Retailer

Boot Barn Slows Expansion, Sees New Customer Opportunities

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Boot Barn will slow its brick-and-mortar expansion plans this year due to the COVID-19 pandemic but still intends to eventually reach 500 doors, the Irvine, CA-based retailer said.

The 259-door chain aims to capitalize on what it sees as a customer segmentation split between core Western and casual country wearers. In FY20, Boot Barn realized consolidated same-store sales growth of 5 percent and e-commerce sales expansion of 7.4 percent.

“Our inventory is in a healthy position, so we’re going to be able to fuel the business off the inventory we have on hand with the exception of things like work boots, where we buy into a replenishment model,” president and CEO Jim Conroy told analysts last week.

Boot Barn’s annual sales rose 8.8 percent to $845.6 million for the 12 months ended March 28. According to the company’s annual report, yearly footwear sales accounted for 51 percent of the total, or an implied $431.2 million. The total represents a 6.7 percent increase from FY19 when footwear represented 52 percent of the topline, or an implied $403.96 million. Meanwhile, private brands accounted for 22 percent of Boot Barn’s consolidated FY20 revenues, or approximately $186.0 million.