footwearinsight.com January/February 2023 ~ Footwear Insight • 11
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C O M F O R T T H AT O U T L A S T S T H E D AY
Eyeing Big
Growth in
Western Wear
STRATEGY
By Bob McGee
T
he opportunity for growth in the
Western Wear market is wide
open. Recent comments from
Boot Barn leadership reflect
the chain's view on the opportunity in
the category.
e retailer has been rapidly expanding
its customer base, sales, and store base
over recent years, and during the final
minutes of the company's ICR Conference
presentation in January, Jim Conroy, Boot
Barn's CEO, offered a candid assessment
of investors' take on the chain.
"The reason our valuation has not
caught up with the growth of our busi-
ness is that it's just not familiar to where
most of our investors live and operate.
ey just don't see it every day," Conroy
opined, adding, "outside New York City
and Massachusetts, most of the country
doesn't wear running shoes and a vest
over a suit. Most of this country wears
blue jeans, Carhartt jackets, cowboy boots
and hats every day. ey don't view it as
'Western Wear,' they view it as clothing."
Boot Barn, which says it currently
owns 5 percent of an overall $40 billion
market, has big growth objectives for its
business that touches the western, work,
and casual country segments. Expected to
have at least 340 stores across 41 states by
the end of its fiscal year, Boot Barn wants
to add another 900 and continue growing
its operating margin rate. Annual oper-
ating income for the chain grew from $9
million in FY13 to $258 million in FY22.
With an objective of opening 12 to
15 new doors per quarter, Boot Barn
can eventually add another $2 billion to
its topline as it grows by a total of 900
locations by FY31, Conroy contends. n
