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  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-05-08 00:00:00",
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      "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. 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.",
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      "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.",
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      "text": "Top 5 Brands list with Ariat at #1",
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      "text": "Ariat Las Vegas store front",
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      "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.\"",
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      "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.\"",
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      "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",
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      "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.",
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      "kind": "title",
      "text": "When Vendors Become Competitors: BOOT Now Obscures Its Top Non-Exclusive Brands",
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