Boot Barn (BOOT) 45th Annual William Blair Growth Stock Conference summary

Market opportunity and customer segments

• Total addressable market expanded from $20B to $40B by including 'just country' customers beyond core Western and work segments.

• Industry remains highly fragmented with only one national brand and many regional or mom-and-pop competitors.

• Farm and ranch retailers and online disruptors overlap but do not directly compete on core offerings.

• Pricing in the Western retail industry is rational, with minimal discounting and strong MAP policies.

Recent performance and growth trajectory

• Fiscal 2025 sales reached $1.9B, up 15% year-over-year and $1B higher than four years ago.

• Comp sales grew 5.5% in fiscal 2025, maintaining mid-single-digit growth after a 54% post-COVID surge.

• EPS reached $5.88, nearly triple the level from four years prior.

• Store count expanded to 467, with new markets opened in the Northeast and Alaska.

• Fiscal 2026 started strong, with preliminary same-store sales up 10% in the first nine weeks.

Store expansion and format innovation

• Store pipeline includes both legacy and new markets, targeting 15% annual unit growth.

• Plan to reach 524-529 stores by year-end, with a long-term goal of 900 stores nationally.

• New store format modernizes layout while preserving Western authenticity, now in 150 locations.

• New stores average $3.2M in sales and pay back in 1.8 years, with consistent performance across regions.