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  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-08 00:00:00",
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  "notes": "Uses a CEO quote to set up a contradiction with the competitive landscape table.",
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      "kind": "callout",
      "text": "We believe that if expanding the physical footprint were as lucrative and attractive as BOOT claims, that competitors would simply mimic BOOT's aggressive strategy.",
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      "kind": "metric",
      "text": "Estimated Store Opening Goals Per Year: ~50",
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      "kind": "paragraph",
      "text": "There are now five credible players expanding retail space in western wear, with BOOT being by far the most aggressive. Spruce Point believes that BOOT's physical retail expansion plans are driven more by its failures in ecommerce and pressures of a public company that needs to sell Wall Street on a large growth runway, rather than by economic reality.",
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      "kind": "quote",
      "text": "As a result of this external evaluation, we now believe that our total addressable market has doubled from $20 billion to $40 billion. When you couple this analysis with the success of our new stores, both in building out new markets and adding to existing markets, we now feel confident that our U.S. store count can successfully reach 900 stores over time.",
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      "kind": "quote",
      "text": "As a result of this external evaluation, we now believe that our total addressable market has doubled from $20 billion to $40 billion. When you couple this analysis with the success of our new stores, both in building out new markets and adding to existing markets, we now feel confident that our U.S. store count can successfully reach 900 stores over time. This is quite exciting news for us, and we look forward to sharing more details with you in the future. — CEO James Conroy, May 10, 2022",
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      "kind": "source-note",
      "text": "Source: BOOT conference call and 10-K, Lucchese, Justin Brands, Cavender, Tecovas, Ariat (stores), Ariat (LNK), *Based on disclosed recent Las Vegas store though most stores appear much smaller. “Berkshire's Cash Hoard Scores Another Record as Earnings Gain”, Bloomberg",
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      "kind": "table",
      "text": "Western Wear Competitors table comparing Boot Barn to Cavender, Tecovas, Ariat, Lucchese, and Justin Brands across ownership, store count, and expansion goals.",
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      "kind": "title",
      "text": "Why Is BOOT The Only Industry Player Massively Expanding Its Physical Retail Footprint Objectives?",
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      "evidence": "Detailed critique of BOOT's big-box strategy",
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