8-K

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 6, 2023

Boot Barn Holdings, Inc.

(Exact name of registrant as specified in its charter)

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Delaware	001-36711	90-0776290
(State or other jurisdiction<br>of incorporation)	(Commission<br>File Number)	(I.R.S. Employer<br>Identification No.)

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15345 Barranca Parkway , Irvine , California	92618
(Address of principal executive offices)	(Zip Code)

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( 949 ) 453-4400

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.

Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.0001 par value	BOOT	New York Stock Exchange

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Item 2.02     Results of Operations and Financial Condition

On January 6, 2023, Boot Barn Holdings, Inc. (the “Company”) announced certain preliminary financial results for its third quarter ended December 24, 2022 in connection with its participation in the 2023 ICR Conference on Monday, January 9, 2023. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information provided in this Item 2.02, including Exhibit 99.1, is intended to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 7.01     Regulation FD Disclosure.

Boot Barn Holdings, Inc. (the “Company”) is presenting at the 2023 ICR Conference on Monday, January 9, 2023 at 10:30 a.m. Eastern Time. A copy of the Company’s presentation materials (the “Presentation”) is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The Presentation will be webcast live over the internet and can also be accessed at http://investor.bootbarn.com. An online archive will be available for a period of 90 days following the Presentation.

The information provided in this Item 7.01, including Exhibit 99.2, is intended to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

The Company expressly disclaims any obligation to update or revise any of the information contained in the Presentation.

The Presentation is available on the Company’s investor relations website located at investor.bootbarn.com, although the Company reserves the right to discontinue that availability at any time.

Item 9.01     Financial Statements and Exhibits

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Exhibit 99.1		Press release dated January 6, 2023.
Exhibit 99.2	​	January 2023 ICR Conference Presentation
Exhibit 104	​	The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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	BOOT BARN HOLDINGS, INC.
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Date: January 6, 2023	By:	/s/ James M. Watkins
		Name: James M. Watkins
		Title: Chief Financial Officer and Secretary (Principal Financial Officer and Principal Accounting Officer)

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Exhibit 99.1

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Boot Barn Holdings, Inc. Announces Preliminary Third Quarter Results and Participation in the 2023 ICR Conference

IRVINE, California – January 6, 2023—Boot Barn Holdings, Inc. (NYSE: BOOT) today announced preliminary results for the third quarter of fiscal year 2023 ended December 24, 2022 in advance of its participation in the ICR Conference on Monday, January 9, 2023.

Preliminary Results for the Third Quarter of Fiscal Year 2023

For the third quarter ended December 24, 2022, the Company expects to report:

·	Net sales increased 5.9% to approximately $514.6 million.
·	Same store sales declined approximately (3.6)%, cycling 54.2% same store sales growth in the prior-year period. Retail store same store sales declined approximately (0.8)% and e-commerce same store sales declined approximately (15.2)%.
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·	Merchandise margin declined 190 basis points compared to the prior-year period, driven primarily by a 180 basis-point headwind from higher freight expense.
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·	Net income per diluted share of approximately $1.74 based on 30.3 million weighted average diluted shares outstanding, compared to net income per diluted share of $2.27 in the prior-year period. Net income per diluted share in the prior-year period includes an approximately $0.04 per share benefit primarily due to income tax accounting for share-based compensation.
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·	The Company opened 12 new stores in the third quarter, or 33 stores year-to-date, bringing its total store count to 333.
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Jim Conroy, President and Chief Executive Officer, commented “I am extremely proud of the entire Boot Barn team for their tremendous execution as we delivered total sales at the high end of our guidance, despite late December storms that negatively impacted sales during the highest volume days of the quarter. New store sales continued to overperform our expectations and we were able to deliver retail store same store sales that were roughly flat as we cycled an incredible 55.7% retail comp growth in the same period last year. Once again, we were able to maintain our predominantly full-price selling environment in what seemed to be a highly promotional holiday period across retail. Normalizing for expected freight headwinds, we were able to achieve a merchandise margin rate nearly in line with last year’s record-setting performance.

As we enter 2023, we feel great about the new store pipeline, our current inventory levels, and the overall tone of the business. With store productivity levels continuing to far exceed pre-pandemic levels, combined with the significant opportunity to increase our current store footprint, we believe the future growth prospects for Boot Barn are extremely bright.”

The foregoing expected results are preliminary and remain subject to the completion of normal quarter end accounting procedures and closing adjustments. The Company currently plans to report third quarter results in late January 2023, at which time it will also provide fourth quarter guidance.

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2023 ICR Conference

The Company will be presenting at the 2023 ICR Conference on Monday, January 9, 2023 at 10:30 am Eastern Standard Time. The slide presentation is available on the “Events & Presentations” section at http://investor.bootbarn.com. The presentation will be webcast live over the internet and can also be accessed at http://investor.bootbarn.com. An online archive will be available for a period of 90 days following the presentation.

About Boot Barn

Boot Barn is the nation’s leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. As of the date of this release, Boot Barn operates 333 stores in 41 states, in addition to an e-commerce channel www.bootbarn.com. The Company also operates www.sheplers.com, the nation’s leading pure play online western and work retailer and www.countryoutfitter.com, an e-commerce site selling to customers who live a country lifestyle. For more information, call 888-Boot-Barn or visit www.bootbarn.com.

Forward Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to, by way of example and without limitation, our financial condition, liquidity, profitability, results of operations, margins, plans, objectives, strategies, future performance, business and industry. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan“, "intend", "believe", “may”, “might”, “will”, “could”, “should”, “can have”, “likely”, “outlook” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. These forward-looking statements are based on assumptions that the Company’s management has made in light of their industry experience and on their perceptions of historical trends, current conditions, expected future developments and other factors they believe are appropriate under the circumstances. As you consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. These risks, uncertainties and assumptions include, but are not limited to, the following: the effect of COVID-19 on our business operations, growth strategies, store traffic, employee availability, financial condition, liquidity and cash flow; decreases in consumer spending due to declines in consumer confidence, local economic conditions or changes in consumer preferences; the Company’s ability to effectively execute on its growth strategy; and the Company’s failure to maintain and enhance its strong brand image, to compete effectively, to maintain good relationships with its key suppliers, and to improve and expand its exclusive product offerings. The Company discusses the foregoing risks and other risks in greater detail under the heading “Risk factors” in the periodic reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, the Company cautions that you should not place undue reliance on any of these forward-looking statements. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict those events or how they may affect the Company. Further, any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company does not intend to update or revise the forward-looking statements in this press release after the date of this press release.

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Investor Contact: ICR, Inc.

Brendon Frey, 203-682-8216

BootBarnIR@icrinc.com

or

Company Contact: Boot Barn Holdings, Inc.

Mark Dedovesh, 949-453-4489

Vice President, Investor Relations & Financial Planning

BootBarnIRMedia@bootbarn.com

Exhibit 99.2

0<br>Offering everyone a piece of the American spirit<br>—<br>one handshake at a time<br>..<br>January 2023 ICR Presentation
1<br>Important Information<br>Forward<br>-<br>Looking Statements<br>This presentation contains forward<br>-<br>looking statements that are subject to risks and uncertainties. All statements other than sta<br>tements of historical fact included in this presentation are forward<br>-<br>looking statements. You can identify forward<br>-<br>looking statements by the fact that they generally include words such as "anticipat<br>e," "estimate," "expect," "project," "plan,“ "intend," "believe,"<br>“outlook” and other words of similar meaning in connection with any discussion of the timing or nature of future operating or<br>fi<br>nancial performance or other events but not all forward<br>-<br>looking<br>statements contain these identifying words. These forward<br>-<br>looking statements are based on assumptions that the Company’s managem<br>ent has made in light of their industry experience and on<br>their perceptions of historical trends, current conditions, expected future developments and other factors they believe are a<br>ppr<br>opriate under the circumstances. As you consider this presentation,<br>you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (<br>som<br>e of which are beyond the Company’s control) and assumptions.<br>These risks, uncertainties and assumptions include, but are not limited to, the following: the effect of COVID<br>-<br>19 on our busines<br>s operations, growth strategies, store traffic, employee availability,<br>financial condition, liquidity and cash flow; decreases in consumer spending due to declines in consumer confidence, local an<br>d n<br>ational economic conditions, including inflation, or changes in<br>consumer preferences; the Company’s failure to maintain and enhance its strong brand image; the Company’s failure to compete<br>eff<br>ectively, to maintain good relationships with its key suppliers,<br>and to improve and expand its exclusive product offerings; supply chain disruptions; and the Company’s ability to effectively<br>ex<br>ecute on its growth strategy. The Company discusses the foregoing<br>risks and other risks in greater detail under the heading “Risk factors” in the periodic reports filed by the Company with th<br>e S<br>ecurities and Exchange Commission. Although the Company believes<br>that these forward<br>-<br>looking statements are based on reasonable assumptions, you should be aware that many factors could affect th<br>e Company’s actual financial results and cause them to differ<br>materially from those anticipated in the forward<br>-<br>looking statements. Because of these factors, the Company cautions that you sho<br>uld not place undue reliance on any of these forward<br>-<br>looking<br>statements. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict those events<br>or<br>how they may affect the Company. Further, any forward<br>-<br>looking<br>statement speaks only as of the date on which it is made. Except as required by law, the Company does not intend to update or<br>re<br>vise the forward<br>-<br>looking statements in this presentation after<br>the date of this presentation.<br>Industry and Market Information<br>Statements in this presentation concerning our industry and the markets in which we operate, including our general expectatio<br>ns<br>and competitive position, business opportunity and market size,<br>growth and share, are based on information from independent industry organizations and other third<br>-<br>party sources, data from our<br>internal research and management estimates. Management<br>estimates are derived from publicly available information and the information and data referred to above and are based on ass<br>ump<br>tions and calculations made by us based upon our<br>interpretation of such information and data. The information and data referred to above are imprecise and may prove to be ina<br>ccu<br>rate because the information cannot always be verified with<br>complete certainty due to the limitations on the availability and reliability of raw data, the voluntary nature of the data g<br>ath<br>ering process and other limitations and uncertainties. As a result,<br>please be aware that the data and statistical information in this presentation may differ from information provided by our co<br>mpe<br>titors or from information found in current or future studies<br>conducted by market research institutes, consultancy firms or independent sources.<br>Recent Developments<br>Our business and opportunities for growth depend on consumer discretionary spending, and as such, our results are particularl<br>y s<br>ensitive to economic conditions and consumer confidence.<br>Inflation (which has occurred over the past twelve months and is continuing) and other challenges affecting the global econom<br>y c<br>ould impact our operations and will depend on future<br>developments, which are uncertain. These and other effects make it more challenging for us to estimate the future performance<br>of<br>our business, particularly over the near<br>-<br>to<br>-<br>medium term. For<br>further discussion of the uncertainties and business risks affecting the Company, see Item 1A, Risk Factors, of our Fiscal 20<br>22<br>10<br>-<br>K.<br>Q3 Fiscal 2023 Preliminary Results<br>The foregoing Q3 FY23, Q3 YTD FY23 and Q3 FY23 TTM (trailing twelve month) results are preliminary and remain subject to the<br>com<br>pletion of normal quarter end accounting procedures and<br>closing adjustments. The Company currently plans to report third quarter results in late January 2023.
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2<br>Preliminary Q3 FY2023 Results<br>6.7%<br>4.6%<br>54.2%<br>-<br>3.6%<br>Q3 FY20<br>Q3 FY21<br>Q3 FY22<br>Q3 FY23<br>Same Store Sales %<br>251<br>266<br>289<br>333<br>Q3 FY20<br>Q3 FY21<br>Q3 FY22<br>Q3 FY23<br>New Unit Growth<br>11.8%<br>6.5%<br>60.7%<br>5.9%<br>Q3 FY20<br>Q3 FY21<br>Q3 FY22<br>Q3 FY23<br>Total Sales Growth<br>$0.85<br>$1.00<br>$2.27<br>$1.74<br>Q3 FY20<br>Q3 FY21<br>Q3 FY22<br>Q3 FY23<br>EPS<br>1<br>Preliminary Q3 FY23 year<br>-<br>to<br>-<br>date EPS is $4.07.<br>COVID<br>COVID<br>1.9%<br>55.7%<br>(0.8)%<br>5.7%<br>Store<br>SSS%<br>PRE<br>-<br>COVID<br>PRE<br>-<br>COVID<br>COVID<br>PRE<br>-<br>COVID<br>1<br>Total<br>Sales<br>$302M<br>$486M<br>$515M<br>$284M<br>11<br>11<br>11<br>10<br>12<br>Q3<br>FY22<br>Q4<br>FY22<br>Q1<br>FY23<br>Q2<br>FY23<br>Q3<br>FY23<br>Trailing Five Quarters<br>82 Stores Opened in 3 Years<br>COVID<br>PRE<br>-<br>COVID<br>Guide (2.0)% to Flat
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3<br>A Decade of Growth<br>$233<br>$346<br>$403<br>$569<br>$619<br>$678<br>$777<br>$846<br>$893<br>$1.5B<br>$1.6B<br>FY13<br>FY14<br>FY15<br>FY16<br>FY17<br>FY18<br>FY19<br>FY20<br>FY21<br>FY22<br>Q3 FY23<br>TTM<br>Total Sales ($M)<br>COVID<br>$9<br>$21<br>$35<br>$30<br>$36<br>$46<br>$64<br>$74<br>$86<br>$258<br>$232<br>FY13<br>FY14<br>FY15<br>FY16<br>FY17<br>FY18<br>FY19<br>FY20<br>FY21<br>FY22<br>Q3 FY23 TTM<br>Operating Income (EBIT) ($M)<br>IPO<br>1<br>The<br>fiscal 2017 column has been adjusted to reflect management’s estimated 52<br>-<br>week results as fiscal 2017 was a 53<br>-<br>week year. The Co<br>mpany estimated that included in fiscal 2017 reported earnings per share was $0.03 attributed to<br>the 53rd week. As such, the Company has estimated fiscal 2017 net income, excluding the 53rd week, to be $13.4 million compar<br>ed<br>to GAAP net income of $14.2 million. In calculating estimated EBIT on a 52<br>-<br>week basis, the Company<br>also adjusted income tax expense and interest expense by taking 52/53rds of the GAAP reported fiscal 2017 numbers.<br>1<br>1<br>IPO<br>COVID
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4<br>0<br>1<br>2<br>3<br>4<br>5<br>6<br>Apr<br>May<br>Jun<br>Jul<br>Aug<br>Sep<br>Oct<br>Nov<br>Dec<br>Jan<br>Feb<br>Mar<br>Apr<br>May<br>Jun<br>Jul<br>Aug<br>Sep<br>Oct<br>Nov<br>Dec<br>Sustainable AUV<br>Annualized Average Unit Volume ($M)<br>1<br>$4.2M, Fiscal 2022 AUV<br>$2.7M, Pre<br>-<br>COVID AUV<br>1<br>Annualized average unit volume by month was calculated by annualizing the average monthly unit volume using historical result<br>s.<br>2<br>For example, an average $4.2M annual unit volume store would have $338,000 of sales in October. FY2023 October stores had an<br>ave<br>rage monthly unit volume of $338,000, which would equate to an average annual unit volume of<br>$4.2M.<br>2
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5<br>Sustainable Customer Growth<br>22%<br>31%<br>36%<br>45%<br>52%<br>56%<br>Other Stores<br>Closed<br>More Time<br>Outdoors<br>More/Better<br>Marketing<br>Wearing for Work<br>Better Product<br>Assortment<br>Needed for<br>Hobby/Lifestyle<br>Why We Added Customers<br>1<br>New Customer Growth<br>Q:<br>Why did you purchase from Boot Barn for the first time<br>following the pandemic? (multiple options could be selected)<br>15%<br>20%<br>24%<br>26%<br>32%<br>46%<br>Work Retailer<br>Fashion Retailer<br>Department Store<br>Western Retailer<br>Outdoor/Sporting<br>General Retailer<br>Where We Gained Market Share<br>1<br>Q:<br>If you first purchased from us following the pandemic, where did<br>you shop before COVID? (multiple options could be selected)<br>New Customer Retention<br>1<br>3.1<br>3.5<br>3.8<br>4.0<br>4.3<br>4.7<br>5.8<br>6.8<br>FY16<br>FY17<br>FY18<br>FY19<br>FY20<br>FY21<br>FY22<br>FY23 Q3<br>Active Customers<br>2<br>(in millions)<br>0%<br>0%<br>3%<br>15%<br>81%<br>Not likely at all<br>Slightly Likely<br>Moderately Likely<br>Very Likely<br>Extremely Likely<br>Q:<br>If you first purchased from us following the pandemic, how<br>likely are you to purchase from us again in 2023?<br>1<br>In December 2022, the Company conducted an online survey of customers who purchased an item from Boot Barn (either online or<br>at<br>one of its stores) since the COVID pandemic started in March 2020. Over 3,200 responses were<br>collected by this survey.<br>2<br>Represents<br>the number of B Rewarded Loyalty Members<br>who have purchased merchandise from us in each of the trailing three<br>-<br>year periods mentioned.
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6<br>Agenda<br>Strategic Initiatives<br>1<br>2<br>3<br>4<br>Drive Same Store Sales Growth<br>Continue Omni<br>-<br>Channel Leadership<br>Build Out Exclusive Brand Portfolio<br>Expand Our Store Base<br>Growth Potential<br>A Lifestyle Brand
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7<br>A Lifestyle Brand
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8<br>Country music & lifestyle<br>Western events<br>–<br>Rodeos & Concerts<br>Ranching<br>Horse ownership<br>Agriculture<br>$40 Billion Industry<br>1<br>WORK INDUSTRY<br>Blue collar employment<br>Oil & gas industry<br>Construction spending<br>Commercial accounts<br>Work safety regulations<br>WESTERN INDUSTRY<br>1<br>Source:<br>Estimated TAM calculated by an independent third party in April 2022.<br>COUNTRY LIFESTYLE<br>Hiking & hunting<br>Fishing & camping<br>NASCAR<br>Exercising<br>Outdoor living<br>~$25 Billion<br>~$15 Billion
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9<br>Countrywide Customer Base<br>1<br>Country Music Association Percentage of Country Listeners in US Regions. 2018 GfK Consumer Life Survey; Country Listener defi<br>ned<br>as “monthly or more”;<br>2<br>Source: Nielsen RADAR 152 Mar 2022 (Contiguous U.S.) + Nielsen National<br>Regional Database Q4 2021(AK & HI) M<br>-<br>SU 12M<br>-<br>12M.<br>3<br>Source: https://www.motor1.com/news/587230/suvs<br>-<br>still<br>-<br>rule<br>-<br>us<br>-<br>market/#:~:text=In%202019%20it%20was%2046.1,percent%20thus%20far%2<br>0in%202022. 4Sources: 2022 Top Car:<br>https://www.forbes.com/wheels/news/best<br>-<br>selling<br>-<br>cars<br>-<br>suvs<br>-<br>and<br>-<br>pickups<br>-<br>of<br>-<br>2022<br>-<br>to<br>-<br>date/<br>; 2021 Top Car:<br>https://www.forbes.com/wheels/news/best<br>-<br>selling<br>-<br>cars<br>-<br>suvs<br>-<br>pickups<br>-<br>2021/<br>; 2020 Top Car:<br>https://www.forbes.com/wheels/news/best<br>-<br>selling<br>-<br>cars<br>-<br>suvs<br>-<br>pickups<br>-<br>2020/ ; 2019 Top Car:<br>https://www.caranddriver.com/news/g27041933/best<br>-<br>selling<br>-<br>cars<br>-<br>2019/<br>; 2018 Top Car: https://www.businessinsider.com/best<br>-<br>selling<br>-<br>cars<br>-<br>and<br>-<br>trucks<br>-<br>in<br>-<br>america<br>-<br>in<br>-<br>2018<br>-<br>2018<br>-<br>8#1<br>-<br>ford<br>-<br>f<br>-<br>series<br>-<br>451138<br>-<br>49<br>-<br>20<br>% of People Listening to Country Music in U.S.<br>1<br>Pick<br>-<br>up Trucks % Passenger Vehicles Sold<br>3<br>Top Vehicles Sold in the U.S.<br>4<br>Country Music is #1<br>2<br>~<br>20%<br>~<br>80%<br>Trucks Sold<br>Other Passenger Vehicles Sold<br>2022 Ranking<br>Demographic<br>#1<br>#2<br>#3<br>Adults 18 - 34<br>Country<br>Pop<br>Contemporary<br>Adult<br>Contemporary<br>Adults 25 -45<br>Country<br>Adult<br>Contemporary<br>Pop<br>Contemporary<br>Adults 18+<br>Country<br>News/Talk<br>Adult<br>Contemporary<br>There are over 900 country music radio stations in the United<br>States, over 1.5x more than the second<br>-<br>place demographic.<br>~25% of all radio stations in the United States play country music.<br>Ranking<br>Year<br>#1<br>#2<br>#3<br>2018<br>Ford F-Series<br>Chevrolet Silverado<br>RAM Pickup<br>2019<br>Ford F-Series<br>RAM Pickup<br>Chevrolet Silverado<br>2020<br>Ford F-Series<br>Chevrolet Silverado<br>RAM Pickup<br>2021<br>Ford F-Series<br>RAM Pickup<br>Chevrolet Silverado<br>2022<br>Ford F-Series<br>RAM Pickup<br>Chevrolet Silverado
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10<br>Stores in 43 of the Top 50 U.S. Cities<br>Houston<br>Phoenix<br>San Diego<br>Denver<br>Nashville<br>Fresno<br>Pop.<br>Rank<br>City<br>Stores#<br>Pop.<br>Rank<br>City<br>Stores#<br>1<br>New York<br>0<br>26<br>Memphis<br>1<br>2<br>Los Angeles<br>15<br>27<br>Detroit<br>0<br>3<br>Chicago<br>1<br>28<br>Baltimore<br>1<br>4<br>Houston<br>17<br>29<br>Milwaukee<br>0<br>5<br>Phoenix<br>8<br>30<br>Albuquerque<br>3<br>6<br>Philadelphia<br>4<br>31<br>Fresno<br>7<br>7<br>San Antonio<br>6<br>32<br>Tucson<br>3<br>8<br>San Diego<br>5<br>33<br>Sacramento<br>7<br>9<br>Dallas-Ft. Worth<br>14<br>34<br>Kansas City<br>4<br>10<br>San Jose<br>2<br>35<br>Atlanta<br>2<br>11<br>Austin<br>5<br>36<br>Omaha<br>3<br>12<br>Jacksonville<br>2<br>37<br>Colorado Springs<br>3<br>13<br>Columbus<br>1<br>38<br>Raleigh<br>1<br>14<br>Charlotte<br>3<br>39<br>Virginia Beach<br>2<br>15<br>Indianapolis<br>1<br>40<br>Miami<br>0<br>16<br>San Francisco<br>1<br>41<br>Minneapolis<br>2<br>17<br>Seattle<br>1<br>42<br>Tulsa<br>2<br>18<br>Denver<br>7<br>43<br>Bakersfield<br>3<br>19<br>Washington, DC<br>0<br>44<br>Wichita<br>1<br>20<br>Nashville<br>6<br>45<br>Tampa<br>2<br>21<br>Oklahoma City<br>4<br>46<br>New Orleans<br>1<br>22<br>Boston<br>0<br>47<br>Cleveland<br>0<br>23<br>El Paso<br>1<br>48<br>Louisville<br>2<br>24<br>Portland<br>2<br>49<br>Lexington<br>1<br>25<br>Las Vegas<br>5<br>50<br>Orlando<br>2
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11<br>Strategic Initiatives
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12<br>Strategic Initiatives<br>1<br>2<br>3<br>4<br>Expand Our Store Base
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13<br>New Units Growing Annually by 10%+<br>86<br>117<br>152<br>169<br>208<br>219<br>226<br>240<br>259<br>273<br>300<br>340+<br>FY 12<br>FY 13<br>FY 14<br>FY 15<br>FY 16<br>FY 17<br>FY 18<br>FY 19<br>FY 20<br>FY 21<br>FY 22<br>FY 23E<br>Number of Stores<br>44 new stores opened in the last 12 months<br>Five consecutive quarters of double<br>-<br>digit store growth<br>1<br>Reflects estimated store count with Fiscal 2023 estimate to open 40 stores .<br>1
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14<br>Expansion Into New and Existing Markets<br>•<br>333 stores<br>•<br>41 states<br>•<br>86 stores<br>•<br>8 states<br>2012<br>Today<br>METRICS<br>IPO<br>New Store<br>Algorithm<br>Store Size (sq. ft.)<br>~10,000<br>Year 1 Net Sales<br>$1.7M<br>Net Capital Investment<br>$0.3M<br>Net Inventory Investment<br>$0.4M<br>Cash on Cash Return (Yr. 1)<br>~32%<br>Payback Period<br>~3 years<br>FY2023 New<br>Stores<br>Projection<br>New<br>Markets<br>1<br>Legacy<br>Markets<br>1<br>~12,000<br>~10,600<br>~12,100<br>$3.5M<br>$3.7M<br>$4.0M<br>$0.6M<br>~$0.6M<br>~$0.6M<br>$0.6M<br>~$0.6M<br>~$0.6M<br>~73%<br>~91%<br>~100%<br>~1.4 years<br>~1.1 years<br>~1.0 years<br>1<br>Reflects new stores opened in both new and legacy markets since the beginning of Fiscal 2022.
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15<br>East Region<br>–<br>Cherry Hill, NJ New Store
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16<br>North Region<br>–<br>Lakewood, CO New Store
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17<br>South Region<br>–<br>Little Rock, AR New Store
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18<br>West Region<br>–<br>Fontana, CA New Store
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19<br>300<br>340+<br>900<br>FY22<br>FY23E<br>FY24<br>FY25<br>FY26<br>FY27<br>FY28<br>FY29<br>FY30<br>FY31<br>The Path to 900 Stores<br>Looking Forward<br>–<br>The Next Decade
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20<br>Strategic Initiatives<br>1<br>2<br>3<br>4<br>Drive Same Store Sales Growth
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21<br>Boot Barn Virtuous Cycle of Growth<br>Expand<br>Customer<br>Reach<br>Modernize<br>the Brand<br>Broaden<br>Product<br>Assortment<br>Tailor<br>Customer<br>Communication<br>Invest in<br>Customer<br>Experience<br>1<br>2<br>3<br>4<br>5
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22<br>Targeting an Expansive Customer Base<br>Work<br>Western<br>Country<br>Fashion<br>Mens<br>Womens
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23<br>Expanding Customer Reach & Broadening Assortment<br>Legacy Offering<br>Legacy Western Customer<br>Expanded “Country Lifestyle” Customer<br>•<br>Cowboy hat<br>•<br>Western shirt<br>•<br>Slightly fitted<br>•<br>Western yoke<br>•<br>Pearl snaps<br>•<br>Tucked shirt<br>•<br>Western belt<br>•<br>Boot cut jeans<br>•<br>Ball cap<br>•<br>Plaid shirt<br>•<br>Relaxed fit<br>•<br>No yoke<br>•<br>Buttons<br>•<br>Untucked shirt<br>•<br>No belt<br>•<br>Chino pants<br>•<br>Cowboy hat<br>•<br>Western shirt<br>•<br>Fitted<br>•<br>Western yoke<br>•<br>Pearl snaps<br>•<br>Tucked shirt<br>•<br>Western belt<br>•<br>Mid<br>-<br>rise, dark<br>-<br>wash<br>boot cut jeans<br>•<br>Ball cap<br>•<br>Layered plaid shirt<br>•<br>Oversized<br>•<br>No yoke<br>•<br>Buttons<br>•<br>Untucked shirt<br>•<br>No belt<br>•<br>High<br>-<br>rise, light<br>-<br>wash<br>ripped flare jeans
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24<br>Tailored Communication with Modernized Branding<br>Legacy Offering<br>Boot Barn Core Western Email Marketing<br>Boot Barn Work Email Marketing
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25<br>Invest in Customer Experience<br>•<br>Product selection & sales<br>•<br>In<br>-<br>store fulfillment<br>•<br>Product lookup<br>•<br>Line busting<br>•<br>Pricing changes<br>In<br>-<br>Store Hand<br>-<br>Held Tablets<br>Boot Barn App<br>Unique In<br>-<br>Store Experience<br>Elevated Packaging
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26<br>Total Sales Growth<br>Retail Store SSS%<br>38.2%<br>48.4%<br>16.4%<br>41.3%<br>10.7%<br>7.6%<br>14.6%<br>8.8%<br>5.7%<br>66.6%<br>11.5%<br>FY13<br>FY14<br>FY15<br>FY16<br>FY17<br>FY18<br>FY19<br>FY20<br>FY21<br>FY22<br>Q3<br>FY23<br>YTD<br>10.9%<br>6.8%<br>6.7%<br>-<br>2.4%<br>-<br>2.3%<br>6.1%<br>9.5%<br>4.5%<br>-<br>1.1%<br>57.2%<br>3.6%<br>FY13<br>FY14<br>FY15<br>FY16<br>FY17<br>FY18<br>FY19<br>FY20<br>FY21<br>FY22<br>Q3<br>FY23<br>YTD<br>Consolidated SSS%<br>E<br>-<br>commerce SSS%<br>31.7%<br>4.5%<br>20.9%<br>13.2%<br>13.6%<br>1.2%<br>12.2%<br>7.4%<br>23.6%<br>38.7%<br>-<br>7.5%<br>FY13<br>FY14<br>FY15<br>FY16<br>FY17<br>FY18<br>FY19<br>FY20<br>FY21<br>FY22<br>Q3<br>FY23<br>YTD<br>11.9%<br>6.7%<br>7.3%<br>-<br>0.1%<br>0.3%<br>5.2%<br>10.0%<br>5.0%<br>3.1%<br>53.7%<br>1.8%<br>FY13<br>FY14<br>FY15<br>FY16<br>FY17<br>FY18<br>FY19<br>FY20<br>FY21<br>FY22<br>Q3<br>FY23<br>YTD<br>A Decade of Strong Sales Across Channels<br>COVID<br>PRE<br>COVID<br>COVID<br>PRE<br>COVID<br>COVID<br>PRE<br>COVID<br>COVID<br>PRE<br>COVID
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27<br>Strategic Initiatives<br>1<br>2<br>3<br>4<br>Continue Omni<br>-<br>Channel Leadership
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28<br>Expanding Our Omni<br>-<br>Channel Capabilities<br>Drive Store Traffic<br>•<br>Bring Long Tail to Stores<br>•<br>Ship to Store / BOPIS<br>•<br>Return in Store<br>Deliver Digital Experience in<br>Stores<br>•<br>Range Finder (finite aisle)<br>•<br>WHIP (endless aisle)<br>•<br>Handheld Tablet Roll<br>-<br>out<br>Fulfill Online Demand Efficiently<br>•<br>DC Fulfillment<br>•<br>Store Fulfillment<br>•<br>Same Day Delivery<br>Improve Online Profitability<br>•<br>Price above IMAP; respect<br>MSRP on bootbarn.com<br>•<br>Improve ROAS (ROI)
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29<br>Integrating Channels<br>Legacy<br>Digital<br>Omni<br>-<br>Channel<br>Capabilities<br>~60% of Online Orders Involve a<br>Store Associate<br>15%<br>18%<br>17%<br>17%<br>16%<br>19%<br>15%<br>13%<br>FY16<br>FY17<br>FY18<br>FY19<br>FY20<br>FY21<br>FY22<br>Q3<br>FY23<br>YTD<br>E<br>-<br>comm % of Total Sales<br>COVID<br>Acquired<br>Sheplers<br>Q3 FY23 YTD Online Orders<br>•<br>Buy Online Pick<br>-<br>Up<br>In Store<br>•<br>Ship from Store<br>•<br>Same Day Delivery<br>•<br>Ship to Store<br>•<br>In<br>-<br>Store Fulfillment
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30<br>Strategic Initiatives<br>1<br>2<br>3<br>4<br>Build Out Exclusive Brand Portfolio
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31<br>3 OF OUR TOP 5 SELLING BRANDS ARE EXCLUSIVE BRANDS<br>ARTIST INSPIRED<br>WESTERN<br>COUNTRY<br>Exclusive Brand Portfolio<br>WORK<br>RANCH & RODEO
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32<br>3 OF OUR TOP 5 SELLING BRANDS ARE EXCLUSIVE BRANDS<br>Exclusive Brand Portfolio
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33<br>Exclusive Brands Penetration Growth<br>3.0%<br>5.0%<br>7.0%<br>9.7%<br>11.1%<br>10.7%<br>13.5%<br>16.2%<br>22.0%<br>23.7%<br>28.3%<br>32.2%<br>FY12<br>FY13<br>FY14<br>FY15<br>FY16<br>FY17<br>FY18<br>FY19<br>FY20<br>FY21<br>FY22<br>Q3<br>FY23<br>TTM<br>Exclusive Brands Penetration %<br>Margin enhancement ~1,000 bps vs. 3<br>rd<br>party brands<br>$5<br>$12<br>$24<br>$39<br>$63<br>$67<br>$92<br>$126<br>$186<br>$212<br>$421<br>$520<br>FY12<br>FY13<br>FY14<br>FY15<br>FY16<br>FY17<br>FY18<br>FY19<br>FY20<br>FY21<br>FY22<br>Q3 FY23<br>TTM<br>Exclusive Brands Sales ($M)<br>28.4%<br>34.1%<br>Q3 FY22<br>Q3 FY23<br>+570bps vs. LY
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34<br>Growth Potential
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35<br>$1.45<br>$1.19<br>$4.86<br>$4.07<br>FY20<br>FY21<br>FY22<br>FY23<br>EPS Growth<br>Consolidated Same Store Sales Growth<br>11.9%<br>6.7%<br>7.3%<br>-<br>0.1%<br>0.3%<br>5.2%<br>10.0%<br>5.0%<br>3.1%<br>53.7%<br>1.8%<br>FY13<br>FY14<br>FY15<br>FY16<br>FY17<br>FY18<br>FY19<br>FY20<br>FY21<br>FY22<br>Q3 FY23<br>YTD<br>Growth Drivers<br>New Unit Growth<br>Merchandise Margin Rate (Year<br>-<br>Over<br>-<br>Year Change)<br>340+<br>900<br>FY23 E<br>Future<br>•<br>Opportunity to<br>~triple store count<br>•<br>+560 new stores =<br>$2B sales from new<br>stores only<br>•<br>Payback <2 years<br>•<br>Proven ability to drive multi<br>-<br>year SSS growth<br>+10bps<br>+120bps<br>+50bps<br>+150bps<br>+270bps<br>(190)bps<br>Q3 FY18<br>Q3 FY19<br>Q3 FY20<br>Q3 FY21<br>Q3 FY22<br>Q3 FY23<br>Includes<br>(180)bps<br>freight<br>headwind<br>$0.85<br>$1.00<br>$2.27<br>$1.74<br>FY20<br>FY21<br>FY22<br>FY23<br>Q3 EPS<br>Q3 YTD EPS<br>COVID<br>COVID<br>PRE<br>-<br>COVID<br>PRE<br>-<br>COVID<br>COVID<br>PRE<br>COVID<br>Includes<br>(60)bps<br>freight<br>headwind
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36<br>Thank You
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