Boot Barn : November 2023 Presentation

Offering everyone a piece of the American spirit-one handshake at a time.

Supplemental Financial Presentation November 2023

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.

1

Q2 Fiscal 2024 Financial Results

Q2 Total Sales ($M)

Q2 Income from Operations ($M)

Q2 GAAP EPS

$372	$374	$379
5.8%	6.5%	7.8%
growth	growth	growth

Low-End Actual High-End

GuidanceGuidance

$35	$38	$39
10.0%	10.3%
9.5%	of sales	of sales
of sales

Low-EndHigh-End Actual Guidance Guidance

$0.84 $0.90 $0.90

Low-EndHigh-End Actual Guidance Guidance

2

Q2 Fiscal 2024 vs. Five Years Ago

Q2 Total Sales ($M)

123% Growth

17% CAGR

$374

$168

Q2 Store Count

60% Growth

371

44

States

232

31

States

Q2 GAAP EPS

463% Growth

41% CAGR

$0.90

$0.16

FY19 Q2

FY24 Q2

FY19 Q2

FY24 Q2

FY19 Q2

FY24 Q2

3

Morgan Wallen & Dallas Cowboys Partnerships

Morgan Wallen

2024 Headline Tour Sponsor

Dallas Cowboys

Official Sponsor of the 2023-2024 Season

4

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

5

1 15% New Unit Growth

New Stores Opened by Quarter

Annual Store Count

					16		15
11	11	11	10	12	12	10	11

208 219 226

169

152

117

86

259

240

397

345

300

273

FY22	FY22	FY23	FY23	FY23	FY23	FY24	FY24	FY24	FY24
Q3	Q4	Q1	Q2	Q3	Q4	Q11	Q21	Q3 E1	Q4 E	1

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23 FY24 E 1

1Represents management's guidance to open 52 new stores in Fiscal 2024 (including Q2 FY24 YTD actual openings and its best estimate of future quarterly cadence), provided on the Company's second quarter earnings call on	6
November 2, 2023.

1 Profitable New Units & Expanding Our National Footprint

2012

		Today
• 86 stores					• 374 stores
• 8 states					• 44 states
	New Store Economics

IPO Model

Underwritten

Projection

Today

12K 12K

10K

SqFt

~$3.3M	$1.5M	$1.5M	~66%
			~1.5yr
			Payback
~$2.0M
$1.7M	$700K	32%	32%
			3yr
		Payback

1st Year Sales

Investment

Return on Investment

7

1 New Store Prototype & Remodels

Remodel Target Store

Current Prototype Store

8

1 Looking Forward: 15% New Unit Growth

		The Path to 900 Stores1
						900
397
FY24 E	FY25	FY26	FY27	FY28	FY29	FY30
1Represents 15% new unit growth annually.						9