Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — ICR Conference 2025
22 slides from Boot Barn's conference presentation, Jan 10, 2025
Slide 1: ICR Conference January 2025
0 ICR CONFERENCE JANUARY 2025 Offering everyone a piece of the American spirit—one handshake at a time.
Slide 2: Important Information: Forward-Looking Statements
1 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
2 Q3 Fiscal 2025 Financial Results $520 $595 $608 LY High-End Guidance Preliminary Actual Q3 Total Sales ($M) Q3 GAAP EPS $1.81 $2.07 $2.43 LY High-End Guidance Preliminary Actual $75.1 $87.3 $99.5 LY High-End Guidance Preliminary Actual Q3 Income from Operations ($M) 1 1 2 1 3 1All Q3 Fiscal 2025 f
Slide 4: Q3 Fiscal 2025 Financial Results
3 Q3 Fiscal 2025 Financial Results $284 $302 $486 $515 $520 $608 FY20 FY21 FY22 FY23 FY24 FY25 Q3 Total Sales ($M) 6.7% 4.6% 54.2% -3.6% -9.7% 8.6% FY20 FY21 FY22 FY23 FY24 FY25 Q3 Consolidated SSS% +50bps +150bps +270bps (190)bps +300bps +130bps FY20 FY21 FY22 FY23 FY24 FY25 Q3 Merchandise Margin %
Slide 5: Over a Decade of Strong Sales Growth
4 $233 $346 $403 $569 $630 $678 $777 $846 $893 $1,488 $1,658 $1,667 $1,846 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q3 FY25 TTM Total Sales ($M) Total Sales Growth 38% 48% 16% 41% 11% 8% 15% 9% 6% 67% 11% Over a Decade of Strong Sales Growth 1 1 2 1Fiscal 2017 and Fiscal 2023 were
Slide 6: Strategic Initiatives Update
5 Strategic Initiatives Update 1 2 3 4 New Stores Same Store Sales Omni-Channel Merchandise Margin & Exclusive Brands
Slide 7: 15% New Unit Growth
6 15% New Unit Growth 86 117 152 169 208 219 226 240 259 273 300 345 400 460 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 E Annual Store Count 1 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
7 1 Profitable New Units & Expanding Our National Footprint FY25 Q3 • 438 stores • 46 states New Store Economics SqFt $1.7M $3.0M 1st Year Sales $700K Investment Return on Investment FY25 E 3yr Payback ~1.5yr Payback IPO Model $1.5M 32% 12K ~60% 10K
Slide 9: Investing in Stores
8 1 Investing in Stores
Slide 10: Investing in Stores
9 1 Investing in Stores
Slide 11: Investing in Stores
10 1 Investing in Stores
Slide 12: Investing in Stores
11 1 Investing in Stores
Slide 13: New Store Opportunity: Looking Forward 15% New Unit Growth
12 460 900 FY25 E FY26 FY27 FY28 FY29 FY30 1 Illustrative 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 held on October 28, 2024. New Store Opportunity1 Looking For
Slide 14: Over A Decade of Strong Same Store Sales
13 11.9% 6.7% 7.3% -0.1% 0.3% 5.2% 10.0% 5.0% 3.1% 53.7% -0.1% -6.2% 5.4% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q3 FY25 YTD Consolidated SSS% 2 Over A Decade of Strong Same Store Sales FY13 – FY19 +41% seven-year stack, +6% SSS avg FY20 – Q3 FY25 YTD ~+61% six-year stack, ~+10%
Slide 15: Store SSS% by Month
14 -1.5% 1.9% 1.8% -0.9% 5.3% 7.5% 4.6% -2.4% 16.0% Apr May Jun Jul Aug Sep Oct Nov Dec 2 Store SSS% by Month FY24 -5.0% -2.6% 1.5% 1.1% -3.7% -7.3% -8.8% -11.5% -8.5% -7.2% -8.1% -2.8% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY23 8.1% 14.8% 8.1% 1.6% 4.4% 5.1% 1.5% 1.9% -3.2% 0.6% -1.9
Slide 16: Omni-Channel Capabilities Drive Store Traffic
15 3 Omni-Channel Capabilities Drive Store Traffic • Bring Long Tail to Stores • Ship to Store / BOPIS • Return in Store Deliver Digital Experience in Stores • Mobile App • Range Finder (AI-enabled) • WHIP (endless aisle) • Cassidy (piloting in-store consumer AI solution) Fulfill Online Demand Effic
Slide 17: Ecommerce SSS% by Month
16 3 Ecommerce SSS% by Month 5.0% 6.0% 8.7% 5.0% 12.1% 12.2% 13.7% 2.2% 13.5% Apr May Jun Jul Aug Sep Oct Nov Dec FY24 -19.1% -9.0% -3.5% -11.9% -13.0% -10.6% -16.8% -15.1% -8.4% -11.3% -5.9% -6.0% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY23 13.1% 8.5% 6.4% -3.0% -1.3% -13.5% -18.5% -2
Slide 18: Exclusive Brands Portfolio
17 WESTERN COUNTRY ARTIST INSPIRED WORK RANCH & RODEO 4 Exclusive Brands Portfolio PREMIUM VALUE
Slide 19: Exclusive Brands Penetration Growth
18 3.0% 5.0% 7.0% 9.7% 11.1% 10.7% 13.5% 16.2% 22.0% 23.7% 28.3% 34.0% 37.7% 38.5% FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q3 FY25 YTD Exclusive Brands Penetration % Margin enhancement ~1,000 bps vs. 3rd party brands 4 1 Exclusive Brands Penetration Growth 1All Q3 Fiscal 202
Slide 20: Margin Drivers
19 Margin Drivers • Full-price selling • Buying economies of scale • Supply chain efficiencies • Volume discounts • Exclusive brands sales penetration Exclusive Brands Penetration Growth Over Seven Years 13.5% 38.5% FY18 Q3 FY25 YTD EB is Only 1/3 of Margin Appreciation EB Expansion 250bps Other Mar
Slide 21: National Leader in Attractive Market
20 National Leader in Attractive Market • Leading player in estimated $40 billion industry • Brick-and-mortar presence in 46 states and online sales in all 50 states plus international • Pressure-tested model World Class Omni-Channel Capabilities • Strong variety of omni-channel offerings in place •
Slide 22: investor.bootbarn.com
21 investor.bootbarn.com