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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 10, 2020 Boot Barn Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 001-36711 90-0776290 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 15345 Barranca Parkway, Irvine, California 92618 (Address of principal executive offices) (Zip Code) (949) 453-4400 (Registrant’s telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, $0.0001 par value BOOT New York Stock Exchange

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Page 1: SECURITIES AND EXCHANGE COMMISSIONd18rn0p25nwr6d.cloudfront.net/CIK-0001610250/66ba6447-b... · 2020-01-10 · presentation. Industry and Market Information Statements in this presentation

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-KCURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 10, 2020

Boot Barn Holdings, Inc.(Exact name of registrant as specified in its charter)

Delaware 001-36711 90-0776290(State or other jurisdiction

of incorporation)(Commission File Number)

(I.R.S. Employer Identification No.)

15345 Barranca Parkway, Irvine, California 92618(Address of principal executive offices) (Zip Code)

(949) 453-4400(Registrant’s telephone number, including area code)

Not Applicable(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any ofthe following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐   Emerging growth company

☐   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading SymbolName of each exchange on which

registeredCommon Stock, $0.0001 par value BOOT New York Stock Exchange

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Item 7.01 Regulation FD Disclosure.

Boot Barn Holdings, Inc. (the “Company”) is presenting at the ICR Conference at the JW Marriott Orlando Grande Lakes inOrlando, Florida, on Monday, January 13, 2020 at 2:00 p.m. Eastern Time. A copy of the Company’s presentation materials is attached heretoas Exhibit 99.1 and is incorporated herein by reference.

The information provided in this Item 7.01, including Exhibit 99.1, is intended to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

The Company expressly disclaims any obligation to update or revise any of the information contained in the Presentation.

The Presentation is available on the Company’s investor relations website located at investor.bootbarn.com, although the Companyreserves the right to discontinue that availability at any time.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 January 2020 ICR Conference PresentationExhibit 104 The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on itsbehalf by the undersigned hereunto duly authorized.

BOOT BARN HOLDINGS, INC.

Date: January 10, 2020 By: /s/ Gregory V. HackmanName: Gregory V. HackmanTitle: Chief Financial Officer

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Exhibit 99.1

1 1 ICR ConferenceJanuary 2020

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2 IMPORTANTINFORMATIONForward-LookingStatements Thispresentation containsforward-lookingstatements that aresubject to risks anduncertainties. Allstatements other thanstatements ofhistorical fact includedin this presentation areforward-lookingstatements. You canidentify forward-looking statements bythe fact that theygenerally includewords such as"anticipate,""estimate," "expect,""project," "plan,“"intend," "believe,"“outlook” and otherwords of similarmeaning in connectionwith any discussion ofthe timing or nature offuture operating orfinancial performanceor other events but notall forward-lookingstatements containthese identifyingwords. These forward-looking statements arebased on assumptionsthat the Company’smanagement hasmade in light of theirindustry experienceand on theirperceptions ofhistorical trends,current conditions,expected futuredevelopments andother factors theybelieve are appropriateunder thecircumstances. As youconsider thispresentation, youshould understandthat these statementsare not guarantees ofperformance orresults. They involverisks, uncertainties(some of which arebeyond the Company’scontrol) andassumptions. Theserisks, uncertaintiesand assumptionsinclude, but are notlimited to, thefollowing: decreases inconsumer spendingdue to declines inconsumer confidence,local economicconditions or changesin consumerpreferences and theCompany’s ability toeffectively: execute onits growth strategy;maintain and enhanceits strong brandimage; competeeffectively; maintaingood relationships withits key suppliers; andimprove and expandits exclusive productofferings. TheCompany discussesthe foregoing risks andother risks in greaterdetail under theheading “Risk factors”in the periodic reportsfiled by the Companywith the Securities andExchangeCommission. Althoughthe Company believesthat these forward-looking statements arebased on reasonableassumptions, youshould be aware thatmany factors couldaffect the Company’sactual financial resultsand cause them todiffer materially fromthose anticipated inthe forward-lookingstatements. Becauseof these factors, theCompany cautionsthat you should notplace undue relianceon any of theseforward-lookingstatements. New risksand uncertainties arisefrom time to time, andit is impossible for theCompany to predictthose events or howthey may affect theCompany. Further,any forward-lookingstatement speaks onlyas of the date onwhich it is made.Except as required bylaw, the Companydoes not intend toupdate or revise theforward-lookingstatements in thispresentation after thedate of thispresentation. Industryand MarketInformationStatements in thispresentationconcerning ourindustry and themarkets in which weoperate, including ourgeneral expectationsand competitiveposition, businessopportunity andmarket size, growthand share, are basedon information fromindependent industryorganizations andother third-partysources, data from ourinternal research andmanagementestimates.Managementestimates are derivedfrom publicly availableinformation and theinformation and datareferred to above, andare based onassumptions andcalculations made byus based upon ourinterpretation of suchinformation and data.The information anddata referred to aboveare imprecise and mayprove to be inaccuratebecause theinformation cannotalways be verified withcomplete certainty dueto the limitations onthe availability andreliability of raw data,the voluntary nature ofthe data gatheringprocess and otherlimitations anduncertainties. As aresult, please beaware that the dataand statisticalinformation in thispresentation maydiffer from informationprovided by ourcompetitors or frominformation found incurrent or futurestudies conducted bymarket researchinstitutes, consultancyfirms or independentsources. Non-GAAPFinancial MeasuresThe Companypresents AdjustedEBITDA and AdjustedEBIT because they areimportant financialmeasures that itsmanagement, board ofdirectors and lendersuse to assess theCompany’s operatingperformance.However, AdjustedEBITDA and AdjustedEBIT are non-GAAPfinancial measuresand should not beconsidered in isolationor as an alternative tonet income or anyother measure offinancial performancecalculated andpresented inaccordance withGAAP. The Companydefines AdjustedEBITDA as earningsbefore interest,income tax,depreciation andamortization, orEBITDA, adjusted toexclude non-cashstock-basedcompensation, thenon-cash accrual forfuture awardredemptions,recapitalizationexpenses, acquisition-related expenses,acquisition-relatedintegration costs,amortization ofinventory fair valueadjustment, loss ondisposal of assets andcontract terminationcosts, storeimpairment charges,secondary offeringcosts, and other duediligence expenses.Adjusted EBIT isdefined as AdjustedEBITDA lessdepreciation andamortization. Inaddition, for fiscal year2017, which was a 53-week fiscal year, theCompany has madefurther adjustments toaccount for the extraweek. Since AdjustedEBITDA and AdjustedEBIT are non-GAAPfinancial measures,they are susceptible tovarying calculationsand the Company’sAdjusted EBITDA andAdjusted EBIT maynot be comparable tosimilarly titledmeasures of othercompanies, includingcompanies in itsindustry. See theAppendix to thispresentation for areconciliation ofAdjusted EBITDA andAdjusted EBIT to NetIncome.

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3 3 STRONG Q3FISCAL 2020RESULTS METRICSPRELIMINARY Q3 FY2020 RESULTS Q3FY 2019 RESULTSQ3 FY 2018RESULTS Total salesgrowth +11.8%+13.0% +12.7% Samestore sales growth+6.7%1 (Stores+5.7% E-commerce+11.0%) +9.2%(Stores +8.6% E-commerce +11.6%)+5.2% (Stores +7.9%E-commerce -4.9%)¹Retail store samestore sales in Texasgrew in line with chainaverage. 2Consists of80 basis points ofbetter product margin,partially offset by 30basis points of freightand duties expenses.3Net income perdiluted share in Q3 FY2020 wasapproximately $0.85,or $0.81 whenexcluding anapproximately $0.04per share benefit dueto income taxaccounting for share-based compensation.4Net income perdiluted share in Q3 FY2018 was $0.73, or$0.46 when excludingapproximately $0.27related to tax reform.Merchandise marginrate growth +50 bps2+120 bps +10 bps Netincome per dilutedshare ~$0.853 $0.66$0.464

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4 RECAP &LOOKINGFORWARDSTRATEGICINITIATIVESCONTINUE OMNI-CHANNELLEADERSHIP BUILDOUT EXCLUSIVEBRAND PORTFOLIOEXPAND OURSTORE BASE 1 2 3 4BOOT BARN STORYAGENDA DRIVESAME STORE SALESGROWTH

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5 BOOT BARN IS ACOMPELLINGINVESTMENTSTORY • Healthysame store salesgrowth in stores andonline • Importance ofquality and fit •Lifestyle experienceacross stores, e-commerce and events• Significant e-commerce penetrationSTRONG OMNI-CHANNEL BRANDPRESENCENATIONAL LEADERIN ATTRACTIVENICHE • Leader andauthority in thewestern and workindustry • Genuinelifestyle retail brand •Extremely loyalcustomers seekingauthenticity • Uniquemerchandiseassortment • Provenability to drive growthand expansion - 11consecutive quartersof retail store +SSS %- 10 consecutivequarters ofmerchandise margin% expansion •Exclusive brandgrowth across allmajor categories •Economies of scale inpurchasing & ability toleverage expensesGROWTH ANDPROFITENHANCEMENTOPPORTUNITIES

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6 6 BUCKING THERETAIL TRENDCustomer Base •Diversified acrossgender anddemographics • Seeksauthenticity • Highlyloyal customerembraces B Rewardedprogram • Trackrecord of growingcustomer databaseSales Growth • Newstore opportunity plustuck-in acquisitions •SSS track record(broad based) • Drivenby transactions •Stores and e-commerce MarginGrowth • Mostly fullprice selling • Ongoinggrowth in exclusivebrands • Lowmarkdown risk •Increasing profitabilityof e-commercechannel • Leveraginglean infrastructureAttractive IndustryDynamics • Large andfragmented market •Store preferredshopping channel

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7 A NEWPERSPECTIVE ONAMERICA

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8 URBAN LIVING

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9 RURAL LIVING

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10 OUR CUSTOMER

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11 1 Reuters1/6/2020, “Table: Top20 vehicles sold in theUnited States in2019”; 2 “2018 GfKConsumer LifeSurvey: 9% Five YearGrowth Rate” OURCUSTOMERS’LIFESTYLE Countrymusic popularitycontinues to rise2 Top3 vehicles sold in2019 were pick-uptrucks1 Hundreds ofrodeos held in theU.S. Popular spectatorsport

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12 12 1 Fiscal yearended March 30,2019. 2As of March30, 2019, westernstyles comprisedapproximately 70% ofour sales, with workrelated and otherstyles making up thebalance. PRODUCTMIX1 DIVERSIFIEDSALES MIXMITIGATES RISKEND USER1CHANNEL1 Footwear52% Hats,Accessories & Other14% Apparel 34%Women 23% Unisex7% Men 65% Kids 5%E-commerce 17%Stores 83% Western:70% of Sales2 Workand Other: 30% ofSales2

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13 13 EVERYDAYMERCHANDISEWITH LIMITEDFASHION RISKRUGGEDFOOTWEAROUTERWEARFLAME RESISTANTPANTS SHIRTSWORK & OTHERBOOTS DENIMWESTERN SHIRTSCOWBOY HATSBELTS WESTERN •Low fashion quotientminimizes markdownexposure • Salesbenefit of in-stockoutweighs markdownrisk • Vast majority ofour merchandise salesare at full price1¹Excludessheplers.com sales.

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14 14 HISTORY OFPROFITABLEGROWTH Note:Fiscal year endsMarch. FY13 includes29 stores acquiredfrom RCC with 7month net sales of$35.5 million. FY14includes 30 storesacquired from Baskinswith 10 month netsales of $63.4 million.Sheplers was acquiredJune 29, 2015, thebeginning of Q2 FY16.¹Fiscal 2017 was a53-week year. Thefiscal 2017 reportedresults have beenadjusted above toreflect management’sestimated 52-weekresults. The Companyestimated thatincluded in fiscal 2017reported earnings pershare was $0.03attributed to the 53rdweek. See thereconciliation includedin the Appendix. 2AllTTM Q3 Fiscal 2020results are preliminaryand contain anestimate of results forthe thirteen weeksended December 28,2019. $233 $346$403 $569 $619 $678$777 ~$850 FY13FY14 FY15 FY16FY17 FY18 FY19TTM Q3'20 NETSALES ($MM) $23$32 $39 $46 $41 $49$68 ~$85 FY13 FY14FY15 FY16 FY17FY18 FY19 TTMQ3'20 ADJUSTEDEBIT ($MM) 1 1CAGR ~20% 2 2CAGR ~20%

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15 15 STRATEGICINITIATIVESCONTINUE OMNI-CHANNELLEADERSHIP BUILDOUT EXCLUSIVEBRAND PORTFOLIOEXPAND OURSTORE BASE 1 2 3 4DRIVE SAME STORESALES GROWTH

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16 SEGMENTATIONDRIVES MARKETING& MERCHANDISINGEXECUTIONSEGMENTATIONMERCHANDISINGMARKETING

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17 17 WESTERNSEGMENT

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18 Western WorkWonderwestEVOLUTION OFCUSTOMERSEGMENTATIONSTRATEGY WesternWork Wonderwest 18Men’s Country Men’sWork Women’sCountry Women’sWork Women’sContemporary Men’sWestern Women’sWestern CountryWomen’s Men’s

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19 19 COUNTRYSEGMENT

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20 20 7.7% 13.8%16.2% 14.2% 14.1%18.1% 19.6% 16.9%17.8% 14.3% 10.7%7.5% 8.2% 7.1% 3.8%8.9% 7.7% 7.3% 7.2%7.0% 5.6% 0.1% -2.0% -1.2% 0.4%1.8% 0.2% -0.9%1.3% 1.8% 5.2%12.1% 11.6% 11.3%9.2%8.7% 9.4% 7.8%6.7% Q1 '11 Q2 '11Q3 '11 Q4 '11 Q1 '12Q2 '12 Q3 '12 Q4 '12Q1 '13 Q2 '13 Q3 '13Q4 '13 Q1 '14 Q2 '14Q3 '14 Q4 '14 Q1 '15Q2 '15 Q3 '15 Q4 '15Q1 '16 Q2 '16 Q3 '16Q4 '16 Q1 '17 Q2 '17Q3 '17 Q4 '17 Q1 '18Q2 '18 Q3 '18 Q4 '18Q1 '19 Q2 '19 Q3 '19Q4 '19 Q1 '20 Q2 '20Q3 '20 A DECADE OFSSS GROWTH(Consolidated SSS) •Q3 SSS of 6.7% •Stores 5.7% and e-commerce 11.0% •Combined Nov. + Dec.6.0% • Q3merchandise marginexpansion of ~50 bps •+80 bps better productmargin •-30 bps higherfreight and dutiesexpenses • Q3expense leverage of~40 bps

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21 STRATEGICINITIATIVESCONTINUE OMNI-CHANNELLEADERSHIPEXPAND OURSTORE BASE 1 2 3 4DRIVE SAME STORESALES GROWTHBUILD OUTEXCLUSIVE BRANDPORTFOLIO

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22 22 THREEDISTINCT BRANDSONLINE

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23 23 UPDATINGCREATIVE LOOKAND FEEL OFSHEPLERS.COM

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24 24 DIGITALEXPERIENCESHOULD DRIVE IN-STORECONVERSIONPRODUCTRECOMMENDATIONENGINE ENDLESSAISLE CAPABILITYRANGE FINDER –DIGITAL STORE HUBBOPIS/BORIS

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25 STRATEGICINITIATIVES BUILDOUT EXCLUSIVEBRAND PORTFOLIOEXPAND OURSTORE BASE 1 2 3 4DRIVE SAME STORESALES GROWTHCONTINUE OMNI-CHANNELLEADERSHIP

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26 26 EXCLUSIVEBRANDSPOSITIONEDSTRATEGICALLYWORK EXPANDEDCUSTOMER BASEMEN’S LADIESLEGACY CUSTOMER

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27 27 2.6% 16.2%20.7% FY2012FY2019 TTM Q3FY2020 ~$5M~$126M ~$176MFY2012 FY2019 TTMQ3 FY2020 2 • FY2020 growthpenetration ~500basis points • Q3 FY2020 growthpenetration ~600basis points • Marginenhancement ~1,000bps EXCLUSIVEBRANDOPPORTUNITIESEXCLUSIVE BRANDSALESPENETRATION1 (%of Sales) 1Represents totalcompany exclusivebrand penetration. 2AllTTM Q3 Fiscal 2020results are preliminaryand contain anestimate of results forthe thirteen weeksended December 28,2019.ACCELERATION OFEXCLUSIVE BRANDPENETRATION ~35xGrowth (Sales $Millions) 2

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28 28 EXCLUSIVEBRANDS ARELEADING BRANDSIN THE STOREWestern Work / OtherTOP 5 Brands 2 1 3 45 = Exclusive brands

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29 STRATEGICINITIATIVESCONTINUE OMNI-CHANNELLEADERSHIP BUILDOUT EXCLUSIVEBRAND PORTFOLIOEXPAND OURSTORE BASE 1 2 3 4DRIVE SAME STORESALES GROWTH

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30 30 OPPORTUNITYEXISTS TO DOUBLESTORE COUNT 86117 152 169 208 219226 240 264 FY 12FY 13 FY 14 FY 15FY 16 FY 17 FY 18FY 19 FY 20 OutlookHISTORICAL STOREBASE COMPELLINGNEW STOREECONOMICS GOALSStore Size (sq. ft.)10,000 Year 1 NetSales $1.7mm NetCash Investment$0.8mm Cash onCash Return (Yr. 1)~30% Payback Period~3 Years Newstores/Tuck-ins FY12– Q3’20 107 15.8%CAGR 1 1Reflectsestimated store countwith Fiscal 2020guidance to open oracquire 25 stores .

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31 31 REACH OF E-COMMERCESUPPORTS STOREEXPANSION Today •251 stores • 33 statesSTORES 1Representse-commerce salesdollars by state for thefiscal year endedMarch 30, 2019. MoreLess E-COMMERCE1 ARKANSAS OHIOPENNSYLVANIAStates Coming Soon

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32 U.S. WESTERNWEAR CHAINS(ESTIMATED STORECOUNT)1 8 85 251~3x as many stores asclosest competitorNational Regional(Mostly Texas)Independent retailersNorth & SouthCarolina 1 Store countas of January 2, 2020.Thousands TUCK-INACQUISITIONSADDING OUTSIZEDSALES PER STORETuck-In Acquisitions:Average unit volumemore than twice newstore target WoodsBoots • 4 stores inWest Texas • Acquired9/11/2017 Lone Star •3 stores in CentralTexas • Acquired4/24/2018 Drysdales •2 stores in Tulsa,Oklahoma • Acquired7/3/2018 G.&L.Clothing • 1 store inDes Moines, Iowa •Acquired 8/26/2019

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33 RECAP &LOOKINGFORWARD

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34 34 EPS DRIVERS5.2% 10.0% 6.5%FY18 FY19 FY20ESAME STORE SALES14.2% 16.2% 22.6%Q3 FY18 Q3 FY19 Q3FY20E EXCLUSIVEBRANDPENETRATION 226240 264 FY18 FY19FY20E TOTALSTORE COUNTOPERATINGINCOME % 3 YEAREPS CAGR OF 47%1¹Reflects actualresults from Fiscal2018, Fiscal 2019 andestimated results forFiscal 2020 at thehigh-end of theguidance rangeprovided on October30, 2019. 2All TTMQ3 Fiscal 2020 resultsare preliminary andcontain an estimate ofresults for the thirteenweeks endedDecember 28, 2019. 11 1 2 6.4% 7.8% 9.5%TTM Q3 FY18 TTMQ3 FY19 TTM Q3FY20

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35 35 RECAP &LOOKINGFORWARD SameStore Sales GrowthOmni ChannelLeadership ExclusiveBrands New Stores •Customer growthcontinues •“Country”segment opportunityfor expansion • In-store digital platformtaking root • Multiplecategories drivinggrowth • Muchimproved profitabilityon e-commerce •Updating look and feelof Sheplers website •Greatly improvedsame-day shippingcapability •BOPIS/BORIS presentgrowth opportunities •Several recentsuccessful brandlaunches • Significantgrowth without top linesales erosion • Earlypositive read on denimand FR work •Exclusive brandpenetration growing ine-commerce • Newstates are performingwell • Current modelworking nationwide •Opening soon in AR,OH and PA • Nearly alltuck-ins are re-branded as Boot Barn

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36 APPENDIX

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37 ADJUSTEDEBITDA ANDADJUSTED EBITRECONCILIATION (a)Represents non-cashcompensationexpenses related tostock options,restricted stockawards, restrictedstock units andperformance shareunits granted tocertain of ouremployees anddirectors. (b)Represents the non-cash accrual for futureaward redemptions inconnection with ourcustomer loyaltyprogram. (c) Includesdirect costs and feesrelated to theacquisitions of RCC,Baskins and Sheplers,which we acquired inAugust 2012, May2013 and June 2015,respectively. (d)Represents certainstore integration,remerchandising,inventoryobsolescence andcorporateconsolidation costsincurred in connectionwith the integration ofRCC, Baskins andSheplers, which weacquired in August2012, May 2013 andJune 2015,respectively. Fiscal2016 includes anadjustment tonormalize the grossmargin impact of salesof discontinuedinventory fromSheplers, which wassold at a discount orwritten off. Theadjustment assumessuch inventory wassold at Sheplers’normalized marginrate. (e) Representsthe amortization ofpurchase-accountingadjustments thatadjusted the value ofinventory acquired toits fair value. (f)Represents loss ondisposal of assets andcontract terminationcosts from storeclosures and unusedoffice and warehousespace. (g) Representsa gain on adjustmentof a ROU asset andliability. (h)Representsprofessional fees andexpenses incurred inconnection withsecondary offeringsconducted in January2018, May 2018 andFebruary 2015 and aForm S-1 RegistrationStatement filed in July2015 and withdrawn inNovember 2015. (i)Representsprofessional fees andexpenses incurred inconnection withacquisition activity. (j)Represents storeimpairment chargesrecorded in order toreduce the carryingamount of the assetsto their estimated fairvalues. 1All TTM Q3Fiscal 2020 resultsare preliminary andcontain an estimate ofresults for the thirteenweeks endedDecember 28, 2019.2The fiscal 2017column has beenadjusted to reflectmanagement’sestimated 52-weekresults as fiscal 2017was a 53-week year.The Companyestimated thatincluded in fiscal 2017reported earnings pershare was $0.03attributed to the 53rdweek. As such, theCompany hasestimated fiscal 2017net income, excludingthe 53rd week, to be$13.4 millioncompared to GAAPnet income of $14.2million. In calculatingestimated AdjustedEBITDA and AdjustedEBIT on a 52-weekbasis, the Companyalso adjusted incometax expense, interestexpense, and stockbased compensationexpense by taking52/53rds of the GAAPreported fiscal 2017numbers.