BOOT:US | BOOT BARN

In this marketing message, I conduct a post-mortem review of an investment that the fund recently exited. Boot Barn is a U.S. specialty retailer focused on western and work wear with 400+ stores in 45 states. Since its 2014 IPO at $16 per share, Boot Barn recently became a so-called tenbagger stock, surpassing share prices of $160 in H2/24. The 10x in share price was driven by a tenfold increase in its EBIT from ~$20m in FY14 to ~$200m in FY24. Despite its success as a public company, Boot Barn sees no shortage of critics and the linked document will explain why market participants were divided into two camps in 2024 regarding the company's mid-term prospects.

Disclaimer: for the linked document the Imprint applies.