Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Investor Presentation (June 2025)
33 slides from Boot Barn's investor presentation, Jun 2, 2025
Slide 1: Offering everyone a piece of the American spirit—one handshake at a time
0 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: Operating within a $40 Billion TAM
2 Country music & lifestyle Western events – rodeos & concerts Ranching Horse ownership Agriculture Operating within a $40 Billion1 TAM WORK INDUSTRY Blue collar employment Oil & gas industry Construction spending Commercial accounts Workplace safety regulations WESTERN INDUSTRY 1Source: Estimated t
Slide 4: Industry Leading Position
3 1 Store count as of June 2, 2025. 104 National 467 Regional (Mostly Texas) Independent retailers Hundreds National Direct Industry Competitors1 Industry Leading Position Farm & Ranch Competitors Online/Other Competitors Direct to Consumer
Slide 5: Agenda
4 Agenda Boot Barn’s Story Four Strategic Initiatives Future Growth Potential 1 2 3 4 New Stores Same Store Sales Omni-Channel Merchandise Margin & Exclusive Brands
Slide 6: Full Year Fiscal 2025 Results
5 Full Year Fiscal 2025 Results 1Fiscal 2023 was a 53-week year. Management estimates the 53rd week contributed $28.3M in sales and approximately $0.16 of earnings per diluted share. $846 $893 $1,488 $1,658 $1,667 $1,911 FY20 FY21 FY22 FY23 FY24 FY25 FY25 Full Year Total Sales ($M) 5.0% 3.1% 53.7% -
Slide 7: Historical Same Store Sales Growth
6 11.9% 6.7% 7.3% -0.1% 0.3% 5.2% 10.0% 5.0% 3.1% 53.7% -0.1% -6.2% 5.5% 4.5% 0.0% 2.0% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Full Year Consolidated SSS% 1 1Reflects the high end of the Company’s guidance range provided on the Company’s fourth quarter earnings call held on
Slide 8: Boot Barn is a National Lifestyle Retailer
7 Boot Barn is a National Lifestyle Retailer
Slide 9: Over a Decade of Strong Sales Growth
8 $233 $346 $403 $569 $630 $678 $777 $846 $893 $1,488 $1,658 $1,667 $1,911 $2,150 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Total Sales ($M) Over a Decade of Strong Sales Growth 1 1 1Fiscal 2017 and Fiscal 2023 were 53-week years. 2Reflects the high end of the Company’s
Slide 10: Current SSS% Trend
9 1.4% 4.9% 8.6% 6.0% 10.2% Q1 Q2 Q3 Q4 Q1 QTD 9 weeks through May 31, 2025 Current SSS% Trend Fiscal 2025 and Fiscal 2026 Consolidated SSS% Fiscal 2025 Fiscal 2026 1 1Represents preliminary consolidated same store sales for April, May, and one week of June Fiscal 2026.
Slide 11: Sales Mix
10 Sales Mix Western: ~70% of Sales6 1For the fiscal year ended March 31, 2018. 2For the fiscal year ended March 29, 2025. Product Mix 1 End Customer 1 Channel 1 • Boots 53% • Apparel & Denim 32% • Hats & Other 15% • Men 63% • Women 24% • General 8% • Kids 5% • Stores 83% • Online 17% Product Mix 2
Slide 12: Strategic Initiatives Update
11 Strategic Initiatives Update 1 2 3 4 New Stores Same Store Sales Omni-Channel Merchandise Margin & Exclusive Brands
Slide 13: New Stores: Annual Store Count
12 New Stores 86 117 152 169 208 219 226 240 259 273 300 345 400 459 524 to 529 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Annual Store Count 1 1Represents management’s guidance to open a total of 15% new stores in Fiscal 2026, as provided on the Company’s fourth qu
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Slide 18: New Stores Metrics FY26 Guidance
17 1 New Stores Metrics FY26 Guidance Selling Square Feet ~12,000 Year 1 Net Sales ~$3.2M Net Capital Investment ~$0.9M Net Inventory Investment ~$0.8M Total Net Investment ~$1.7M Year 1 Estimated EBITDA ~$0.9M Year 1 Cash on Cash Return ~53% Payback Period ~1.8 years Our new store economics are ver
Slide 19: Same Store Sales
18 11.9% 6.7% 7.3% -0.1% 0.3% 5.2% 10.0% 5.0% 3.1% 53.7% -0.1% -6.2% 5.5% 4.5% 0.0% 2.0% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Full Year Consolidated SSS% 1 1Reflects the high end of the Company’s guidance range provided on the Company’s fourth quarter earnings call held o
Slide 20: Broad Product Assortment
19 Men’s Boots Ladies’ Boots We offer a broad product assortment to our customers. 2 Same Store Sales
Slide 21: Marketing and New Partnerships
20 National Finals Rodeo (NFR) Boot Barn Booth 2023 Luke Grimes Actor / Musician We have continued to broaden our reach through marketing and new partnerships. Morgan Wallen Sand in My Boots Festival May 2025 Carín León Musician Jelly Roll Musician NASCAR Sponsorship 2 Same Store Sales
Slide 22: Targeted Marketing Spend
21 Marketing spend is targeted at 3% of sales. Incremental marketing spend in Fiscal 2026 is focused on more content distribution. $7 $10 $12 $17 $19 $20 $23 $25 $27 $45 $50 $50 $57 $65 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Targeted Marketing Spend $M Increased Cont
Slide 23: Traffic Counters Being Added in Q1 FY2026
22 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. 2 Same Store Sales Store associa
Slide 24: Online Sites
23 • 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 sales • Mostly ladies’ product • More fashionable customer • ~3% of online sales • Least profitable online site •
Slide 25: Use of Technology & AI
24 Welcome To Boot Barn Tustin 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 a
Slide 26: Exclusive Brands Account for ~35% of Sales Volume
25 4 Merchandise Margin & Exclusive Brands 6 Exclusive Brands Account for ~35% of Sales Volume We continue to position our exclusive brands as best in class.
Slide 27: Merchandise Margin & Exclusive Brands
26 4 Merchandise Margin & Exclusive Brands Morgan Wallen Sand in My Boots Festival Cody James Stage We are increasing our marketing spend on exclusive brands.
Slide 28: Merchandise Margin Growth Phases
27 4 Merchandise Margin & Exclusive Brands +90bps +90bps +270bps (70)bps +160bps +130bps Flat FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Merchandise Margin Growth Phase 1 FY27 FY28 FY29 FY30 Merchandise Margin Growth Phase 2 We have multiple levers to drive merchandise margin growth and are excited about
Slide 29: Tariff Mitigation Strategy
28 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 w
Slide 30: Estimated Exclusive Brands Tariff Impact
29 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 Mexi
Slide 31: Growth Potential
30 Growth Potential
Slide 32: Future Growth Potential
31 $1.64 $2.01 $6.33 $5.62 $4.80 $5.88 $6.40 FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Future Merchandise Margin Rate (Year-Over-Year Change) +90bps +90bps +270bps (70)bps +160bps +130bps Flat FY20 FY21 FY22 FY23 FY24 FY25 FY26 E Future Growth Potential New Unit Growth 467 900 Today Future • Opportunity
Slide 33: investor.bootbarn.com
32 investor.bootbarn.com
Boot Barn Holdings — Investor Presentation (June 2025) on 6ix