retail roundup

Private and Confidential 0

RETAIL ROUNDUPAugust 23, 2021


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Peter Diamond, Vice President Brandon Yoshimura, Vice President Joshua Heft, Vice President

Addison Bakken, Associate Shea Kutner, Associate Alex Cohn, Associate

Additional Team Members

Global Consumer Retail Group

Automotive & Powersports

Beauty, Health and Wellness

Branded Apparel

Footwear & Accessories

Consumer Electronics

Consumer Products

Department Stores / Broadlines / Mass Merchants

Discount & Dollar

Drug Chain

E-Commerce

Fitness / Performance Apparel

Grocery & Food Retail

Home Improvement

Jewelry / Luxury

Off Price

Restaurants

Specialty Hardlines

Specialty Softlines

Sporting Goods / Outdoor

▪ We are a globally recognized strategic advisor to leading consumer, retail, apparel, footwear and e-commerce companies

▪ Unparalleled breadth and depth of industry knowledge, relationships and execution experience

▪ Provide M&A, restructuring and financing advisory services to clients ranging from multi-national, large-capitalization corporations to smaller, high-growth, privately held companies

▪ Our expertise encompasses the convergence of consumer, retail, e-commerce and digital media

▪ Collaborative effort with our digital technology, payments and financial technology, supply chain, media and telecom bankers to provide clients a unique cross-sector perspective and approach that leverages their knowledge, insights and sector relationships

We advise clients in all retail and consumer sectors, including:

Senior Team

Marc CooperChief Executive

Officer

Gregory GramblingManaging Director,

Grocery &

Restaurants

Peter J. SolomonFounder and Chairman

Jeffrey DermanManaging

Director,

Consumer

Retail

Cathy LeonhardtManaging Director,

Co-Head

Patrick FurlongDirector

David ShiffmanManaging Director,

Co-Head

Irina AdlerManaging

Director,

Consumer

Retail

Scott MosesManaging Director

Head of Grocery &

Restaurants

Flore GimelloDirector


Selected Consumer Retail Group Transactions

Served as financial advisor to Steve Madden

Raised an ABL Revolving Credit Facility

JULY 2020$150,000,000

Sale of selected pharmacy assets to

JULY 2020

Served as financial advisor to Southeastern Grocers

Sale of Select Stores & Distribution Center To

Served as financial advisor to Fairway Market

JULY 2020

Sale of Select Stores To

Served as financial advisor to Lucky’s Markets

MAY 2020AUGUST 2020

Served as exclusive financial advisor to FortNine

Has sold an interest to

Served as financial advisor to Designer Brands

$400 Million Revolving Credit Facility $250M Senior Secured Term Loan

AUGUST 2020$650,000,000

Served as restructuring advisor to Stage Stores in its Chapter 11 bankruptcy

proceedings

AUGUST 2020

Served as investment banker to Brooks Brothers in its Chapter 11

bankruptcy proceedings

AUGUST 2020$325,000,000

Sale toAcquired Golden Gate Capital’s

remaining stake in

Served as financial advisor to Thai Union Group

AUGUST 2020

Served as financial advisor to Chico’s

$285mmRevolving Credit Facility

OCTOBER 2020$300,000,000

$15mm FILO

Served as financial advisor to New Mountain Capital

NOVEMBER 2020

Has acquired

Sale to

Served as financial advisor to KB US Holdings, Inc.

JANUARY 2021

Served as financial advisor to Under Armour

Sale of

DECEMBER 2020$345,000,000

to

Served as financial advisor to Capital Brands and sponsor owner

Centre Lane Partners

NOVEMBER 2020

Owner of

Has been sold to

DECEMBER 2020

Sale Of 51 Stores To

Served as financial advisor to Save a Lot

DECEMBER 2020

Served as advisor to the Official Equity Committee

Served as exclusive financial advisor to The Wing

Growth financing round

FEBRUARY 2021MARCH 2021$105,000,000

$35 Million Revolving Credit Facility$70 Million Term Loan Facility

Served as financial advisor to Maurices

PENDING

Merger With

Serving as financial advisor to Price Chopper / Market 32

Sale of stores & distribution center to

APRIL 2021

Serving as financial advisor to Southeastern Grocers

Served as financial advisor to Conair

Sold to

MAY 2021

Served as financial advisor to Gap

Advised on the movement of its credit card partnership to Barclays and Mastercard from Synchrony

and Visa

APRIL 2021$3,800,000,000

PENDING

Merger With

Serving as financial advisor to Boxed

Sale of intellectual property and certain assets of its Heritage

Brands business to

AUGUST 2021

Serving as exclusive financial advisor to PVH


Selected Consumer Retail Group Transactions (Cont.)

Sold to

JUNE 2019

Served as financial advisorto Arteriors

Served as financial advisor to Moose Knuckles

Received an investment from

Global Private Equity Investor Group

JUNE 2019

Acquired

Served as financial advisor to B&G Foods, Inc.

MAY 2019 APRIL 2019$300,000,000

Acquired

Served as financial advisorto OpCapita

from

MARCH 2019$35,000,000

Served as financial advisor to Charming Charlie

Senior Secured Credit Facility provided by

$100,000,000

Has divested

Served as financial advisor to Genesco

FEBRUARY 2019

to

Served as financial advisor to Fred’s

Sale Of Selected Pharmacy Assets To

DECEMBER 2018 OCTOBER 2018$113,000,000

Acquired

Served as financial advisor to Hibbett Sports

NOVEMBER 2018€3,250,000,000

Served as financial advisor to Hudson’s Bay Company

Sold select real estate assets to and formed a joint venture with

to operate

DECEMBER 2018

Served As Financial Advisor To Best Market

Sale To

AUGUST 2019

Served as financial advisor to Fred’s

Sale Of Selected Pharmacy Assets To

Served as financial advisor to Five Below

Led the Series A financing round in

OCTOBER 2019

$130,000,000OCTOBER 2019

Served as financial advisor to the Special Committee of Independent Directors of Sears Hometown and

Outlet

Sold to

OCTOBER 2019

Served as financial advisor to the Special Committee of Independent Directors of Sears Hometown and

Outlet

$190,000,000

Sold to

Transform Holdco

Sale of

NOVEMBER 2019

Served as financial advisor to Hudson’s Bay Company

to

DECEMBER 2019

Served as financial advisor to PVH

Formed a JV with Basic Resources for all of its socks and hosiery brands in the US and Canada and agreed to terminate early the licenses for the

global Calvin Klein and Tommy Hilfiger socks and hosiery businesses

DECEMBER 2019

Advised Five Below on its acquisition of e-commerce, fulfilment and select other

assets from Hollar.com

Acquired select assets from

JANUARY 2020

Served as restructuring advisor to Payless ShoeSource in its

Chapter 11 bankruptcy proceedings

JANUARY 2020

Served as financial advisor to Genesco

Togast LLC

$67,674,000

Acquired

Served as financial advisor to New Seasons Market LLC

Sale to

JANUARY 2020MARCH 2020$115,000,000

Served as financial advisor to Tailored Brands

Sale of the Joseph Abboud trademarks to

Served as financial advisor to L.L. Bean

Raised a senior unsecured revolving credit facility

APRIL 2020$375,000,000

APRIL 2020$1,038,000,000

Served as advisor to Save A Lot

Recapitalization and Refinancing

(Terminated)

Served as financial advisor to the Special Committee of Stein Mart

Sold to an affiliate of

APRIL 2020

$149,000,000

5Private and Confidential

Retail Trading and Operating Comparables Analysis

6Private andConfidential

Footwear Wholesale: 23%

Licensing/Brand Management: 6%

Softlines YTD Stock Performance

Note: Represents change in total sector market capitalizations. Refer to pages 12-37 for constituents in each category.Source: Capital IQ as of August 18, 2021.

Apparel/Active/Accessories: 15%

Footwear Retail: 57%

Department Stores: 41%

S&P 500: 17%

Off-Price: 8%

Luxury/Apparel/Accessories: 30%

Uniform/Protectivewear: 7%

Specialty Apparel/Accessories: 36%

Specialty Apparel/Accessories (Teens/Jr/Children): 41%

Domestic E-Commerce Softlines: 0%

(10%)

10%

30%

50%

70%

90%

110%

130%1/1 1/15 1/29 2/12 2/26 3/12 3/26 4/9 4/23 5/7 5/21 6/4 6/18 7/2 7/16 7/30 8/13

Off-Price Department Stores Specialty Apparel/Accessories

Specialty Apparel/Accessories (Teens/Jr/Children) Footwear Retail Footwear Wholesale

Apparel/Active/Accessories Uniform/Protectivewear Licensing/Brand Management

Luxury/Apparel/Accessories Domestic E-Commerce Softlines S&P 500


RevenueSoftlines Valuation Summary

Enterprise Value / CY21E Revenue


Note: Revenue Multiples and CAGRs represent category medians.Note: Refer to page 12-37 for constituents in each category.Source: Public filings and Capital IQ as of August 18, 2021. Revenue estimates represent median aggregate consensus estimates from Capital IQ or Thomson Eikon.

Median: 1.3 x

Median: 1.2 x

Median ’19-’22ERevenue CAGR:


5.5 x

3.3 x

1.5 x 1.5 x 1.4 x 1.2 x 0.8 x 0.8 x

0.6 x 0.6 x NA

Luxury

2.5%

DomesticE-Com. Softlines

18.0%

FootwearWholesale

8.4%

Uniform

6.5%

Apparel/Active/Acc.

(1.7%)

Off-Price

7.2%

SpecialtyApparel (Jr)

7.5%

SpecialtyApparel

6.2%

DepartmentStores

(5.2%)

FootwearRetail

4.6%

Licensing/Brand Mngmt

NA

4.7 x

2.6 x

1.4 x 1.4 x 1.4 x 1.1 x

0.8 x 0.7 x 0.6 x 0.6 x

NA

Luxury

10.3%


20.5%

Apparel/Active/Acc.

1.1%

Uniform

6.7%

FootwearWholesale

9.4%

Off-Price

6.8%


5.6%

SpecialtyApparel

5.8%

DepartmentStores

(2.3%)

FootwearRetail

3.5%


NA


18.0 x

14.2 x 13.3 x

9.8 x 9.5 x 8.9 x 6.7 x 5.9 x 5.4 x 4.8 x

NA


0.8%

Luxury

28.7%

Off-Price

12.6%

FootwearWholesale

14.1%

Uniform

17.0%

Apparel/Active/Acc.

15.3%

SpecialtyApparel

11.1%


13.2%

DepartmentStores

9.1%

FootwearRetail

11.5%


NM

CY2021EEBITDA Margin %:

CY 2022E EBITDA Margin %:

EBITDASoftlines Valuation Summary

Enterprise Value / CY21E EBITDA


Note: EBITDA Multiples and Margins represent category medians.Note: Refer to page 12-37 for constituents in each category.Source: Public filings and Capital IQ as of August 18, 2021. Revenue estimates represent median aggregate consensus estimates from Capital IQ or Thomson Eikon.

Median: 10.5 x

Median: 9.2 x

22.9 x

17.2 x

12.5 x 11.4 x 10.7 x 10.2 x 10.1 x

5.3 x 5.0 x 4.6 x

NA


0.1%

Luxury

26.7%

Off-Price

11.8%

FootwearWholesale

13.4%

SpecialtyApparel

10.3%

Apparel/Active/Acc.

14.4%

Uniform

16.5%

FootwearRetail

11.8%


15.2%

DepartmentStores

10.2%

Lincensing /Brand Mngmt

NA


Electronics: 45%

Sporting Goods: 84%

Home Furnishings and Décor: 49%

Hardlines YTD Stock Performance

Note: Represents change in total sector market capitalizations. Refer to pages 12-37 for constituents in each category.Source: Capital IQ as of August 18, 2021.

Automotive and Powersports: 20%

Other Hardlines: 7%

Entertainment: 11%

Beauty: 23%

Discount Stores: 11%

Home Improvement: 21%

Sports Equipment: 52%

S&P 500: 17%

Domestic E-Commerce Broadlines: (0%)

Domestic E-Commerce Hardlines / Other: 10%

(20%)

0%

20%

40%

60%

80%

100%12/31 1/14 1/28 2/11 2/25 3/11 3/25 4/8 4/22 5/6 5/20 6/3 6/17 7/1 7/15 7/29 8/12

Discount Stores Home Furnishings and Décor Home Improvement

Automotive and Powersports Entertainment Sporting Goods Retail

Beauty Electronics Sports Equipment

Other Hardlines Domestic E-Commerce Hardlines / Other Domestic E-Commerce Broadlines

S&P 500


RevenueHardlines Valuation Summary



Note: Revenue Multiples and CAGRs represent category medians.Note: Refer to page 12-37 for constituents in each category.Source: Public filings and Capital IQ as of August 18, 2021. Revenue estimates represent median aggregate consensus estimates from Capital IQ or Thomson Eikon.

Median: 1.1 x

Median: 1.1 x



3.4 x

2.6 x

2.0 x

1.4 x 1.2 x 1.1 x 1.1 x 1.1 x 1.0 x 0.8 x 0.7 x 0.5 x

Domestic E-Com.Broadlines

20.1%

HomeImprovement

14.0%

Entertainment

(1.5%)

Domestic E-Com.Hardlines/Other

21.8%

SportsEquipment

22.3%

Automotive &Powersports

9.8%

OtherHardlines

10.6%

Beauty

(1.4%)

DiscountStores

10.8%

Electronics

(1.3%)

Home Furn.& Décor

9.6%

SportingGoods

12.4%

2.9 x 2.5 x

1.6 x 1.5 x 1.2 x 1.1 x 1.0 x 1.0 x 0.9 x

0.7 x 0.7 x 0.5 x


17.4%

HomeImprovement

9.7%

Entertainment

4.2%


20.2%

Beauty

0.9%

SportsEquipment

18.0%

OtherHardlines

9.4%


5.7%

DiscountStores

9.6%

Electronics

1.6%

Home Furn.& Décor

6.9%

SportingGoods

7.7%


EBITDAHardlines Valuation Summary



Note: EBITDA Multiples and Margins represent category medians.Note: Refer to page 12-37 for constituents in each category.Source: Public filings and Capital IQ as of August 18, 2021. Revenue estimates represent median aggregate consensus estimates from Capital IQ or Thomson Eikon.

Median: 11.8 x

Median: 9.5 x

CY 2022E EBITDA Margin %:

CY 2021EEBITDA Margin %:

16.0 x 16.0 x 15.8 x 15.3 x 13.4 x

12.0 x 11.6 x

10.0 x 9.4 x

6.3 x 5.4 x 4.9 x

Beauty

12.7%


15.3%


8.9%

HomeImprovement

14.4%

Entertainment

14.3%

DiscountStores

10.1%

OtherHardlines

11.0%

SportsEquipment

11.9%


10.8%

Electronics

7.3%

Home Furn.& Décor

12.7%

SportingGoods

11.9%

15.2 x 14.0 x 13.6 x 13.4 x

11.9 x

9.9 x 9.2 x 9.1 x

6.6 x 6.5 x 5.3 x 4.9 x

HomeImprovement

14.2%

Beauty

14.1%


8.2%


16.4%

DiscountStores

10.2%

OtherHardlines

10.6%

SportsEquipment

12.0%


12.2%

Entertainment

24.3%

Electronics

7.3%

SportingGoods

10.6%

Home Furn.& Décor

12.2%


Broadlines – Trading Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.a) Enterprise value represents equity value plus book value of total debt, preferred stock and minority interest less cash.b) Dividend yield represents annualized dividend per share divided by current share price.

Share Price % of 52 YTD % Equity Enterprise (a) LTM EV / LTM EV / EBITDA P/E LTG P/E/G Dividend (b)

Company Name Ticker 8/18/2021 wk high Change Value Value Revenue Revenue LTM 2021E 2021E 2022E Rate 2021E Yield

Walmart WMT $149.10 97.0 % 3.4 % $417,800 $447,889 $566,145 0.8 x 11.0 x 12.0 x 23.7 x 22.6 x 9.2 % 2.5 x 1.5 %

Costco Wholesale COST 446.21 98.0 18.4 197,256 194,209 186,637 1.0 22.4 22.9 NM 37.7 9.8 3.9 0.7

Target TGT 247.58 92.7 40.2 122,484 127,451 100,328 1.3 11.4 11.3 19.5 19.7 17.1 1.2 1.4

Dollar General DG 231.64 96.8 10.1 54,715 58,157 33,699 1.7 13.9 14.9 22.7 20.6 9.9 2.1 0.7

Dollar Tree DLTR 101.43 84.3 (6.1) 23,527 25,281 25,702 1.0 8.5 9.5 16.9 15.1 8.6 1.7 --

Five Below FIVE 220.07 96.6 25.8 12,322 11,939 2,359 5.1 32.9 27.0 NM 39.0 32.0 1.2 --

Ollie's Bargain Outlet OLLI 83.62 67.7 2.3 5,459 4,988 1,912 2.6 14.7 17.6 28.9 25.7 12.2 2.1 --

BJ's Wholesale Club BJ 51.93 96.8 39.3 7,121 8,036 15,501 0.5 10.1 10.4 19.6 17.5 10.8 1.6 --

Big Lots BIG 55.48 75.8 29.2 1,922 1,355 6,386 0.2 2.3 3.0 8.3 8.2 0.6 12.8 2.1

Discount Stores Mean 89.5 18.1 1.6 x 14.1 x 14.3 x 19.9 x 22.9 x 12.3 % 3.2 x 1.3 %

Median 96.6 18.4 1.0 11.4 12.0 19.6 20.6 9.9 2.1 1.4

The TJX Companies TJX $73.00 97.8 % 6.9 % $88,074 $84,618 $43,224 2.0 x 19.3 x 14.9 x 26.1 x 22.4 x 143.1 % 0.2 x 1.5 %

Ross Stores ROST 124.05 92.4 1.0 44,301 41,448 15,205 2.7 21.9 16.4 28.8 23.5 41.6 0.6 0.9

Burlington Stores BURL 337.05 94.3 28.9 22,348 22,930 7,146 3.2 NM 21.0 37.8 32.7 NA NM --

PriceSmart PSMT 80.20 76.5 (12.0) 2,435 2,304 3,521 0.7 10.5 10.1 24.0 22.0 8.0 2.8 0.9

Citi Trends CTRN 70.96 63.7 42.8 647 515 953 0.5 4.4 6.5 14.8 13.6 24.0 0.6 --

Tuesday Morning TUEM 4.01 80.0 NM 346 365 674 0.5 NM 7.8 27.5 NM NA NM --

Off-Price Mean 84.9 13.5 1.8 x 14.0 x 12.8 x 26.5 x 22.9 x 54.2 % 1.0 x 1.1 %

Median 92.4 6.9 2.0 14.9 12.5 26.8 22.4 32.8 0.6 0.9

Kohl's KSS $51.85 80.0 % 27.4 % $8,101 $9,986 $17,414 0.6 x 6.1 x 5.0 x 12.3 x 10.2 x 8.0 % 1.3 x 1.9 %

Nordstrom JWN 32.62 70.2 4.5 5,183 8,353 11,605 0.7 37.1 7.3 27.6 14.0 6.0 2.3 --

Macy's M 18.07 81.0 60.6 5,635 8,689 19,814 0.4 13.0 4.2 8.5 8.8 12.0 0.7 --

Dillard's DDS 193.06 92.0 206.2 3,996 3,893 5,625 0.7 4.9 3.6 7.4 20.3 NA NM 0.3

Department Stores Mean 80.8 74.7 0.6 x 15.3 x 5.0 x 14.0 x 13.3 x 8.7 % 1.4 x 1.1 %

Median 80.5 44.0 0.6 9.6 4.6 10.4 12.1 8.0 1.3 1.1


Broadlines – Operating Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.a) Excludes business acquisitions where applicable and available. b) S&P Credit Rating.c) Debt adjusted for the capitalization of operating leases at 6.0x rent expense.

Revenue Growth Operating Efficiency Credit Statistics

Store LTM Gross EBITDAR EBITDA EBITDA - (a) Total Debt Credit (b) Total Debt / Net Debt / Adj. Debt / (c) EBITDA-

Company Name Count LTM Q(-1) Q(-2) EBITDA Margin Margin Margin CapEx / Sales (Excl. Cap. Leases) Rating EBITDA EBITDA EBITDAR Capex / Int.

Walmart 11,443 4.4 % 2.4 % 2.7 % $40,820 25.1 % 7.8 % 7.2 % 5.1 % $46,322 AA 1.1 x 0.6 x 1.5 x 13.6 x

Costco Wholesale 804 16.0 21.5 14.6 8,677 13.1 4.9 4.6 2.9 7,587 A+ 0.9 NM 1.1 31.4

Target 1,904 18.5 9.5 23.4 11,221 30.2 11.5 11.2 8.6 12,779 A 1.1 0.5 1.3 19.7

Dollar General 17,177 13.9 (0.6) 17.6 4,190 32.3 16.5 12.4 9.1 4,131 BBB 1.0 0.8 2.2 19.2

Dollar Tree 15,685 6.7 3.1 7.2 2,969 31.1 19.2 11.6 8.1 3,228 BBB 1.1 0.6 3.0 14.9

Five Below 1,020 40.2 197.6 24.9 363 35.3 26.5 15.4 5.4 -- -- -- NM 2.5 44.3

Ollie's Bargain Outlet 388 33.5 29.5 22.1 338 40.0 22.3 17.7 16.2 1 -- 0.0 NM 1.2 NM

BJ's Wholesale Club 221 12.0 1.9 13.7 798 19.2 7.3 5.1 3.5 978 BB 1.2 1.1 2.6 7.0

Big Lots 1,410 16.8 13.0 8.1 579 40.4 15.8 9.1 6.9 47 -- 0.1 NM 2.6 42.8

Discount Stores Mean 29.6 % 14.6 % 10.5 % 7.3 % 0.7 x 0.7 x 2.0 x 24.1 x

Median 31.1 15.8 11.2 6.9 1.0 0.6 2.2 19.5

The TJX Companies 4,572 28.1 % 81.1 % 128.8 % $4,378 35.6 % 19.4 % 10.1 % 8.5 % $3,353 A 0.8 x NM x 3.3 x 19.7 x

Ross Stores 1,859 8.0 145.1 (3.7) 1,896 32.2 19.2 12.5 9.8 2,514 BBB+ 1.3 NM 3.0 15.3

Burlington Stores 769 10.9 173.9 3.4 395 40.0 16.2 5.5 1.6 2,113 BB+ 5.3 1.5 5.8 1.1

PriceSmart 47 6.2 11.9 3.4 220 17.7 6.9 6.2 3.9 125 -- 0.6 NM 1.1 16.2

Citi Trends 585 37.4 145.8 19.4 117 42.2 20.0 12.3 10.3 -- -- -- NM 2.3 NM

Tuesday Morning 490 (28.7) (7.5) (38.8) (25) 30.4 9.8 (3.7) (4.1) -- -- NM NM 8.7 NM

Off-Price Mean 33.0 % 16.3 % 9.3 % 6.8 % 1.6 x 1.5 x 4.0 x 13.1 x

Median 33.9 19.2 10.1 8.5 0.8 1.5 3.1 15.8

Kohl's 1,162 (4.9) % 60.1 % (10.1) % $1,624 37.9 % 11.4 % 9.3 % 8.0 % $3,494 BBB- 2.2 x 1.2 x 2.9 x 4.8 x

Nordstrom 358 (18.3) 42.0 (19.7) 225 32.7 5.3 1.9 (1.3) 3,547 BB+ 15.8 14.1 9.6 NM

Macy's 789 (13.1) 54.5 (18.0) 668 34.5 5.8 3.4 2.0 4,852 B+ 7.3 4.6 6.7 1.2

Dillard's 282 9.2 69.4 65.2 798 38.8 14.7 14.2 13.1 566 BB- 0.7 NM 0.9 17.9

Department Stores Mean 36.0 % 9.3 % 7.2 % 5.4 % 6.5 x 6.6 x 5.0 x 8.0 x

Median 36.2 8.6 6.3 5.0 4.7 4.6 4.8 4.8


Softlines (Specialty) – Trading Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income tatement items do not reflect pro forma adjustments for post close acquisitions and divestitures.a) Enterprise value represents equity value plus book value of total debt, preferred stock and minority interest less cash.b) Dividend yield represents annualized dividend per share divided by current share price.1) In July 2020, Lululemon Athletica acquired Mirror for $500 million. 2) In May 2021, Gap sold Intermix to Altamont Capital.



Lululemon Athletica (1)

LULU $391.38 94.2 % 12.5 % $50,940 $49,760 $4,976 10.0 x NM x 34.1 x 56.8 x NM x 23.8 % NM x -- %

Bath & Body Works BBWI 59.44 72.5 59.8 16,331 18,869 13,217 1.4 5.9 9.0 15.0 14.0 18.5 0.8 1.0

Gap (2)

GPS 26.67 70.9 32.1 10,071 9,748 15,684 0.6 9.6 6.0 15.2 12.4 37.0 0.3 1.8

Victoria's Secret VSCO 71.69 94.3 NM 6,566 7,078 6,073 1.2 7.4 5.5 9.2 9.0 11.0 0.8 --

Urban Outfitters URBN 35.68 84.8 39.4 3,509 2,891 3,789 0.8 7.4 6.0 13.6 13.0 11.5 1.1 --

Aritzia ATZ 31.18 97.8 52.7 3,433 3,762 786 4.8 31.0 18.2 47.2 29.8 81.7 0.4 --

Torrid CURV 29.18 95.1 NM 3,210 3,221 1,143 2.8 17.4 16.3 41.4 28.6 50.8 0.6 --

Lands' End LE 35.16 79.2 63.0 1,160 1,460 1,532 1.0 12.3 10.7 25.2 21.3 20.0 1.1 --

Duluth Trading DLTH 14.74 70.9 39.6 487 549 662 0.8 8.0 7.8 21.1 14.7 NA NM --

Vera Bradley VRA 11.02 80.9 38.4 375 352 508 0.7 5.9 6.0 11.5 10.0 18.3 0.5 --

Chico's FAS CHS 5.83 80.0 266.7 715 761 1,432 0.5 NM 13.9 NM 14.9 NA NM --

Express EXPR 5.82 41.7 539.6 386 530 1,344 0.4 NM 12.0 NM NM NA NM --

Destination XL Group DXLG 4.99 95.4 1,761.2 317 361 373 1.0 NM 11.3 38.4 10.0 NA NM --

J. Jill JILL 20.25 82.7 442.9 202 446 465 1.0 NM NM NM NM NA NM --

Specialty Apparel / Accessories Mean 81.4 279.0 1.9 x 11.7 x 12.1 x 26.8 x 16.2 x 30.3 % 0.7 x 1.4 %

Median 81.8 56.3 1.0 8.0 10.7 21.1 14.0 20.0 0.7 1.4

American Eagle Outfitters AEO $31.28 80.2 % 55.9 % $5,246 $4,784 $4,242 1.1 x 9.5 x 6.3 x 14.6 x 13.4 x NA % NM x 2.3 %

Carter's CRI 100.80 86.2 7.2 4,436 4,289 3,389 1.3 7.4 7.5 13.6 12.6 30.1 0.4 1.6

Abercrombie & Fitch Co. ANF 36.15 76.4 77.6 2,225 1,669 3,421 0.5 4.3 3.4 10.6 10.7 NA NM --

Buckle BKE 43.03 84.7 47.4 2,106 1,712 1,085 1.6 6.1 6.6 11.7 11.5 6.0 1.9 7.8

Zumiez ZUMZ 40.42 77.7 9.9 1,042 642 1,132 0.6 3.4 3.9 9.3 9.8 NA NM --

The Children’s Place PLCE 94.00 87.6 87.6 1,379 1,625 1,748 0.9 7.9 5.0 10.5 11.9 NA NM --

Tilly's TLYS 14.76 87.4 80.9 445 288 617 0.5 4.9 4.0 11.4 12.5 NA NM --

The Cato Corporation CATO 16.28 90.9 69.8 348 164 687 0.2 NM NM NM NM NA NM --

Specialty Apparel / Accessories - Mean 83.9 54.5 0.8 x 6.2 x 5.2 x 11.7 x 11.8 x 18.1 % 1.2 x 3.9 %

Teen/Jrs/Children Median 85.5 62.8 0.7 6.1 5.0 11.4 11.9 18.1 1.2 2.3


Softlines (Specialty) – Operating Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.a) Excludes business acquisitions where applicable and available.b) S&P Credit Rating.c) Debt adjusted for the capitalization of operating leases at 6.0x rent expense.


Store LTM Gross EBITDAR EBITDA EBITDA - (a) Total Debt Credit (b) Debt / Net Debt / Adj. Debt / (c) EBITDA-


Lululemon Athletica 515 29.3 % 88.1 % 23.8 % $1,172 56.9 % 29.6 % 23.5 % 18.7 % -- -- -- x NM x 1.2 x NM x

Bath & Body Works 2,669 10.7 82.8 2.4 3,178 50.2 30.2 24.0 22.2 5,344 BB 1.7 0.8 2.6 6.5

Gap 3,178 6.1 89.4 (5.3) 1,018 47.4 17.0 6.5 4.0 2,218 BB- 2.2 NM 4.5 2.7

Victoria's Secret 1,400 -- -- -- 961 38.8 25.7 15.8 13.9 97 BB- 0.1 NM 2.4 NM

Urban Outfitters 645 2.2 57.6 (6.9) 392 30.8 20.9 10.3 6.2 -- -- -- NM 3.0 63.7

Aritzia 101 10.9 121.7 (2.9) 121 41.0 15.9 15.4 10.7 454 -- 3.7 2.7 3.8 3.9

Torrid 600 25.7 -- -- 185 38.0 22.1 16.2 15.4 202 -- 1.1 0.1 2.4 8.9

Lands' End 31 9.0 48.1 (2.0) 119 43.1 8.5 7.8 6.2 337 -- 2.8 2.5 3.1 3.0

Duluth Trading 65 8.3 21.4 (1.4) 68 52.2 14.3 10.3 8.8 90 -- 1.3 0.9 2.6 9.4

Vera Bradley 144 7.3 57.5 (9.3) 60 57.2 18.6 11.7 10.9 -- -- -- NM 2.2 45.5

Chico's FAS 1,302 (20.5) 38.4 (26.7) (124) 23.6 6.6 (8.6) (9.1) 149 -- NM NM 15.4 NM

Express 570 (24.4) 64.4 (29.1) (257) 35.2 8.5 (19.1) (20.3) 228 -- NM NM 21.5 NM

Destination XL Group 316 (10.8) 94.8 (23.7) 7 38.0 21.0 1.8 0.8 50 -- 7.6 6.7 6.1 0.7

J. Jill 265 (23.3) 41.9 (25.1) (19) 60.9 6.5 (4.1) (4.6) 255 -- NM NM 18.3 NM

Specialty Apparel / Accessories Mean 43.8 % 17.5 % 8.0 % 6.0 % 1.9 x 2.3 x 6.4 x 16.0 x

Median 42.0 17.8 10.3 7.5 1.3 1.7 3.1 6.5

American Eagle Outfitters 1,078 6.8 % 87.5 % (1.7) % 506 36.7 % 23.5 % 11.9 % 8.8 % 330 -- 0.7 x NM x 3.3 x 11.4 x

Carter's 1,100 5.5 45.0 20.3 $581 46.9 25.5 17.1 16.1 $990 BB+ 1.7 NM 3.1 8.7

Abercrombie & Fitch Co. 735 1.4 61.0 (5.3) 391 62.5 23.6 11.4 9.4 344 BB- 0.9 NM 3.5 9.0

Buckle 443 33.2 159.2 17.6 280 58.6 38.7 25.8 24.9 -- -- -- NM 2.0 NM

Zumiez 722 18.0 102.6 0.8 188 38.2 24.3 16.6 15.8 -- -- -- NM 1.9 NM

The Children’s Place 749 5.2 12.2 70.6 205 36.7 23.1 11.7 10.0 200 -- 1.0 0.7 3.4 10.6

Tilly's 238 9.0 111.1 3.2 59 44.1 24.3 9.6 7.9 -- -- -- NM 3.6 NM

The Cato Corporation 1,347 (1.2) 111.5 (18.6) 1 31.2 11.9 0.2 (1.1) -- -- -- NM 5.9 NM

Specialty Apparel / Accessories - Mean 44.4 % 24.4 % 13.1 % 11.5 % 0.5 x 0.7 x 3.3 x 9.9 x

Teen/Jrs/Children Median 41.2 23.9 11.8 9.7 0.3 0.7 3.4 9.8


Footwear – Trading Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.a) Enterprise value represents equity value plus book value of total debt, preferred stock and minority interest less cash.b) Dividend yield represents annualized dividend per share divided by current share price.1) In August 2021, Foot Locker announced the acquisitions of WSS and Atmos for $750 million and $360 million, respectively.2) In August 2021, Wolverine World Wide announced the acquisition of Sweaty Betty for $410 million.3) In January 2021, Rocky Brands announced the acquisition of Performance and Lifestyle Footwear Business of Honeywell for $230 million.



Foot Locker (1)

FL $53.71 80.5 % 32.8 % $5,561 $3,712 $8,525 0.4 x 3.9 x 3.7 x 9.4 x 9.0 x 20.4 % 0.4 x 2.2 %

Boot Barn BOOT 83.06 89.1 91.6 2,453 2,467 1,052 2.3 15.2 13.6 23.7 22.6 17.6 1.3 --

Designer Brands DBI 13.96 68.2 82.5 1,017 1,305 2,455 0.5 NM 6.7 21.5 9.9 NA NM --

Hibbett Sports HIBB 83.09 84.5 79.9 1,330 1,063 1,657 0.6 3.6 4.6 9.2 9.8 17.7 0.6 1.2

Shoe Carnival SCVL 35.26 88.4 80.0 999 825 1,158 0.7 6.7 6.0 11.5 13.0 12.0 1.1 0.8

Genesco GCO 59.69 90.4 98.4 893 680 2,046 0.3 5.3 4.2 12.4 11.4 NA NM --

Footwear Retail Mean 83.5 77.5 0.8 x 6.9 x 6.5 x 14.6 x 12.6 x 16.9 % 0.8 x 1.4 %

Median 86.4 81.2 0.6 5.3 5.3 12.0 10.6 17.6 0.8 1.2

Nike NKE $168.81 96.8 % 19.3 % $267,243 $263,182 $44,538 5.9 x 32.8 x 35.0 x 50.3 x 35.6 x 17.8 % 2.0 x 0.6 %

Deckers Brands DECK 428.14 96.3 49.3 11,844 10,887 2,767 3.9 17.3 20.6 31.3 24.1 NA NM --

Skechers USA SKX 49.66 88.9 38.2 7,739 7,132 5,730 1.2 10.7 8.9 18.6 15.8 35.8 0.4 --

Crocs CROX 140.20 95.2 123.7 8,746 8,935 1,874 4.8 16.8 14.8 21.0 18.6 NA NM --

Steve Madden SHOO 39.74 86.6 12.5 3,257 2,962 1,459 2.0 17.4 12.5 19.0 16.2 NA NM 1.5

Wolverine World Wide (2)

WWW 35.97 80.4 15.1 2,957 3,346 2,145 1.6 16.2 10.3 15.5 13.0 NA NM 1.1

Caleres CAL 23.65 80.6 51.1 905 1,210 2,359 0.5 12.1 6.1 10.6 9.4 NA NM 1.2

Rocky Brands (3)

RCKY 46.89 68.0 67.0 342 521 385 1.4 9.4 7.3 8.0 7.2 NA NM 1.2

Weyco WEYS 23.85 93.5 50.6 230 165 220 0.8 5.6 NM NM NM NA NM 3.9

Footwear Wholesale Mean 87.4 47.4 2.5 x 15.4 x 14.4 x 21.8 x 17.5 x 26.8 % 1.2 x 1.6 %

Median 88.9 49.3 1.6 16.2 11.4 18.8 16.0 26.8 1.2 1.2


Footwear – Operating Analysis





Foot Locker 2,998 20.0 % 83.1 % (1.4) % $946 31.2 % 23.4 % 11.1 % 9.2 % $109 BB+ 0.1 x NM x 3.2 x 60.6 x

Boot Barn 266 30.3 107.3 37.2 163 39.5 20.9 15.5 12.7 64 -- 0.4 0.1 1.9 14.3

Designer Brands 519 (20.9) 45.6 (26.6) (138) 22.6 6.1 (5.6) (6.5) 337 -- NM NM 13.8 NM

Hibbett Sports 1,067 49.1 87.8 20.4 292 38.5 23.3 17.6 15.4 3 -- 0.0 NM 1.5 NM

Shoe Carnival 383 24.5 122.7 5.8 124 32.7 16.4 10.7 9.5 -- -- -- NM 2.1 NM

Genesco 1,455 3.3 92.9 -- 127 46.0 21.3 6.2 4.8 44 -- 0.3 NM 4.3 19.0

Footwear Retail Mean 35.1 % 18.6 % 9.2 % 7.5 % 0.2 x 0.1 x 4.5 x 31.3 x

Median 35.6 21.1 10.9 9.4 0.1 0.1 2.6 19.0

Nike 1,096 19.1 % 95.5 % 2.5 % $8,028 44.9 % 20.1 % 18.0 % 16.5 % $9,415 AA- 1.2 x NM x 1.7 x 24.8 x

Deckers Brands 142 29.4 78.2 49.7 630 53.9 25.9 22.8 21.4 -- -- -- NM 0.7 NM

Skechers USA 854 22.6 127.0 15.0 666 49.2 17.5 11.6 6.3 312 -- 0.5 NM 2.3 21.0

Crocs 351 57.7 93.3 63.6 531 57.9 34.3 28.4 26.3 386 BB- 0.7 0.4 1.6 54.7

Steve Madden 221 2.5 178.6 0.5 170 40.1 15.2 11.6 11.3 -- -- -- NM 1.4 NM

Wolverine World Wide 97 8.9 81.0 16.3 206 41.9 12.0 9.6 9.1 718 BB 3.5 1.8 4.0 4.4

Caleres 1,086 (10.7) 60.8 (18.3) 100 40.0 14.7 4.2 3.6 399 B+ 4.0 3.0 5.4 1.7

Rocky Brands 51.2 134.2 57.3 55 39.4 14.8 14.4 10.2 187 -- 3.4 3.2 3.5 NM

Weyco 5 (12.0) 245.8 (26.2) 29 40.9 16.8 13.3 12.8 -- -- -- NM 1.2 NM

Footwear Wholesale Mean 45.4 % 19.0 % 14.9 % 13.0 % 1.5 x 2.1 x 2.4 x 21.3 x

Median 41.9 16.8 13.3 11.3 0.7 2.4 1.7 21.0


Apparel and Footwear – Trading Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.a) Enterprise value represents equity value plus book value of total debt, preferred stock and minority interest less cash.b) Dividend yield represents annualized dividend per share divided by current share price.1) In November 2020, V.F. Corporation acquired Supreme for $2,100 million and an additional earnout of up to $300 million. In April 2021, V.F. Corporation

divested the Occupational Portion of its Work Segment to Redwood Capital Investment.2) In December 2020, Under Armour divested MyFitnessPal to Francisco Partners for $345 million.3) In August 2021, PVH completed the sale of its Heritage Brands business to Authentic Brands Group for approximately $220 million.



V.F. Corporation (1)

VFC $76.15 83.9 % (10.8) % $29,899 $33,761 $10,357 3.3 x 24.9 x 19.1 x 26.5 x 20.8 x 42.1 % 0.5 x 2.5 %

Tapestry TPR 41.46 83.5 33.4 11,561 11,497 4,846 2.4 11.5 8.7 14.3 12.0 10.0 1.2 --

Levi Strauss & Co. LEVI 27.32 88.6 36.1 10,976 10,931 5,031 2.2 18.5 13.2 20.5 18.2 100.0 0.2 1.2

Under Armour (Class A) (2)

UAA 23.31 88.1 35.8 10,033 9,488 5,446 1.7 14.9 17.9 NM 36.1 25.0 1.4 --

Ralph Lauren RL 116.29 81.9 12.1 8,548 7,601 5,290 1.4 8.9 10.2 26.0 14.5 108.4 0.1 2.3

Capri Holdings CPRI 55.36 90.8 31.8 8,416 9,391 4,862 1.9 9.2 11.3 16.4 10.8 5.0 2.2 --

PVH (3)

PVH 106.13 87.6 13.0 7,573 9,732 7,868 1.2 12.7 9.2 15.9 12.5 12.0 1.0 --

Columbia Sportswear Company COLM 100.41 87.3 14.9 6,624 5,803 2,809 2.1 14.3 10.8 22.0 19.0 22.0 0.9 1.0

Hanesbrands HBI 19.13 83.8 31.2 6,679 9,697 7,178 1.4 9.2 9.4 10.9 10.2 NA NM 3.1

Kontoor Brands KTB 57.24 82.8 41.1 3,301 3,917 2,387 1.6 12.0 10.2 14.1 12.4 (5.0) NM 2.8

Guess? GES 21.72 69.8 (4.0) 1,410 1,409 2,136 0.7 7.4 4.9 9.3 8.3 NA NM 2.1

G-III Apparel Group GIII 29.40 82.1 23.8 1,422 1,542 2,170 0.7 6.8 5.9 10.9 9.7 NA NM --

Oxford Industries OXM 89.19 77.9 36.1 1,507 1,415 854 1.7 21.4 9.4 17.4 15.5 NA NM 1.6

Movado Group MOV 30.93 91.1 86.1 723 551 572 1.0 7.8 NM 12.2 12.0 NA NM 2.5

Fossil FOSL 13.22 46.2 52.5 689 616 1,738 0.4 5.3 NM NM NM NA NM --

Clarus Corporation CLAR 26.66 82.4 73.1 901 921 289 3.2 27.8 17.7 22.1 17.3 34.0 0.5 0.4

Delta Apparel DLA 30.76 87.2 53.3 215 347 439 0.8 7.5 7.6 12.2 NM NA NM --

Vince VNCE 7.88 58.3 23.9 94 178 238 0.7 NM 28.3 NM NM NA NM --

Apparel/Active/Accessories Mean 80.7 32.4 1.6 x 13.0 x 12.1 x 16.7 x 15.3 x 35.3 % 0.9 x 1.9 %

Median 83.7 32.6 1.5 11.5 10.2 15.9 12.5 23.5 0.9 2.2

Cintas CTAS $388.25 97.9 % 9.8 % $39,977 $42,087 $7,116 5.9 x 25.2 x 23.6 x 39.1 x 34.4 x 9.6 % 3.6 x 1.0 %

UniFirst Corporation UNF 220.63 85.2 4.2 4,167 3,632 1,790 2.0 12.2 12.2 29.0 27.0 NA NM 0.5

Superior Group of Companies SGC 22.89 78.0 (1.5) 365 471 545 0.9 7.2 8.1 9.7 9.4 NA NM 2.1

Lakeland Industries LAKE 23.22 48.4 (14.8) 187 126 148 0.9 3.2 5.6 12.7 11.5 20.0 0.6 --

Uniform / Protectivewear Mean 77.4 (0.6) 2.4 x 11.9 x 12.4 x 22.6 x 20.6 x 14.8 % 2.1 x 1.2 %

Median 81.6 1.4 1.4 9.7 10.1 20.8 19.3 14.8 2.1 1.0

Sequential Brands Group SQBG $9.96 24.6 % (30.6) % $16 $507 $90 5.6 x 8.8 x NA x NA x NA x NA % NA x --

Xcel Brands XELB 1.71 41.2 41.3 33 54 33 1.6 NM NA NA NA NA NA --

Licensing / Brand Management Mean 32.9 5.4 3.6 x 8.8 x NA x NA x NA x NA % NA x -- %

Median 32.9 5.4 3.6 8.8 NA NA NA NA NA --


Apparel and Footwear – Operating Analysis





V.F. Corporation 1,396 8.9 % 103.9 % 22.8 % $1,358 53.9 % 18.7 % 13.1 % 11.0 % $5,735 A- 4.2 x 2.8 x 2.6 x 8.0 x

Tapestry 1,491 (15.9) 18.7 (7.2) 996 70.6 32.7 20.5 18.5 1,595 BBB- 1.6 NM 3.2 11.5

Levi Strauss & Co. 1,542 0.2 156.5 (13.3) 591 56.1 18.9 11.8 9.3 1,273 BB+ 2.2 NM 3.6 4.8

Under Armour (Class A) 176 20.8 91.0 35.1 635 49.4 15.2 11.7 10.4 805 BB 1.3 NM 2.4 9.9

Ralph Lauren Corporation 548 1.4 182.3 1.0 854 66.3 28.7 16.1 14.0 2,017 A- 2.4 NM 4.0 14.2

Capri Holdings 1,279 4.4 177.8 0.4 1,024 65.0 33.6 21.1 19.0 1,333 BBB- 1.3 1.0 3.1 34.1

PVH 1,810 (11.6) 54.7 (19.6) 768 55.2 17.8 9.8 7.0 3,076 BBB- 4.0 2.8 4.9 4.1

Columbia Sportswear Company 110 2.3 78.9 10.1 404 50.6 21.3 14.4 13.7 -- -- -- NM 1.9 NM

Hanesbrands 245 12.8 13.5 25.3 1,050 40.0 18.2 14.6 14.2 3,685 BB 3.5 2.9 4.0 5.8

Kontoor Brands 86 11.3 40.5 29.2 326 44.8 15.9 13.7 13.3 792 BB- 2.4 1.9 2.9 7.0

Guess? 1,604 (11.1) 99.8 (23.0) 189 39.4 24.1 8.9 7.8 367 -- 1.9 NM 4.5 7.2

G-III Apparel Group 202 (26.0) 28.3 (30.3) 226 37.6 15.2 10.4 9.7 515 BB 2.3 0.5 3.5 4.6

Oxford Industries 222 (14.7) 65.7 (25.6) 66 57.2 20.3 7.7 4.8 -- -- -- NM 3.7 25.1

Movado Group 47 (8.4) 93.5 (6.6) 70 54.2 17.9 12.3 11.9 10 -- 0.1 NM 2.0 34.6

Fossil 421 (8.6) 58.7 (7.1) 117 51.4 14.7 6.7 6.3 178 B 1.5 NM 4.0 3.6

Clarus Corporation 41.2 144.2 40.7 33 36.0 12.0 11.4 9.2 27 -- 0.8 0.6 1.1 23.2

Delta Apparel 17.8 65.3 12.4 46 23.0 14.1 10.6 9.2 145 -- 3.1 2.9 3.8 5.8

Vince 73 (29.9) 47.5 (28.4) (12) 41.1 5.7 (5.1) (6.5) 86 -- NM NM 17.8 NM

Apparel/Active/Accessories Mean 49.6 % 19.2 % 11.6 % 10.1 % 1.9 x 1.9 x 4.1 x 12.7 x

Median 51.0 18.1 11.7 10.1 1.9 2.4 3.5 7.6

Cintas 0.4 % 13.3 % (1.9) % $1,673 46.6 % 24.8 % 23.5 % 21.5 % $2,603 A- 1.6 x 1.3 x 1.8 x 15.6 x

UniFirst Corporation (3.5) 4.2 (3.2) 298 37.3 17.7 16.7 9.8 -- -- -- NM 0.3 NM

Superior Group of Companies 20.7 (17.9) 49.4 65 35.9 12.5 12.0 8.6 113 -- 1.7 1.6 1.9 42.2

Lakeland Industries 14.6 (25.2) 31.1 39 48.5 27.4 26.5 25.4 -- -- -- NM 0.2 NM

Uniform / Protectivewear Mean 42.1 % 20.6 % 19.7 % 16.3 % 0.8 x 1.4 x 1.1 x 28.9 x

Median 41.9 21.2 20.1 15.7 0.8 1.4 1.1 28.9

Sequential Brands Group (11.6) % (5.3) % (5.4) % $58 42.6 % 68.4 % 64.2 % 64.1 % $460 -- 8.0 x 7.7 x 7.9 x 1.1 x

Xcel Brands (9.3) 113.1 (18.0) (0) 77.0 4.3 (0.9) (3.5) 25 -- NM NM 24.5 NM

Licensing / Brand Management Mean 59.8 % 36.3 % 31.6 % 30.3 % 8.0 x 7.7 x 16.2 x 1.1 x

Median 59.8 36.3 31.6 30.3 8.0 7.7 16.2 1.1


Hardlines (Specialty) – Trading Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.a) Enterprise value represents equity value plus book value of total debt, preferred stock and minority interest less cash.b) Dividend yield represents annualized dividend per share divided by current share price.1) In October 2020, Bed Bath & Beyond announced the sale of Christmas Tree Shops to Handil Holdings and Linen Holdings to Lion Equity Partners for $250

million in aggregate.2) In May 2021, At Home Group agreed to be acquired by Hellman & Friedman for $36/share. In June 2021, Hellman & Friedman raised their offer to

$37/share. The transaction is expected to close in the third quarter of 2021.3) In January 2021, Franchise Group announced the acquisition of Pet Supplies Plus for $700 Million.4) In February 2021, Tractor Supply Company announced the acquisition of Orscheln Farm & Home for $297 million.



Restoration Hardware RH $683.72 91.8 % 52.8 % $14,379 $15,271 $3,227 4.7 x 17.9 x 15.1 x 30.0 x 27.3 x 17.5 % 1.6 x --

Williams-Sonoma WSM 162.81 83.6 59.9 12,230 11,590 7,297 1.6 8.7 8.3 13.7 14.2 11.0 1.3 1.5 %

Rent-A-Center RCII 60.51 90.7 58.0 4,022 5,154 3,659 1.4 10.9 7.5 9.6 8.5 NA NM 2.1

Sleep Number SNBR 95.90 63.3 17.2 2,265 2,646 2,152 1.2 8.5 8.8 13.2 12.9 7.8 1.6 --

Bed Bath & Beyond (1)

BBBY 26.02 48.3 46.5 2,703 2,759 9,879 0.3 3.5 5.4 22.0 12.9 NA NM --

Franchise Group (2)

FRG 33.18 80.0 9.0 1,335 2,426 2,636 0.9 9.0 7.5 9.6 8.5 11.0 0.8 4.4

The Lovesac Company LOVE 59.32 62.1 37.7 895 830 349 2.4 25.0 33.9 NM 38.3 32.5 1.2 --

Aaron's AAN 28.23 75.3 48.9 922 874 1,820 0.5 1.1 3.9 8.6 9.5 (3.4) NM 1.4

The Container Store TCS 10.66 55.2 11.7 539 694 1,084 0.6 3.9 5.1 9.6 9.1 NA NM --

Haverty Furniture HVT 35.49 67.2 28.3 650 415 945 0.4 3.4 3.0 7.6 7.9 10.0 0.8 2.8

Ethan Allen Interiors ETD 23.63 73.5 16.9 595 491 685 0.7 5.1 4.6 9.1 8.7 NA NM 4.2

Joann JOAN 13.41 76.6 NM 565 1,303 2,837 0.5 3.9 4.6 4.7 4.4 0.2 26.5 2.9

Kirkland's KIRK 17.64 51.2 (1.3) 251 179 590 0.3 2.6 3.2 10.1 7.7 9.0 0.9 --

Bassett Furniture Industries BSET 20.26 54.8 0.9 201 143 448 0.3 3.6 NM 10.2 9.5 16.0 0.6 2.6

Home Furnishings and Décor Mean 69.5 29.7 1.1 x 7.6 x 8.5 x 12.2 x 12.8 x 11.2 % 3.9 x 2.7 %

Median 70.3 28.3 0.7 4.5 5.4 9.6 9.3 10.5 1.2 2.7

The Home Depot HD $321.55 93.0 % 21.1 % $341,891 $373,499 $144,415 2.6 x 14.1 x 15.3 x 22.2 x 21.2 x 10.3 2.1 x 2.1 %

Lowe's Companies LOW 199.73 92.8 24.4 141,187 157,263 94,344 1.7 11.4 12.2 17.8 16.7 16.0 1.0 1.8

Sherwin-Williams SHW 301.11 97.5 22.9 78,848 87,681 19,647 4.5 23.6 23.0 32.0 28.3 11.9 2.4 0.7

Tractor Supply Company (3)

TSCO 193.01 96.1 37.3 22,068 21,678 11,879 1.8 13.4 14.7 24.1 23.8 9.5 2.5 1.1

Floor and Décor FND 115.35 89.8 24.2 12,139 11,974 3,051 3.9 26.9 24.9 NM 39.8 34.8 1.1 --

Leslie's Inc LESL 22.27 67.8 (19.7) 4,216 4,703 1,317 3.6 17.8 20.8 32.8 24.5 32.8 0.7 --

Lumber Liquidators LL 19.96 56.9 (35.1) 580 468 1,185 0.4 4.9 6.1 14.5 14.3 30.0 0.5 --

Home Improvement Mean 84.8 10.7 2.6 x 16.0 x 16.7 x 23.9 x 24.1 x 20.8 % 1.5 x 1.4 %

Median 92.8 22.9 2.6 14.1 15.3 23.2 23.8 16.0 1.1 1.4

Planet Fitness PLNT $71.54 79.2 % (7.8) % $5,955 $7,251 $434 16.7 x NM x 34.6 x NM x NM x 54.0 % NM x -- %

Party City PRTY 6.26 56.6 1.8 701 2,075 2,145 1.0 6.8 7.8 9.1 7.0 NA NM --

European Wax Center EWCZ 24.02 86.2 NM 732 968 107 9.0 NM NM NM NM NA NM --

Xponential Fitness XPOF 11.91 90.9 NM 274 418 104 4.0 NM 19.0 NM 17.5 64.4 0.3 --

Build-A-Bear Workshop BBW 14.52 69.1 240.0 223 177 300 0.6 6.9 5.7 15.6 11.8 NA NM --

Entertainment Mean 76.4 78.0 6.3 x 6.8 x 16.8 x 12.4 x 12.1 x 59.2 % 0.3 x -- %

Median 79.2 1.8 4.0 6.8 13.4 12.4 11.8 59.2 0.3 --


Hardlines (Specialty) – Operating Analysis





Restoration Hardware 82 27.4 % 78.3 % 22.2 % $854 47.6 % 29.9 % 26.5 % 21.6 % $1,122 -- 1.3 x 1.0 x 1.9 x 10.8 x

Williams-Sonoma 581 23.8 41.6 24.4 1,339 40.8 23.8 18.4 16.0 -- -- -- NM 1.4 73.3

Rent-A-Center 2,430 35.4 74.6 47.7 475 53.3 18.9 13.0 11.7 1,277 BB- 2.7 2.4 3.7 11.0

Sleep Number 602 28.6 70.0 20.2 311 62.3 19.4 14.4 12.2 383 -- 1.2 1.2 2.4 49.5

Bed Bath & Beyond 1,391 (0.1) 49.4 (15.7) 780 36.6 16.1 7.9 5.7 1,183 B+ 1.5 0.1 3.8 7.5

Franchise Group 4,023 138.5 73.4 23.5 269 45.0 15.6 10.2 8.4 1,257 B+ 4.7 4.1 5.1 1.9

The Lovesac Company 107 41.5 52.5 40.7 33 55.4 16.2 9.5 6.9 0 -- 0.0 NM 2.5 98.3

Aaron's 1,092 2.0 8.0 10.6 813 63.2 54.7 44.7 40.0 -- -- -- NM 1.1 NM

The Container Store 93 26.3 61.7 30.4 177 58.9 25.6 16.3 14.4 166 B 0.9 0.9 2.8 10.1

Haverty Furniture 120 32.7 127.3 31.8 121 56.7 19.6 12.8 11.0 -- -- -- NM 2.1 NM

Ethan Allen Interiors 302 16.2 94.7 18.2 97 57.5 20.0 14.1 11.8 -- -- -- NM 1.8 NM

Joann 857 22.0 NA NA 335 50.2 31.3 11.8 11.8 760 B 2.3 2.2 4.6 5.1

Kirkland's 373 7.0 60.0 (6.9) 68 34.4 11.9 11.6 10.3 -- -- -- NM 0.2 NM

Bassett Furniture Industries 97 12.2 94.4 1.4 40 57.7 17.7 9.0 7.2 6 -- 0.1 NM 3.0 NM

Home Furnishings and Décor Mean 51.4 % 22.9 % 15.7 % 13.5 % 1.1 x 1.7 x 2.6 x 29.7 x

Median 54.4 19.5 12.9 11.8 0.5 1.2 2.5 10.8

The Home Depot 2,296 21.0 % 8.1 % 32.7 % $26,414 33.7 % 19.1 % 18.3 % 16.6 % $36,174 A 1.4 x 1.2 x 1.6 x 17.8 x

Lowe's Companies 1,974 27.4 1.0 24.1 13,809 33.1 15.6 14.6 12.6 23,244 BBB+ 1.7 1.2 2.0 13.6

Sherwin-Williams 4,774 10.8 16.9 12.3 3,709 46.4 22.1 18.9 17.3 9,053 BBB 2.4 2.4 3.0 10.2

Tractor Supply Company 1,923 27.6 13.4 42.5 1,623 35.5 18.0 13.7 10.1 1,022 BBB 0.6 NM 1.9 41.1

Floor and Décor 133 47.7 86.0 41.0 446 43.6 21.9 14.6 5.5 201 BB- 0.5 NM 2.3 24.1

Leslie's Inc 936 28.2 24.3 52.3 264 43.7 26.0 20.1 18.3 796 -- 3.0 1.8 3.7 5.2

Lumber Liquidators 410 14.4 30.9 6.0 96 39.1 12.4 8.1 6.8 -- -- -- NM 2.1 NM

Home Improvement Mean 39.3 % 19.3 % 15.5 % 12.4 % 1.4 x 1.6 x 2.4 x 18.7 x

Median 39.1 19.1 14.6 12.6 1.4 1.5 2.1 15.7

Planet Fitness 2,124 (10.6) % 250.0 % (15.0) % $178 61.2 % 51.1 % 41.1 % 29.4 % $1,764 -- 9.9 x 7.3 x 9.1 x 1.6 x

Party City 831 10.5 110.4 3.1 306 23.5 24.5 14.3 10.9 1,460 -- 4.8 4.5 5.3 3.5

European Wax Center 800 -- -- -- 18 65.7 19.9 16.7 15.7 265 -- 14.8 13.2 13.4 0.9

Xponential Fitness 1,775 -- -- -- 2 62.7 4.8 1.8 (1.8) 193 -- NM 97.0 42.5 NM

Build-A-Bear Workshop 354 (0.1) 96.7 (10.4) 26 46.7 23.8 8.6 7.7 -- -- -- NM 3.8 NM

Entertainment Mean 52.0 % 24.8 % 16.5 % 12.4 % 7.4 x 30.5 x 14.8 x 2.0 x

Median 61.2 23.8 14.3 10.9 7.3 10.2 9.1 1.6


Hardlines (Specialty) – Trading Analysis (Cont.)

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.a) Enterprise value represents equity value plus book value of total debt, preferred stock and minority interest less cash.b) Dividend yield represents annualized dividend per share divided by current share price.1) In December 2020, Central Garden & Pet Company announced the acquisition of Green Garden Products for $530 million.



Dick's Sporting Goods DKS $105.70 94.3 % 88.0 % $9,436 $8,003 $11,170 0.7 x 4.3 x 5.5 x 11.9 x 14.5 x 8.3 % 1.7 x 1.4

Academy Sports & Outdoors ASO 35.69 83.5 72.2 3,287 3,479 6,133 0.6 4.6 4.8 7.7 8.3 8.0 1.0 --

Sportsman's Warehouse SPWH 17.62 95.4 0.4 772 732 1,532 0.5 4.3 5.0 10.1 9.3 NA NM --

Big 5 Sporting Goods BGFV 21.00 55.6 105.7 462 351 1,194 0.3 2.2 2.5 5.0 6.8 NA NM 4.8

Sporting Goods Mean 82.2 66.6 0.5 x 3.8 x 4.4 x 8.7 x 9.7 x 8.2 % 1.4 x 3.1 %

Median 88.9 80.1 0.5 4.3 4.9 8.9 8.8 8.2 1.4 3.1

Ulta ULTA $361.72 96.6 % 26.0 % $19,807 $18,859 $6,917 2.7 x 17.5 x 16.0 x 29.6 x 25.4 x 48.8 % 0.5 x -- %

Sally Beauty SBH 17.76 69.2 36.2 2,003 3,116 3,843 0.8 5.7 6.5 9.8 7.3 NA NM --

Regis RGS 7.02 48.8 (23.6) 251 394 376 1.0 NM 18.5 NA NA NA NM --

Beauty Mean 71.5 12.8 1.5 x 11.6 x 13.7 x 19.7 x 16.4 x 48.8 % 0.5 x -- %

Median 69.2 26.0 1.0 11.6 16.0 19.7 16.4 48.8 0.5 --

Best Buy BBY $110.10 85.6 % 10.3 % $27,577 $24,528 $50,337 0.5 x 6.2 x 6.8 x 13.0 x 12.5 x 5.7 % 2.2 x 2.5 %

GameStop GME 157.05 32.5 733.6 11,655 11,009 5,346 2.1 NM NM NM NM NA NM --

Conns CONN 21.87 69.5 87.1 642 1,128 1,433 0.8 6.9 5.7 7.5 9.2 23.0 0.4 --

Electronics Mean 62.5 277.0 1.1 x 6.5 x 6.3 x 10.2 x 10.8 x 14.4 % 1.3 x 2.5 %

Median 69.5 87.1 0.8 6.5 6.3 10.2 10.8 14.4 1.3 2.5

Callaway Golf ELY $28.04 74.3 % 16.8 % $5,214 $6,185 $2,415 2.6 x 19.0 x 17.2 x NM x NM x NA % NM x -- %

Acushnet GOLF 50.73 89.2 25.1 3,749 3,881 2,109 1.8 10.3 12.8 21.7 20.5 NA NM 1.3

Vista Outdoor VSTO 40.25 84.5 69.4 2,309 2,596 2,409 1.1 6.0 5.7 8.7 8.0 NA NM --

Johnson Outdoors JOUT 113.04 73.3 0.4 1,136 887 750 1.2 7.0 NM 14.1 13.2 11.0 1.2 0.7

Nautilus NLS 11.91 38.0 (34.3) 368 307 665 0.5 2.1 5.3 10.9 16.5 15.0 1.1 --

Escalade Inc. ESCA 22.44 87.2 6.0 308 348 312 1.1 8.3 10.0 14.0 12.8 NA NM 2.5

Sports Equipment Mean 74.4 13.9 1.4 x 8.8 x 10.2 x 13.9 x 14.2 x 13.0 % 1.2 x 1.5 %

Median 79.4 11.4 1.1 7.6 10.0 14.0 13.2 13.0 1.2 1.3

Petco WOOF $19.30 62.1 % NM % $5,100 $6,598 $5,222 1.3 x 14.6 x 11.9 x 25.4 x 23.1 x 28.4 % 0.8 x -- %

National Vision EYE 55.04 98.7 21.5 4,506 4,727 2,066 2.3 14.5 16.9 NM 38.8 29.6 1.3 --

Central Garden & Pet Company (1) CENT 47.59 75.6 23.3 2,446 3,114 3,241 1.0 9.1 11.3 22.4 15.3 NA NM --

Office Depot ODP 43.32 84.3 47.8 2,310 1,978 9,479 0.2 4.6 3.9 10.4 9.6 5.0 1.9 --

Winmark Corporation WINA 202.18 92.7 8.8 734 748 73 10.3 15.4 NM NM NM NA NM 0.9

Other Hardlines Mean 82.7 25.4 3.0 x 11.7 x 11.0 x 19.4 x 21.7 x 21.0 % 1.3 x 0.9 %

Median 84.3 22.4 1.3 14.5 11.6 22.4 19.2 28.4 1.3 0.9


Hardlines (Specialty) – Operating Analysis (Cont.)





Dick's Sporting Goods 854 36.8 % 118.9 % 19.8 % $1,847 35.1 % 23.9 % 16.5 % 14.4 % $426 -- 0.2 x NM 2.0 x 29.8 x

Academy Sports and Outdoors 259 25.4 39.1 16.6 763 32.6 16.0 12.4 11.7 785 -- 1.0 0.3 2.1 9.2

Sportsman's Warehouse 112 59.7 32.5 69.7 171 33.0 15.8 11.1 9.8 20 -- 0.1 NM x 1.9 68.4

Big 5 Sporting Goods 430 24.9 43.0 25.3 159 36.6 22.6 13.3 12.6 8 -- 0.0 NM 2.5 NM

Sporting Goods Mean 34.3 % 19.6 % 13.3 % 12.1 % 0.4 x 0.3 x 2.1 x 35.8 x

Median 34.0 19.3 12.9 12.1 0.2 0.3 2.1 29.8

Ulta 1,264 1.3 % 65.2 % (4.6) % $1,079 40.3 % 21.9 % 15.6 % 13.5 % -- -- -- x NM 1.7 x NM

Sally Beauty 5,029 9.1 45.0 6.3 543 50.5 20.9 14.1 12.4 1,383 BB- 2.5 2.0 x 3.7 4.7 x

Regis 6,384 (56.2) (34.8) (50.0) (92) 17.0 (13.1) (24.5) (28.4) 178 -- NM NM NM NM

Beauty Mean 35.9 % 9.9 % 1.8 % (0.8) % 1.3 x 2.0 x 2.7 x 4.7 x

Median 40.3 20.9 14.1 12.4 1.3 2.0 2.7 4.7

Best Buy Co. 1,159 16.9 % 35.9 % 11.5 % $3,938 22.6 % 10.0 % 7.8 % 6.4 % $1,354 BBB+ 0.3 x NM x 1.6 x 79.1 x

GameStop 5,000 (10.0) 25.1 -- (108) 24.5 5.7 (2.0) (3.3) 48 B NM 6.0 8.3 NM

Conns 143 (5.0) 14.7 (10.9) 164 32.9 17.6 11.5 8.1 493 B 3.0 NM 4.0 NM

Electronics Mean 26.6 % 11.1 % 5.8 % 3.7 % 1.7 x 6.0 x 4.6 x 79.1 x

Median 24.5 10.0 7.8 6.4 1.7 6.0 4.0 79.1

Callaway Golf 63.5 % 207.6 % 47.3 $326 39.7 % 16.3 % 13.5 % 7.9 % $1,386 B 4.3 x 3.0 x 4.6 x 2.6 x

Acushnet 41.2 108.3 42.1 377 53.0 19.0 17.9 16.6 344 -- 0.9 0.2 1.2 26.8

Vista Outdoor 35.7 38.4 39.9 435 31.1 19.1 18.0 16.7 496 BB- 1.1 0.7 1.4 16.2

Johnson Outdoors 40.6 54.3 26.4 127 45.3 18.5 16.9 14.3 -- -- -- NM 0.5 NM

Nautilus 108.7 61.7 119.9 147 41.0 23.0 22.2 20.5 13 -- 0.1 NM 0.3 NM

Escalade Inc. 45.9 19.3 58.7 42 26.9 14.2 13.5 10.7 50 -- 1.2 0.9 1.4 43.5

Sports Equipment Mean 39.5 % 18.3 % 17.0 % 14.5 % 1.3 x 1.2 x 1.6 x 22.3 x

Median 40.3 18.8 17.4 15.4 1.0 0.8 1.3 21.5

Petco 1,675 17.3 % 23.2 % 22.4 $451 43.0 % NM % 8.6 % NM % $1,686 B 3.7 x 3.4 x 3.7 x 1.5 x

National Vision 1,205 32.1 111.3 13.7 327 56.7 21.9 15.8 11.5 629 -- 1.9 0.7 3.1 5.7

Central Garden & Pet Company 26.6 24.4 33.0 341 29.4 12.4 10.5 8.3 1,184 BB 3.5 2.0 3.9 4.9

Office Depot 1,154 (6.8) 5.9 (13.2) 426 22.1 9.9 4.5 3.9 359 -- 0.8 NM 3.6 13.7

Winmark Corporation 1,264 6.1 53.6 0.3 49 95.5 68.5 66.7 64.5 21 -- 0.4 0.3 0.6 36.2

Other Hardlines Mean 49.3 % 28.2 % 21.2 % 22.0 % 2.1 x 1.6 x 3.0 x 12.4 x

Median 43.0 17.2 10.5 9.9 1.9 1.3 3.6 5.7


E-Commerce and Digital – Trading Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.a) Enterprise value represents equity value plus book value of total debt, preferred stock and minority interest less cash.b) Dividend yield represents annualized dividend per share divided by current share price.1) In August 2020, 1-800-Flowers.com closed the acquisition of Pmall.com from Bed Bath & Beyond for $245 million.



Amazon.com AMZN $3,201.22 84.8 % (1.7) % $1,621,228 $1,609,298 $443,298 3.6 27.1 x 22.0 x 60.3 x 47.1 x 34.5 % 1.4 x -- %

eBay EBAY 72.83 95.1 44.9 47,344 39,218 11,419 3.4 11.1 9.9 18.6 16.7 13.2 1.3 1.0

Wish WISH 6.82 20.8 (62.6) 4,283 2,710 2,828 1.0 NM NM NM NM NA NM --

Broadlines Mean 66.9 (6.5) 2.7 x 19.1 x 16.0 x 39.5 x 31.9 x 23.8 % 1.3 x 1.0 %

Median 84.8 (1.7) 3.4 19.1 16.0 39.5 31.9 23.8 1.3 1.0

Stitch Fix SFIX $40.59 35.7 % (30.9) % $4,348 $4,125 $1,974 2.1 NM x NM x NM x NM x NA % NM x -- %

Qurate Retail Group QRTE.A 10.50 71.8 (4.3) 4,276 11,915 14,676 0.8 5.2 5.2 4.7 4.4 (3.8) NM --

Revolve Group RVLV 56.20 75.1 80.3 4,089 3,870 699 5.5 39.8 40.6 53.5 48.4 20.7 2.3 --

Poshmark POSH 26.29 25.0 NM 2,003 1,424 301 4.7 NM NM NM NM NA NM --

ThredUp TDUP 22.18 69.6 NM 2,103 1,912 206 9.3 NM NM NM NM NA NM --

TheRealReal REAL 12.88 42.6 (34.1) 1,179 1,028 368 2.8 NM NM NM NM NA NM --

Softlines Mean 53.3 2.8 4.2 x 22.5 x 22.9 x 29.1 x 26.4 x 8.4 % 2.3 x -- %

Median 56.1 (17.6) 3.8 22.5 22.9 29.1 26.4 8.4 2.3 --

Chewy CHWY $91.07 75.9 % 1.3 % $37,832 $37,195 $7,660 4.9 x NM x NM x NM x NM x 2.7 % NM x -- %

Wayfair W 280.50 76.0 24.2 29,144 29,590 14,846 2.0 43.4 39.3 83.7 58.2 19.1 3.1 --

Etsy ETSY 190.80 75.8 7.2 24,151 23,989 2,148 11.2 43.5 38.2 52.1 44.6 24.9 1.8 --

Overstock.com OSTK 68.91 53.6 43.7 2,964 2,470 2,898 0.9 25.1 17.9 25.5 26.6 NA NM --

CarGurus CARG 27.46 75.2 (13.5) 3,223 3,008 688 4.4 17.6 13.1 20.0 21.2 17.0 1.2 --

1-800-Flowers.com (1)

FLWS 30.41 76.8 17.0 1,979 1,906 2,053 0.9 10.2 9.0 16.4 13.9 21.0 0.7 --

BarkBox BARK 7.16 52.8 NM 1,205 956 421 2.3 NM NM NM NM NA NM --

Purple PRPL 25.39 61.8 (22.9) 1,685 1,619 730 2.2 30.1 19.6 35.8 21.0 15.4 1.4 --

Global Industry Company GIC 37.62 81.8 4.8 1,420 1,378 1,083 1.3 15.8 15.8 22.1 18.3 16.0 1.1 1.7

Groupon GRPN 23.53 36.4 (38.1) 695 453 1,177 0.4 9.0 3.7 26.7 9.1 NA NM --

PetMed Express PETS 28.11 49.3 (12.3) 567 456 292 1.6 12.4 11.1 18.6 18.9 13.0 1.5 4.3

Casper CSPR 5.07 42.3 (17.6) 210 227 553 0.4 NM NM NM NM NA NM --

Blue Apron APRN 3.91 31.7 (30.1) 92 108 481 0.2 NM NM NM NM NA NM --

Hardlines / Other E-Commerce Mean 60.7 (3.0) 2.5 x 23.0 x 18.6 x 33.4 x 25.7 x 16.1 % 1.5 x 3.0 %

Median 61.8 (5.5) 1.6 17.6 15.8 25.5 21.0 16.5 1.4 3.0


E-Commerce and Digital – Operating Analysis





Amazon.com 37.8 % 27.2 % 43.8 % $59,321 40.7 % 15.0 % 13.4 % 1.6 % $77,964 AA 1.3 x NM 1.8 x 4.2 x

eBay 34.7 14.2 44.9 3,547 73.9 32.9 31.1 26.8 9,094 BBB+ 2.6 NM x 2.8 10.7

Wish 48.8 (6.4) 75.5 (811) 57.9 (28.1) (28.7) (28.7) -- -- -- 1.9 NM NM

Broadlines Mean 57.5 % 6.6 % 5.3 % (0.1) % 1.3 x 1.9 x 2.3 x 7.4 x

Median 57.9 15.0 13.4 1.6 1.3 1.9 2.3 7.4

Stitch Fix 16.1 % 44.1 % 11.6 % ($70) 44.7 % (1.5) % (3.6) % (5.3) % -- -- -- 3.2 x NM x NM x

Qurate Retail Group 7.9 2.4 14.3 2,275 34.8 16.1 15.5 13.7 8,448 BB- 3.7 x 3.3 3.8 4.5

Revolve Group 18.4 60.1 22.5 97 55.2 14.7 13.9 13.6 -- -- -- NM 0.3 NM

Poshmark 46.6 43.2 47.9 (7) 83.8 -- (2.4) (2.9) -- -- -- 80.4 -- NM

ThredUp 59.0 NA NA (48) 71.0 -- (23.5) (32.1) 39 -- NM 4.0 NM NM

TheRealReal 19.3 83.1 26.6 (169) 61.0 (37.7) (46.0) (53.6) 340 -- NM 0.9 NM NM

Softlines Mean 58.4 % (1.4) % (7.7) % (11.1) % 0.9 x 18.3 x 1.4 x 4.5 x

Median 58.1 -- (3.0) (4.1) -- 3.3 0.3 4.5

Chewy 42.9 % 31.7 % 50.8 % $27 26.5 % 1.2 % 0.4 % (1.3) % -- -- -- x NM x 4.3 x NM x

Wayfair 29.4 (10.4) 49.2 683 29.3 5.6 4.6 3.7 3,048 -- 4.5 0.7 4.7 4.9

Etsy 91.0 23.4 141.5 552 73.8 26.1 25.7 25.5 2,323 -- 4.2 NM 4.2 21.4

Overstock.com 58.8 3.6 94.3 99 22.6 3.8 3.4 2.8 43 -- 0.4 NM 1.0 43.1

CarGurus 22.7 129.8 8.7 171 86.3 27.5 24.9 24.2 -- -- -- NM 0.6 NM

1-800-Flowers.com 54.3 70.1 44.8 188 42.3 11.4 9.1 7.2 184 -- 1.0 NM 2.0 28.3

BarkBox 70.0 87.7 89.6 (34) 59.0 (7.0) (8.0) (11.0) 72 -- NM 7.4 NM NM

Groupon 38.0 10.6 52.3 54 46.5 8.3 7.4 1.1 43 -- 0.8 NM 1.4 2.6

Global Industry Company 15.8 12.6 10.5 87 34.2 9.3 8.1 7.7 -- -- -- NM 0.8 NM

Groupon (37.3) (32.8) (29.5) 50 59.5 6.6 4.3 0.2 323 -- 6.4 NM 6.3 0.1

PetMed Express (2.7) (17.6) (3.5) 37 29.1 NM 12.6 11.6 -- -- -- NM -- NM

Casper 15.8 37.7 12.9 (43) 51.2 (3.3) (7.7) (9.9) 66 -- NM NM NM NM

Blue Apron 12.8 (5.4) 27.3 (26) 36.9 (3.8) (5.3) (6.6) 67 -- NM NM NM NM

Hardlines / Other E-Commerce Mean 45.9 % 7.1 % 6.1 % 4.2 % 1.7 x 4.0 x 2.5 x 16.7 x

Median 42.3 6.1 4.6 2.8 0.6 4.0 1.7 13.1


International E-Commerce and Digital – Trading Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.Note: Figures listed in USD. Based on average conversion rates for income statement items and spot rates for balance sheet and share price, where applicable.a) Enterprise value represents equity value plus book value of total debt, preferred stock and minority interest less cash.b) Dividend yield represents annualized dividend per share divided by current share price.1) In November 2020, Farfetch announced a $600 million PIPE from Richemont and Alibaba.



Alibaba Group BABA $172.35 54.0 % (25.9) % $467,226 $436,584 $118,630 3.7 x 18.4 x 14.4 x 18.7 x 15.7 x 14.8 % 1.1 x -- %

JD.com JD 65.53 60.5 (25.4) 101,372 89,059 123,795 0.7 35.5 32.4 NM 30.1 36.3 0.8 --

Mercado Libre MELI 1,784.13 88.3 6.5 88,692 89,800 5,524 16.3 NM NM NM NM NA NM --

Rakuten TSE:4755 10.19 72.5 12.7 16,083 6,860 14,288 0.5 NM NM NM NM NA NM 0.4

Allegro WSE:ALE 16.49 65.0 (24.2) 16,903 17,939 1,219 14.7 38.6 32.3 NM NM 39.6 NM --

Broadlines Mean 68.1 (11.3) 7.2 x 30.8 x 26.4 x 18.7 x 22.9 x 30.2 % 0.9 x 0.4 %

Median 65.0 (24.2) 3.7 35.5 32.3 18.7 22.9 36.3 0.9 0.4

Zalando SE XTRA:ZAL $110.49 89.1 % 3.7 % $27,734 $26,827 $10,995 2.4 x 33.3 x 32.0 x NM x NM x 30.7 % NM x -- %

Vipshop VIPS 14.26 31.0 (49.3) 9,805 7,214 18,036 0.4 6.0 5.8 8.5 7.3 19.1 0.4 --

Farfetch (1)

FTCH 41.49 56.2 (35.0) 14,696 14,441 1,828 7.9 NM NM NM NM NA NM --

Start Today TSE:3092 37.30 97.6 60.8 11,072 11,009 1,388 7.9 25.0 24.1 37.0 33.0 9.2 3.6 1.3

ASOS AIM:ASC 55.59 67.4 (15.5) 5,536 5,863 5,010 1.2 16.1 13.3 29.6 24.9 20.0 1.2 --

Boohoo.com AIM:BOO 3.86 69.7 (18.3) 4,766 4,412 2,400 1.8 22.3 15.9 31.6 20.8 23.1 0.9 --

MyTheresa MYTE 29.48 81.3 NM 2,529 2,481 666 3.7 NM NM NM NM 37.5 NM --

N Brown Group AIM:BWNG 0.72 63.7 (13.6) 328 749 1,002 0.7 10.7 5.8 6.8 6.0 NA NM --

Secoo SECO 1.80 52.0 (21.7) 127 226 879 0.3 9.9 NM NM NM NA NM --

Softlines Mean 67.6 (11.1) 2.9 x 17.6 x 16.2 x 22.7 x 18.4 x 23.2 % 1.5 x 1.3 %

Median 67.4 (16.9) 1.8 16.1 14.6 29.6 20.8 21.5 1.1 1.3

Delivery Hero DB:DHER $135.65 78.8 % (8.9) % $33,711 $33,975 $2,893 11.7 x NM x NM x NM x NM x NA % NM x -- %

Ocado Group LSE:OCDO 25.86 64.5 (17.8) 19,142 19,011 3,527 5.4 NM NM NM NM NA NM --

Zooplus AG DB:ZO1 456.46 99.0 126.2 3,275 3,189 2,277 1.4 NM NM NM NM 25.4 NM --

AO World LSE:AO. 3.12 51.0 (44.9) 1,473 1,510 2,284 0.7 26.7 19.3 NM NM NA NM --

home24 XTRA:H24 20.53 65.3 (21.7) 596 521 697 0.7 NM NM NM NM NA NM --

LightInTheBox Holding Company LITB 1.14 20.0 (55.1) 128 71 459 0.2 6.6 NM NM NM NA NM --

Delticom AG XTRA:DEX 10.11 80.0 45.0 150 263 647 0.4 NM 12.8 37.6 18.0 NA NM --

Hardlines Mean 65.5 3.3 2.9 x 16.6 x 16.0 x 37.6 x 18.0 x NM % NM x -- %

Median 65.3 (17.8) 0.7 16.6 16.0 37.6 18.0 NM NM --


International E-Commerce and Digital – Operating Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.Note: Figures listed in USD. Based on average conversion rates for income statement items and spot rates for balance sheet and share price, where applicable.a) Excludes business acquisitions where applicable and available.b) S&P Credit Rating.c) Debt adjusted for the capitalization of operating leases at 6.0x rent expense.


LTM Gross EBITDAR EBITDA EBITDA - (a) Total Debt Credit (b) Debt / Net Debt / Adj. Debt / (c) EBITDA-

Company Name HQ LTM Q(-1) Q(-2) EBITDA Margin Margin Margin CapEx / Sales (Excl. Cap. Leases) Rating EBITDA EBITDA EBITDAR Capex / Int.

Alibaba Group China 40.2 % 33.8 % 63.9 % $23,772 40.3 % 21.0 % 20.0 % 13.0 % $23,226 A+ 1.0 x NM x 1.2 x 21.7 x

JD.com China 33.3 39.0 31.4 2,511 7.9 3.0 2.0 0.1 2,610 BBB+ 1.0 NM 2.6 1.0

Mercado Libre Argentina 96.7 93.9 111.4 467 47.8 9.5 8.5 0.9 2,368 BB+ 5.1 2.4 5.2 0.4

Rakuten Japan 15.8 15.8 18.1 (328) (12.9) NM (2.3) (21.6) 24,223 BB+ NM 51.4 NM NM

Allegro Luxembourg 48.5 28.4 61.1 465 47.0 38.1 38.1 32.5 1,440 -- 3.1 2.2 3.1 3.8

Broadlines Mean 26.0 % 17.9 % 13.3 % 5.0 % 2.5 x 18.7 x 3.0 x 6.7 x

Median 40.3 15.3 8.5 0.9 2.1 2.4 2.9 2.4

Zalando SE Germany 32.9 % 34.3 % 46.8 % $806 43.9 % 7.4 % 7.3 % 5.5 % $1,838 -- 2.3 x NM x 2.3 x 7.3 x

Vipshop China 27.4 22.8 51.1 1,206 20.8 7.4 6.7 6.7 302 BBB 0.3 NM 0.8 NM

Farfetch UK 55.1 46.4 41.3 (453) 45.9 (24.4) (24.8) (26.3) 819 -- NM 0.9 NM NM

Start Today Japan 16.5 15.4 15.7 441 94.8 NM 31.7 31.7 182 -- 0.4 NM 0.4 NM

ASOS UK 20.8 23.7 23.7 363 46.3 7.3 7.3 6.9 453 -- 1.2 0.9 1.3 30.7

Boohoo.com UK 41.3 38.6 38.6 198 54.2 8.3 8.3 6.1 25 -- 0.1 NM 0.1 NM

MyTheresa Germany 50.1 38.0 60.0 (5) 46.6 (0.6) (0.8) (1.7) 18 -- NM 9.3 NM NM

N Brown Group UK (13.0) (8.0) (8.0) 70 44.4 7.2 7.0 6.8 551 -- 7.9 6.0 7.8 2.9

Secoo China (13.9) (29.3) (23.7) 23 15.7 3.5 2.6 2.6 208 -- 9.1 4.3 8.3 1.2

Softlines Mean 45.8 % 2.0 % 5.0 % 4.3 % 3.0 x 4.3 x 3.0 x 10.5 x

Median 45.9 7.3 7.0 6.1 1.2 4.3 1.3 5.1

Delivery Hero Germany 99.7 % 108.4 % 108.4 % ($946) 20.0 % (32.3) % (32.7) % (39.5) % $3,680 -- NM x NM x NM x NM x

Ocado Group UK 30.8 21.4 21.4 17 36.7 0.5 0.5 (16.3) 2,021 -- NM NM NM NM

Zooplus AG Germany 16.9 16.6 15.5 64 26.9 4.1 2.8 2.6 106 -- 1.6 NM 3.0 33.5

AO World UK 58.8 63.4 63.4 57 17.7 NM 2.5 2.1 131 -- 2.3 0.7 2.3 7.9

home24 Germany 43.3 39.5 55.0 (8) 45.2 (1.1) (1.2) (2.0) 61 -- NM 17.5 NM NM

LightInTheBox Holding CompanyChina 87.8 117.5 77.7 11 44.6 3.7 2.4 2.4 0 -- 0.0 NM 2.2 NM

Delticom AG Germany (4.6) 4.7 4.7 6 22.4 1.1 1.0 0.8 117 -- 18.7 17.8 17.7 1.6

Hardlines Mean 30.5 % (4.0) % (3.5) % (7.1) % 5.7 x 12.0 x 6.3 x 14.3 x

Median 26.9 0.8 1.0 0.8 2.0 17.5 2.6 7.9


Other – Trading Analysis




Signet Jewelers SIG $66.22 79.8 % 142.8 % $3,488 $2,987 $6,064 0.5 x 4.7 x 4.2 x 9.4 x 9.9 x 47.0 % 0.2 x 1.1 %

Jewelry Mean 79.8 142.8 0.5 x 4.7 x 4.2 x 9.4 x 9.9 x 47.0 % 0.2 x 1.1

Median 79.8 142.8 0.5 4.7 4.2 9.4 9.9 47.0 0.2 1.1

CVS Caremark CVS $84.59 93.4 % 23.9 % $111,623 $161,173 $277,285 0.6 x 9.1 x 8.7 x 10.9 x 10.3 x 6.7 % 1.5 x 2.3 %

Walgreens Boots Alliance WBA 49.02 85.9 22.9 42,402 58,654 146,172 0.4 11.2 9.4 10.9 9.6 5.1 1.9 3.9

Rite Aid RAD 15.58 48.0 (1.6) 838 3,758 24,177 0.2 7.9 10.3 NM NM NA NM --

Drug Stores Mean 75.7 15.1 0.4 x 9.4 x 9.5 x 10.9 x 10.0 x 5.9 % 1.7 x 3.1 %

Median 85.9 22.9 0.4 9.1 9.4 10.9 10.0 5.9 1.7 3.1

Casey's General Stores CASY $199.01 86.8 % 11.4 % $7,384 $8,411 $7,654 1.1 x 11.0 x 11.6 x 25.8 x 22.0 x 13.1 % 1.7 x 3.7 %

Murphy USA MUSA 153.75 96.7 17.5 3,974 5,617 11,793 0.5 8.3 7.8 12.8 16.1 NA NM 0.7

TravelCenters of America TA 35.87 90.6 10.0 523 465 5,920 0.1 2.4 2.3 13.1 11.9 NA NM --

Convenience Stores Mean 91.4 13.0 0.6 x 7.2 x 7.3 x 17.2 x 16.7 x 13.1 % 1.7 x 2.2 %

Median 90.6 11.4 0.5 8.3 7.8 13.1 16.1 13.1 1.7 2.2


Other – Operating Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.a) Excludes business acquisitions where applicable and available. b) S&P Credit Rating.c) Debt adjusted for the capitalization of operating leases at 6.0x rent expense.




Signet Jewelers 3,208 9.1 % 98.2 % 1.5 % $633 35.9 % 21.2 % 10.4 % 9.0 % $147 BB- 0.2 x NM x 3.2 x 19.0 x

Jewelry Mean 35.9 % 21.2 % 10.4 % 9.0 % 0.2 x NM 3.2 x 19.0 x

Median 35.9 21.2 10.4 9.0 0.2 NM 3.2 19.0

CVS Caremark 9,962 5.4 % 11.0 % 3.3 % $17,640 17.4 % 7.6 % 6.4 % 5.4 % $59,354 BBB 3.4 x 2.8 x 3.8 x 5.6 x

Walgreens Boots Alliance 21,000 16.4 12.1 4.6 5,243 19.7 6.5 3.6 2.6 16,792 BBB 3.2 2.9 4.5 6.6

Rite Aid 2,447 7.1 2.2 3.3 478 19.8 5.4 2.0 1.0 3,038 B- 6.4 6.1 6.1 1.3

Drug Stores Mean 19.0 % 6.5 % 4.0 % 3.0 % 4.3 x 3.9 x 4.8 x 4.5 x

Median 19.7 6.5 3.6 2.6 3.4 2.9 4.5 5.6

Casey's General Stores 2,229 (5.6) % 33.2 % (11.1) % 761 30.8 % NM % 9.9 % 4.2 % $1,364 -- 1.8 x 1.3 x 1.8 x 6.8 x

Murphy USA 1,503 8.7 96.6 13.1 677 7.6 6.0 5.7 3.5 1,809 BB+ 2.7 2.4 2.8 6.2

TravelCenters of America 316 10.0 86.0 17.3 194 9.4 8.6 3.3 2.4 525 -- 2.7 NM 4.7 3.6

Convenience Stores Mean 15.9 % 7.3 % 6.3 % 3.4 % 2.4 x 1.9 x 3.1 x 5.6 x

Median 9.4 7.3 5.7 3.5 2.7 1.9 2.8 6.2


International – Trading Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.Note: Figures listed in USD. Based on average conversion rates for income statement items and spot rates for balance sheet and share price, where applicable.a) Enterprise value represents equity value plus book value of total debt, preferred stock and minority interest less cash.b) Dividend yield represents annualized dividend per share divided by current share price.1) In January 2021, LVMH completed the acquisition of Tiffany & Co. for $131.50 per share.2) In December 2020, Moncler announced the acquisition of Stone Island for €1.15B.



Inditex BME:ITX $34.64 90.1 % 13.7 % $107,914 $106,666 $25,797 4.1 x 21.6 x 12.7 x 26.8 x 23.5 x 40.2 % 0.6 x 2.4 %

Fast Retailing TSE:9983 671.46 66.8 (20.2) 68,576 65,358 19,671 3.3 24.0 16.1 NM 36.0 25.0 1.4 0.7

H&M OM:HM B 20.04 76.2 1.7 33,173 38,443 21,775 1.8 17.1 8.8 27.8 18.9 41.9 0.5 --

Next PLC LSE:NXT 108.48 93.9 11.3 13,886 16,406 4,861 3.4 25.5 11.0 16.2 14.6 7.2 2.0 --

Kathmandu NZSE:KMD 0.89 76.8 0.8 630 830 584 1.4 22.5 5.5 12.0 9.7 48.1 0.2 3.0

Ted Baker LSE:TED 2.00 66.7 25.0 368 470 484 1.0 NM 7.2 NM 13.4 NA NM --

Superdry LSE: SDRY 5.21 76.9 53.7 428 789 850 0.9 NM 9.7 NM 17.3 NA NM --

Esprit SEHK:330 0.09 51.9 (38.9) 251 351 227 1.5 NM NM NM NM NA NM --

Roots Corporation TSX:ROOT 2.45 70.4 27.2 103 242 196 1.2 9.9 4.9 9.4 8.5 NA NM --

International Specialty Retail Mean 74.4 8.2 2.1 x 20.1 x 9.5 x 18.4 x 17.7 x 32.5 % 0.9 x 2.0 %

Median 76.2 11.3 1.5 22.0 9.3 16.2 15.9 40.2 0.6 2.4

LVMH (1)

ENXTPA:MC $766.50 91.4 % 28.2 % $386,153 $422,747 $64,283 6.6 x 22.5 x 17.0 x 31.6 x 29.2 x 28.4 % 1.0 x 0.9 %

Hermes ENXTPA:RMS 1,498.13 94.5 45.5 156,770 152,479 9,523 16.0 36.7 36.2 NM 58.0 23.5 2.5 0.3

Kering ENXTPA:KER 840.36 90.0 20.8 104,808 110,980 18,456 6.0 19.0 15.4 28.3 24.3 22.5 1.1 1.1

Richemont SWX:CFR 115.83 89.5 32.9 66,170 66,502 15,384 4.3 26.2 14.7 31.5 24.0 26.2 0.9 1.8

Moncler (2) BIT:MONC 68.45 93.6 16.6 18,451 19,042 1,942 9.8 28.7 20.7 NM 33.5 17.5 1.9 0.7

Prada SEHK:1913 7.29 86.9 10.8 18,647 21,280 3,495 6.1 31.5 17.5 NM NM 38.2 NM 0.6

Burberry LSE:BRBY 26.69 85.6 8.5 10,786 10,929 3,223 3.4 16.3 10.7 22.4 20.5 7.1 2.9 2.1

Canada Goose GOOS 36.87 73.7 23.8 4,088 4,352 739 5.9 40.4 26.0 NM 26.8 27.7 1.0 --

Ferragamo BIT:SFER 20.35 86.4 9.6 3,432 3,924 1,099 3.6 NM 13.4 NM NM NA NM --

Brunello Cucinelli BIT:BC 61.27 90.9 46.6 4,166 4,878 637 7.7 NM 24.4 NM NM NA NM --

Hugo Boss DB:BOSS 59.13 95.1 85.1 4,036 5,178 2,624 2.0 30.1 8.3 NM 23.7 (11.3) NM --

Tod's BIT: TOD 60.39 79.0 81.3 1,999 2,619 757 3.5 NM 18.1 NM NM NA NM --

Mulberry AIM:MUL 3.92 67.9 25.0 231 318 158 2.0 23.8 NM NM NM NA NM --

Luxury / Apparel / Accessories Mean 86.5 33.5 5.9 x 27.5 x 18.5 x 28.5 x 30.0 x 20.0 % 1.6 x 1.1 %

Median 89.5 25.0 5.9 27.4 17.2 29.9 25.5 23.5 1.1 0.9


International – Operating Analysis

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.Note: Figures listed in USD. Based on average conversion rates for income statement items and spot rates for balance sheet and share price, where applicable.Excludes business acquisitions where applicable and available.a) Excludes business acquisitions where applicable and available.b) S&P Credit Rating.c) Debt adjusted for the capitalization of operating leases at 6.0x rent expense.




Inditex 6,829 (14.1) % 49.6 % (25.4) % $4,947 53.7 % 20.6 % 19.2 % 17.1 % $7,127 -- 1.4 x NM x 1.8 x 30.1 x

Fast Retailing 3,681 7.4 47.2 (0.3) 2,719 50.1 16.4 13.8 11.4 7,645 A 2.8 NM 3.3 34.9

H&M 5,422 (8.6) 62.3 (27.1) 2,251 50.7 14.0 10.3 9.1 7,956 BBB 3.5 2.3 4.2 13.0

Next PLC 498 (17.2) (0.3) (0.3) 643 35.1 13.4 13.2 9.1 3,365 BBB- 5.2 3.9 5.2 3.1

Kathmandu 325 26.6 12.9 12.9 37 57.8 7.0 6.3 4.8 354 -- 9.6 5.3 9.2 3.0

Ted Baker 534 (44.2) (42.5) (42.5) (58) 51.9 (10.4) (12.0) (24.9) 193 -- NM NM NM NM

Superdry 768 (25.2) (23.4) (23.4) (26) 52.2 (1.8) (3.1) (4.1) 408 -- NM NM NM NM

Esprit 343 (84.8) 0.0 0.0 (260) 21.4 (96.6) (114.4) (115.3) 394 -- NM NM NM NM

Roots Corporation 260 (18.8) 24.7 (22.0) 25 57.7 23.2 12.5 11.7 142 -- 5.8 5.6 5.9 2.8

International Specialty Retail Mean 47.8 % (1.6) % (6.0) % (9.0) % 4.7 x 4.3 x 4.9 x 14.5 x

Median 51.9 13.4 10.3 9.1 4.4 4.6 4.7 8.0

LVMH 5,003 16.9 % 55.8 % 55.8 % $18,773 67.3 % 31.6 % 29.2 % 26.0 % $45,117 A+ 2.4 x 1.9 x 2.7 x 48.2 x

Hermes 311 33.7 70.2 70.2 4,154 71.1 NA 43.6 39.5 1,961 -- 0.5 NM NA NM

Kering 1,433 15.8 49.6 49.6 5,845 73.2 36.0 31.7 26.8 11,490 A- 2.0 1.0 2.5 27.3

Richemont (7.7) 12.1 12.1 2,542 59.8 20.1 16.5 13.6 15,909 A+ 6.3 0.1 6.2 8.3

Moncler 219 13.6 54.2 54.2 663 77.0 51.9 34.2 27.8 1,060 -- 1.6 0.9 3.1 20.4

Prada 633 15.2 60.1 60.1 676 73.6 25.0 19.3 14.8 3,306 -- 4.9 3.8 5.1 10.8

Burberry 464 (11.0) 8.5 8.5 670 70.0 26.7 20.8 17.7 1,873 -- 2.8 0.2 3.5 13.9

Canada Goose 29 2.3 115.7 48.2 108 60.7 16.7 14.6 11.5 505 B+ 4.7 2.4 4.9 3.7

Ferragamo 644 (26.8) 10.3 (20.4) 44 63.1 10.8 4.0 1.4 869 -- 20.0 10.8 11.1 0.8

Brunello Cucinelli 136 (10.5) 7.1 7.1 59 49.3 12.5 9.2 1.9 794 -- 13.5 12.0 11.5 0.8

Hugo Boss 445 (5.6) 128.7 (10.5) 172 61.3 12.5 6.6 3.5 1,316 -- 7.6 6.6 6.9 3.1

Tod's 403 (30.2) (17.6) (17.6) (49) 47.8 (1.9) (6.5) (11.1) 1,008 -- NM NM NM NM

Mulberry 119 (23.0) (17.9) (17.9) 13 63.6 16.2 8.4 6.8 108 -- 8.1 6.9 7.1 1.9

Luxury / Apparel / Accessories Mean 64.4 % 21.5 % 17.8 % 13.9 % 6.2 x 4.2 x 5.9 x 12.6 x

Median 63.6 18.4 16.5 13.6 4.8 2.4 5.1 8.3


International – Trading Analysis (Cont.)

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures. Note: Figures listed in USD. Based on average conversion rates for income statement items and spot rates for balance sheet and share price, where applicable.a) Enterprise value represents equity value plus book value of total debt, preferred stock and minority interest less cash.b) Dividend yield represents annualized dividend per share divided by current share price.1) In August 2021, Adidas announced the divestiture of Reebok to Authentic Brands Group for $2.5 billion.2) In December 2020, JD Sports announced the acquisition of Shoe Palace for $681 million. In February 2021, JD Sports announced the acquisition of

DTLR Villa for $495 million.



Adidas (1) DB:ADS $359.20 91.6 % 2.4 % $69,876 $71,551 $26,283 2.7 x 22.2 x 18.5 x 39.4 x 30.2 x 52.4 % 0.6 x -- %

Puma DB:PUM 126.17 98.4 16.8 18,908 19,852 7,305 2.7 27.3 21.3 NM 38.2 69.9 0.5 --

JD Sports (2) LSE:JD. 13.36 98.5 13.0 13,782 15,696 8,482 1.9 18.2 9.5 24.8 21.6 17.8 1.2 0.2

Gildan Activewear TSX:GIL 38.21 98.7 35.6 7,585 7,940 2,629 3.0 19.0 12.3 17.1 15.6 NA NM 1.6

Alpargatas BOVESPA:ALPA4 10.70 91.5 35.8 5,643 5,591 758 7.4 NM 32.1 NM 38.5 NA NM --

ASICS TSE:7936 22.84 86.6 26.8 4,180 4,569 3,561 1.3 13.7 17.1 NM 35.4 48.6 0.7 1.0

Delta Galil TASE:DELT 47.52 90.1 88.9 1,214 1,613 1,714 0.9 6.6 NM NM NM NA NM 1.6

SMCP ENXTPA:SMCP 6.02 63.2 3.3 452 1,393 1,022 1.4 23.4 5.2 19.8 9.9 NA NM --

Mizuno TSE:8022 24.01 93.0 31.3 613 522 1,498 0.3 4.9 8.3 26.8 15.8 NA NM 1.9

Geox BIT:GEO 1.37 92.6 47.4 349 768 650 1.2 NM 10.5 NM NM NA NM --

Other Brands Mean 90.4 30.1 2.3 x 16.9 x 15.0 x 25.6 x 25.6 x 47.2 % 0.8 x 1.3 %

Median 92.1 29.0 1.6 18.6 12.3 24.8 25.9 50.5 0.7 1.6

Alimentation Couche-Tard TSX:ATD.B $40.92 99.3 % 19.2 % $43,909 $50,499 $45,760 1.1 x 11.2 x 11.0 x 18.4 x 16.9 x NA % NM x 0.7 %

Loblaw Companies TSX:L 69.48 99.5 39.7 23,478 34,928 42,207 0.8 10.6 8.1 17.2 15.7 18.5 0.9 1.7

Dollarama TSX:DOL 46.39 97.7 13.0 14,049 16,649 3,274 5.1 22.2 16.7 27.2 22.5 14.9 1.5 0.3

Pandora CPSE:PNDORA 127.62 92.3 19.1 12,643 13,116 3,402 3.9 12.0 10.8 19.5 17.2 10.0 1.7 --

Canadian Tire TSX: CTC.A 153.37 90.6 15.8 9,529 17,159 11,910 1.4 9.3 8.5 11.4 11.4 9.6 1.2 2.4

Other Retail Mean 95.9 21.3 2.5 x 13.0 x 11.0 x 18.7 x 16.7 x 13.2 % 1.3 x 1.3 %

Median 97.7 19.1 1.4 11.2 10.8 18.4 16.9 12.4 1.3 1.2


International – Operating Analysis (Cont.)

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.Note: Figures listed in USD. Based on average conversion rates for income statement items and spot rates for balance sheet and share price, where applicable.a) Excludes business acquisitions where applicable and available.b) S&P Credit Rating.c) Debt adjusted for the capitalization of operating leases at 6.0x rent expense.




Adidas 12.4 % 51.5 % 20.2 % $3,221 50.4 % 13.0 % 12.3 % 10.8 % $6,836 A+ 2.1 x 0.4 x 2.4 x 15.4 x

Puma 22.7 91.2 19.2 727 47.8 10.3 10.0 7.1 1,784 -- 2.5 1.2 2.6 5.7

JD Sports 0.9 6.9 6.9 862 48.0 NA 10.2 8.5 2,886 -- 3.3 1.8 NA 8.4

Gildan Activewear 26.0 225.3 28.4 418 22.1 16.1 15.9 13.4 720 -- 1.7 0.9 1.8 12.9

Alpargatas 759 29.7 71.4 32.7 138 53.3 28.0 18.2 12.4 98 -- 0.7 NM 2.6 5.1

ASICS 15.9 67.2 24.9 334 48.0 NA 9.4 8.4 1,054 -- 3.2 1.2 NA 18.6

Delta Galil 180 10.3 68.2 25.1 244 39.5 NM 14.3 12.8 652 -- 2.7 1.5 2.7 7.1

SMCP (22.9) (15.4) (15.4) 60 60.1 8.4 5.8 (0.8) 1,089 -- 18.3 15.8 14.5 NM

Mizuno 5.4 49.6 (7.1) 107 41.2 NA 7.2 6.3 129 -- 1.2 NM NA 65.2

Geox 867 (14.6) 8.4 8.4 (87) 46.5 (11.3) (13.3) (15.1) 478 -- NM NM NM NM

Other Brands Mean 45.7 % 10.8 % 9.0 % 6.4 % 4.0 x 3.3 x 4.4 x 17.3 x

Median 47.9 11.7 10.1 8.5 2.5 1.2 2.6 10.6

Alimentation Couche-Tard 9,978 (15.5) % 26.3 % (20.8) % $4,522 22.1 % 10.0 % 9.9 % 7.2 % $9,690 BBB 2.1 x 1.5 x 2.2 x 10.9 x

Loblaw Companies 2,439 6.6 4.5 0.6 3,301 30.7 8.6 7.8 6.1 12,827 BBB 3.9 3.4 4.1 4.6

Dollarama 1,333 8.7 13.0 3.6 751 47.5 26.5 22.9 20.0 2,638 BBB 3.5 3.5 3.8 9.1

Pandora 403 11.3 79.2 7.9 1,095 77.6 32.4 32.2 30.8 725 -- 0.7 0.4 0.7 NM

Canadian Tire 1,741 17.1 23.9 16.7 1,849 35.9 18.7 15.5 13.0 8,610 BBB 4.7 3.6 4.9 7.9

Other Retail Mean 42.8 % 19.2 % 17.7 % 15.4 % 3.0 x 2.5 x 3.1 x 8.1 x

Median 35.9 18.7 15.5 13.0 3.5 3.4 3.8 8.5


Automotive and Powersports – Trading Analysis




Mister Car Wash MCW $18.95 77.4 % NM % $5,611 $6,085 $690 8.8 x NM x 24.4 x NM x NM x 52.8 % NM x -- %

Driven Brands Holdings DRVN 27.88 78.4 NM 4,666 6,042 1,261 4.8 20.9 17.4 33.6 29.7 NA NM --

Boyd Group TSX:BYD 192.22 98.7 12.0 4,127 4,777 1,777 2.7 29.7 19.2 NM 39.9 3.0 13.3 0.2

Monro MNRO 54.74 75.3 2.7 1,834 2,435 1,220 2.0 14.2 12.7 29.4 24.2 15.0 1.6 1.9

Service Providers Mean 82.4 7.3 4.6 x 21.6 x 18.4 x 31.5 x 31.3 x 23.6 % 7.5 x 1.1 %

Median 77.9 7.3 3.7 20.9 18.3 31.5 29.7 15.0 7.5 1.1

O'Reilly Automotive ORLY $598.84 96.3 % 32.3 % $41,291 $44,435 $12,593 3.5 x 14.5 x 14.9 x 21.7 x 20.5 x 12.6 % 1.6 x -- %

AutoZone AZO 1,613.80 96.8 36.1 34,769 38,935 14,262 2.7 11.5 13.1 19.7 17.0 11.7 1.4 --

Advance Auto Parts AAP 207.62 95.4 31.8 13,474 13,627 10,739 1.3 11.0 11.0 19.0 16.5 12.8 1.3 1.9

Product Retailers Mean 96.2 33.4 2.5 x 12.3 x 13.0 x 20.1 x 18.0 x 12.4 % 1.5 x 1.9 %

Median 96.3 32.3 2.7 11.5 13.1 19.7 17.0 12.6 1.4 1.9

Genuine Parts Company GPC $123.48 90.8 % 23.0 % $17,684 $19,229 $17,870 1.1 x 13.0 x 12.6 x 19.4 x 18.5 x 9.2 % 2.0 x 2.6 %

LKQ Corporation LKQ 50.59 95.5 43.6 14,867 17,030 12,607 1.4 9.8 9.6 13.8 13.0 NA NM --

Uni-Select TSX:UNS 13.92 94.4 119.6 590 1,016 1,548 0.7 14.6 8.0 22.8 15.0 (1.0) NM --

Distributors Mean 93.6 62.0 1.0 x 12.5 x 10.1 x 18.7 x 15.5 x 4.1 % 2.0 x 2.6 %

Median 94.4 43.6 1.1 13.0 9.6 19.4 15.0 4.1 2.0 2.6


Automotive and Powersports – Operating Analysis





Mister Car Wash 344 -- % -- % -- % $25 30.3 % 18.9 % 3.6 % (7.4) % $629 -- 25.6 x 19.3 x 9.7 x NM x

Driven Brands Holdings 4,227 92.9 108.1 80.3 289 45.1 30.4 22.9 17.1 1,522 -- 5.3 4.8 5.5 2.3

Boyd Group 698 9.4 44.4 (9.9) 161 46.2 9.3 9.1 7.6 707 -- 4.4 4.2 4.4 4.6

Monro 1,260 2.9 38.4 6.8 172 35.5 17.3 14.1 10.7 618 -- 3.6 3.5 4.0 4.7

Service Providers Mean 39.3 % 19.0 % 12.4 % 7.0 % 9.7 x 7.9 x 5.9 x 3.8 x

Median 40.3 18.1 11.6 9.1 4.8 4.5 4.9 4.6

O'Reilly Automotive 5,616 17.5 % 12.1 % 24.8 % $3,071 52.6 % 28.0 % 24.4 % 20.9 % $3,825 BBB 1.2 x 1.0 x 1.9 x 16.9 x

Autozone 6,625 18.1 31.4 15.8 3,377 53.0 NA 23.7 19.8 5,268 BBB 1.6 1.2 NA 13.5

Advance Auto Parts 6,253 13.6 23.4 12.0 1,240 44.7 18.2 11.5 9.2 1,033 BBB- 0.8 0.1 2.7 21.5

Product Retailers Mean 50.1 % 23.1 % 19.9 % 16.6 % 1.2 x 0.8 x 2.3 x 17.3 x

Median 52.6 23.1 23.7 19.8 1.2 1.0 2.3 16.9

Genuine Parts Company 3,354 6.9 % 25.1 % 9.1 % $1,485 34.7 % 10.2 % 8.3 % 7.4 % $2,521 BBB 1.7 x 1.0 x 2.5 x 16.0 x

LKQ Corporation 1,700 7.0 30.8 5.7 1,737 40.3 17.3 13.8 12.3 2,452 BB+ 1.4 1.2 2.3 17.7

Uni-Select 394 (1.6) 37.6 (9.2) 69 29.3 NA 4.5 4.1 472 -- 6.8 6.3 NA 2.0

Distributors Mean 34.8 % 13.8 % 8.9 % 7.9 % 3.3 x 2.9 x 2.4 x 11.9 x

Median 34.7 13.8 8.3 7.4 1.7 1.2 2.4 16.0


Automotive and Powersports – Trading Analysis (Cont.)

Source: CapitalIQ and public filings. Forward estimates represent mean aggregate consensus estimates from CapitalIQ.Note: LTM balance sheet, cash flow and income statement items do not reflect pro forma adjustments for post close acquisitions and divestitures.a) Enterprise value represents equity value plus book value of total debt, preferred stock and minority interest less cash.b) Dividend yield represents annualized dividend per share divided by current share price.1) In March 2021, RumbleOn announced the acquisition of Ride Now for $575 million. The transaction is expected to close in the second or third quarter of

2021.



Polaris PII $126.48 85.6 % 32.7 % $7,663 $8,721 $8,244 1.1 x 7.6 x 8.2 x 13.2 x 12.1 x NA % NM x 2.0 %

Harley-Davidson HOG 40.31 77.4 9.8 6,202 12,301 4,845 2.5 13.6 13.2 11.5 11.0 42.8 0.3 0.2

Fox Factory FOXF 148.59 86.3 40.6 6,256 6,370 1,132 5.6 28.5 24.2 33.7 30.2 17.2 1.8 --

Powersports Mean 83.1 27.7 3.1 x 16.6 x 15.2 x 19.5 x 17.8 x 30.0 % 1.0 x 1.1 %

Median 85.6 32.7 2.5 13.6 13.2 13.2 12.1 30.0 1.0 1.1

CarMax KMX $124.62 89.0 % 31.9 % $20,305 $35,733 $24,589 1.5 x 19.2 x 20.8 x 20.3 x 17.5 x 17.3 % 1.0 x -- %

Lithia Motors LAD 339.61 81.3 16.0 10,273 13,758 17,914 0.8 10.8 9.0 10.1 10.3 20.4 0.5 0.4

AutoNation AN 113.69 90.8 62.9 8,140 11,649 24,072 0.5 7.0 6.2 7.4 8.8 20.2 0.4 --

Penske Automotive Group PAG 85.60 91.6 44.1 6,876 10,818 24,545 0.4 9.0 7.0 6.4 7.5 9.5 0.8 2.1

Asbury Automotive Group ABG 189.89 87.6 30.3 3,673 5,328 8,856 0.6 8.3 7.4 7.8 9.0 16.8 0.5 --

Group 1 Automotive GPI 163.33 89.8 24.5 2,851 4,557 12,740 0.4 5.4 5.1 5.0 6.7 8.4 0.8 0.8

Sonic Automotive SAH 49.69 85.7 28.8 2,073 3,608 11,486 0.3 6.6 5.8 6.4 6.8 (0.1) NM 1.0

KAR Auction Services KAR 17.11 82.1 (8.1) 2,039 5,203 2,290 2.3 12.3 10.9 18.2 15.8 17.0 0.9 --

America's Car Mart CRMT 132.06 74.4 20.2 896 1,165 1,009 1.2 7.7 9.6 10.7 9.8 19.5 0.5 --

Dealerships / Auto Sales Mean 85.8 27.9 0.9 x 9.6 x 9.1 x 10.3 x 10.2 x 14.3 % 0.7 x 1.1 %

Median 87.6 28.8 0.6 8.3 7.4 7.8 9.0 17.0 0.7 0.9

Camping World Holdings CWH $36.34 73.9 % 39.5 % $1,656 $3,139 $6,432 0.5 x 3.8 x 3.7 x 6.0 x 6.3 x NA % NM x 2.4 %

MarineMax HZO 48.93 69.0 39.7 1,064 918 2,000 0.5 4.3 5.1 9.4 7.2 NA NM --

OneWater Marine ONEW 40.11 70.6 37.9 468 632 1,219 0.5 4.2 5.0 7.7 NM NA NM --

Lazydays Holdings LAZY 23.56 91.5 45.0 264 389 1,006 0.4 3.8 3.1 8.0 8.2 25.0 0.3 --

Powersports Retailers Mean 76.3 40.5 0.5 x 4.0 x 4.2 x 7.7 x 7.2 x 25.0 % 0.3 x 2.4 %

Median 72.3 39.6 0.5 4.0 4.3 7.8 7.2 25.0 0.3 2.4

Copart CPRT $137.77 92.4 % 8.3 % $32,593 $32,079 $2,470 13.0 x 27.9 x 24.9 x 38.9 x 34.1 x 15.0 % 2.3 x -- %

Carvana CVNA 350.66 93.1 46.4 29,631 32,636 8,952 3.6 NM NM NM NM NA NM --

CarParts.com PRTS 16.56 71.2 33.7 865 847 539 1.6 NM NM NM NM NA NM --

RumbleON (1)

RMBL 34.01 53.0 12.6 116 151 461 0.3 NM 6.0 NM 13.2 NA NM --

Pure-Play E-Commerce Mean 77.4 25.2 4.6 x 27.9 x 15.4 x 38.9 x 23.7 x 15.0 % 2.3 x -- %

Median 81.8 23.1 2.6 27.9 15.4 38.9 23.7 15.0 2.3 --


Automotive and Powersports – Operating Analysis (Cont.)





Polaris 26.6 % 38.6 % 38.1 % $1,153 26.5 % 14.6 % 14.0 % 11.1 % $1,345 -- 1.2 x 0.9 x 1.4 x 16.7 x

Harley-Davidson 7.5 77.1 9.6 905 31.8 19.5 18.7 16.6 7,076 BBB- 7.8 6.7 7.7 25.9

Fox Factory 48.1 79.2 52.5 223 33.7 20.6 19.7 15.2 389 -- 1.7 0.5 1.9 19.0

PowerSports Mean 30.7 % 18.2 % 17.5 % 14.3 % 3.6 x 2.7 x 3.7 x 20.5 x

Median 31.8 19.5 18.7 15.2 1.7 0.9 1.9 19.0

CarMax 222 27.4 % 128.1 % 4.0 % $1,860 15.1 % 9.7 % 7.6 % 6.9 % $15,806 -- 8.5 x 8.3 x 8.0 x 20.5 x

Lithia Motors 47.3 117.8 54.9 1,278 17.5 8.1 7.1 6.0 4,266 BB+ 3.3 2.7 3.6 9.2

AutoNation 315 19.1 53.9 26.5 1,667 18.0 7.3 6.9 6.1 3,569 BBB- 2.1 2.1 2.3 11.6

Penske Automotive Group 342 19.6 91.4 15.3 1,202 16.1 6.4 4.9 4.1 4,084 BB+ 3.4 3.3 4.0 7.6

Asbury Automotive Group 259 30.5 78.8 36.4 645 17.9 7.8 7.3 6.7 1,757 BB+ 2.7 2.6 2.9 8.7

Group 1 Automotive 467 15.3 73.6 11.9 846 16.8 7.0 6.6 6.0 1,905 BB+ 2.3 2.0 2.4 8.5

Sonic Automotive 210 16.4 58.7 20.7 546 14.6 5.4 4.8 3.6 1,850 BB- 3.4 2.8 3.7 6.8

KAR Auction Services 140 (6.1) 39.7 (9.9) 423 42.7 21.2 18.5 13.9 3,215 B 7.6 6.1 7.4 2.6

America's Car Mart 151 33.0 49.6 42.8 151 28.7 16.0 15.0 14.1 272 -- 1.8 1.8 2.1 20.1

Dealerships / Auto Sales Mean 20.8 % 9.9 % 8.7 % 7.5 % 3.9 x 3.5 x 4.1 x 10.6 x

Median 17.5 7.8 7.1 6.1 3.3 2.7 3.6 8.7

Camping World Holdings 171 29.0 % 28.3 % 51.6 % $818 34.1 % 15.7 % 12.7 % 11.7 % $1,627 -- 2.0 x 1.8 x 2.7 x 12.1 x

MarineMax 77 40.9 33.7 69.6 215 30.1 11.7 10.8 9.6 55 -- 0.3 NM 0.7 50.8

OneWater Marine 69 26.9 (1.0) 73.5 149 27.3 13.5 12.2 11.4 224 -- 1.5 0.7 1.9 16.8

Lazydays Holdings 11 42.1 50.9 42.0 102 24.2 10.6 10.1 7.7 175 -- 1.7 0.7 1.9 10.6

Powersports Retailers Mean 28.9 % 12.9 % 11.5 % 10.1 % 1.4 x 1.1 x 1.8 x 22.6 x

Median 28.7 12.6 11.5 10.5 1.6 0.7 1.9 14.5

Copart 200 11.1 % 33.4 % 7.3 % $1,150 49.8 % 48.5 % 46.6 % 27.6 % $398 -- 0.3 x NM x 0.6 x 31.9 x

Carvana 102.8 198.4 104.5 4 15.6 0.7 0.0 (4.2) 3,078 CCC+ NM 600.2 52.6 NM

CarParts.Com 4 59.1 32.5 64.9 7 34.7 2.2 1.3 (0.8) 15 -- 2.2 NM 3.7 NM

RumbleON (20.0) 99.6 (27.8) (2) 12.2 0.2 (0.4) (0.4) 60 -- NM NM 94.7 NM

Pure-Play E-Commerce Mean 28.1 % 12.9 % 11.9 % 5.6 % 1.2 x 600.2 x 37.9 x 31.9 x

Median 25.2 1.5 0.7 (0.6) 1.2 600.2 28.1 31.9


Macroeconomic and Capital Markets Overview

Source: Capital IQ as of August 18, 2021.a) Conference Board Consumer Confidence Index.b) Total monthly retail sales excludes Food Services.

Key Commodity Prices Select Macroeconomic Indicators

Current Yr. Prior % Change Current Yr. Prior % Change

Gold (per troy oz) $1,785.70 $1,963.50 (9.1%) Q1 Real GDP ($ bn) $19,358 $17,258 12.2%

Crude Oil (per barrel) 66.34 43.11 53.9% Unemployment Rate 5.4% 10.2% (480 bps)

Natural Gas (per mm BTU) 3.85 2.56 50.3% CPI 272 259 5.3%

Corn (per bushel) 5.64 3.40 65.9% Consumer Confidence (a) 129 92 40.8%

Cotton (per pound) 0.95 0.64 48.8% Total July Retail Sales ($ bn) (b) 546 454 20.2%

Key Currency Exchange Rates Select Domestic Stock Indices

Current Yr. Prior % Change Current 1 Month LTM YTD

CAD / USD C$1.26 C$1.32 (4.0%) Dow Jones 34,961 2.9% 26.2% 14.2%

Yuan / USD ¥6.48 ¥6.92 (6.3%) Nasdaq Composite 14,526 1.8% 30.3% 12.7%

Euro / USD €0.85 €0.84 1.7% S&P 500 4,400 3.3% 30.4% 17.2%

Pound / USD £0.73 £0.76 (4.1%) S&P 500 Retailing 3,871 (4.4%) 11.2% 8.6%

Yen / USD ¥109.91 ¥105.73 4.0% S&P 600 Consumer Discretionary 1,019 2.8% 70.8% 35.5%

Russell 2000 2,159 1.3% 37.3% 9.3%

Key Interest Rates Select International Stock Indices

Current 1 Month LTM YTD

3-Month Treasury 0.07% LIBOR Overnight 0.08% DAX Index 15,966 5.5% 23.0% 16.4%

12-Month Treasury 0.07% Fed Funds Overnight 0.10% IBEX 35 Index 8,970 8.1% 26.4% 11.1%

5 Year Treasury 0.79% Prime Rate 3.25% FTSE 100 2,155 7.9% 39.0% 11.4%

10-Year Treasury 1.27% CAC 40 6,770 7.5% 36.0% 22.0%

30-Year Treasury 1.91% Euro Stoxx 50 Index 4,189 6.6% 26.3% 17.9%

retail roundup

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