Boot Barn Holdings Inc 2024年度报告

STOREPORTFOLIO STORES IN 49 STATES1459 1Data for Fiscal 2025. E-commerce sales in all50 states and more than 100 countries worldwide. Dear Stockholders, I am pleased to address you in this annual letter for the first time since being appointed Chief ExecutiveOƯicer of Boot Barn Holdings, Inc. It is an honor to lead this exceptional organization and to share withyou the remarkable achievements that we accomplished together in fiscal 2025. Fiscal 2025 was a very strong year for Boot Barn, as we delivered impressive performance across our keymetrics, while strengthening our position as the nation's premier lifestyle retailer of western and workapparel and footwear. Our full-year fiscal 2025 revenue reached a record $1.9 billion, representing $1billion in sales growth over the past four fiscal years. This growth was driven by both the 186 new storeswe opened during the four-year period and robust same-store sales performance. This milestone marksour tenth consecutive year of revenue growth since Boot Barn's IPO in fiscal 2015, demonstrating theresilience and strength of our business model as we scale to unprecedented heights. Throughout the year, our team demonstrated remarkable agility and focus, consistently executing on ourfour strategic initiatives. We grew earnings per diluted share 23% to $5.88—an increase of $1.08 over theprior fiscal year—while expanding merchandise margin by 130 basis points. Our fiscal 2025 results reflect comprehensive strength across virtually all major merchandise categoriesand across each geography we serve. This broad-based growth validates the health of our brand and thedisciplined execution of our four strategic initiatives, each of which contributed meaningfully to ourexceptional performance: 1. New Stores We delivered our third consecutive year of 15% new unit growth, opening 60 new stores in fiscal2025 and concluding the fiscal year with 459 stores across 49 states. These new locations areperforming exceptionally well, far exceeding the sales and cash-on-cash return model we set outat the time of our IPO. We expanded our national footprint into four new states during the fiscalyear, elevating Boot Barn to a national household name. Our new store execution continuesdelivering consistent performance across all geographies, reinforcing our conviction that wepossess the market opportunity to double our store count in the U.S. alone over the coming years. 2. Same Store Sales Fiscal 2025 marked a decisive turnaround in our same-store sales trajectory, with consolidatedsame-store sales delivering positive growth throughout the fiscal year. We achieved broad-basedsequential improvement across virtually every major merchandise department and across all fourregional geographies. I credit the strength in our sales to the ongoing success of our marketing,merchandising and field organizations and their dedication to delivering an elevated customerexperience. This is further evidenced by the growth we have seen in our customer loyaltydatabase, which in fiscal 2025 expanded 14% year-over-year to 9.6 million total active customers,representing more than 1 million new customers added to the program annually for the past fourfiscal years. 3. Omni-Channel Our e-commerce business generated positive comparable sales in all four quarters of fiscal 2025,with our digital flagship bootbarn.com comprising approximately 75% of our online sales andachieving low double-digit positive growth for the fiscal year. The Boot Barn App launched twoyears ago and now represents approximately 10% of Boot Barn's online sales, demonstrating solidgrowth and customer adoption. During fiscal 2025, we began piloting an in-store consumer-drivenAI solution called Cassidy, which we believe has the potential to increase transaction size throughenhanced sales conversion and accelerated training for new store associates. During peakholiday weeks, we successfully fulfilled approximately half of our online orders from our stores,showcasing the power of our integrated omni-channel strategy. 4. Merchandise Margin and Exclusive Brands Fiscal 2025 delivered exceptional merchandise margin expansion, with full-year merchandisemargin increasing 130 basis points compared to the prior fiscal year. Over the past four fiscalyears, merchandise margin has expanded an impressive 500 basis points, with approximatelyone-third driven by exclusive brands and the remaining two-thirds attributed to increased full-price selling, purchasing economies of scale, and supply chain eƯiciencies. Exclusive brandpenetration reached 38.6% for the full year, representing 1,500 basis points of exclusive brandgrowth over the past four fiscal years. This remarkable achievement demonstrates our team'sability to strategically balance expanding exclusive brands while driving growth within our third-party vendor partnerships. Looking ahead to fiscal 2026, we believe that we are very well positioned for continued growth and expectto maintain our 15%