Form 8-K - Current report

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): August 2, 2023

Boot Barn Holdings, Inc.

(Exact name of registrant as specified in its charter)


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


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

(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)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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:


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

Item 2.02 Results of Operations and Financial Condition

On August 2, 2023, Boot Barn Holdings, Inc. issued a press release announcing certain financial results for its fiscal first quarter ended July 1, 2023. The press release is attached hereto as Exhibit 99.1.

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 furnishing this Current Report on Form 8-K in connection with the disclosure of information contained in a supplemental financial presentation (the “Presentation”) to be used by the Company at various meetings with institutional investors and analysts. This information may be amended or updated at any time and from time to time through another Current Report on Form 8-K or other means. A copy of the Presentation is furnished herewith as Exhibit 99.2 and is incorporated into this Item 7.01 by reference.

The information furnished in this Item 7.01, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any registration statement filed pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such 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.


Exhibit 99.1	Earnings press release dated August 2, 2023.
Exhibit 99.2	Supplemental Financial Presentation dated August 2, 2023.
Exhibit 104	The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

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.

	BOOT BARN HOLDINGS, INC.
Date: August 2, 2023	By:	/s/ James M. Watkins
		Name: James M. Watkins
		Title: Chief Financial Officer and Secretary

Exhibit 99.1

Boot Barn Holdings, Inc. Announces First Quarter Fiscal Year 2024

Financial Results

IRVINE, California – August 2, 2023 – Boot Barn Holdings, Inc. (NYSE: BOOT) today announced its financial results for the first fiscal quarter ended July 1, 2023. A Supplemental Financial Presentation is available at investor.bootbarn.com.

For the quarter ended July 1, 2023:

●	Net sales increased 4.9% over the prior-year period to $383.7 million, cycling 19.4% net sales growth in the prior-year period.

●

Same store sales decreased 2.9% compared to the prior-year period, cycling 10.0% same store sales growth in the prior-year period. The 2.9% decrease in consolidated same store sales is comprised of a decrease in retail store same store sales of 1.8% and a decrease in e-commerce same store sales of 10.8%.

●

Net income was $34.3 million, or $1.13 per diluted share, compared to $39.3 million, or $1.29 per diluted share in the prior-year period. Net income per diluted share in the current-year and prior-year period includes an approximately $0.02 and $0.03 per share benefit, respectively, primarily due to income tax accounting for share-based compensation. Excluding the tax benefits, net income per diluted share was $1.11 and $1.26 in the current-year and prior-year period, respectively.

●	The Company opened 16 new stores, bringing its total store count to 361.

Jim Conroy, President and Chief Executive Officer, commented “I am quite pleased with the results of the quarter as we exceeded our quarterly guidance across nearly every measure. Total revenue continued to grow, driven by the performance of new stores. From a same store sales growth perspective, we saw a modest 2.9% decline despite cycling outsized comp sales growth in the first quarter for each of the past two years. Once again, we were able to expand our merchandise margin through a significant increase in the penetration of our margin enhancing exclusive brands which reached 38% of sales for the quarter. Earnings also surpassed our expectations, driven by a steadily improving retail store same store sales trend which turned positive in June and remained positive in July. While uncertainty in the macro environment persists, we are pleased with the positive momentum we have seen in the business.”

Operating Results for the First Quarter Ended July 1, 2023 Compared to the First Quarter Ended June 25, 2022

●

Net sales increased 4.9% to $383.7 million from $365.9 million in the prior-year period. Consolidated same store sales decreased 2.9% with retail store same store sales decreasing 1.8% and e-commerce same store sales decreasing 10.8%. The increase in net sales was the result of the incremental sales from new stores opened over the past twelve months, partially offset by the decrease in consolidated same store sales. Higher average unit retail prices, driven in part by inflation, contributed to the increase in net sales.

●

Gross profit was $142.0 million, or 37.0% of net sales, compared to $137.8 million, or 37.7% of net sales, in the prior-year period. Gross profit increased primarily due to higher sales. The decrease in gross profit rate of 70 basis points was driven primarily by 160 basis points of deleverage in buying, occupancy and distribution center costs partially offset by a 90 basis-point increase in merchandise margin rate. The increase in merchandise margin rate was driven by 80 basis points of product margin expansion resulting primarily from growth in exclusive brand penetration and a 10 basis-point tailwind from lower freight expense as a percentage of net sales.

●

Selling, general and administrative expenses were $95.7 million, or 24.9% of net sales, compared to $85.4 million, or 23.3% of net sales, in the prior-year period. The increase in selling, general and administrative expenses as compared to the prior-year period was primarily a result of higher store payroll and store-related expenses associated with operating 50 new stores and corporate overhead costs in the current year. Selling, general and administrative expenses as a percentage of net sales increased by 160 basis points primarily as a result of higher payroll and overhead costs.

●	Income from operations decreased $6.2 million to $46.2 million, or 12.1% of net sales, compared to $52.4 million, or 14.3% of net sales, in the prior-year period, primarily due to the factors noted above.

●

Net income was $34.3 million, or $1.13 per diluted share, compared to net income of $39.3 million, or $1.29 per diluted share in the prior-year period. The decrease in net income is primarily attributable to the factors noted above. Net income per diluted share in the current-year and prior-year period includes approximately $0.02 and $0.03 per share benefit, respectively, primarily due to income tax accounting for share-based compensation. Excluding the tax benefits, net income per diluted share was $1.11 and $1.26 in the current-year and prior-year period, respectively.

Sales by Channel

The following table includes total net sales growth, same store sales (“SSS”) growth/(decline) and e-commerce as a percentage of net sales for the periods indicated below.


	Thirteen Weeks								Preliminary
	Ended		Four Weeks		Four Weeks		Five Weeks		Four Weeks
	July 1, 2023		Fiscal April		Fiscal May		Fiscal June		Fiscal July

Total Net Sales Growth	4.9	%	2.1	%	4.2	%	7.8	%	12.9	%

Retail Stores SSS	(1.8)	%	(5.0)	%	(2.6)	%	1.5	%	1.0	%
E-commerce SSS	(10.8)	%	(19.1)	%	(9.0)	%	(3.5)	%	(11.4)	%
Consolidated SSS	(2.9)	%	(6.9)	%	(3.3)	%	1.0	%	(0.5)	%

E-commerce as a % of Net Sales	9.9	%	10.5	%	10.0	%	9.3	%	9.6	%

Balance Sheet Highlights as of July 1, 2023

●	Cash of $17.1 million.

●	$26.2 million drawn under our $250 million revolving credit facility.

Fiscal Year 2024 Outlook

The Company is providing updated guidance for the fiscal year ending March 30, 2024, superseding in its entirety the previous guidance issued in its fourth quarter and fiscal year 2023 earnings report on May 17, 2023. As a result, for the fiscal year ending March 30, 2024, the Company now expects:

●	To open 52 new stores.

●	Total sales of $1.715 billion to $1.748 billion, representing growth of 3.5% to 5.5% over the prior year, which was a 53-week year.

●	Same store sales decline of approximately (5.0)% to (3.0)%, with retail store same store sales declines of (5.5)% to (3.5)% and an e-commerce same store sales decline of (4.0)% to flat.

●

Gross profit between $629.7 million and $645.7 million, or approximately 36.7% to 36.9% of sales. Gross profit reflects an estimated 160 basis-point increase in merchandise margin, including a 100 basis-point improvement from freight expense. We anticipate 150 basis points of deleverage in buying, occupancy and distribution center costs.

●	Selling, general and administrative expenses between $419.3 million and $422.9 million. This represents approximately 24.4% to 24.2% of sales.

●	Income from operations between $210.4 million and $222.8 million. This represents approximately 12.3% to 12.7% of sales.

●	Interest expense of $3.2 million.

●	Net income of $154.2 million to $163.4 million.

●	Net income per diluted share of $5.05 to $5.35 based on 30.6 million weighted average diluted shares outstanding.

●	Capital expenditures between $90 million and $95 million.

For the fiscal second quarter ending September 30, 2023, the Company expects:

●	Total sales of $372 million to $379 million, representing growth of 5.8% to 7.8% over the prior year.

●	Same store sales decline of approximately (5.5)% to (3.5)%, with retail store same store sales declines of (4.5)% to (2.5)% and e-commerce same store sales declines of (11.0)% to (9.0)%.

●

Gross profit between $130.7 million and $134.2 million, or approximately 35.1% to 35.4% of sales. Gross profit reflects 180 basis points of deleverage in buying, occupancy and distribution center costs, and an estimated 50 basis-point increase in merchandise margin, including flat freight expense year-over-year.

●	Selling, general and administrative expenses between $95.3 and $96.4 million. This represents approximately 25.6% to 25.4% of sales.

●	Income from operations between $35.4 million and $37.8 million. This represents approximately 9.5% to 10.0% of sales.

●	Net income per diluted share of $0.84 to $0.90 based on 30.6 million weighted average diluted shares outstanding.

Conference Call Information

A conference call to discuss the financial results for the first quarter of fiscal year 2024 is scheduled for today, August 2, 2023, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (877) 451-6152. The conference call will also be available to interested parties through a live webcast at investor.bootbarn.com. Please visit the website and select the “Events and Presentations” link at least 15 minutes prior to the start of the call to register and download any necessary software. A Supplemental Financial Presentation is also available on the investor relations section of the Company’s website. A telephone replay of the call will be available until September 2, 2023, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 13740369. Please note participants must enter the conference identification number in order to access the replay.

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 363 stores in 44 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: 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.

Investor Contact:
ICR, Inc.

Brendon Frey, 203-682-8216

BootBarnIR@icrinc.com

Company Contact:
Boot Barn Holdings, Inc.

Mark Dedovesh, 949-453-4489

Senior Vice President, Investor Relations & Financial Planning

BootBarnIRMedia@bootbarn.com

Boot Barn Holdings, Inc.

Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)


	July 1,		April 1,
	2023		2023
Assets
Current assets:
Cash and cash equivalents	$	17,099	$	18,193
Accounts receivable, net		11,803		13,145
Inventories		566,294		589,494
Prepaid expenses and other current assets		36,828		48,341
Total current assets		632,024		669,173
Property and equipment, net		275,969		257,143
Right-of-use assets, net		334,403		326,623
Goodwill		197,502		197,502
Intangible assets, net		60,737		60,751
Other assets		5,835		6,189
Total assets	$	1,506,470	$	1,517,381
Liabilities and stockholders’ equity
Current liabilities:
Line of credit	$	26,215	$	66,043
Accounts payable		108,203		134,246
Accrued expenses and other current liabilities		123,997		122,958
Short-term lease liabilities		54,670		51,595
Total current liabilities		313,085		374,842
Deferred taxes		33,987		33,260
Long-term lease liabilities		342,456		330,081
Other liabilities		3,246		2,748
Total liabilities		692,774		740,931

Stockholders’ equity:
Common stock, $0.0001 par value; July 1, 2023 - 100,000 shares authorized, 30,195 shares issued; April 1, 2023 - 100,000 shares authorized, 30,072 shares issued		3		3
Preferred stock, $0.0001 par value; 10,000 shares authorized, no shares issued or outstanding		—		—
Additional paid-in capital		215,262		209,964
Retained earnings		610,283		576,030
Less: Common stock held in treasury, at cost, 226 and 192 shares at July 1, 2023 and April 1, 2023, respectively		(11,852)		(9,547)
Total stockholders’ equity		813,696		776,450
Total liabilities and stockholders’ equity	$	1,506,470	$	1,517,381

Boot Barn Holdings, Inc.

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)


	Thirteen Weeks Ended
	July 1,		June 25,
	2023		2022
Net sales	$	383,695	$	365,856
Cost of goods sold		241,732		228,026
Gross profit		141,963		137,830
Selling, general and administrative expenses		95,718		85,405
Income from operations		46,245		52,425
Interest expense		1,023		725
Other income/(loss), net		224		(273)
Income before income taxes		45,446		51,427
Income tax expense		11,193		12,109
Net income	$	34,253	$	39,318

Earnings per share:
Basic	$	1.14	$	1.32
Diluted	$	1.13	$	1.29
Weighted average shares outstanding:
Basic		29,922		29,747
Diluted		30,444		30,386

Boot Barn Holdings, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Thirteen Weeks Ended
	July 1,		June 25,
	2023		2022
Cash flows from operating activities
Net income	$	34,253	$	39,318
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation		10,603		8,022
Stock-based compensation		4,953		4,701
Amortization of intangible assets		14		16
Noncash lease expense		13,117		11,119
Amortization and write-off of debt issuance fees and debt discount		27		44
Loss on disposal of assets		176		177
Deferred taxes		727		1,575
Changes in operating assets and liabilities:
Accounts receivable, net		1,452		600
Inventories		23,200		(60,080)
Prepaid expenses and other current assets		11,486		(20,630)
Other assets		354		(173)
Accounts payable		(24,872)		18,024
Accrued expenses and other current liabilities		158		(21,523)
Other liabilities		498		150
Operating leases		(5,344)		(7,108)
Net cash provided by/(used in) operating activities	$	70,802	$	(25,768)
Cash flows from investing activities
Purchases of property and equipment	$	(29,895)	$	(20,835)
Net cash used in investing activities	$	(29,895)	$	(20,835)
Cash flows from financing activities
(Payments)/Borrowings on line of credit, net	$	(39,828)	$	46,324
Repayments on debt and finance lease obligations		(213)		(220)
Tax withholding payments for net share settlement		(2,305)		(4,408)
Proceeds from the exercise of stock options		345		247
Net cash (used in)/provided by financing activities	$	(42,001)	$	41,943

Net decrease in cash and cash equivalents		(1,094)		(4,660)
Cash and cash equivalents, beginning of period		18,193		20,674
Cash and cash equivalents, end of period	$	17,099	$	16,014

Supplemental disclosures of cash flow information:
Cash paid for income taxes	$	646	$	19,226
Cash paid for interest	$	1,151	$	534
Supplemental disclosure of non-cash activities:
Unpaid purchases of property and equipment	$	17,517	$	17,473

Boot Barn Holdings, Inc.

Store Count


	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended
	July 1,	April 1,	December 24,	September 24,	June 25,	March 26,	December 25,	September 25,
	2023	2023	2022	2022	2022	2022	2021	2021
Store Count (BOP)	345	333	321	311	300	289	278	276
Opened/Acquired	16	12	12	10	11	11	11	3
Closed	—	—	—	—	—	—	—	(1)
Store Count (EOP)	361	345	333	321	311	300	289	278

Boot Barn Holdings, Inc.

Selected Store Data


	Thirteen			Fourteen
	Weeks Ended			Weeks Ended			Thirteen Weeks Ended
	July 1,			April 1,			December 24,			September 24,			June 25,			March 26,			December 25,			September 25,
	2023			2023			2022			2022			2022			2022			2021			2021
Selected Store Data:
Same Store Sales (decline)/growth		(2.9)	%		(5.5)	%		(3.6)	%		2.3	%		10.0	%		33.3	%		54.2	%		61.7	%
Stores operating at end of period		361			345			333			321			311			300			289			278
Total retail store square footage, end of period (in thousands)		3,914			3,735			3,598			3,451			3,333			3,194			3,063			2,940
Average store square footage, end of period		10,841			10,825			10,806			10,751			10,717			10,648			10,597			10,575
Average net sales per store (in thousands)	$	958		$	1,088		$	1,320		$	966		$	1,031		$	1,094		$	1,372		$	965

Exhibit 99.2

0 Supplemental Financial Presentation August 2023 Offering everyone a piece of the American spirit—one handshake at a time.

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 statements by the fact that they generally include words such as "anticipate," "estimate," "expect," "project," "plan,“ "intend," "believe," “outlook” and other words 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 presentation, 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: 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; 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 presentation after the date of this presentation. Industry and Market Information Statements in this presentation concerning our industry and the markets in which we operate, including our general expectations and competitive position, business opportunity and market size, growth and share, are based on information from independent industry organizations and other third-party sources, data from our internal research and management estimates. Management estimates are derived from publicly available information and the information and data referred to above and are based on assumptions and calculations made by us based upon our interpretation of such information and data. The information and data referred to above are imprecise and may prove to be inaccurate because the information cannot always be verified with complete certainty due to the limitations on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. As a result, please be aware that the data and statistical information in this presentation may differ from information provided by our competitors or from information found in current or future studies conducted by market research institutes, consultancy firms or independent sources. Recent Developments Our business and opportunities for growth depend on consumer discretionary spending, and as such, our results are particularly sensitive to economic conditions and consumer confidence. Inflation and other challenges affecting the global economy could impact our operations and will depend on future developments, which are uncertain. These and other effects make it more challenging for us to estimate the future performance of our business, particularly over the near-to-medium term. For further discussion of the uncertainties and business risks affecting the Company, see Item 1A, Risk Factors, of our Fiscal 2023 10-K.

2 $162 $384 FY19 Q1 FY24 Q1 Q1 Fiscal 2024 vs. Five Years Ago Q1 Total Sales ($M) Q1 GAAP EPS $0.24 $1.13 FY19 Q1 FY24 Q1 137% Growth 19% CAGR 371% Growth 36% CAGR

3 Customer Growth Annual Active Customers (in millions)1 3.1 3.5 3.8 4.0 4.3 4.7 5.8 7.1 7.5 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q1 6.1 7.5 FY23 Q1 FY24 Q1 Q1 Active Customers (in millions) 1Represents the number of B Rewarded Loyalty Members who have purchased merchandise from us in the trailing three-year period of each fiscal year mentioned.

4 Customer Survey – Recap1 Q: Why did you purchase product from Boot Barn? 0% 19% 5% 76% For An Event and Don't Intend to Shop Again For An Event and Intend to Shop at Boot Barn Again For Work Only Everyday Style Q: On your first visit to Boot Barn, were the products what you expected? 7% 35% 58% Less Variety of Product Expected Variety of Products More Variety of Products Q: Did you start wearing western attire because you watched the television show Yellowstone? Q: How likely are you to recommend Boot Barn to a friend or colleague? (0 = not at all likely, 10 = extremely likely) 0% 0% 0% 0% 0% 1% 2% 6% 14% 17% 60% 0 1 2 3 4 5 6 7 8 9 10 4% 96% Yes No 1 In Q1 FY24, the Company conducted an online survey of customers who purchased an item from Boot Barn (either online or at one of its stores) over the last 24 months. Over 18,000 responses were collected by this survey. While we acknowledge that there is a sample bias in the survey responses that we receive, we are pleased to see that the results are consistent with our CRM data regarding new customers and their shopping preferences.

5 Customer Survey - Retention1 Q: How likely are you to shop at Boot Barn in the next 12 months? 0% 1% 8% 24% 67% Not Likely At All Slightly Likely Moderately Likely Very Likely Extremely likely 1 In Q1 FY24, the Company conducted an online survey of customers who purchased an item from Boot Barn (either online or at one of its stores) over the last 24 months. Over 18,000 responses were collected by this survey. While we acknowledge that there is a sample bias in the survey responses that we receive, we are pleased to see that the results are consistent with our CRM data regarding new customers and their shopping preferences.

6 Newsweek – America’s Best Retailers 2023 America’s Best Overall Retailer America’s Best Clothing Retailer • The 2023 America’s Best Retailers rankings were identified from the results of an independent survey of more than 9,000 U.S. customers who have shopped at the retailers in-person in the past three years. In total, over 140,000 evaluations were collected. The awarded retailers each received on average 100 evaluations from customers. • The survey was conducted on retailers from 39 categories, providing results for a broad-spectrum of customer experiences in traditional retail. For each category, only retailers present in at least two census regions have been included in the list (exceptions made for retailers with 600 or more locations). • In total, the survey took an average of 9-11 minutes to complete, and the field period ran from February to March 2023. • The final assessment and rankings were based on the Likelihood of Recommendation (50% of the final score) and five evaluation criteria (also 50% of the final score): Products: measures the quality, price, range and variety of products offered in-store. Customer Service: measures the friendliness, helpfulness, and availability of employees in-store. Atmosphere: measures the general atmosphere, lighting/illumination, music, cleanliness of stores. Accessibility: measures the parking availability, store hours, convenience of store location. Shop Layout: measures the order that products are displayed, aisle size, product-presentation, mannequins, store size. The top 3-10 retailers based on category size receiving the highest scores in each category were awarded as America’s Best Retailers 2023. # Retailer Score 1 Boot Barn 95.59 2 Dooney & Burke 94.45 3 2nd & Charles 92.84 4 Van Cleef & Arpels 92.74 5 Ethan Allen 92.48 6 Lovely 92.12 7 LEGO 92.04 8 Von Maur 92.01 9 Wegmans 92.01 1 0 Vera Bradley 91.37 # Retailer Score 1 Boot Barn 95.59 2 Dooney & Burke 94.45 3 Van Cleef & Arpels 92.74 4 Lovely 92.12 5 Von Maur 92.01 6 Vera Bradley 91.37 7 Dior 91.04 8 Kendra Scott 90.88 9 Johnston & Murphy 90.63 1 0 Adam & Eve 90.59

7 Strategic Initiatives Update 1 2 3 4 Expand Our Store Base Drive Same Store Sales Growth Continue Omni-Channel Leadership Build Out Exclusive Brand Portfolio

8 15% New Unit Growth 86 117 152 169 208 219 226 240 259 273 300 345 397 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 E Annual Store Count 1 1Represents management’s guidance to open 52 new stores in Fiscal 2024 (including Q1 FY24 actual openings and its best estimate of future quarterly cadence), provided on the Company’s first quarter earnings call on August 2, 2023. 1 11 11 11 10 12 12 16 10 9 17 FY22 Q3 FY22 Q4 FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY24 Q1 FY24 Q2 E FY24 Q3 E FY24 Q4 E Quarterly New Unit Growth 1 1 1 1

9 1 Expansion Into New and Existing Markets • 363 stores • 44 states • 86 stores • 8 states 2012 Today New Store Economics 10K 12K SqFt $1.7M $3.5M 1st Year Sales $700K $1.4M Investment 32% 75% Return on Investment IPO Model Today 3yr Payback ~1.3yr Payback

10 -5.0% -2.6% 1.5% 1.0% Apr May Jun Jul 2 Store SSS% by Month FY23 8.1% 14.8% 8.1% 1.6% 4.4% 5.1% 1.5% 1.9% -3.2% 0.6% -1.9% -6.2% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY24 FY22 323.1% 98.2% 54.0% 74.8% 72.9% 55.5% 50.4% 56.7% 57.8% 38.2% 47.8% 17.3% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 1 1Represents preliminary retail store same store sales for July Fiscal 2024.

11 2 A Decade of Strong Sales Across Channels Total Sales Growth % 38.2% 48.4% 16.4% 41.3% 10.7% 7.6% 14.6% 8.8% 5.7% 66.6% 11.4% 5.5% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 E Consolidated SSS% 11.9% 6.7% 7.3% -0.1% 0.3% 5.2% 10.0% 5.0% 3.1% 53.7% -0.1% -3.0% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 E Retail Store SSS% 10.9% 6.8% 6.7% -2.4% -2.3% 6.1% 9.5% 4.5% -1.1% 57.2% 1.8% -3.5% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 E E-commerce SSS% 31.7% 4.5% 20.9% 13.2%13.6% 1.2% 12.2% 7.4% 23.6% 38.7% -10.2% 0.0% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 E 1Reflects the high end of the Company’s guidance range provided on its August 2, 2023 earnings call. 1 1 1 1

12 +140bps +150bps (200)bps +420bps +40bps +90bps FY19 Q1 FY20 Q1 FY21 Q1 FY22 Q1 FY23 Q1 FY24 Q1 Healthy Inventory Position 24 25 26 20 24 26 FY19 FY20 FY21 FY22 FY23 FY24 E Stores Weeks of Supply1 • Total inventory growth of 6%. • Average comp store inventory decline of (9)%. • 26 weeks of store supply. 2 1Weeks of supply calculated using respective end of first quarter store-only on-hand inventory and store sales estimates for future weeks in each respective year. 2Q1 merchandise margin rate has increased approximately 640 basis points over the six-year period of Q1 Fiscal 2018 through Q1 Fiscal 2024. FY23 Q1 includes (70)bps of freight headwinds FY24 Q1 includes 10bps of freight tailwinds +80bps Product +10bps Freight (70)bps Freight ~640bps Q1 Merchandise Margin Rate Growth over Six Years2

13 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 (finite aisle) • WHIP (endless aisle) • Handheld Tablet Fulfill Online Demand Efficiently • DC Fulfillment • Store Fulfillment • Same Day Delivery Improve Online Profitability • Price above IMAP; respect MSRP on bootbarn.com • Improve ROAS (ROI)

14 3 Ecommerce SSS% by Month -19.1% -9.0% -3.5% -11.4% Apr May Jun Jul FY23 13.1% 8.5% 6.4% -3.0% -1.3% -13.5% -18.5% -25.4% -10.1% -16.3% -18.7% -19.4% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY24 FY22 26.1% -4.4% 10.2% 32.1% 40.3% 49.3% 55.5% 59.4% 42.4% 63.1% 57.2% 35.4% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 1Represents preliminary e-commerce same store sales for July Fiscal 2024. 1

15 WESTERN COUNTRY ARTIST INSPIRED Exclusive Brands Portfolio WORK RANCH & RODEO 4

16 Exclusive Brands Penetration Growth 3.0% 5.0% 7.0% 9.7% 11.1% 10.7% 13.5% 16.2% 22.0% 23.7% 28.3% 34.0% 39.0% FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 E Full Year Exclusive Brands Penetration % Margin enhancement ~1,000 bps vs. 3rd party brands $5 $12 $24 $39 $63 $67 $92 $126 $186 $212 $421 $564 $682 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 E Full Year Exclusive Brands Sales ($M) 4 1FY24 estimated 39.0% consolidated exclusive brand penetration reflects 500 basis points of growth over fiscal 2023 as provided in the Company’s guidance outlined on their August 2, 2023 earnings call. 1 1 31.7% 38.0% FY23 Q1 FY24 Q1 Q1 Exclusive Brands Penetration % Q1 Exclusive Brands Sales ($M) +630bps vs. LY $116 $146 FY23 Q1 FY24 Q1

17 FY24 Guidance

18 Q2 FY24 Financial Guidance Q2 FY24 Financial Guidance Low End ($M) High End ($M) High End Guidance Comments Total Net Sales Consolidated SSS% Store SSS% E-commerce SSS% Total Net Sales Growth % New Store Openings $372 (5.5)% (4.5)% (11.0)% 5.8% 10 $379 (3.5)% (2.5)% (9.0)% 7.8% 10 Gross Profit % $130.7 35.1% $134.2 35.4% +50bps merchandise margin expansion including flat freight expense year-over-year (180)bps Buying/Occupancy/DC deleverage SG&A % $95.3 25.6% $96.4 25.4% Income from Operations % $35.4 9.5% $37.8 10.0% GAAP Earnings per Diluted Share $0.84 $0.90

19 Full Year FY24 Financial Guidance Full Year FY24 Financial Guidance Low End ($M) High End ($M) High End Guidance Comments Total Net Sales Consolidated SSS% Store SSS% E-commerce SSS% Total Net Sales Growth % New Store Openings $1,715 (5.0)% (5.5)% (4.0)% 3.5% 52 $1,748 (3.0)% (3.5)% Flat 5.5% 52 No change to Q3 & Q4 sales assumptions Gross Profit % $629.7 36.7% $645.7 36.9% +160bps merchandise margin expansion including +100bps freight tailwind (150)bps Buying/Occupancy/DC deleverage SG&A % $419.3 24.4% $422.9 24.2% Income from Operations % $210.4 12.3% $222.8 12.7% GAAP Earnings per Diluted Share $5.05 $5.35 Interest Expense of $3.2M Capital expenditures of $90M - $95M

20 National Leader in Attractive Market • Leading player in estimated $40 billion industry • Brick-and-mortar presence in 44 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 • Ability to drive incremental traffic to stores • Improved customer satisfaction with added convenience and quicker delivery Strong New Unit Growth Opportunities • Proven ability to open stores in both new and existing markets • Store-preferred shopping experience • Minimal sales cannibalization from opening stores in existing markets Lifestyle Brand with Loyal Customer • Genuine lifestyle retail brand • Extremely loyal customers seeking authenticity • Lifestyle experience across stores, e-commerce and events Profit Enhancement Opportunities • Proven ability to drive merchandise margin expansion • Economies of scale in purchasing & ability to leverage expenses Investment Considerations Exclusive Brands • 1,000bps margin enhancement vs. 3rd party brands • Differentiated assortment to satisfy all customer segments • Proven supply chain reliability

21 investor.bootbarn.com

Document and Entity Information	Aug. 02, 2023
Document and Entity Information
Document Type	8-K
Document Period End Date	Aug. 02, 2023
Entity File Number	001-36711
Entity Registrant Name	Boot Barn Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	90-0776290
Entity Address, Address Line One	15345 Barranca Parkway
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	949
Local Phone Number	453-4400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	BOOT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001610250
Amendment Flag	false