Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Q3 2025 Earnings Presentation
21 slides from Boot Barn's earnings presentation, Jan 30, 2025
Slide 1: Supplemental Financial Presentation January 2025
Offering everyone a piece of the American spirit—one handshake at a time. Supplemental Financial Presentation January 2025 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 2025 Financial Results
Q3 Fiscal 2025 Financial Results Q3 Total Sales ($M) Q3 Income from Operations ($M) Q3 GAAP EPS $2.43 $608 $99.5 $595 $2.07 $87.3 $520 $1.81 $75.1 1 2 LY High-End Actual LY High-End Actual LY High-End Actual Guidance Guidance Guidance 1Included in income from operations for the current period is a n
Slide 4: Q3 Fiscal 2025 Financial Results
Q3 Fiscal 2025 Financial Results Q3 Total Sales ($M) Q3 Consolidated SSS% 54.2% $608 $515 $520 $486 $284 $302 6.7% 8.6% 4.6% -3.6% -9.7% FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 Q3 Merchandise Margin % Q3 GAAP EPS +130bps $2.43 +300bps $2.27 +270bps +250bps $1.74 $1.81 freight (19
Slide 5: Over a Decade of Strong Sales Growth
Over a Decade of Strong Sales Growth Total Sales ($M) $1,918 ~+19% CAGR $1,658 $1,667 $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 E Total Sales Growth 38% 48% 16% 41% 11% 8% 15% 9% 6% 67% 11% 1% 15% SSS% 11.9% 6.7% 7.3% (
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 third quarter earn
Slide 8: Profitable New Units & Expanding Our National Footprint
1 Profitable New Units & Expanding Our National Footprint FY25 Q3 • 438 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 third quarter earnings call h
Slide 10: Over A Decade of Strong Same Store Sales
2 Over A Decade of Strong Same Store Sales Consolidated SSS% FY20 – FY25 E ~+61% 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% 5.9% 5.2% 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: Store SSS% by Month
2 Store SSS% by Month Stores are ~88% of FY25 Q3 Sales FY25 16.0% 5.3% 7.5% 7.2% 4.6% 1.9% 1.8% -1.5% -0.9% -2.4% 1 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Thanksgiving and Black Friday shifted from Fiscal November FY24 into Fiscal December FY25. FY24 1.5% 1.1% -5.0% -2.6% -3.7% -2.8% -7.3% -8.8% -8
Slide 12: 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 AI solution) Fulfill Online Demand Drive On
Slide 13: Ecommerce SSS% by Month
Ecommerce is 3 Ecommerce SSS% by Month ~12% of FY25 Q3 Sales FY25 17.1% 12.1% 12.2% 13.7% 13.5% 6.0% 8.7% 5.0% 5.0% 2.2% 1 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Thanksgiving and Black Friday shifted from Fiscal November FY24 into Fiscal December FY25. FY24 -3.5% -5.9% -6.0% -9.0% -11.9% -10.6% -8.
Slide 14: Exclusive Brands Portfolio
4 Exclusive Brands Portfolio WESTERN COUNTRY ARTIST INSPIRED WORK RANCH & RODEO PREMIUM VALUE 13
Slide 15: Exclusive Brands Penetration Growth
4 Exclusive Brands Penetration Growth Full Year Exclusive Brands Sales ($M) $742 $628 $564 $421 $186 $212 $126 $67 $92 $39 $63 $5 $12 $24 1 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 E Full Year Exclusive Brands Penetration % Margin enhancement ~1,000 bps vs. 3rd party bra
Slide 16: Exclusive Brands Growth & Margin Expansion
4 Exclusive Brands Growth & Margin Expansion Exclusive Brands Penetration Growth Over Seven Years EB is Only 1/3 of Margin Appreciation 38.7% EB Expansion 250bps Other Margin Drivers 13.5% 510bps FY18 FY25 E Merchandise Margin Growth Over Seven Years Estimated 760bps of Total Merchandise Margin Expa
Slide 17: FY25 Guidance
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Slide 18: Q4 Fiscal 2025 Financial Guidance
Q4 Fiscal 2025 Financial Guidance Low End High End Q4 FY25 Financial Guidance ($M) ($M) Total Net Sales $451 $460 Consolidated SSS% 5.3% 7.8% Store SSS% 4.7% 7.2% E-commerce SSS% 9.6% 12.1% Total Net Sales Growth % 16.1% 18.4% New Store Openings 21 21 Gross Profit $163.1 $167.8 % 36.2% 36.5% SG&A $1
Slide 19: Full Year Fiscal 2025 Financial Guidance
Full Year Fiscal 2025 Financial Guidance Updated Updated Prior High High End Guidance Full Year FY25 Financial Guidance Low End High End End Comments ($M) ($M) ($M) Total Net Sales $1,908 $1,918 $1,907 Consolidated SSS% 5.4% 5.9% 5.0% Store SSS% 4.8% 5.4% 4.5% E-commerce SSS% 9.7% 10.2% 9.5% Total N
Slide 20: 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 21: investor.bootbarn.com
investor.bootbarn.com 20