{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-8051f14c9865", "slug": "3f714c68343e", "title": "Boot Barn Holdings, Inc. (BOOT)", "subtitle": "Spruce Point Capital Management · 2024-05", "author": "Spruce Point Capital Management", "date": "2024-05-08 00:00:00", "pageCount": 89, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Boot Barn Holdings, Inc.", "targetTicker": "BOOT", "document": { "id": "019dd923-622c-750b-8b99-8051f14c9865", "slug": "3f714c68343e", "title": "Boot Barn Holdings, Inc. 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"beatType": null, "evidence": "Critique of BOOT executives and their history", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 15, "name": "Expose Contradiction", "beatId": "bf9de26a-5d2c-4ec4-9172-ea4f7545b3ac", "matchId": "f9647dca-af8f-41c8-8b88-321208b36bad", "beatType": null, "evidence": "Contradictions in BOOT's statements and actions", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 9, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 8, "name": "Problem Statement", "beatId": "8e49cae6-753d-4a09-9a71-f734a2f02925", "matchId": "f9647dca-af8f-41c8-8b88-321208b36bad", "beatType": null, "evidence": "BOOT's aggressive store expansion strategy", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 21, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 21, "name": "Thesis Headline", "beatId": "dd3b4ec4-90c7-46af-92af-754f9909ede8", "matchId": "f9647dca-af8f-41c8-8b88-321208b36bad", "beatType": null, "evidence": "Main thesis of 40-50% downside risk", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 42, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New 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is the main issue with BOOT?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:50.067072+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 30, "from": 21, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "f9aab845-ba1c-4e8f-9d9d-98119db4ca4a", "evidence": "Detailed critique of BOOT's big-box strategy", "position": 1, "objective": "What are the underlying issues with BOOT's strategy?", "confidence": 0.7, "extraction": { "at": 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"or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 44, "from": 42, "loop": { "name": "41_so_what_cascade", "slug": "41-so-what-cascade", "status": "active", "bestFor": "Data presentations, executive summaries, driving to recommendations", "canonId": "019dd956-769f-7208-afbc-f28985c6f4fb", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Data -> So What? 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Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "8b90c18e-f31c-4863-b4cb-36a7bdc703c0", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "c3529618-c25f-4757-a844-5ae066c8b671", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "27f3aa1f-b7af-4893-ad20-a3abf1301c02", "evidence": "James G. 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An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "428ceb5a-d88a-4e12-8d74-1e526f8aea40", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "f71f835f-b775-4e8b-a5cf-c6c70eb849f6", "evidence": "image/illustration: Metaphorical image of a boot with pests and Boot This Stock From Your Portfolio", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:06:00.191826+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "d3c5845a-0cb3-41c4-8150-9730628907f1", "evidence": "table/data: Comparison table of Hims, FIGS, and Oatly", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:06:00.300378+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e47b337d-e697-4ed6-a1c5-12175884f03a", "evidence": "title/headline: Executive Summary", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:06:00.414487+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "4f9d66e5-780a-405d-8a4e-7c61fc97a591", "evidence": "list/bullet: CFO and Secretary Jim Watkins...", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.8, "extraction": { "at": "2026-07-16 23:06:00.488452+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Problem Statement Canvas", "slug": "problem-statement-canvas", "status": "active", "bestFor": null, "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18", "version": 1, "bodyDocId": null, "description": "Structured definition of the problem: What? 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opinion with quantified downside, forensic governance/accounting red flags, related-party investigation, and peer-multiple rerating argument. Cover uses a striking AI-generated image (weathered cowboy boot in a desert with cockroaches and rats) — unusual editorial flourish vs. Spruce Point's usually-sober institutional template. The CEO-degree-modification slide (p.15) is a textbook before/after framing with side-by-side 2014 and 2022 bios. Red-flag checklist (p.12) and track-record slide (p.3) are strong swipeable patterns. No stake disclosed — standard short-report practice (short position 'in all stocks covered' per disclaimer). Author attribution is firm-only (Spruce Point Capital Management LLC); founder Ben Axler is not named on the document.", "kpisCited": [ { "detail": "$51.40-$61.70 per share, 40%-50% downside from $102.80", "metric": "Spruce Point fair-value target" }, { "detail": "Cut from $4.0M to $3.5M (Aug 2023) to $3.3M (Nov 2023) to $3.0M+ (Jan 2024)", "metric": "New-store revenue guidance" }, { "detail": "$41.5M actual vs $9.4M mid / $11.9M high guidance — ~$30M overshoot", "metric": "Q4'23 capex" }, { "detail": "Delivered $62.7M at high end of guidance; $57.3M minimum needed to trigger cash bonuses", "metric": "Q4'23 EBIT vs bonus target" }, { "detail": "All 13 directors and executives own just 2.2% of the company", "metric": "Insider ownership" }, { "detail": "+40% vs +2.5% for S&P Retail ETF (XRT)", "metric": "YTD share price" }, { "detail": "$105.82, implying just 2.9% upside (85% Buy, 15% Hold)", "metric": "Analyst average price target" }, { "detail": "BOOT 11.3x vs shoe-retailer average 8.5x", "metric": "EV/EBITDA 2025E" }, { "detail": "$1.0M FY21 -> $2.4M FY22 -> $3.2M FY23", "metric": "John Grijalva commissions (related party)" }, { "detail": "21% FY21 -> 30.5% FY23 -> 39% FY24E (margin +1,000 bps vs 3rd party)", "metric": "Exclusive brands penetration" }, { "detail": "New 116,000 sq ft Irvine HQ — 37% larger than prior space", "metric": "Corporate HQ footprint" }, { "detail": "Claimed 500 -> 900 stores in May 2022; now suggests up to 14,000 capacity", "metric": "Store count vs TAM claim" }, { "detail": "~50% of products sourced from China despite 'piece of the American spirit' brand vision", "metric": "Chinese sourcing" } ], "closingAsk": "Boot this stock from your portfolio — Spruce Point sees 40%-50% downside to $51.40-$61.70 per share.", "extraction": { "at": "2026-04-22 21:52:55+00", "model": "unknown-legacy", "runId": null, "seconds": 151.3589, "promptVersion": null }, "scqaReward": "Fair-value target of $51.40-$61.70 per share implies 40%-50% downside from the $102.80 reference price as BOOT's multiple compresses from lifestyle-brand toward shoe-retailer peers amid fading celebrity tailwinds and deteriorating comps.", "thesisTypes": [ "fraud_exposure", "governance_board", "multiple_rerating" ], "top3Reasons": [ "BOOT executives and board have a troubling history of financial restatements and omitted disclosures", "Big-box western-apparel expansion no peer is copying; new-store revenue guidance cut from $4M to $3M+", "Valuation extrapolates one-off Taylor Swift, Beyonce and Yellowstone tailwinds; 40-50% downside" ], "scqaSituation": "Boot Barn is a specialty western-wear retailer with shares up ~40% YTD, trading at premium lifestyle-brand multiples (11.3x 2025E EBITDA) on investor excitement about Taylor Swift, Beyonce's Cowboy Carter, and Yellowstone boosting demand.", "thesisSummary": "Spruce Point issues a Strong Sell on Boot Barn (BOOT), arguing the share price is propped up by short-term hype from Taylor Swift's 2023 tour, Beyonce's Cowboy Carter album, and the Yellowstone TV series, masking structural weakness. The thesis stacks executive red flags (CEO Jim Conroy modified his Cornell degree claim from 'marketing' to 'statistics'; CFO Jim Watkins and Chief Retail Officer Michael Love previously worked at firms that restated financials; Audit Chair Brenda Morris sits on Xponential Fitness which was shorted by Fuzzy Panda) against a big-box expansion strategy no competitor is mimicking. New-store revenue guidance was cut from $4M to $3M+, Q4'23 capex ran ~$30M above guidance suggesting expense capitalization to hit EBIT bonus targets, and inventory purchases are routed through the Chief Merchandising Officer's husband. Fair value is $51.40-$61.70, implying 40%-50% downside.", "primaryDemands": [ "Board should explain why CEO Jim Conroy modified his Cornell degree claim from 'business management and marketing' to 'business management and statistics'", "Adopt a formal clawback/recoupment policy covering fraud or financial misstatement", "Halt or scrutinize related-party inventory purchases routed through the Chief Merchandising Officer's husband", "Reassess the aggressive big-box physical expansion strategy given declining new-store economics", "Investigate Q4'23 capex that ran ~$30M above guidance and appears to have helped trigger executive bonus targets" ], "scqaResolution": "Short the stock. Spruce Point calls on the board to explain the CEO's revised degree claim, adopt a clawback policy, halt undisclosed related-party dealings, and reassess the big-box footprint strategy before more capital is burned on declining store economics.", "thesisOneLiner": "Boot Barn's stock is propped up by Taylor Swift/Beyonce hype and a flawed big-box expansion masking executive red flags, bloated capex and stretched valuation; 40-50% downside to $51-$62.", "precedentsCited": [ "Hims & Hers (HIMS) - Spruce Point 2023 short", "FIGS - Spruce Point 2022 short", "Oatly (OTLY) - Spruce Point 2021 short", "Xponential Fitness (XPOF) - Fuzzy Panda 2023 short", "Torrid (CURV) - financial restatement precedent", "Gerald Stevens bankruptcy", "Blockbuster, Claire's, Party City, PacSun bankruptcies linked to management" ], "scqaComplication": "A forensic review finds executives and directors linked to multiple financial restatements, a big-box expansion no peer mimics, bloated inventory, declining new-store economics, Q4'23 capex running $30M above guidance, and related-party inventory purchases from the Chief Merchandising Officer's husband.", "narrativeInterest": 4, "notableSlidePages": [ 1, 12, 15, 81, 86, 89 ], "peerCompaniesCited": [ "Skechers (SKX)", "Crocs (CROX)", "Steve Madden (SHOO)", "Foot Locker (FL)", "Caleres (CAL)", "Wolverine World Wide (WWW)", "Shoe Carnival (SCVL)", "Rocky Brands (RCKY)", "Deckers Outdoor (DECK)", "Lululemon (LULU)", "Tractor Supply (TSCO)", "Ralph Lauren (RL)", "Levi Strauss (LEVI)", "Columbia Sportswear (COLM)", "Kontoor Brands (KTB)", "Sportsman's Warehouse (SPWH)", "Duluth Trading (DLTH)", "Ariat", "Justin Brands (Berkshire Hathaway)", "Torrid (CURV)", "Xponential Fitness (XPOF)" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "The imagery uses a metaphor of a boot (Boot Barn) infested with pests 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Restatement of Previously Issued Consolidated Condensed Financial Statements. During the first quarter of fiscal 2013, the Company purchased intellectual property licenses... resulting in an overstatement of the amount of cash generated by operating activities...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:14.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1679525e-a776-4c83-9605-880d7bb3978f", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.26, "x": 0.21, "y": 0.46 }, "kind": "paragraph", "text": "CFO Biography: Jim Watkins, Chief Financial Officer. Mr. Watkins has been our Chief Financial Officer and Secretary since November 2021... 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"/decks/019dd923-622c-750b-8b99-8051f14c9865#slide-20", "deckJson": "/decks/019dd923-622c-750b-8b99-8051f14c9865.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.2, "x": 0.02, "y": 0.82 }, "kind": "callout", "text": "Same period at Claire's as CEO Conroy when the SEC comment letters occurred.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:14.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3df14f70-5251-4274-98f8-4844eafe6188", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.18, "x": 0.02, "y": 0.47 }, "kind": "image", "text": "Michael A. Love", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:14.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5d21114-b40d-4502-ba0e-04f6e558e250", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.26, "x": 0.22, "y": 0.51 }, "kind": "paragraph", "text": "Mr. Love has been with Boot Barn since May 2014. He has served as our Chief Retail Officer since May 2022. He previously served as Senior Vice President of Stores from June 2018 through April 2022, after previously serving as Senior Vice President of Merchandise and Merchandise Planning from April 2017 to June 2018 and Vice President of Merchandise Planning from May 2014 to April 2017. Prior to joining Boot Barn, Mr. Love was with Claire's Stores, Inc. from 2010 to 2014, where Mr. Love served as Vice President of Merchandise Planning and Allocation. Before joining Claire's Stores, Inc., Mr. Love served as Vice President Divisional Planning Manager for Kohl's Corporation from 2008 to 2010. Mr. Love served in a variety of merchandising and planning roles first at Federated Department Stores, then at May Department Stores Company, and Macy's Inc", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:14.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "515a06eb-e698-4e1c-a3d1-461e4c15e5f5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.47, "x": 0.51, "y": 0.47 }, "kind": "paragraph", "text": "On August 4, 2011, Kohl's reported that it had identified certain errors related to its accounting for leases. On August 9, 2011, the audit committee of Kohl's board of directors, in consultation with management, concluded that because of these errors, investors should no longer rely upon the financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 2011 or its Quarterly Report on Form 10-Q for the period ended April 30, 2011. In addition, any related reports of the Company's independent registered public accounting firm (Ernst & Young LLP) should not be relied upon.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:14.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77f4d737-d51c-48ff-9c8a-165d9b02b6aa", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point has concerns with BOOT's Chief Retail Officer Michael Love. Before assuming the position, Mr. Love was SVP of Stores (2018-22), SVP of Marketing and Merchandise Planning (2017-18), and VP of Merchandise Planning (2014-17). According to his biography, Mr. Love was VP Divisional Planning Manager at Kohl's Corp. from 2008–2010. Notably, in 2011 Kohl's audit committee concluded there were errors in lease accounting and that the financial statements could no longer be relied upon. Kohl's financial statements were restated back to 2008 which is coincidentally when Mr. Love joined Kohl's. Mr. Love also worked with CEO Conroy at Claire's Stores in the period it received SEC comment letters.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:14.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9fe14dea-d565-491c-9572-6c4a82166498", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: BOOT website, Kohl's warning, Spruce Point red emphasis.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Boot Barn has to pump a lot more money into their marketing to be super relevant... there's no cohesiveness. So I would say that's the biggest challenge with 'em.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:13.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01b953c7-6bcb-4633-af98-8e55fc0dbfdf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"It's odd positioning. Boot Barn has to pump a lot more money into their marketing to be super relevant. From a product assortment, they're trying to capitalize on the [current] trends, but from a marketing point of view, they're not. And so what you end up with is mostly very traditional Macho marketing. And then if you go on their social media, you see the opposite, like their website and their TV spots are created by one agency and their social media is a bunch of skinny wafer-thin models that are just the opposite. It is a very odd, and I guess there's a whole backstory on just how they have different people running different things, but there's no cohesiveness. 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friggin Barn, and its mostly made in China, absolute joke.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb91-749f-a6bd-a42ff31bf77b", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.41, "x": 0.07, "y": 0.62 }, "kind": "image", "text": "The Problem with Boot Barn YouTube video screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:14.224+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8afa2c03-792b-4b63-849e-be0d666f0a4f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "paragraph", "text": "It appears that BOOT has also potentially alienated a segment of its customer base that believes it is inauthentic to buy China-made western apparel at its stores. BOOT's vision is around the American spirt, but the CEO recently revealed that it sources half of its products from China.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:14.224+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a45d02e-89c5-46ed-8d1c-b54468b2accb", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.51, "x": 0.48, "y": 0.62 }, "kind": "quote", "text": "It's supposed to be an American western store, almost every single shirt I found made in China... If were talking about an American western store – Boot Barn – how American can you get with that name, Boot friggin Barn, and its mostly made in China, absolute joke.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:14.224+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d48842d-5f64-4edc-a683-9e6a9d463f91", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "So China tends to be half of our business. — CEO James Conroy, May 10, 2022", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb91-749f-a6bd-a9645b323d65", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: YouTube, Boot Barn vision, CNBC interview, Q4'22 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Distribution center costs are part of COGS and affect Gross Margin. BOOT could have disclosed that distribution center operating costs benefited from worker reductions. We estimate a reduction of 59 workers could have saved the Company $3 - $5 million of costs. 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"text": "The traffic numbers have been negative for 10 consecutive months and for 13 out of the last 14 months.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb91-749f-a6bd-f2bad009071e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Average Monthly Traffic / Store: 13 out of 14", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb91-749f-a6bd-f475872b1544", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "BOOT's average sales per store increased from below $3M to $4.5M in a two-year span from 2020 to 2022. 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"019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:15.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11afb474-a8df-4602-9c41-bdff25d0de8b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Same Store Sales: -9.7%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": 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KTB which owns the iconic western brand, Wrangler, has seen its growth profile likely stall thus far in 2023.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:15.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a927f444-8b97-4371-b4cf-b39ae6c7aec5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.4, "x": 0.02, "y": 0.92 }, "kind": "source-note", "text": "Source: KTB company transcripts (1) 30% growth vs. 2019 (2) \"very strong momentum\", but growth figure was not disclosed", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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}, "kind": "image", "text": "Collage of 14 different website pop-up discount offers", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:14.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81074fe6-ad8e-4aff-8496-0a6f48578d57", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Lucchese, Murdoch's, Tecovas, Ariat, Jimmy's Western, Starr Western Wear, Cavender, 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However, BOOT now only discloses its top \"exclusive\" brands. We find that Ariat has been expanding its physical store footprint and recently opened a flagship location on the Las Vegas strip in February 2024.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:20.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "027a2147-89d6-4100-bd6b-2d634215aeed", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "One of BOOT's strongest selling brands has historically been Ariat and they were frequently disclosed as the #1 brand in the Company's investor presentation. However, BOOT now only discloses its top \"exclusive\" brands.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb91-749f-a6be-8d2f0b2af822", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.26, "x": 0.37, "y": 0.35 }, "kind": "image", "text": "Top 5 Brands list with Ariat at #1", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Infographic", "slug": "infographic", "status": "active", "canonId": "019de52c-fe26-750c-9d7d-9f34e21324e8", "version": 1, "description": null }, "framework": null }, "subkind": "infographic", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:20.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf3b8078-f921-45d7-9b27-c80fbd7e87bb", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.28, "x": 0.67, "y": 0.35 }, "kind": "image", "text": "Ariat Las Vegas store front", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:20.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11414066-9188-4227-92b4-18a04b7bc6ef", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.3, "x": 0.05, "y": 0.35 }, "kind": "paragraph", "text": "CEO Conroy Q1'23: July 27, 2022 \"Most of the other vendors that we do business, Ariat is a great example. I mean Ariat has helped us build their business. They're an extremely strong partner. They will continue to get growth with us going forward.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:20.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "360aaba7-fb31-430b-bc3f-786afc54e667", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.05, "y": 0.6 }, "kind": "paragraph", "text": "Q2'23: Oct 26, 2022 \"The other people we compete against, of course, is our vendors themselves, right? And one of the reasons why our exclusive brands are so strategically important to us is that some of our vendors continue to build, understandably, their direct-to-consumer business online. And that piece of the business could easily go to wrangler.com or justin.com or ariat.com, before it would come to us.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:20.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d1fb30b-c1a1-454e-a53a-44f63db5ad50", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Most of the other vendors that we do business, Ariat is a great example. I mean Ariat has helped us build their business. They're an extremely strong partner. They will continue to get growth with us going forward.\" — CEO Conroy, Q1'23: July 27, 2022", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb91-749f-a6be-908a4d03b3ed", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Ariat Instagram, BOOT ICR investor presentation, Q1'23 and Q2'23 Conference Calls. Note: Exclusive brands are in dash-red box.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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This is the exact same median income he cited 8 years earlier in 2015. We are hard pressed to believe how it is possible that BOOT's customer is “pretty solid” as he says with no income growth after 8 years and record inflation. 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"canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb91-749f-a6be-6c58e72d08bf", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.7, "x": 0.02, "y": 0.35 }, "kind": "chart", "text": "Containers Imported by BOOT into the U.S. in Twenty Equivalent Units (TEUs)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", 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Shipments in the past twelve months have plummeted by approximately 42% compared to 2022. Such a drastic decline likely signals a stagnant inventory position...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:16.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f56998f-bc05-4690-8942-8e1e2490c159", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Panjiva.com, BOOT company filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"Email promotion screenshot 1", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:17.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f36557a6-fa2a-45dd-bb3b-006d96f2761c", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "BOOT has recently said it expects a \"full-price selling philosophy\", that fulfillment operations have improved and that it has a \"limited amount of 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"/slides/019dd923-622c-750b-8b99-8051f14c9865/64", "deck": "/decks/019dd923-622c-750b-8b99-8051f14c9865", "deckAnchor": "/decks/019dd923-622c-750b-8b99-8051f14c9865#slide-64", "deckJson": "/decks/019dd923-622c-750b-8b99-8051f14c9865.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.15, "x": 0.48, "y": 0.44 }, "kind": "callout", "text": "13 Stores In OK / MT", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:20.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c995161-091b-48dd-b768-adc5493103dd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.14, "x": 0.85, "y": 0.48 }, "kind": "callout", "text": "No Stores In This Region", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:20.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5b680da-c4ab-4262-bf53-3c5dd7219d4d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point believes that analysts are stretching for reasons to promote BOOT with a most recent example being Beyoncé’s new Cowboy Carter album. 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He upgraded his rating on the California-based retailer to buy on Thursday and raised his price target by $33 to $113...”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:20.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a96d25ab-56fc-48ec-aa4f-44f07503ae8e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Beyoncé’s chart-topping album can provide a same-store sales bump and help lasso in women shoppers at Boot Barn, said Williams Trading analyst Sam Poser. 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Morris who also serves as Independent Director and Audit Chair of Xponential Fitness (Nasdaq: XPOF) since 2019. On June 27, 2023, Fuzzy Panda Research issued a report entitled \"Xponential Fitness (XPOF) – \"Abusive Franchisor That Is A House of Cards\" which alleged that the founder and CEO Anthony Geisler has a long history of misleading investors and business partners and that it is hiding the fact that many of its brands and franchisees are struggling; the stock has lost 50% of its value since. Her last CFO role was Apex Parks Group which filed for bankruptcy shortly after her departure. 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"y": 0.17 }, "kind": "paragraph", "text": "Spruce Point has additional concerns about Brenda Morris' role as SVP Finance of Torrid, which was spun out of Hot Topic, Inc. as a separate public company under the ticker CURV on the NYSE. We do not believe her official BOOT biography adequately discloses this position. Her LinkedIn biography references a successful completed carve out including two years of audited financials and quarter reviews. She also claimed to be a business partner for the CFO responsible for recruiting a new VP Controller and Director of FP&A among others. 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"text": "Spruce Point has concerns with Director Anne MacDonald. Ms. MacDonald joined the Board of Catalina Marketing in February 2001 and was on the audit committee. On June 30, 2003, Catalina announced it would delay its 10-K due to revenue recognition issues and the company ultimately restated its financial results back to 2001 and commenced restructuring. Ms. MacDonald departed from the Board in August 2004.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:23.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "142e719e-78af-4fb0-b56e-9d46a4e6b128", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: 2001 and 2004 Catalina Marketing Proxy Statement, BOOT Proxy Statement, BOOT website, Catalina 10-K Delay Announcement", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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With BOOT's own business under pressure, CEO Conroy should be devoting all his efforts to fixing the Company's problems and not serving on SBH's Board trying to solve their problems.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:30.516+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "434c4045-b679-4927-888e-c9a0417862c9", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point believes that BOOT shareholders should be outraged that CEO Conroy was quietly elected to the Board of Sally Beauty Holdings (NYSE: SBH), which is a struggling retailer.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:00:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb91-749f-a6c1-89b38ae7947b", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.24, "x": 0.08, "y": 0.49 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:28:30.516+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d354e07-1bf5-4d64-9b59-b50623424374", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.58, "x": 0.35, "y": 0.41 }, "kind": "paragraph", "text": "JAMES G. CONROY Director, age 54. Mr. Conroy was elected to our Board of Directors in January 2024. Mr. Conroy is President, Chief Executive Officer, and a director of Boot Barn Holdings Inc. (NYSE: BOOT). Prior to joining Boot Barn, Mr. Conroy was with Claire's Stores, Inc. from 2007 to 2012 where he served as Chief Operating Officer and Interim Co Chief Executive Officer in 2012, President from 2009 to 2012 and Executive Vice President from 2007 to 2009. Prior to joining Claire's Stores, Inc., Mr. Conroy was employed by Blockbuster Entertainment Group from 1996 to 1998, Kurt Salmon Associates from 2003 to 2005 and Deloitte Consulting in various capacities. Mr. Conroy serves on the Foundation Board of Children's Hospital of Orange County as well as the Foundation Board of Orange County School of the Arts. 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