<SEC-DOCUMENT>0001157523-16-004397.txt : 20160202
<SEC-HEADER>0001157523-16-004397.hdr.sgml : 20160202
<ACCEPTANCE-DATETIME>20160202161132
ACCESSION NUMBER:		0001157523-16-004397
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160202
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160202
DATE AS OF CHANGE:		20160202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Boot Barn Holdings, Inc.
		CENTRAL INDEX KEY:			0001610250
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-SHOE STORES [5661]
		IRS NUMBER:				900776290
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36711
		FILM NUMBER:		161381008

	BUSINESS ADDRESS:	
		STREET 1:		15776 LAGUNA CANYON ROAD
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92618
		BUSINESS PHONE:		949-453-4400

	MAIL ADDRESS:	
		STREET 1:		15776 LAGUNA CANYON ROAD
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92618
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51271153.htm
<DESCRIPTION>BOOT BARN HOLDINGS, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>UNITED STATES</b></font><br><font style="font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><b>Washington, D.C. 20549</b><br><br><br><font style="font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-size: 12pt"><b>CURRENT REPORT</b></font>
    </p>
    <p style="text-align: center">
      <b>&#160;<font style="font-size: 12pt">Pursuant to Section 13 or 15(d)
      of the Securities Exchange Act of 1934</font></b><br><br><br><b>Date of
      Report (Date of earliest event reported): <font style="font-size: 10pt; font-family: Times New Roman">February
      2, 2016</font></b><br><br><br><font style="font-size: 18pt"><b>Boot Barn
      Holdings, Inc.</b></font><br>(Exact name of registrant as specified in
      its charter)
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td valign="top" style="width: 34%; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>001-36711</b>
        </td>
        <td valign="top" style="width: 33%; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>90-0776290</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          (State or other jurisdiction<br>of incorporation)
        </td>
        <td valign="top" style="width: 34%; text-align: center; padding-left: 0.0px">
          (Commission<br>File Number)
        </td>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          (I.R.S. Employer<br>Identification No.)
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="width: 50%; text-align: center; padding-left: 0.0px">
          <b>15776 Laguna Canyon Road, Irvine, California</b>
        </td>
        <td valign="top" style="width: 50%; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>92618</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 50%; text-align: center; padding-left: 0.0px">
          (Address of principal executive offices)
        </td>
        <td valign="top" style="width: 50%; text-align: center; padding-left: 0.0px">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>(949) 453-4400</b><br>(Registrant&#8217;s telephone number, including area
      code)<br><br><b>Not Applicable</b><br>(Former name or former address, if
      changed since last report)
    </p>
    <p style="text-align: center">

    </p>
    <p>
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Item 2.02&#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p>
      On February 2, 2016, Boot Barn Holdings, Inc. issued a press release
      announcing certain financial results for the third fiscal quarter ended
      December 26, 2015.&#160;&#160;The press release is attached hereto as Exhibit 99.1.
    </p>
    <p>
      The information provided in this Item 2.02, including Exhibit 99.1, is
      intended to be &#8220;furnished&#8221; and shall not be deemed &#8220;filed&#8221; for purposes
      of Section 18 of the Securities Exchange Act of 1934, as amended (the
      &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that
      section, nor shall it be deemed incorporated by reference into any other
      filing under the Securities Act of 1933, as amended, or the Exchange
      Act, except as expressly set forth by specific reference in such a
      filing.
    </p>
    <p>
      <b>Item 9.01&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      &#160;(d)&#160; Exhibits
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="width: 2%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="width: 13%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="top" style="width: 85%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description of Exhibits</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 2%">

        </td>
        <td style="width: 13%">

        </td>
        <td style="width: 85%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 2%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="width: 13%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Exhibit 99.1
          </p>
        </td>
        <td valign="top" style="width: 85%; text-align: left; padding-left: 0.0px">
          Earnings press release dated February 2, 2016
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pursuant to the requirements of the Securities Exchange Act of
      1934, the registrant has duly caused this report to be signed on its
      behalf by the undersigned hereunto duly authorized.
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          BOOT BARN HOLDINGS, INC.
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 36%">

        </td>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 36%">

        </td>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; width: 50%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date: February 2, 2016
          </p>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; width: 4%; text-align: left; padding-left: 0.0px">
          By:
        </td>
        <td valign="top" style="width: 36%; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          /s/ Gregory V. Hackman
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 36%; text-align: left; padding-left: 0.0px">
          Name: Gregory V. Hackman
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 36%; text-align: left; padding-left: 0.0px">
          Title: Chief Financial Officer
        </td>
        <td style="width: 10%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>Exhibit List</b>
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="width: 13%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="top" style="width: 7%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="width: 80%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description of Exhibits</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 13%">

        </td>
        <td style="width: 7%">

        </td>
        <td valign="top" style="width: 80%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 13%; text-align: left; padding-left: 0.0px">
          Exhibit 99.1
        </td>
        <td style="width: 7%">

        </td>
        <td valign="top" style="width: 80%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Earnings press release dated February 2, 2016
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51271153ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Boot Barn
      Holdings, Inc. Announces Third Quarter Fiscal Year 2016 Financial Results</b></font>
    </p>
    <p>
      IRVINE, Calif.--(BUSINESS WIRE)--February 2, 2016--Boot Barn Holdings,
      Inc. (NYSE:BOOT) today announced its financial results for the fiscal
      quarter ended December 26, 2015.
    </p>
    <p>
      Highlights for the quarter ended December 26, 2015, were as follows, and
      were consistent with preliminary results announced on January 11, 2016:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net sales increased 49% to approximately $194 million;
      </li>
      <li style="margin-bottom: 10.0px">
        Opened five new stores and completed the rebranding of 19 Sheplers
        stores;
      </li>
      <li style="margin-bottom: 10.0px">
        Consolidated same store sales (which include e-commerce and Sheplers
        sales) declined 2.0%, with Boot Barn and Sheplers performing similarly;
      </li>
      <li style="margin-bottom: 10.0px">
        Pro forma adjusted net income per diluted share of $0.45 compared to
        $0.40 per diluted share in the prior-year period.
      </li>
    </ul>
    <p>
      1) Pro forma adjusted net income is a non-GAAP measure. An explanation
      of the computation of this measure and a reconciliation to GAAP net
      income is included below. See also &quot;Non-GAAP Financial Measures.&quot;
    </p>
    <p>
      Jim Conroy, Chief Executive Officer, commented, &#8220;While our same store
      sales fell short of our original expectations, we maintained healthy
      merchandise margins without making meaningful changes to our pricing
      strategy in what was a very promotional holiday season. We also made
      considerable progress on our other initiatives during the third quarter.
      We completed the integration of the Sheplers business and further
      increased our market share by opening five new stores and growing
      e-commerce by double digits. We continued our initiative to expand
      merchandise margins by increasing the penetration of our private brands.
      We are pleased as both the Sheplers stores and e-commerce channels
      experienced growth in sales for the first five weeks of the fourth
      quarter, while the core Boot Barn business remained slightly positive.
      Overall, we remain confident in our ability to continue to execute on
      our long-term growth strategies, further expand our store footprint, and
      improve merchandise margins, while further solidifying our position as
      the largest omni-channel western and work wear retailer in the U.S.&#8221;
    </p>
    <p>
      <b>Operating Results for the Third Quarter Ended December 26, 2015</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net sales increased 49% to $193.8 million in the third quarter of
        fiscal year 2016, from $130.5 million in the prior year period. Net
        sales increased due to contributions from recently acquired Sheplers
        and 22 new stores opened between the beginning of the fourth quarter
        of fiscal 2015 and the end of the third quarter of fiscal 2016,
        partially offset by a decrease of 2.0% in consolidated same store
        sales.
      </li>
      <li style="margin-bottom: 10.0px">
        Adjusted gross profit was $65.0 million or 33.5% of net sales (on a
        GAAP basis, gross profit was $64.2 million or 33.1%) in the third
        quarter of fiscal year 2016, an increase of $18.8 million or 40.7%
        from gross profit of $46.2 million, or 35.4% of net sales in the
        prior-year period. Adjusted gross profit excludes acquisition-related
        integration costs, including an adjustment to normalize the impact of
        sales of Sheplers&#8217; discontinued inventory, contract termination costs
        and the amortization of inventory fair value adjustment. Adjusted
        gross profit increased as a result of the addition of the Sheplers
        business and the opening of 22 new stores. The merchandise margin rate
        at the Sheplers business improved; whereas, the core Boot Barn
        business was in line with the prior year. On a consolidated basis,
        given that Sheplers&#8217; historical margin is lower than core Boot Barn,
        the composition of the businesses this year with Sheplers, as compared
        to last year when the Company did not own Sheplers, resulted in a
        decline in merchandise margin of 260 basis points due to mix. There
        was a slight decline in merchandise margin of 10 basis points at core
        Boot Barn comprised of higher freight costs, partially offset by
        better markup. Declines in consolidated merchandise margin rate were
        partially offset by the leveraging of occupancy expenses of 70 basis
        points.
      </li>
    </ul>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <ul>
      <li style="margin-bottom: 10.0px">
        Adjusted income from operations was $23.5 million in the third quarter
        of fiscal year 2016, an increase of 32.5% compared to $17.7 million in
        the prior-year period. Adjusted income from operations excludes
        acquisition-related integration costs, SEC filing costs, loss on
        disposal of assets and contract termination costs, and the
        amortization of inventory fair value adjustment incurred in the third
        quarter of fiscal year 2016. On a GAAP basis, income from operations
        was $20.2 million in the third quarter of fiscal year 2016 compared to
        $17.9 million in the prior-year period.
      </li>
      <li style="margin-bottom: 10.0px">
        During the third quarter, the Company opened five Boot Barn stores,
        ending the quarter with 206 stores in 29 states.
      </li>
      <li style="margin-bottom: 10.0px">
        Pro forma adjusted net income was $12.0 million, or $0.45 per diluted
        share in the third quarter of fiscal year 2016, compared to $10.5
        million or $0.40 per diluted share in the prior-year period. On a GAAP
        basis, net income was $9.9 million, or $0.37 per diluted share in the
        third quarter of fiscal year 2016, compared to $8.8 million or $0.36
        per diluted share in the prior-year period.
      </li>
    </ul>
    <p>
      <b>Operating Results for the Nine Months Ended December 26, 2015</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net sales increased 40.1% to $419.6 million in the first nine months
        of fiscal year 2016, from $299.4 million in the prior-year period. Net
        sales increased due to contributions from recently acquired Sheplers,
        22 new stores opened between the beginning of the fourth quarter of
        fiscal 2015 and the end of the third quarter of fiscal 2016, and an
        increase of 0.3% in consolidated same store sales.
      </li>
      <li style="margin-bottom: 10.0px">
        Adjusted gross profit was $134.1 million or 32.0% of net sales (on a
        GAAP basis, gross profit was $130.8 million or 31.2%) in the first
        nine months of fiscal year 2016, an increase of $33.3 million, or
        33.0% from gross profit of $100.8 million, or 33.7% of net sales in
        the prior-year period. Adjusted gross profit increased as a result of
        the addition of the Sheplers business and the opening of 22 new
        stores. The decline in adjusted gross profit rate was primarily driven
        by a 170 basis point decrease from the composition of the lower margin
        Sheplers business that was not part of Boot Barn in the prior year.
        Core Boot Barn&#8217;s merchandise margin was flat.
      </li>
      <li style="margin-bottom: 10.0px">
        Adjusted income from operations was $35.0 million in the first nine
        months of fiscal year 2016, an increase of 29.3% compared to $27.1
        million in the prior-year period. On a GAAP basis, income from
        operations was $24.6 million in the first nine months of fiscal year
        2016 compared to $27.6 million in the prior-year period.
      </li>
    </ul>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <ul>
      <li style="margin-bottom: 10.0px">
        The Company acquired 25 Sheplers stores, opened 18 Boot Barn stores,
        closed five Sheplers and one Boot Barn store, and ended the period
        with 206 stores in 29 states.
      </li>
      <li style="margin-bottom: 10.0px">
        Pro forma adjusted net income was $16.2 million, or $0.60 per diluted
        share in the first nine months of fiscal year 2016, compared to $13.8
        million or $0.53 per diluted share in the prior-year period. On a GAAP
        basis, net income was $8.9 million, or $0.33 per diluted share in the
        first nine months of fiscal year 2016, compared to net income of $11.1
        million or $0.45 per diluted share in the prior-year period.
      </li>
    </ul>
    <p>
      A reconciliation of adjusted gross profit, adjusted income from
      operations, pro forma adjusted net income and pro forma adjusted net
      income per diluted share, each a non-GAAP financial measure, to their
      most directly comparable GAAP financial measures is included in the
      accompanying financial data. See also &quot;Non-GAAP Financial Measures.&quot;
    </p>
    <p>
      <b>Balance Sheet Highlights as of December 26, 2015</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Cash: $17.8 million
      </li>
      <li style="margin-bottom: 10.0px">
        Total net borrowings: $223.9 million
      </li>
      <li style="margin-bottom: 10.0px">
        Total liquidity (cash plus availability on $125 million revolving
        credit facility): $112.8 million
      </li>
    </ul>
    <p>
      <b>Fiscal Year 2016 Outlook</b>
    </p>
    <p>
      For the fiscal fourth quarter ending March 26, 2016, including Sheplers,
      the Company now expects:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        To open four new stores in the fourth quarter.
      </li>
      <li style="margin-bottom: 10.0px">
        Consolidated same store sales growth to be flat to slightly positive.
      </li>
      <li style="margin-bottom: 10.0px">
        Pro forma adjusted income from operations between $8.5 million and
        $9.4 million.
      </li>
      <li style="margin-bottom: 10.0px">
        Pro forma adjusted net income of $2.9 million to $3.5 million,
      </li>
      <li style="margin-bottom: 10.0px">
        Pro forma adjusted net income per diluted share of $0.11 to $0.13
        based on 26.6 million weighted average diluted shares outstanding.
      </li>
    </ul>
    <p>
      For the fiscal year ending March 26, 2016, including Sheplers, the
      Company now expects:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        To open 22 new stores.
      </li>
      <li style="margin-bottom: 10.0px">
        Pro forma adjusted income from operations between $43.5 million and
        $44.4 million.
      </li>
      <li style="margin-bottom: 10.0px">
        Pro forma adjusted net income of $19.1 million to $19.7 million.
      </li>
      <li style="margin-bottom: 10.0px">
        Pro forma adjusted net income per diluted share of $0.71 to $0.73
        based on 26.9 million weighted average diluted shares outstanding.
      </li>
    </ul>
    <p>
      Our Fiscal 2016 outlook for pro forma adjusted income from operations
      and net income excludes merger and integration costs and other
      non-recurring expenses, including losses on the disposal of assets and
      contract termination costs, acquisition-related expenses,
      acquisition-related integration costs, amortization of inventory fair
      value adjustment, markdown of discontinued Sheplers inventory, and the
      write off of debt discount as part of the June 29, 2015 refinancing. See
      the table at the end of this press release that reconciles forecasted
      GAAP net income to forecasted pro forma adjusted net income.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Conference Call Information</b>
    </p>
    <p>
      A conference call to discuss the financial results for the third quarter
      of fiscal 2016 is scheduled for today, February 2, 2016, at 4:30 p.m. ET
      (1:30 p.m. PT). Investors and analysts interested in participating in
      the call are invited to dial (877) 407-4018. The conference call will
      also be available to interested parties through a live webcast at
      investor.bootbarn.com. Please visit the website and select the &#8220;Events
      and Presentations&#8221; link at least 15 minutes prior to the start of the
      call to register and download any necessary software. A telephone replay
      of the call will be available until February 16, 2016, by dialing (877)
      870-5176 (domestic) or (858) 384-5517 (international) and entering the
      conference identification number: 13629183. Please note participants
      must enter the conference identification number in order to access the
      replay.
    </p>
    <p>
      <b>About Boot Barn</b>
    </p>
    <p>
      Boot Barn is the nation&#8217;s leading lifestyle retailer of western and
      work-related footwear, apparel and accessories for men, women and
      children. The Company offers its loyal customer base a wide selection of
      more than 200 work and lifestyle brands. Boot Barn now operates 205
      stores in 29 states, in addition to an e-commerce channel, including
      both <u>www.bootbarn.com</u> and <u>www.sheplers.com</u>. For more
      information, call 888-Boot-Barn or visit <u>www.bootbarn.com</u>.
    </p>
    <p>
      <b>Non-GAAP Financial Measures</b>
    </p>
    <p>
      The Company presents adjusted gross profit, adjusted income from
      operations, pro forma adjusted net income and pro forma adjusted net
      income per share to help the Company describe its operating and
      financial performance. These financial measures are non-GAAP financial
      measures and should not be construed in isolation or as an alternative
      to actual gross profit, actual income from operations, actual net income
      and actual diluted earnings per share and other income or cash flow
      statement data (as presented in the Company&#8217;s consolidated financial
      statements in accordance with generally accepted accounting principles
      in the United States, or GAAP), or as a better indicator of operating
      performance or as a measure of liquidity. These non-GAAP financial
      measures, as defined by the Company, may not be comparable to similar
      non-GAAP financial measures presented by other companies. The Company&#8217;s
      management believes that these non-GAAP financial measures provide
      investors with transparency and help illustrate financial results by
      excluding items that may not be indicative of, or are unrelated to, the
      Company&#8217;s core operating results, thereby providing a better baseline
      for analyzing trends in the underlying business. See the table at the
      end of this press release for a reconciliation of adjusted gross profit
      to gross profit, adjusted income from operations to income from
      operations, pro forma adjusted net income to net income, and pro forma
      adjusted net income per share to net income per share.
    </p>
    <p>
      <b>Forward Looking Statements</b>
    </p>
    <p>
      This press release contains forward-looking statements that are subject
      to risks and uncertainties. All statements other than statements of
      historical fact included in this press release are forward-looking
      statements. You can identify forward-looking statements by the fact that
      they generally include words such as &quot;anticipate,&quot; &quot;estimate,&quot; &quot;expect,&quot;
      &quot;project,&quot; &quot;plan,&#8220; &quot;intend,&quot; &quot;believe,&quot; &#8220;outlook&#8221; and other words and
      terms of similar meaning in connection with any discussion of the timing
      or nature of future operating or financial performance or other events
      but not all forward-looking statements contain these identifying words.
      These forward-looking statements are based on assumptions that the
      Company&#8217;s management has made in light of their industry experience and
      on their perceptions of historical trends, current conditions, expected
      future developments and other factors they believe are appropriate under
      the circumstances. As you consider this press release, you should
      understand that these statements are not guarantees of performance or
      results. They involve risks, uncertainties (some of which are beyond the
      Company&#8217;s control) and assumptions. These risks, uncertainties and
      assumptions include, but are not limited to, the following: the failure
      to realize the anticipated synergies from the Sheplers acquisition and
      other risks of integration, declines in consumer spending or changes in
      consumer preferences and the Company&#8217;s ability to effectively execute on
      its growth strategy; to maintain and enhance its strong brand image; to
      compete effectively; to maintain good relationships with its key
      suppliers; and to improve and expand its exclusive product offerings.
      The Company discusses the foregoing risks and other risks in greater
      detail under the heading &#8220;Risk factors&#8221; in the periodic reports filed by
      the Company with the Securities and Exchange Commission. Although the
      Company believes that these forward-looking statements are based on
      reasonable assumptions, you should be aware that many factors could
      affect the Company&#8217;s actual financial results and cause them to differ
      materially from those anticipated in the forward-looking statements.
      Because of these factors, the Company cautions that you should not place
      undue reliance on any of these forward-looking statements. New risks and
      uncertainties arise from time to time, and it is impossible for the
      Company to predict those events or how they may affect the Company.
      Further, any forward-looking statement speaks only as of the date on
      which it is made. Except as required by law, the Company does not intend
      to update or revise the forward-looking statements in this press release
      after the date of this press release.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>Boot Barn Holdings, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands, except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <b>December 26,</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <b>March 28,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="2">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="2">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Current assets:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          17,840
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,448
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Accounts receivable
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          5,732
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,863
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Inventories
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          174,060
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          129,312
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          9,091
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          10,656
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          206,723
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          145,279
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          72,562
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          30,054
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Goodwill
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          191,915
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          93,097
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Intangible assets, net
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          65,561
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          57,131
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Other assets
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          896
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          567
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          537,657
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          326,128
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Liabilities and stockholders&#8217; equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Current liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Line of credit
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          30,007
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          16,200
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Accounts payable
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          81,292
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          44,636
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Accrued expenses and other current liabilities
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          47,896
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          24,061
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Current portion of notes payable, net of unamortized debt issuance
          costs
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          1,050
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          1,596
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          160,245
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          86,493
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Deferred taxes
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,957
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          21,102
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Long-term portion of notes payable, net of unamortized debt issuance
          costs
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          192,826
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          72,030
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Capital lease obligation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          8,334
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          15
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Other liabilities
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          12,475
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          4,066
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          377,837
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          183,706
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Stockholders&#8217; equity:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Common stock, $0.0001 par value; December 26, 2015 - 100,000 shares
          authorized, 26,353 shares issued; March 28, 2015 - 100,000 shares
          authorized, 25,824 shares issued
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Preferred stock, $0.0001 par value; 10,000 shares authorized, no
          shares issued or outstanding
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          137,235
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          128,693
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          22,582
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          13,726
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Less: Common stock held in treasury, at cost, 3 and 0 shares at
          December 26, 2015 and March 28, 2015, respectively
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          159,820
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          142,422
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          537,657
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          326,128
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="15">
          <b>Boot Barn Holdings, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="15">
          <b>Consolidated Statements of Operations</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="15">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands, except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="15">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="6">
          <b>Thirteen Weeks Ended</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="6">
          <b>Thirty-Nine Weeks Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>December 26,</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <b>December 27,</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>December 26,</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <b>December 27,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="2">
          <b>2015</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="2">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="3">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="2">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Net sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          193,842
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          130,523
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          419,554
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          299,404
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Cost of goods sold
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          129,891
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          84,367
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          289,176
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          198,605
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Amortization of inventory fair value adjustment
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          (228
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          (453
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Total cost of goods sold
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          129,663
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          84,367
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          288,723
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          198,605
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Gross profit
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          64,179
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          46,156
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          130,831
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          100,799
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Operating expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          43,986
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          28,299
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          105,323
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          73,167
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Acquisition-related expenses
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          891
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Total operating expenses
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          43,986
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          28,299
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          106,214
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          73,167
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Income from operations
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          20,193
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          17,857
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          24,617
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          27,632
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Interest expense, net
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,553
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          4,177
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          9,347
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          9,755
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Other income, net
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          12
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          37
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Income before income taxes
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          16,640
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          13,692
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          15,270
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          17,914
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Income tax expense
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          6,712
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          4,929
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          6,414
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          6,794
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          9,928
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          8,763
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          8,856
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          11,120
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Net income attributed to non-controlling interest
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left; border-bottom-style: double; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left; border-bottom-style: double; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left; border-bottom-style: double; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left; border-bottom-style: double; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          4
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Net income attributed to Boot Barn Holdings, Inc.
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          9,928
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          8,763
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          8,856
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          11,116
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Earnings per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Basic shares
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.37
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.46
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Diluted shares
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.36
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.45
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Weighted average shares outstanding:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Basic shares
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          26,326
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          23,704
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          26,116
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          20,928
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Diluted shares
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          26,871
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          24,556
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          27,003
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          21,599
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="9">
          <b>Boot Barn Holdings, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="9">
          <b>Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="9">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="9">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="7">
          <b>Thirty-Nine Weeks Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>December 26,</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>December 27,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="3">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="3">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Cash flows from operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          8,856
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          11,120
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Adjustments to reconcile net income to net cash provided by
          operating activities:
        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Depreciation
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          7,670
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          4,481
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,143
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,459
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Excess tax benefit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (3,701
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,852
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,962
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Amortization and write-off of debt issuance fees and debt discount
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,991
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,218
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Loss on disposal of property and equipment
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          237
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          113
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accretion of above market leases
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          54
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (126
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Deferred taxes
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1,060
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          604
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Amortization of inventory fair value adjustment
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (453
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Changes in operating assets and liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Accounts receivable
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (77
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (2,321
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Inventories
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (13,859
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (19,153
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          9,057
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,176
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Other assets
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1,550
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (166
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Accounts payable
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          23,053
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          5,647
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Accrued expenses and other current liabilities
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          17,068
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          12,423
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px">
          Other liabilities
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          4,387
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          1,148
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          55,668
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          20,585
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Cash flows from investing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (30,094
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (9,562
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Acquisition of business, net of cash acquired
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          (146,541
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          (176,635
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          (9,562
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Cash flows from financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Line of credit - net
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          13,807
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,419
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Proceeds from loan borrowings
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          200,938
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          30,750
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Repayments on debt and capital lease obligations
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (77,298
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (82,860
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Debt issuance fees
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (6,487
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (776
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Net proceeds from initial public offering
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          82,224
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Excess tax benefits from stock options
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,701
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Dividends paid
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          (41,300
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px">
          Net cash provided by/(used in) financing activities
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          137,359
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          (8,543
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Net increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          16,392
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,480
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Cash and cash equivalents, beginning of period
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          1,448
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          1,118
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Cash and cash equivalents, end of period
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          17,840
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          3,598
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Supplemental disclosures of cash flow information:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Cash paid for income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,901
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,347
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Cash paid for interest
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          7,044
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          7,818
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Supplemental disclosure of non-cash activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Unpaid purchases of property and equipment
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,416
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          702
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Equipment acquired through capital lease
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          36
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>Boot Barn Holdings, Inc.</b>
    </p>
    <p style="text-align: center">
      <b>Supplemental Information - Consolidated Statements of Operations</b><br><b>Reconciliation
      of GAAP to Non-GAAP Financial Measures</b><br>(In thousands, except per
      share amounts)<br>(Unaudited)
    </p>
    <p>
      The tables below reconcile the non-GAAP financial measures of adjusted
      gross profit, adjusted income from operations, pro forma adjusted net
      income, and pro forma adjusted diluted earnings per share, to the most
      directly comparable GAAP financial measures of gross profit, income from
      operations, net income, and diluted income per share. Pro forma adjusted
      net income and pro forma adjusted diluted income per share give effect
      to the reduction in our interest rate under our credit facility as a
      result of, and the repayment of a portion of our term loan with the
      proceeds of, our November 2014 initial public offering (the &#8220;IPO&#8221;), as
      if it had occurred on March 31, 2013, the first day of our fiscal year
      2014.
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="7">
          <b>Thirteen Weeks Ended</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="7">
          <b>Thirty-Nine Weeks Ended</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>December 26,</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>December 27,</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>December 26,</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>December 27,</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="3">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="3">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="3">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="3">
          <b>2014</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Reconciliation of GAAP gross profit to adjusted gross profit</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Gross profit, as reported
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          64,179
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          46,156
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          130,831
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          100,799
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Amortization of inventory fair value adjustment (a)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (228
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (453
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Acquisition-related integration costs (b)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          999
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,330
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Contract termination costs (c)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          403
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Adjusted gross profit
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          64,950
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          46,156
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          134,111
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          100,799
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Reconciliation of GAAP income from operations to adjusted income
          from operations</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Income from operations, as reported
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          20,193
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          17,857
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          24,617
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          27,632
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Amortization of inventory fair value adjustment (a)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (228
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (453
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Acquisition-related expenses (d)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          891
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Acquisition-related integration costs (b)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,153
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          8,521
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Loss on disposal of assets and contract termination costs (c)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          53
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,107
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          113
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          SEC filing costs (e)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          317
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          317
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Estimated public company costs (f)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (153
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1,540
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Other due diligence expenses (g)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          864
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Adjusted income from operations
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            23,488
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          17,731
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          35,000
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          27,069
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Reconciliation of GAAP net income attributed to Boot Barn
          Holdings, Inc. to pro forma adjusted net income attributed to Boot
          Barn Holdings, Inc.</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Net income attributed to Boot Barn Holdings, Inc., as reported
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          9,928
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          8,763
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          8,856
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          11,116
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Amortization of inventory fair value adjustment (a)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (228
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (453
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Acquisition-related expenses (d)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          891
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Acquisition-related integration costs (b)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,153
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          8,521
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Loss on disposal of assets and contract termination costs (c)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          53
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,107
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          113
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          SEC filing costs (e)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          317
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          317
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Estimated public company costs (f)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (153
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1,540
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Other due diligence expenses (g)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          864
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Write-off of debt discount (h)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,355
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Interest expense, as reported
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          4,177
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          9,755
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Pro forma interest expense (i)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1,210
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (3,630
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Provision for income taxes, as reported
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          6,712
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          4,929
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          6,414
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          6,794
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Pro forma adjusted provision for income taxes (j)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          (7,937
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          (6,007
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          (10,809
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          (9,685
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Pro forma adjusted net income attributed to Boot Barn Holdings, Inc.
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            11,998
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          10,526
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            16,199
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          13,787
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Reconciliation of proforma adjusted net income per diluted share
          to net income per diluted share</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Net income per share, diluted:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Net income per share, as reported
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.45
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Adjustments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.08
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Net income per share paid to vested option holders (k)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          0.06
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Pro forma adjusted net income per share, diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          0.45
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          0.40
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          0.60
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          0.53
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Weighted average diluted shares outstanding, as reported
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          26,871
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          24,556
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          27,003
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          21,599
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Pro forma effect of shares issuances in IPO (l)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          1,975
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          4,492
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Pro forma adjusted diluted weighted average shares
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          26,871
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          26,531
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          27,003
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          26,091
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      (a) Represents the amortization of purchase-accounting adjustments that
      decreased the value of inventory acquired to its fair value.<br>(b)
      Represents certain store integration, remerchandising, inventory
      obsolescence and corporate consolidation costs incurred in connection
      with the integration of Sheplers. Includes an adjustment to normalize
      the gross margin impact of sales of discontinued inventory from
      Sheplers, which was sold at a discount. The adjustment assumes such
      inventory was sold at Sheplers' normalized margin rate.<br>(c)
      Represents loss on disposal of assets and contract termination costs
      from store closures and unused office and warehouse space.<br>(d)
      Includes direct costs and fees related to the Sheplers acquisition.<br>(e)
      Represents professional fees and expenses incurred in connection with a
      form S-1 Registration Statement filing in July 2015.<br>(f) Reflects
      estimated incremental legal, accounting, insurance and other compliance
      costs in the first three quarters of fiscal year 2015 as if the Company
      had been a public company during such quarters. Actual public company
      costs incurred in fiscal 2016 are reflected in GAAP income from
      operations.<br>(g) Represents professional fees and expenses incurred in
      connection with a prior due diligence process of Sheplers.<br>(h)
      Represents the write off of debt discounts and debt issuance costs
      associated with the previously extinguished Wells Fargo Credit Facility.<br>(i)
      Represents the net decrease in interest expense resulting from a
      reduction in our LIBOR floor and the pay down of principal balance on
      the Company's term loan agreement with Golub Capital from the IPO
      proceeds, as if it had occurred on March 31, 2013.<br>(j) The provision
      for income taxes uses an effective tax rate of 40.0% for the thirty-nine
      week period ended December 26, 2015, compared to the Company's tax rate
      of 42.0% and applies it to the non-GAAP income before taxes. The
      Company's tax rate was impacted by expenses associated with the Sheplers
      acquisition. Excluding these one-time events, the tax rate would have
      been 40.0%.<br>(k) In April 2014, holders of vested stock options
      received a cash payment of $1.4 million, which the Company deducted from
      net income for purposes of the earnings per share calculation to
      determine the net income available to common shareholders. The Company
      has added this payment to the net income in order to calculate pro forma
      adjusted diluted earnings per share.<br>(l) These shares represent
      shares issued at the time of the IPO and are shown as if they had been
      issued on March 31, 2013.
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          FY 2016 Outlook
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (in millions)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          Low
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          High
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Reconciliation of forecasted GAAP net income to forecasted pro
          forma adjusted net income</b>
        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Net income guidance
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            11.1
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            11.7
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Loss on disposal of assets and contract termination costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1.2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1.2
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Acquisition-related expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.9
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Acquisition-related integration and reorganization costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          10.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          10.1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Amortization of inventory fair value adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (0.5
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (0.5
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          SEC filing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          0.3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Write off of debt issuance costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1.4
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            7.4
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            7.8
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Pro forma adjusted provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (12.8
          </p>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (13.2
          </p>
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Forecasted pro forma adjusted net income attributed to Boot Barn
          Holdings, Inc.
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          19.1
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          19.7
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="20">
          <b>Boot Barn Holdings, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="20">
          <b>Store Count</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <b>Fiscal Year Ended</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>Quarter Ended</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>Quarter Ended</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>Quarter Ended</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <b>Quarter Ended</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>Quarter Ended</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <b>Quarter Ended</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>Quarter Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <b>March 29</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>June 28</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>September 27</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>December 27</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <b>March 28</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>June 27</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          <b>September 26</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>December 26</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="2">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="2">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px" colspan="2">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Store Count (BOP)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          152
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          155
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          158
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          166
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          169
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          176
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          201
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Opened/Acquired
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          39
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          8
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          7
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          31
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          5
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Closed Boot Barn Stores
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (4
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Closed Sheplers Stores
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          (5
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Store Count (EOP)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          152
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          155
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          158
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          166
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          169
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          176
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          201
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; border-bottom-style: double; white-space: nowrap; padding-left: 0.0px">
          206
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="18">
          Debt Covenant Calculation
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="18">
          EBITDA Reconciliation
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="16">
          (Thirteen Weeks Ended)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="3">
          <b>Q3 FY16</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="3">
          <b>Q2 FY16</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="3">
          <b>Q1 FY16</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="3">
          <b>Q4 FY15</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Boot Barn's Net income/(loss)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          9,928
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (3,343
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,271
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          2,610
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Income tax expense/(benefit)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          6,712
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (2,071
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,773
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,672
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Interest expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,553
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          5,003
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          791
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,536
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Depreciation and intangible asset amortization
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          3,593
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          3,292
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          2,637
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          2,764
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Boot Barn's EBITDA</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>23,786</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>2,881</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>7,472</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>10,582</b>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Non-cash stock-based compensation (a)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          761
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          730
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          653
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          590
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Non-cash accrual for future award redemptions (b)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          961
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          88
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (248
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (630
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Acquisition-related expenses (c)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          891
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Acquisition-related integration and reorganization costs (d)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          3,153
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          5,368
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Amortization of inventory fair value adjustment (e)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (228
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          (225
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Loss on disposal of assets and contract termination costs (f)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          53
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          1,042
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          21
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          SEC filing costs (g)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          317
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Secondary Offering Costs (h)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          541
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Boot Barn's Adjusted EBITDA</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>28,803</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>9,884</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>8,779</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>11,104</b>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Additional adjustments<sup>1</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          655
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          718
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          2,904
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px">
          4,089
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Consolidated EBITDA per Loan Agreements</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>29,458</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>10,602</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>11,683</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <b>15,193</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>2</sup>
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>
      <sup>1</sup>Adjustments to Boot Barn's Adjusted EBITDA as stipulated in
      the 2015 Golub Term Loan and June 2015 Wells Fargo Revolver include
      pre-opening costs, franchise and state taxes, and other miscellaneous
      adjustments. For Q4 FY15 and Q1 FY16, the adjustments also include
      Sheplers EBITDA, as Sheplers' results were not included in Boot Barn
      consolidated results until Q2 FY16, the period in which Boot Barn
      acquired Sheplers.<br><sup>2</sup>Consolidated EBITDA for the thirteen
      weeks ended Q4 FY15 was given to the Company in the 2015 Golub Term Loan
      and June 2015 Wells Fargo Revolver agreements, as the additional EBITDA
      contribution from the acquisition of Sheplers in June 2015 was not
      already included in the Company's consolidated EBITDA for the thirteen
      weeks ended March 28, 2015. As such, the additional adjustments to
      arrive at the consolidated EBITDA used in the loan covenant compliance
      calculation is larger than those adjustments in the subsequent periods
      presented.
    </p>
    <p>
      (a) Represents non-cash compensation expenses related to stock options,
      restricted stock awards and restricted stock units granted to certain of
      our employees and directors.<br>(b) Represents the non-cash accrual for
      future award redemptions in connection with our customer loyalty program.<br>(c)
      Includes direct costs and fees related to the Sheplers Acquisition.<br>(d)
      Represents certain store integration, remerchandising, inventory
      obsolescence and corporate consolidation costs incurred in connection
      with the integration of Sheplers. Includes an adjustment to normalize
      the gross margin impact of sales of discontinued inventory from
      Sheplers, which was sold at a discount. The adjustment assumes such
      inventory was sold at Sheplers&#8217; normalized margin rate.<br>(e)
      Represents the amortization of purchase-accounting adjustments that
      decreased the value of inventory acquired to its fair value.<br>(f)
      Represents loss on disposal of assets and contract termination costs
      from store closures and unused office and warehouse space.<br>(g)
      Represents professional fees and expenses incurred in connection with a
      form S-1 Registration Statement filing in July 2015.<br>(h) Represents
      professional fees and expenses incurred in connection with the secondary
      offering held in February 2015.
    </p>
    <p style="white-space: nowrap">

    </p>
    <p>
      CONTACT:<br><b>Investor</b>s<b>:</b><br>ICR, Inc.<br>Anne Rakunas /
      Brendon Frey, 310-954-1113<br><u>BootBarnIR@icrinc.com</u><br>or<br><b>Media:</b><br>Boot
      Barn Media Relations<br>Jayme Maxwell, 949-453-4400 ext. 428<br><u>BootBarnIRMedia@bootbarn.com</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
