% 3.0% Continued growth in retail store SSS%. E-commerce SSS% 1.5% (11.0)% E-Co
Slide 19: Full Year FY2023 Financial Guidance
Full Year FY2023 Financial Guidance Low End High End High End Guidance Full Year FY2023 Financial Guidance ($MM) ($MM) Comments Total Net Sales1 $1,650 $1,670 Consolidated SSS% (1.0)% 0.5% Store SSS% 2.0% 3.0% E-commerce SSS% (13.0)% (11.0)% Total Net Sales Growth % 10.9% 12.2% New Store Openings 40
Slide 20: Q3 FY2023 Financial Guidance
Q3 FY2023 Financial Guidance Low End High End High End Guidance Q3 FY2023 Financial Guidance ($MM) ($MM) Comments Total Net Sales $502 $514 Consolidated SSS% (5.0)% (3.0)% Store SSS% (2.0)% Flat E-commerce SSS% (21.0)% (17.0)% Total Net Sales Growth % 3.3% 5.8% New Store Openings ~9 ~9 Gross Profit
Slide 21: investor.bootbarn.com
investor.bootbarn.com 20