Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Q1 2023 Earnings Presentation
17 slides from Boot Barn's earnings presentation, Jul 27, 2022
Slide 1: Supplemental Financial Presentation
Supplemental Financial Presentation July 27, 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: Q1 Fiscal 2023 Results
Q1 Fiscal 2023 Results Total Net Sales ($MM) EPS Beats Guidance $367 $366 $1.29 $1.14 Q1 FY2023 Q1 FY2023 Q1 FY2023 Q1 FY2023 Guidance 1 Actual Guidance 1 Actual 2 Total Net Sales Growth 19.8% 19.4% Consolidated SSS% 10.0% 10.0% Store Count 311 311 Q1 FY2023 Highlights • 19% total sales growth • 10%
Slide 4: 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 3
Slide 5: Growing Same Store Sales & Opening New Stores
1 Growing Same Store Sales & Opening New Stores 97% Three Year Total Net Sales Growth New Stores $67MM Same Store New Stores Sales 1 $6MM $299MM Same Store Sales 1 $180MM Q1 FY2020 Q1 FY2023 Mar 31, 2019 – Jun 29, 2019 Mar 27, 2022 – Jun 25, 2022 Three Year Sales Highlights2 • +66% same store sales
Slide 6: Healthy Inventory Position
1 Healthy Inventory Position • Minimal markdown exposure as fashionable product is ~13% of inventory. • 24 weeks of store supply is in-line with inventory level required to turn twice a year. • Average annual unit store volume has increased 56% from $2.7MM in FY20 to $4.2MM in FY22. Stores’ Weeks of
Slide 7: Omni-Channel Capabilities
2 Omni-Channel Capabilities • Bring Long Tail to Stores • Ship to Store • BOPIS • Return in Store Drive Store Traffic Experience in Store Improve Online Deliver Digital • Expand Exclusive Brands % Profitability • Range Finder (finite aisle) • Improve ROAS • WHIP (endless aisle) • Lower Cost to Pick
Slide 8: Hand-held Tablets for Store Associate Use
2 Hand-held Tablets for Store Associate Use Hand-held Tablet Functions • Product selection & sales • In-store fulfillment • Product lookup • Line busting • Pricing changes 7
Slide 9: Exclusive Brand Growth
3 Exclusive Brand Growth Exclusive Brand Sales ($MM) $500+ $425 $213 $186 $5 FY12 FY20 FY21 FY22 FY23E EB Sales 3% 22% 24% 28% 31% Penetration% Exclusive Brand Highlights • Sales have grown from $5MM in FY12 to over $400MM in FY22 • +56% sales CAGR from FY12 to FY22 8
Slide 10: Exclusive Brand Portfolio
3 Exclusive Brand Portfolio WESTERN COUNTRY ARTIST INSPIRED WORK RANCH & RODEO 9
Slide 11: New Units Growing Annually by Over 10%
4 New Units Growing Annually by Over 10% Store Count by Year 340 300 273 259 240 219 226 208 169 152 117 86 1 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23E 1Represents FY 2023 guidance provided on the Company’s first quarter 2023 earnings call on July 27, 2022. 10
Slide 12: New Stores Exceeding Expectations
4 New Stores Exceeding Expectations New Stores Opened FY2023 New Stores METRICS Prior Target After March 2020 Projection Store Size (sq. ft.) ~10,000 ~10,000 ~12,000 Year 1 Net Sales $1.7MM $4.0MM $3.5MM Sales per Square Foot $170/sq. ft. $400/sq. ft. $292/sq. ft. Net Capital Investment $0.4MM $0.5M
Slide 13: Current Business - SSS% by Week
Current Business - SSS% by Week1 • Similar to FY2022, consistent weekly comps in Q1 FY2023. • Comps were (6)% when wrapping peak stimulus in the prior-year period. • Q2 QTD FY2023 same store sales have been relatively consistent. 44 Q1 FY2023 SSS% 19 16 12 12 11 11 11 11 10 9 6 5 3 2 1 0 (0) (4) (6)
Slide 14: Revised Full Year FY2023 Guidance
Revised Full Year FY2023 Guidance1 Total Net Sales ($MM)1 Earnings Per Share2 $1,700 $6.20 $1,680 $6.00 Low-End High-End Low-End High-End Total Net Sales Growth 13% 14% Consolidated SSS% Flat 2% New Stores 40 40 High-End Guidance Highlights3 • 14% total sales growth • 2% same store sales growth • $2
Slide 15: Revised Full Year FY2023 Financial Guidance
Revised Full Year FY2023 Financial Guidance Low End High End High End Guidance Metric ($MM) ($MM) Comments 14% total sales growth Total Net Sales1 $1,680 $1,700 2% consolidated SSS% growth 40 new stores 80bps product margin expansion vs. LY Income from Operations $247 $255 (100)bps freight headwinds
Slide 16: 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 17: investor.bootbarn.com
BOOT BARN | investor.bootbarn.com