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  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-08 00:00:00",
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  "notes": "Includes a line chart comparing DIO across four companies and six photos of store interiors.",
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      "text": "We believe that BOOT has a bloated inventory problem.",
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      "text": "Days of Inventory Outstanding",
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      "text": "Recent Channel Checks Show Fully Stocked Shelves, Discounting During Holiday Period",
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      "kind": "legend",
      "text": "COO (and prior CFO) Hackman Retires",
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      "text": "We believe that BOOT has a bloated inventory problem. The large store format (>10,000 square feet) requires lots of inventory to stock shelves and aisles. Upon our visits, we saw fully stocked stores, and during the holiday period, discounting on select items. Approximately 50% of its product mix is footwear and the Company stocks boots primarily in the $100 - $300 range. High-quality boots can last years if properly maintained and infrequently worn. Selling a product with an elongated purchasing cycle can make BOOT's inventory management more challenging and creates inventory “freshness” issues as styles and trends change.",
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      "text": "Source: Bloomberg and Spruce Point research, BOOT price range, Hackman retirement",
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      "text": "BOOT's Inventory Bloat",
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      "name": "Cost Of Inaction",
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