Boot Barn (BOOT) The 44th Annual William Blair Growth Stock Conference summary

Industry overview and competitive positioning

• Operates in a large, fragmented industry with significant growth potential and minimal organized competition.

• Maintains a loyal customer base with little price sensitivity and minimal downward price pressure.

• Faces limited disruption from online entrants due to in-store experience and product fit needs.

• Vendor relationships are strong and diversified, enabling growth in proprietary brands.

Business transformation and customer expansion

• Shifted from a Western-focused, value-oriented retailer to a national, inclusive brand.

• Expanded customer base beyond core Western to include country and fashion segments, accelerating growth.

• Proprietary brands now represent about 40% of assortment, up from mostly third-party brands.

• Modernized store design and branding to appeal to a broader demographic.

Store growth and financial performance

• Store count has grown to 406, with plans to more than double, targeting 15% annual growth.

• New stores deliver strong returns, with average payback reduced from three years to 1.5 years.

• All stores are EBITDA positive, and new stores are not dilutive to operating margins.

• Cannibalization from new stores remains minimal, under 1% on consolidated comps.