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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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  "notes": "Uses a before-after framing to highlight a contradiction in management's narrative.",
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      "text": "CEO Conroy has made the short-case for Spruce Point by recently saying that its core customer has a median income of $75,000 per year. 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. Given these findings, we believe BOOT's customers are likely price sensitive and are gravitating toward ecommerce purchases where price comparisons are more easily made and shipping terms very favorable.",
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      "text": "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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      "text": "8 Years Later",
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      "text": "median household income: $75,000",
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      "kind": "quote",
      "text": "“The Boot Barn customer is younger, makes more money and SKUs more female than most people realize. So the average age of the customers is 44 years old, the median income is $75,000, and while men's product out sales ladies product about 2:1, half of our customer foot traffic is female.” — CEO Conroy, ICR Conference, Jan 12, 2015; “Our median income is about $75,000” — CEO Conroy, CNBC Interview, June 6, 2023; “Our consumer is still pretty solid I would say” — CEO Conroy, CNBC Interview, June 6, 2023",
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      "text": "BOOT's Customer Income Is Flat In A Decade of Massive Inflation: But The CEO Says Their Customers Are Solid",
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