Boot Barn Holdings, Inc. · NYSE:BOOT
Boot Barn — Q4 2025 Earnings Presentation
21 slides from Boot Barn's earnings presentation, May 14, 2025
Slide 1: Supplemental Financial Presentation
Offering everyone a piece of the American spirit—one handshake at a time. Supplemental Financial Presentation May 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: Full Year Fiscal 2025 Highlights
Full Year Fiscal 2025 Highlights Results Fiscal 2024 Fiscal 2025 Δ Total Sales $ $1.67 Billion $1.91 Billion $244 Million +14.6% (6.2)% +5.5% Consolidated Same Store Sales % Stores (5.6)% Stores +5.0% E-comm (10.6)% E-comm +9.7% Customer Loyalty Program 1 8.4 Million 9.6 Million +1.2 Million +14.3%
Slide 4: Full Year Fiscal 2025 Results
Full Year Fiscal 2025 Results FY25 Full Year Total Sales ($M) FY25 Full Year Consolidated SSS% 18% five-year CAGR 53.7% $1,911 $1,658 $1,667 $1,488 $846 $893 5.0% 3.1% 5.5% -0.1% 1 -6.2% FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 FY25 Full Year Merchandise Margin % FY25 Full Year EP
Slide 5: Q4 Fiscal 2025 Results
Q4 Fiscal 2025 Results Q4 Total Sales ($M) Q4 Consolidated SSS% 17% Sales Growth vs. LY 33.3% $454 26.9% $426 $383 $388 $259 $189 6.0% -4.7% -5.5% -5.9% FY20 FY21 FY22 FY23 1 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 COVID COVID Q4 Merchandise Margin % Q4 EPS +660bps over six years +210bps $1.47 $1.53
Slide 6: Over a Decade of Strong Sales Growth
Over a Decade of Strong Sales Growth Total Sales ($M) $1,911 ~+19% CAGR $1,658 $1,667 $1,488 $893 $846 $777 $678 $630 $569 $403 $346 $233 1 1 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Total Sales Growth 38% 48% 16% 41% 11% 8% 15% 9% 6% 67% 11% 1% 15% SSS% 11.9% 6.7% 7.3% (0.1)
Slide 7: Strategic Initiatives Update
Strategic Initiatives Update 1 New Stores 2 Same Store Sales 3 Omni-Channel 4 Merchandise Margin & Exclusive Brands 6
Slide 8: Profitable New Units at 15% Annual Growth
1 Profitable New Units at 15% Annual Growth FY26 Metrics 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 Ann
Slide 9: Same Store Sales Growth
2 Same Store Sales Growth Consolidated SSS% 53.7% 11.9% 10.0% 6.7% 7.3% 5.2% 5.0% 5.5% 3.1% 2.0% 0.3% -0.1% -0.1% -6.2% 1 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 E 1Reflects the high end of the Company’s guidance range provided on the Company’s fourth quarter earnings c
Slide 10: Store SSS%
2 Store SSS% Stores are ~90% of FY25 Sales FY26 9.8% 8.4% 1 Apr Two Weeks Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 1 of May FY25 16.0% 5.3% 7.5% Thanksgiving 7.0% 8.0% 1.9% 1.8% 4.6% Shift 0.9% -1.5% -0.9% -2.4% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY24 1.5% 1.1% -5.0% -2.6% -3.7% -2.8% -7
Slide 11: 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 12: Ecommerce SSS%
Ecommerce is 3 Ecommerce SSS% ~10% of FY25 Sales FY26 15.9% -0.4% 1 Apr Two Weeks Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 1 of May FY25 12.1% 12.2% 13.7% Thanksgiving 13.5% 17.1% 6.0% 8.7% Shift 9.0% 5.0% 5.0% 2.2% 5.1% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY24 -3.5% -5.9% -6.0% -9.0% -11
Slide 13: Exclusive Brands Growth & Margin Expansion
4 Exclusive Brands Growth & Margin Expansion 6 Exclusive Brands Account for ~35% of Sales Volume Exclusive Brands (EB) Penetration Growth Margin enhancement ~1,000bps vs. 3rd party brands 38.6% 39.6% 16.2% $126M $738M $851M in sales in sales in sales FY19 FY25 FY26 E Merchandise Margin Growth Exclus
Slide 14: FY26 Guidance
FY26 Guidance 13
Slide 15: Full Year Fiscal 2026 Financial Guidance
Full Year Fiscal 2026 Financial Guidance Fiscal 2026 contemplates a 30% tariff on China, 10% global tariff rate, and 0% tariff on Mexico (USMCA compliant). Full Year Low-End High-End Low-End Guidance High-End Guidance FY26 Financial Guidance ($M) ($M) Comments vs. LY Comments vs. LY Total Net Sales
Slide 16: Q1 Fiscal 2026 Financial Guidance
Q1 Fiscal 2026 Financial Guidance Low-End High-End Q1 FY26 Financial Guidance ($M) ($M) Total Net Sales $483 $491 Consolidated SSS% 4.0% 6.0% Store SSS% 4.0% 6.0% E-commerce SSS% 4.0% 6.0% Total Net Sales Growth % 14% 16% Merchandise Margin 1 $250 $254 % 51.7% 51.7% Gross Profit $183 $188 % 37.9% 38
Slide 17: Tariff Mitigation Strategy
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 we s
Slide 18: Estimated Exclusive Brands Tariff Impact
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 Mexico
Slide 19: Share Repurchase Program
Share Repurchase Program The Company’s Board of Directors has authorized the Company to repurchase up to $200 million of its common stock. We plan to execute a quarter of the total authorization this fiscal year, with the spend roughly consistent by quarter and this has been factored into our guidan
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