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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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  "pageNumber": 44,
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  "nDataPoints": 24,
  "notes": "Uses a before-and-after comparison to highlight a change in reporting methodology.",
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      "text": "We think this may be a convenient narrative to deflect underlying problems.",
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      "text": "Historical Sales Penetration % (Comp Stores)",
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      "text": "Western vs Work imagery",
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      "text": "Sales Mix: 89%",
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      "text": "At the end of FY21, BOOT stopped providing detail on its sales mix of Western styles (~2/3) vs. Work and Other (~1/3). BOOT has since replaced this breakout with Fashion (11%) vs. Functional (89%).",
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      "kind": "source-note",
      "text": "Source: June 2021 Investor presentation, BOOT Q4'23 presentation",
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      "text": "We Think Obfuscating The Historical Sales Mix Is A Classic Red Flag",
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