Boot Barn (NYSE:BOOT)

Boot Barn has a plan to increase its store count from 340ish now to over 900 by 2031. If same store sales continue increasing (which they've done in 10 out of last 11 years) and if exclusive brands penetration keeps going up (which have a 1,000 basis point higher gross margin), it's reasonable to expect profitability to grow much faster than revenue.

Perhaps it's reasonable to assume 3x sales over next 10 years. But I would hope for at least 4x profits.

Trading at just 13x earnings now, 4x profits in a decade would lead to a stellar investment in my opinion.

Reasonable valuation, good new store payback, can triple store count, one-third of sales are exclusive brands that BOOT develops on its own, nearly half of business is footwear (which is naturally replenished and replaced by customer), largely sells need-based functional basic in nature inventory (no need to place large inventory bets in advance), lacks major direct competition; Best direct competitor is Cavendars (private), a regional player in Texas