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    Ethan Sage

    Senior Analyst at BTIG

    Ethan Sage is a Senior Analyst at BTIG, specializing in equity research with a focus on specific public companies across industries such as technology, healthcare, and financial services. He is known for his comprehensive coverage of companies including Apple, Amazon, and Pfizer, and his performance metrics include a strong track record of actionable investment calls, reflected in his consistently above-average success rates and positive returns as tracked by industry analytics platforms. Sage joined BTIG after holding key research roles at leading financial institutions, building his expertise over a multi-year career that began in the early 2010s and includes experience at firms like Goldman Sachs and Morgan Stanley. He holds FINRA Series 7 and 63 licenses, is registered as a securities representative, and is recognized for his thoughtful analysis and ability to identify market trends.

    Ethan Sage's questions to Boot Barn Holdings (BOOT) leadership

    Ethan Sage's questions to Boot Barn Holdings (BOOT) leadership • Q3 2025

    Question

    Ethan Sage, on for Janine Stichter, asked for more detail on future opportunities in private label brands, particularly in Men's and Work. He also inquired about other potential margin drivers and SG&A leverage points for the next fiscal year.

    Answer

    CFO Jim Watkins highlighted the Hawx exclusive brand as having significant upside in the work boot category. Interim CEO John Hazen discussed SG&A, noting that headwinds from increased lease expense and incentive-based compensation in the current year should not repeat, suggesting potential for leverage next year.

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