Boot Barn (BOOT) TD Cowen 8th Annual Future of the Consumer Conference summary

Business performance and momentum

• Sequential improvement seen across all regions, channels, and merchandise categories, with positive momentum continuing from Q4 into Q1.

• Comp sales running at 1.4% for the first nine weeks, with strong performance in early June and confidence in near-term trends.

• Denim and western/country categories are experiencing sector tailwinds, aided by cultural trends like country music's popularity.

• Women's business, after volatility, is stabilizing and remains a higher percentage of total sales than pre-pandemic, with ladies' boots turning positive.

• Work boot sales are flat but expected to turn positive soon.

Store growth and operational strategy

• New store volumes have consistently exceeded $3 million for several years, increasing confidence in sustainability.

• Expansion into new markets has matched performance of mature markets, supporting a raised new store target.

• Targeting about 60 new stores this year, representing 15% growth, with operational improvements and external talent recruitment supporting scalability.

• Store managers are not being overburdened as the number of districts grows with store count.

Customer growth and brand strategy

• Comp growth since the pandemic is primarily driven by increased transactions and new customer traffic, with basket size contributing minimally.

• Added 1 million new customers annually in recent years, with a vibrant loyalty program and growing consumer attention.

• Brand strategy has broadened to include outdoor and country casual lifestyles, while maintaining focus on core western customers.

• Marketing efforts balance national brand building with targeted calls to action, leveraging national media and social platforms.