What happened
Shares of Boot Barn Holdings (BOOT 1.99%) surged this week thanks to a compelling investor presentation given at the ICR Conference in Orlando, Florida. The company has big plans over the next decade, which excited the market and sent the stock up 19% for the week as of 1:20 p.m. ET on Friday, according to data provided by S&P Global Market Intelligence.
So what
Boot Barn is a western and country-lifestyle apparel company currently with 333 stores. And according to its presentation at the conference, it plans to have over 900 locations by the end of 2031, which could add over $2 billion in annual revenue. For perspective, that's more than double the $1.65 billion to $1.67 billion in revenue it's expecting during its fiscal 2023.
Boot Barn's growth has been spectacular in recent years. Before the pandemic, it had roughly 4 million active customers; as of the most recent quarter, it had 6.8 million.
Boot Barn is encouraged by its growing, loyal audience. It's also encouraged by a survey that found that, of customers who made their first purchase after the start of the pandemic, 81% plan to make another purchase in 2023. In other words, it looks like it's hanging on to new customers, instilling confidence in management's expansion plans.
Now what
The ICR Conference is a good place for lesser-followed companies like Boot Barn to gain a little attention, and that seems to be what happened this week.
That said, I don't think it's just short-term buzz when it comes to Boot Barn. To the contrary, the company possesses many of the traits that I look for in a brick-and-mortar retailer, and I look forward to following it closely in coming years.
