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The Following is an Investment Opinion Issued by Spruce Point Capital Management
Provides Evidence That Boot Barn's CEO Has Modified His Educational Degree Claim and Fails to Disclose His Role at Gerald Stevens, Inc. a Bankrupt Specialty Retailer That Pursued a Similar National Expansion Strategy
Provides Evidence That Boot Barn's Omnichannel Marketing, Ecommerce and Customer Growth is Slowing While it Pursues an Aggressive Large Store Retail Expansion with Declining New Store Unit Economics
Questions if Management Has Misportrayed its New Store Appearances with Evidence That Multiple New Stores Appear Nothing Like Images Presented to Investors
Provides Research to Clarify Potential Misperceptions About the Effect Taylor Swift, Beyoncé and the Yellowstone Drama Series May Have on Boot Barn's Sales
Identifies at Least Seven Companies Associated with Executives and Board Chairs That Have Restated Financials
Sees 40% to 50% Long-Term Downside Risk to BOOT's Share Price and Expects the Price to Underperform the Broader Retail Sector
Spruce Point Capital Management, LLC ("Spruce Point" or "we" or "us"), a New York-based investment management firm that focuses on forensic research and short-selling, today issued a detailed report entitled "Boot This Stock From Your Portfolio" that outlines why we believe shares of Boot Barn Holdings, Inc. (NYSE:BOOT) ("Boot Barn" or the "Company") face up to 40% to 50% long-term downside risk, or $51.40 – $61.70 per share. Download and view the report by visiting www.SprucePointCap.com for additional information and exclusive updates.
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Spruce Point Report Overview
Based in Irvine, California, Boot Barn is a specialty retailer that sells western and work-related footwear, apparel and accessories in the U.S. The Company operates a total of 402 stores in 45 states with expansion plans of reaching 900 stores. Approximately 37% of revenues are from exclusive brands and approximately 10% of revenues are from ecommerce. As of year-end 2023, Boot Barn reported $1,704 million and $116 million of revenues and adjusted net income, respectively.
Posted In: BOOT
