Financial Data and Key Metrics Changes - Full year fiscal 2025 revenue reached a record $1,900,000,000, marking a $1,000,000,000 increase over the last four fiscal years, driven by 186 new stores and strong same-store sales growth [5][6] - Earnings per diluted share grew by 23% to $5.88, an increase of $1.08 over the prior year [5] - Fourth quarter total revenue increased by 17%, with earnings per diluted share at $1.22 compared to $0.96 in the prior year [6][22] Business Line Data and Key Metrics Changes - Merchandise margin expanded by 130 basis points for the full year and by 210 basis points in the fourth quarter [5][19] - Same-store sales increased by 6% in the fourth quarter, with brick-and-mortar stores up 5.5% and e-commerce up 9.8% [6][22] - Exclusive brand penetration increased to 38.6% for fiscal 2025, with a growth of 1,500 basis points over the last four years [19] Market Data and Key Metrics Changes - The company opened 60 new stores in fiscal 2025, expanding its footprint into four new states, ending the year with 459 stores [11] - The customer loyalty database grew by 14% year-over-year, reaching 9,600,000 active customers [14] Company Strategy and Development Direction - The company plans to open 65 to 70 new stores in fiscal 2026, maintaining a 15% growth rate in new units [12] - The focus remains on expanding exclusive brands while driving growth within third-party partners, with a goal to maintain merchandise margin rates despite potential price increases due to tariffs [20][21] - The company is diversifying its supply chain to reduce reliance on China, with only 5% of exclusive brand goods expected to be sourced from China in the second half of fiscal 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating ongoing uncertainties related to tariffs and consumer demand, with a strong trend of growth continuing into fiscal 2026 [7][27] - The company anticipates potential merchandise margin pressure in the second half of fiscal 2026 due to tariff impacts, but expects to leverage strong sales growth in the first half [20][27] Other Important Information - The company has authorized a share repurchase program of up to $200,000,000, reflecting confidence in strong cash flow generation [32] - Inventory increased by 25% year-over-year, attributed to new store openings and proactive shipment pull-forwards in anticipation of tariffs [26] Q&A Session Summary Question: Can you elaborate on April and May same-store sales? - Management noted strong sales trends in the first six weeks of Q1, with a consistent performance across major merchandise categories, expecting to maintain positive comp growth [37][38] Question: Can you elaborate on pricing power and tariff headwinds? - Management indicated that tariffs are expected to impact margins by approximately $8,000,000, with price increases anticipated in the summer [39][41] Question: How are new markets performing compared to legacy markets? - New store openings have positively impacted e-commerce sales, with notable increases observed in states like New York [95][96] Question: What is the strategy for managing SG&A expenses? - Management expects to leverage SG&A through normalized expenses and increased store count, which helps cover fixed costs [72][77] Question: How does the company view the competitive landscape? - Management has not observed significant changes in competitor behavior, noting that larger competitors remain rational while smaller players may face challenges [90][91]

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 do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "outlook" and other words o ...

Financial Performance - Net sales increased 16.8% to $453.7 million for the fourth quarter compared to $388.5 million in the prior-year period[4] - Net income for the fourth quarter was $37.5 million, or $1.22 per diluted share, compared to $29.4 million, or $0.96 per diluted share in the prior-year period[4] - For Fiscal Year 2025, net sales increased 14.6% to $1.911 billion from $1.667 billion in Fiscal Year 2024[4] - Gross profit for the fourth quarter was $168.6 million, or 37.1% of net sales, compared to $139.4 million, or 35.9% of net sales in the prior-year period[7] - Gross profit for the fiscal year ended March 29, 2025, was $717.0 million, representing a 16.8% increase compared to $614.4 million in the previous year[23] - Net income for the fiscal year ended March 29, 2025, was $180.9 million, up 23.1% from $147.0 million in the prior year[25] - The company reported a diluted earnings per share of $5.88 for the fiscal year ended March 29, 2025, compared to $4.80 in the previous year, reflecting a 22.5% increase[23] Store Expansion - The Company opened 21 new stores in the fourth quarter, bringing the total store count to 459[4] - The Company plans to open between 65 and 70 new stores in Fiscal Year 2026[12] - The company opened 21 new stores in the quarter ended March 29, 2025, increasing the total store count to 459[27] - The number of stores operating at the end of the period increased to 459 from 438 in the previous quarter[29] - The company has been expanding its store count, with a net increase of 21 stores year-over-year[29] Sales Performance - Same store sales increased 6.0%, with retail store same store sales increasing 5.5% and e-commerce same store sales increasing 9.8%[4] - Same store sales growth for the thirteen weeks ended March 29, 2025, was 6.0% compared to 8.6% in the previous quarter[29] - Average sales per comparable store for the current period was $926, a decrease from $1,301 in the previous quarter[29] - The average sales per comparable store for the previous year was $1,014, indicating a decline in performance[29] Expenses and Financial Management - Selling, general and administrative expenses were $118.9 million, or 26.2% of net sales, compared to $101.2 million, or 26.1% of net sales in the prior-year period[7] - Selling, general and administrative expenses for the fiscal year ended March 29, 2025, were $477.7 million, a 14.7% increase from $416.2 million in the previous year[23] - Cash and cash equivalents at the end of the period were $69.8 million, down from $75.8 million at the end of the previous fiscal year[25] - Total assets increased to $2.02 billion as of March 29, 2025, compared to $1.71 billion as of March 30, 2024[20] - The Company has authorized a $200 million share repurchase program[3] Inventory Management - Boot Barn Holdings, Inc. reported a decrease in inventories to $747.2 million as of March 29, 2025, from $599.1 million as of March 30, 2024, indicating improved inventory management[20] Strategic Initiatives - The company plans to continue expanding its store footprint and enhancing its product offerings to drive future growth[18] - The company continues to focus on enhancing store performance and customer experience through strategic initiatives[29]

Core Viewpoint - Boot Barn Holdings, Inc. is set to announce its fourth-quarter fiscal 2025 earnings results on May 14, with expectations of solid revenue and earnings growth amid competitive challenges in the apparel and footwear industry [1]. Revenue Expectations - The Zacks Consensus Estimate for revenues is $458.2 million, indicating an 18% year-over-year improvement [2]. - The consensus estimate for earnings per share is stable at $1.24, reflecting a year-over-year increase of 22.8% [2]. Earnings Performance - Boot Barn has a trailing four-quarter earnings surprise of 7.2% on average, with the last quarter's bottom line outperforming the Zacks Consensus Estimate by 2.1% [3]. Key Growth Drivers - Continued store expansion and strong same-store sales momentum are expected to positively impact revenue, with a same-store sales estimate of 7.3% for the fourth quarter [3]. - The company's product assortment in western and workwear categories is driving demand, leading to increased traffic and larger basket sizes [3]. Omnichannel Strategy - The strength of Boot Barn's omnichannel strategy, particularly in e-commerce, is a major revenue growth driver, with enhanced digital marketing efforts increasing consumer engagement [4]. Margin Improvements - The company is expected to benefit from operating leverage and margin improvements due to optimized supply chain management and increased penetration of higher-margin exclusive brands [5]. - Disciplined expense control, especially in SG&A, is anticipated to support better bottom-line performance despite investments in new store openings [5]. Earnings Prediction Model - The Zacks model does not predict a definitive earnings beat for Boot Barn, as it holds a Zacks Rank 4 (Sell) and an Earnings ESP of 0.00% [6][7].

Core Insights - Analysts project Boot Barn (BOOT) will report quarterly earnings of $1.24 per share, reflecting a year-over-year increase of 22.8% [1] - Revenue is expected to reach $458.18 million, marking an 18% increase from the same quarter last year [1] Earnings Estimates - The consensus EPS estimate has been revised 1.6% lower over the last 30 days, indicating a reevaluation by analysts [2] - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding the stock [3] Key Metrics Projections - Analysts estimate that Boot Barn will open or acquire 21 stores, up from 18 in the same quarter last year [5] - The average store square footage at the end of the period is projected to be 11,134, compared to 10,929 in the same quarter of the previous year [5] - The number of stores operating at the end of the period is expected to be 459, an increase from 400 in the same quarter last year [5] - Total retail store square footage is estimated to reach 5.11 million, compared to 4.37 million a year ago [6] Stock Performance - Boot Barn shares have increased by 20.1% in the past month, outperforming the Zacks S&P 500 composite, which rose by 13.7% [6] - Despite the recent performance, Boot Barn holds a Zacks Rank 4 (Sell), indicating expectations of underperformance relative to the overall market in the near term [6]

Core Insights - Home Depot is focused on creating a seamless customer experience through its "One Home Depot" investment plan, which emphasizes supply chain expansion, technology investments, and digital enhancements [1] Group 1: Strategic Partnerships and Product Offerings - Home Depot has extended its long-term relationship with Behr Paint Company to exclusively offer KILZ branded primer products across the United States and Puerto Rico, making it the sole home-improvement big box retailer to do so [2] - The agreement aims to provide products that meet the needs of professional customers, allowing for deep job lot quantities both in-store and through distribution channels [3] Group 2: Pro Ecosystem and Growth Drivers - Home Depot is expanding its Pro ecosystem, which is a key growth driver, with initiatives like the Pro Xtra program, job site deliveries, and a B2B website [4] - The company is investing significantly in its Pro sales teams and capabilities, focusing on professional-grade products, exclusive brands, enhanced delivery, and digital capabilities to deepen engagement with Pro customers [5] Group 3: Business Expansion and Market Position - Home Depot is positioned to capture market share by creating an interconnected experience for customers and enhancing its Pro wallet through a unique ecosystem of capabilities [6] - The company's interconnected retail strategy and robust technology infrastructure have led to increased web traffic and improved online conversions [7] Group 4: Stock Performance - Despite the strategic initiatives, Home Depot's shares have declined by 10% over the past three months, compared to a 10.6% drop in the industry [8]

Core Insights - Home Depot is focused on creating a seamless customer experience through its "One Home Depot" investment plan, which emphasizes supply chain expansion, technology investments, and digital enhancements [1] - The company is launching Magic Apron, a suite of generative AI tools designed to assist customers with home improvement queries and product information, available 24/7 [2] - Magic Apron is currently integrated into millions of product pages on Home Depot's website and mobile app, with plans to extend its functionality to support professional contractors and business account users [3] Technology and Innovation - Magic Apron utilizes Home Depot's proprietary knowledge base and human expertise to provide accurate and reliable information, continuously learning from customer feedback [4] - The tool is powered by advanced large language models and aims to enhance customer interactions by providing project inspiration, design ideas, product comparisons, and recommendations [4] Business Strategy - Home Depot is committed to expanding its business and capturing market share by creating an interconnected customer experience and enhancing its pro wallet through a unique ecosystem [5] - The company's interconnected retail strategy and robust technology infrastructure have led to increased web traffic and improved online conversions, driven by enhanced search capabilities and fulfillment [6] Market Performance - Home Depot's shares have increased by 2.7% over the past six months, slightly outperforming the industry growth of 2.6% [7]

Core Insights - Ross Stores, Inc. reported mixed results for Q4 fiscal 2024, with earnings surpassing estimates but sales missing expectations [1][3][4] - The company experienced a year-over-year increase in net sales, but earnings declined compared to the previous year [1][3] Financial Performance - Earnings per share (EPS) for Q4 was $1.79, exceeding the Zacks Consensus Estimate of $1.65, but down 1.6% from $1.82 in Q4 fiscal 2023 [3] - Total sales reached $5.91 billion, a 3% increase year-over-year, but fell short of the Zacks Consensus Estimate of $5.95 billion [4] - Comparable store sales (comps) grew by 3%, surpassing the expected increase of 2.4% [4] Cost and Profitability - Cost of goods sold (COGS) was $4.3 billion, up 0.7% year-over-year, representing 73.5% of sales, an increase of 80 basis points from the previous year [5] - Gross profit decreased by 4.7% year-over-year to $1.569 billion, with gross margin contracting 80 basis points to 26.5% [6] - Operating income rose 1.8% year-over-year to $731 million, with an operating margin of 12.4%, remaining flat year-over-year [7] Shareholder Returns - The company ended fiscal 2024 with cash and cash equivalents of $4.7 billion and long-term debt of $1.5 billion [10] - Ross Stores repurchased 1.7 million shares for $262 million in Q4, totaling 7.3 million shares for $1.05 billion in fiscal 2024 [11] - A 10% increase in the quarterly cash dividend to 40.5 cents per share was approved, payable on March 31, 2025 [12] Future Outlook - Sales trends softened in early 2025 due to unseasonable weather and macroeconomic volatility, leading to a cautious business forecast [13] - For Q1 fiscal 2025, the company anticipates comps to decline between 3% and flat, with EPS expected to be in the range of $1.33 to $1.47 [14] - For the fiscal year ending January 31, 2026, EPS is projected to be between $5.95 and $6.55 [15]

Financial Data and Key Metrics Changes - Revenue increased by 17% to $608 million, with consolidated same store sales growth of 8.6% [8][22] - Earnings per diluted share rose to $2.43, up from $1.81 in the prior year period, reflecting a $0.36 increase above guidance [10][24] - Gross profit increased by 20% to $239 million, with a gross profit rate of 39.3%, up 100 basis points from the prior year [22][23] Business Line Data and Key Metrics Changes - Same store sales in brick-and-mortar increased by 8.2%, while e-commerce sales grew by 11.1% [9][22] - Merchandise margin expanded by 130 basis points, driven by supply chain efficiencies and better buying economies of scale [9][20] - Exclusive brand penetration increased by 180 basis points, building on a prior year expansion of 310 basis points [20] Market Data and Key Metrics Changes - The company opened 13 new stores in the third quarter, bringing the total to 438 stores across 46 states [11] - The company plans to open 21 additional stores in the fourth quarter, aiming for a total of 60 new stores for the fiscal year [12][31] - Active customers in the loyalty program increased to 9.4 million, a 15% increase year-over-year [17] Company Strategy and Development Direction - The company aims to double its store count in the U.S. over the next several years, indicating strong market potential [12] - Focus on expanding omnichannel leadership, with e-commerce comp sales growing significantly [17] - Continued emphasis on merchandise margin expansion through supply chain efficiencies and exclusive brand growth [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current business tone, with January same store sales up 8.3% [21] - The company is optimistic about maintaining momentum in sales and margins, despite potential challenges in the work boots category [55] - Management noted that inventory levels are healthy, with no significant fashion risk identified [45] Other Important Information - The company raised its full-year guidance, expecting total sales to reach $1.92 billion, representing a 15% growth over the previous fiscal year [29][31] - The effective tax rate is estimated to be 25.4% for the fourth quarter [28] Q&A Session Summary Question: Traffic and demand trends in January - Management noted an acceleration in both men's and women's Western categories, with a strong start to the fourth quarter [35][36] Question: Merchandise margin drivers - Management expects merchandise margin to increase by 120 basis points in Q4, driven by supply chain efficiencies and exclusive brand penetration [39] Question: Inventory position and risks - Management confirmed a good inventory position with lower markdown inventory compared to previous years, indicating no fashion risk [45] Question: E-commerce performance - E-commerce growth is attributed to increased traffic and effective advertising strategies, with a focus on converting online customers to in-store visits [118][120] Question: Changes in product assortment - Management is satisfied with the current product assortment and is not planning significant changes, though minor adjustments may be made to appeal to a broader customer base [74][105]

Financial Performance - Q3 Fiscal Year 2025 total sales reached $608 million[8]，exceeding the high-end guidance[8] - Q3 GAAP EPS was $2.43[8]，also surpassing the high-end guidance[8] - Q3 Income from Operations totaled $99.5 million[8]，outperforming the high-end guidance[8] - The company projects an effective tax rate of 25.4% for Q4 Fiscal Year 2025 and approximately 26% for Fiscal Year 2026[10, 16] Sales Growth & Margins - The company anticipates approximately $1.5 billion in sales from new store opportunities[31] - Exclusive brands penetration is estimated to reach 38.7% in Fiscal Year 2025[47]，reflecting a 100 basis points increase over Fiscal Year 2024[47] - The company estimates 760bps of Total Merchandise Margin Expansion[50] Strategic Initiatives & Expansion - The company plans for 15% new unit growth annually[22, 29] - The company is planning to open 60 new stores in Fiscal Year 2025[24] - The company has identified an opportunity for approximately 500 additional stores[31] Fiscal Year 2025 Guidance - Full Year Fiscal Year 2025 total net sales are projected to be between $1.908 billion and $1.918 billion[57] - Full Year Fiscal Year 2025 consolidated SSS% is expected to be between 5.4% and 5.9%[57] - Full Year Fiscal Year 2025 GAAP Earnings per Diluted Share are projected to be between $5.81 and $5.90[57]