STRATEGIC PROFIT MODEL RESULTS FOR SELECTED RETAILERS FY2015

Transcription

1 STRATEGIC PROFIT MODEL RESULTS FOR SELECTED RETAILERS FY These results were compiled by Professors John S. Strong and Lawrence J. Ring, with the assistance of Samantha Pham, MBA Raymond A. Mason School of Business, College of William and Mary, Williamsburg, Virginia, USA. Copyright 2016.

2 STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS (ROS) ebay Inc EBAY 12/31/15 8, O'Reilly Automotive Inc ORLY 12/31/15 7, AutoZone Inc AZO 8/31/15 10, Tiffany & Co. TIF 1/31/16 4, L Brands Inc LB 1/31/16 12, Sherwin-Williams Company SHW 12/31/15 11, Liberty Interactive QVCA 12/31/15 9, Ross Stores, Inc. ROST 1/31/16 11, Ulta Salon Cosmetics & Fragrances Inc ULTA 1/31/16 3, Home Depot, Inc. HD 1/31/16 88, TJX Companies TJX 1/31/16 30, Foot Locker Inc FL 1/31/16 7, Signet Jewelers Ltd SIG 1/31/16 6, Bed Bath & Beyond, Inc. BBBY 2/28/16 12, Tractor Supply TSCO 12/31/15 6, Urban Outfitters URBN 1/31/2016 3, Williams-Sonoma, Inc. WSM 1/31/16 4, American Eagle Outfitters AEO 1/31/16 3, Publix Super Mkts, Inc. PUSH 12/31/15 32, Gap, Inc. GPS 1/31/16 15, Dollar General Corporation DG 1/29/16 20, Advance Auto Parts Inc AAP 12/31/15 9, HSN, Inc. HSNI 12/31/15 3, Target Corp TGT 1/31/16 73, Dick's Sporting Goods, Inc. DKS 1/31/16 7, Lowe's Companies Inc. LOW 1/31/16 59, GameStop Corp Class A GME 1/31/16 9, Nordstrom, Inc. JWN 1/31/16 14, Walgreens Boot Alliance WBA 8/31/15 103, Dillards, Inc. DDS 1/31/16 6, Macy's Inc M 1/31/16 27, Kohl's Corp KSS 1/31/16 19, Whole Foods Market, Inc. WFM 9/30/15 15, CVS Caremark Corp CVS 12/31/15 153, Casey's General Stores, Inc. CASY 4/30/16 7, Caleres Inc. CAL 1/31/16 2, Wal-Mart Stores Inc WMT 1/31/16 482, Big Lots, Inc. BIG 1/31/16 5, Best Buy Co Inc BBY 1/31/16 39, Weis Markets, Inc. WMK 12/31/15 2, Costco Wholesale Corporation COST 8/31/15 116, Sysco Corporation SYY 6/30/16 50, Kroger Co KR 1/31/16 109, Dollar Tree Stores, Inc. DLTR 1/31/16 15, Netflix, Inc. NFLX 12/31/15 6, Staples, Inc. SPLS 1/31/16 21, United Natural Foods, Inc. UNFI 7/31/15 8, Ingles Markets, Inc. Class A IMKTA 9/30/15 3, Supervalu SVU 2/28/16 17, Abercrombie & Fitch Company Class A ANF 1/31/16 3, Spartan Stores, Inc. SPTN 12/31/15 7, Amazon.com Inc AMZN 12/31/15 107, Rite Aid Corporation RAD 2/28/16 30, Chico's FAS, Inc. CHS 1/31/16 2, Office Depot Inc ODP 12/31/15 14, Barnes & Noble, Inc. BKS 4/30/16 4, Bon-Ton Stores Inc BONT 1/31/16 2, J.C. Penney Co Inc JCP 1/31/16 12, Sears Holdings Corporation SHLD 1/31/16 25, Ascena Retail Group, Inc. ASNA 7/31/15 4, Rent-A-Center, Inc. RCII 12/31/15 3, Tailored Brands TLRD 1/31/16 3, Assets Leverage Net Worth $ 20.08% % % 1, $ 11.69% % % $ 11.39% % NA NA 1, $ 11.30% % % $ 10.31% % NA NA 1, $ 9.29% % % 1, $ 8.70% % % $ 8.55% % % 1, $ 8.15% % % $ 7.92% % % 7, $ 7.36% % % 2, $ 7.30% % % $ 7.14% % % $ 6.95% % % $ 6.59% % % $ 6.52% % % $ 6.23% % % $ 6.19% % % $ 6.02% % % 1, $ 5.82% % % $ 5.72% % % 1, $ 4.86% % % $ 4.58% % % $ 4.56% % % 3, $ 4.54% % % $ 4.31% % % 2, $ 4.30% % % $ 4.16% % % $ 4.08% % % 4, $ 3.99% % % $ 3.96% % % 1, $ 3.50% % % $ 3.48% % % $ 3.42% % % 5, $ 3.17% % % $ 3.16% % % $ 3.05% % % 14, $ 2.75% % % $ 2.27% % % $ 2.06% % % $ 2.05% % % 2, $ 1.89% % % $ 1.86% % % 2, $ 1.82% % % $ 1.81% % % $ 1.80% % % $ 1.69% % % $ 1.57% % % $ 1.02% % NA NA $ 1.01% % % $ 0.82% % % $ 0.56% % % $ 0.54% % % $ 0.07% % % 1.90 $ 0.06% % % 8.00 $ -0.59% % % (24.40) $ -2.05% % % (57.10) $ -4.06% % % (513.00) $ -4.49% % NA NA (1,129.00) $ -4.93% % % (236.80) $ % % % (866.60) $ % % NA NA (1,027) $ $ 17, $ 6, $ $ 6, $ 1, $ $ 8, $ (1,701.40) $ $ 5, $ 2, $ $ 8, $ (259.00) $ $ 5, $ $ $ 21, $ 6, $ $ 4, $ 2, $ $ 2, $ 1, $ $ 42, $ 6, $ $ 11, $ 4, $ $ 3, $ 2, $ $ 6, $ 3, $ $ 6, $ 2, $ $ 2, $ 1, $ $ 1, $ 1, $ $ 2, $ 1, $ $ 1, $ 1, $ $ 16, $ 12, $ $ 7, $ 2, $ $ 11, $ 5, $ $ 8, $ 2, $ $ 1, $ $ $ 40, $ 12, $ $ 3, $ 1, $ $ 31, $ 7, $ $ 4, $ 2, $ $ 7, $ $ $ 68, $ 30, $ $ 3, $ 1, $ $ 20, $ 4, $ $ 13, $ 5, $ $ 5, $ 3, $ $ 93, $ 37, $ $ 2, $ 1, $ $ 1, $ $ $ 199, $ 80, $ $ 1, $ $ $ 13, $ 4, $ $ 1, $ $ $ 33, $ 10, $ $ 16, $ 3, $ $ 33, $ 6, $ $ 15, $ 4, $ $ 10, $ 2, $ $ 10, $ 5, $ $ 2, $ 1, $ $ 1, $ $ $ 4, $ (441.00) $ $ 2, $ 1, $ $ 1, $ $ $ 65, $ 13, $ $ 11, $ $ $ 1, $ $ $ 6, $ 1, $ $ 2, $ $ $ 1, $ $ $ 9, $ 1, $ $ 11, $ (1,963.00) $ $ 2, $ 1, $ $ 1, $ $ $ 2, $ (100.09) #DIV/0!

3 STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS (ATO) Assets Leverage Net Worth Supervalu SVU 2/28/16 $ 17, % % NA NA $ $ 4, $ (441.00) Spartan Stores, Inc. SPTN 12/31/15 $ 7, % % % $ $ 1, $ Costco Wholesale Corporation COST 8/31/15 $ 116, % % % $ 2, $ 33, $ 10, Kroger Co KR 1/31/16 $ 109, % % % $ 2, $ 33, $ 6, United Natural Foods, Inc. UNFI 7/31/15 $ 8, % % % $ $ 2, $ 1, Big Lots, Inc. BIG 1/31/16 $ 5, % % % $ $ 1, $ Sysco Corporation SYY 6/30/16 $ 50, % % % $ $ 16, $ 3, Best Buy Co Inc BBY 1/31/16 $ 39, % % % $ $ 13, $ 4, HSN, Inc. HSNI 12/31/15 $ 3, % % % $ $ 1, $ Rite Aid Corporation RAD 2/28/16 $ 30, % % % $ $ 11, $ TJX Companies TJX 1/31/16 $ 30, % % % $ 2, $ 11, $ 4, Whole Foods Market, Inc. WFM 9/30/15 $ 15, % % % $ $ 5, $ 3, Tractor Supply TSCO 12/31/15 $ 6, % % % $ $ 2, $ 1, Casey's General Stores, Inc. CASY 4/30/16 $ 7, % % % $ $ 2, $ 1, Ross Stores, Inc. ROST 1/31/16 $ 11, % % % $ 1, $ 4, $ 2, Wal-Mart Stores Inc WMT 1/31/16 $ 482, % % % $ 14, $ 199, $ 80, Weis Markets, Inc. WMK 12/31/15 $ 2, % % % $ $ 1, $ Chico's FAS, Inc. CHS 1/31/16 $ 2, % % % $ 1.90 $ 1, $ Ingles Markets, Inc. Class A IMKTA 9/30/15 $ 3, % % % $ $ 1, $ Office Depot Inc ODP 12/31/15 $ 14, % % % $ 8.00 $ 6, $ 1, American Eagle Outfitters AEO 1/31/16 $ 3, % % % $ $ 1, $ 1, GameStop Corp Class A GME 1/31/16 $ 9, % % % $ $ 4, $ 2, Gap, Inc. GPS 1/31/16 $ 15, % % % $ $ 7, $ 2, Home Depot, Inc. HD 1/31/16 $ 88, % % % $ 7, $ 42, $ 6, Staples, Inc. SPLS 1/31/16 $ 21, % % % $ $ 10, $ 5, Barnes & Noble, Inc. BKS 4/30/16 $ 4, % % % $ (24.40) $ 2, $ Williams-Sonoma, Inc. WSM 1/31/16 $ 4, % % % $ $ 2, $ 1, Dick's Sporting Goods, Inc. DKS 1/31/16 $ 7, % % % $ $ 3, $ 1, Publix Super Mkts, Inc. PUSH 12/31/15 $ 32, % % % $ 1, $ 16, $ 12, Caleres Inc. CAL 1/31/16 $ 2, % % % $ $ 1, $ Foot Locker Inc FL 1/31/16 $ 7, % % % $ $ 3, $ 2, Sherwin-Williams Company SHW 12/31/15 $ 11, % % % $ 1, $ 5, $ Lowe's Companies Inc. LOW 1/31/16 $ 59, % % % $ 2, $ 31, $ 7, Nordstrom, Inc. JWN 1/31/16 $ 14, % % % $ $ 7, $ Urban Outfitters URBN 1/31/2016 $ 3, % % % $ $ 1, $ 1, Bed Bath & Beyond, Inc. BBBY 2/28/16 $ 12, % % % $ $ 6, $ 2, Target Corp TGT 1/31/16 $ 73, % % % $ 3, $ 40, $ 12, Dollar General Corporation DG 1/29/16 $ 20, % % % $ 1, $ 11, $ 5, Bon-Ton Stores Inc BONT 1/31/16 $ 2, % % % $ (57.10) $ 1, $ Ulta Salon Cosmetics & Fragrances Inc ULTA 1/31/16 $ 3, % % % $ $ 2, $ 1, Dillards, Inc. DDS 1/31/16 $ 6, % % % $ $ 3, $ 1, Rent-A-Center, Inc. RCII 12/31/15 $ 3, % % % $ (866.60) $ 1, $ Ascena Retail Group, Inc. ASNA 7/31/15 $ 4, % % % $ (236.80) $ 2, $ 1, CVS Caremark Corp CVS 12/31/15 $ 153, % % % $ 5, $ 93, $ 37, Amazon.com Inc AMZN 12/31/15 $ 107, % % % $ $ 65, $ 13, Tailored Brands TLRD 1/31/16 $ 3, % % NA NA $ (1,027) $ 2, $ (100.09) Walgreens Boot Alliance WBA 8/31/15 $ 103, % % % $ 4, $ 68, $ 30, Abercrombie & Fitch Company Class A ANF 1/31/16 $ 3, % % % $ $ 2, $ 1, L Brands Inc LB 1/31/16 $ 12, % % NA NA $ 1, $ 8, $ (259.00) Kohl's Corp KSS 1/31/16 $ 19, % % % $ $ 13, $ 5, J.C. Penney Co Inc JCP 1/31/16 $ 12, % % % $ (513.00) $ 9, $ 1, Macy's Inc M 1/31/16 $ 27, % % % $ 1, $ 20, $ 4, AutoZone Inc AZO 8/31/15 $ 10, % % NA NA $ 1, $ 8, $ (1,701.40) Advance Auto Parts Inc AAP 12/31/15 $ 9, % % % $ $ 8, $ 2, O'Reilly Automotive Inc ORLY 12/31/15 $ 7, % % % $ $ 6, $ 1, Signet Jewelers Ltd SIG 1/31/16 $ 6, % % % $ $ 6, $ 3, Dollar Tree Stores, Inc. DLTR 1/31/16 $ 15, % % % $ $ 15, $ 4, Tiffany & Co. TIF 1/31/16 $ 4, % % % $ $ 5, $ 2, Netflix, Inc. NFLX 12/31/15 $ 6, % % % $ $ 10, $ 2, ebay Inc EBAY 12/31/15 $ 8, % % % $ 1, $ 17, $ 6, Liberty Interactive QVCA 12/31/15 $ 9, % % % $ $ 21, $ 6,787.00

4 STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS (ROA) Assets Leverage Net Worth Ross Stores, Inc. ROST 1/31/16 $ 11, % % % $ 1, $ 4, $ 2, TJX Companies TJX 1/31/16 $ 30, % % % $ 2, $ 11, $ 4, Sherwin-Williams Company SHW 12/31/15 $ 11, % % % $ 1, $ 5, $ Tractor Supply TSCO 12/31/15 $ 6, % % % $ $ 2, $ 1, Home Depot, Inc. HD 1/31/16 $ 88, % % % $ 7, $ 42, $ 6, L Brands Inc LB 1/31/16 $ 12, % % NA NA $ 1, $ 8, $ (259.00) Ulta Salon Cosmetics & Fragrances Inc ULTA 1/31/16 $ 3, % % % $ $ 2, $ 1, Foot Locker Inc FL 1/31/16 $ 7, % % % $ $ 3, $ 2, AutoZone Inc AZO 8/31/15 $ 10, % % NA NA $ 1, $ 8, $ (1,701.40) O'Reilly Automotive Inc ORLY 12/31/15 $ 7, % % % $ $ 6, $ 1, American Eagle Outfitters AEO 1/31/16 $ 3, % % % $ $ 1, $ 1, Bed Bath & Beyond, Inc. BBBY 2/28/16 $ 12, % % % $ $ 6, $ 2, Williams-Sonoma, Inc. WSM 1/31/16 $ 4, % % % $ $ 2, $ 1, HSN, Inc. HSNI 12/31/15 $ 3, % % % $ $ 1, $ Gap, Inc. GPS 1/31/16 $ 15, % % % $ $ 7, $ 2, Urban Outfitters URBN 1/31/2016 $ 3, % % % $ $ 1, $ 1, Publix Super Mkts, Inc. PUSH 12/31/15 $ 32, % % % $ 1, $ 16, $ 12, Dollar General Corporation DG 1/29/16 $ 20, % % % $ 1, $ 11, $ 5, ebay Inc EBAY 12/31/15 $ 8, % % % $ 1, $ 17, $ 6, Whole Foods Market, Inc. WFM 9/30/15 $ 15, % % % $ $ 5, $ 3, GameStop Corp Class A GME 1/31/16 $ 9, % % % $ $ 4, $ 2, Dick's Sporting Goods, Inc. DKS 1/31/16 $ 7, % % % $ $ 3, $ 1, Tiffany & Co. TIF 1/31/16 $ 4, % % % $ $ 5, $ 2, Big Lots, Inc. BIG 1/31/16 $ 5, % % % $ $ 1, $ Target Corp TGT 1/31/16 $ 73, % % % $ 3, $ 40, $ 12, Casey's General Stores, Inc. CASY 4/30/16 $ 7, % % % $ $ 2, $ 1, Lowe's Companies Inc. LOW 1/31/16 $ 59, % % % $ 2, $ 31, $ 7, Nordstrom, Inc. JWN 1/31/16 $ 14, % % % $ $ 7, $ Wal-Mart Stores Inc WMT 1/31/16 $ 482, % % % $ 14, $ 199, $ 80, Signet Jewelers Ltd SIG 1/31/16 $ 6, % % % $ $ 6, $ 3, Costco Wholesale Corporation COST 8/31/15 $ 116, % % % $ 2, $ 33, $ 10, Dillards, Inc. DDS 1/31/16 $ 6, % % % $ $ 3, $ 1, Best Buy Co Inc BBY 1/31/16 $ 39, % % % $ $ 13, $ 4, Caleres Inc. CAL 1/31/16 $ 2, % % % $ $ 1, $ Walgreens Boot Alliance WBA 8/31/15 $ 103, % % % $ 4, $ 68, $ 30, Kroger Co KR 1/31/16 $ 109, % % % $ 2, $ 33, $ 6, Advance Auto Parts Inc AAP 12/31/15 $ 9, % % % $ $ 8, $ 2, Sysco Corporation SYY 6/30/16 $ 50, % % % $ $ 16, $ 3, CVS Caremark Corp CVS 12/31/15 $ 153, % % % $ 5, $ 93, $ 37, United Natural Foods, Inc. UNFI 7/31/15 $ 8, % % % $ $ 2, $ 1, Macy's Inc M 1/31/16 $ 27, % % % $ 1, $ 20, $ 4, Kohl's Corp KSS 1/31/16 $ 19, % % % $ $ 13, $ 5, Weis Markets, Inc. WMK 12/31/15 $ 2, % % % $ $ 1, $ Liberty Interactive QVCA 12/31/15 $ 9, % % % $ $ 21, $ 6, Supervalu SVU 2/28/16 $ 17, % % NA NA $ $ 4, $ (441.00) Staples, Inc. SPLS 1/31/16 $ 21, % % % $ $ 10, $ 5, Ingles Markets, Inc. Class A IMKTA 9/30/15 $ 3, % % % $ $ 1, $ Spartan Stores, Inc. SPTN 12/31/15 $ 7, % % % $ $ 1, $ Dollar Tree Stores, Inc. DLTR 1/31/16 $ 15, % % % $ $ 15, $ 4, Rite Aid Corporation RAD 2/28/16 $ 30, % % % $ $ 11, $ Abercrombie & Fitch Company Class A ANF 1/31/16 $ 3, % % % $ $ 2, $ 1, Netflix, Inc. NFLX 12/31/15 $ 6, % % % $ $ 10, $ 2, Amazon.com Inc AMZN 12/31/15 $ 107, % % % $ $ 65, $ 13, Chico's FAS, Inc. CHS 1/31/16 $ 2, % % % $ 1.90 $ 1, $ Office Depot Inc ODP 12/31/15 $ 14, % % % $ 8.00 $ 6, $ 1, Barnes & Noble, Inc. BKS 4/30/16 $ 4, % % % $ (24.40) $ 2, $ Bon-Ton Stores Inc BONT 1/31/16 $ 2, % % % $ (57.10) $ 1, $ J.C. Penney Co Inc JCP 1/31/16 $ 12, % % % $ (513.00) $ 9, $ 1, Ascena Retail Group, Inc. ASNA 7/31/15 $ 4, % % % $ (236.80) $ 2, $ 1, Sears Holdings Corporation SHLD 1/31/16 $ 25, % % NA NA $ (1,129.00) $ 11, $ (1,963.00) Rent-A-Center, Inc. RCII 12/31/15 $ 3, % % % $ (866.60) $ 1, $ Tailored Brands TLRD 1/31/16 $ 3, % % NA NA $ (1,027) $ 2, $ (100.09)

5 STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS (LEV) Assets Leverage Net Worth Publix Super Mkts, Inc. PUSH 12/31/15 $ 32, % % % $ 1, $ 16, $ 12, Weis Markets, Inc. WMK 12/31/15 $ 2, % % % $ $ 1, $ Foot Locker Inc FL 1/31/16 $ 7, % % % $ $ 3, $ 2, Whole Foods Market, Inc. WFM 9/30/15 $ 15, % % % $ $ 5, $ 3, American Eagle Outfitters AEO 1/31/16 $ 3, % % % $ $ 1, $ 1, Ulta Salon Cosmetics & Fragrances Inc ULTA 1/31/16 $ 3, % % % $ $ 2, $ 1, Urban Outfitters URBN 1/31/2016 $ 3, % % % $ $ 1, $ 1, Tractor Supply TSCO 12/31/15 $ 6, % % % $ $ 2, $ 1, Tiffany & Co. TIF 1/31/16 $ 4, % % % $ $ 5, $ 2, Chico's FAS, Inc. CHS 1/31/16 $ 2, % % % $ 1.90 $ 1, $ United Natural Foods, Inc. UNFI 7/31/15 $ 8, % % % $ $ 2, $ 1, Abercrombie & Fitch Company Class A ANF 1/31/16 $ 3, % % % $ $ 2, $ 1, Staples, Inc. SPLS 1/31/16 $ 21, % % % $ $ 10, $ 5, Ascena Retail Group, Inc. ASNA 7/31/15 $ 4, % % % $ (236.80) $ 2, $ 1, Ross Stores, Inc. ROST 1/31/16 $ 11, % % % $ 1, $ 4, $ 2, Dick's Sporting Goods, Inc. DKS 1/31/16 $ 7, % % % $ $ 3, $ 1, Williams-Sonoma, Inc. WSM 1/31/16 $ 4, % % % $ $ 2, $ 1, GameStop Corp Class A GME 1/31/16 $ 9, % % % $ $ 4, $ 2, Dollar General Corporation DG 1/29/16 $ 20, % % % $ 1, $ 11, $ 5, Signet Jewelers Ltd SIG 1/31/16 $ 6, % % % $ $ 6, $ 3, Dillards, Inc. DDS 1/31/16 $ 6, % % % $ $ 3, $ 1, Caleres Inc. CAL 1/31/16 $ 2, % % % $ $ 1, $ Walgreens Boot Alliance WBA 8/31/15 $ 103, % % % $ 4, $ 68, $ 30, Big Lots, Inc. BIG 1/31/16 $ 5, % % % $ $ 1, $ Spartan Stores, Inc. SPTN 12/31/15 $ 7, % % % $ $ 1, $ Wal-Mart Stores Inc WMT 1/31/16 $ 482, % % % $ 14, $ 199, $ 80, Kohl's Corp KSS 1/31/16 $ 19, % % % $ $ 13, $ 5, Casey's General Stores, Inc. CASY 4/30/16 $ 7, % % % $ $ 2, $ 1, CVS Caremark Corp CVS 12/31/15 $ 153, % % % $ 5, $ 93, $ 37, Bed Bath & Beyond, Inc. BBBY 2/28/16 $ 12, % % % $ $ 6, $ 2, TJX Companies TJX 1/31/16 $ 30, % % % $ 2, $ 11, $ 4, ebay Inc EBAY 12/31/15 $ 8, % % % $ 1, $ 17, $ 6, Gap, Inc. GPS 1/31/16 $ 15, % % % $ $ 7, $ 2, Best Buy Co Inc BBY 1/31/16 $ 39, % % % $ $ 13, $ 4, Target Corp TGT 1/31/16 $ 73, % % % $ 3, $ 40, $ 12, Liberty Interactive QVCA 12/31/15 $ 9, % % % $ $ 21, $ 6, Costco Wholesale Corporation COST 8/31/15 $ 116, % % % $ 2, $ 33, $ 10, Advance Auto Parts Inc AAP 12/31/15 $ 9, % % % $ $ 8, $ 2, Barnes & Noble, Inc. BKS 4/30/16 $ 4, % % % $ (24.40) $ 2, $ O'Reilly Automotive Inc ORLY 12/31/15 $ 7, % % % $ $ 6, $ 1, Dollar Tree Stores, Inc. DLTR 1/31/16 $ 15, % % % $ $ 15, $ 4, Ingles Markets, Inc. Class A IMKTA 9/30/15 $ 3, % % % $ $ 1, $ Office Depot Inc ODP 12/31/15 $ 14, % % % $ 8.00 $ 6, $ 1, Lowe's Companies Inc. LOW 1/31/16 $ 59, % % % $ 2, $ 31, $ 7, Rent-A-Center, Inc. RCII 12/31/15 $ 3, % % % $ (866.60) $ 1, $ Netflix, Inc. NFLX 12/31/15 $ 6, % % % $ $ 10, $ 2, Sysco Corporation SYY 6/30/16 $ 50, % % % $ $ 16, $ 3, Macy's Inc M 1/31/16 $ 27, % % % $ 1, $ 20, $ 4, Amazon.com Inc AMZN 12/31/15 $ 107, % % % $ $ 65, $ 13, Kroger Co KR 1/31/16 $ 109, % % % $ 2, $ 33, $ 6, Sherwin-Williams Company SHW 12/31/15 $ 11, % % % $ 1, $ 5, $ Home Depot, Inc. HD 1/31/16 $ 88, % % % $ 7, $ 42, $ 6, J.C. Penney Co Inc JCP 1/31/16 $ 12, % % % $ (513.00) $ 9, $ 1, Nordstrom, Inc. JWN 1/31/16 $ 14, % % % $ $ 7, $ HSN, Inc. HSNI 12/31/15 $ 3, % % % $ $ 1, $ Rite Aid Corporation RAD 2/28/16 $ 30, % % % $ $ 11, $ Bon-Ton Stores Inc BONT 1/31/16 $ 2, % % % $ (57.10) $ 1, $ Sears Holdings Corporation SHLD 1/31/16 $ 25, % % NA NA $ (1,129.00) $ 11, $ (1,963.00) Supervalu SVU 2/28/16 $ 17, % % NA NA $ $ 4, $ (441.00) L Brands Inc LB 1/31/16 $ 12, % % NA NA $ 1, $ 8, $ (259.00) AutoZone Inc AZO 8/31/15 $ 10, % % NA NA $ 1, $ 8, $ (1,701.40) Tailored Brands TLRD 1/31/16 $ 3, % % NA NA $ (1,027) $ 2, $ (100.09)

6 STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS (RONW) Assets Leverage Net Worth L Brands Inc LB 1/31/16 12, $ 10.31% % NA NA NA % 74.19% % 54.54% 20.52% 11.74% 32.36% 22.84% 1, $ 8, $ $ (259.00) AutoZone Inc AZO 8/31/15 10, $ 11.39% % NA NA NA NA NA NA NA NA NA % % 1, $ 8, $ $ (1,701.40) Sherwin-Williams Company SHW 12/31/15 11, $ 9.29% % % 86.81% 42.41% 37.32% 28.28% 26.50% 29.23% 29.70% 34.47% 28.91% 1, $ 5, $ $ HSN, Inc. HSNI 12/31/15 3, $ 4.58% % % 30.38% 33.64% 25.77% 23.08% 20.68% 21.07% NA 5.60% NA $ 1, $ $ Home Depot, Inc. HD 1/31/16 88, $ 7.92% % % 72.18% 43.00% 25.51% 21.11% 17.67% 13.72% 12.71% 24.81% 23.02% 7, $ 42, $ $ 6, Nordstrom, Inc. JWN 1/31/16 14, $ 4.16% % % 30.16% 35.29% 38.42% 8.37% -6.42% % % 12.83% 19.77% $ 7, $ $ TJX Companies TJX 1/31/16 30, $ 7.36% % % 53.16% 50.53% 51.99% 47.42% 43.33% 42.00% 41.26% 36.21% 33.92% 2, $ 11, $ $ 4, O'Reilly Automotive Inc ORLY 12/31/15 7, $ 11.69% % % 41.86% 34.09% 27.75% 3.17% % 12.96% 15.16% 8.15% 7.55% $ 6, $ $ 1, Ross Stores, Inc. ROST 1/31/16 11, $ 8.55% % % 43.09% 41.71% 44.49% 46.50% 41.63% 38.26% 30.66% 26.89% 26.56% 1, $ 4, $ $ 2, Gap, Inc. GPS 1/31/16 15, $ 5.82% % % 37.81% 41.80% 39.22% 24.37% 29.51% 22.53% 22.04% 19.49% 15.04% $ 7, $ $ 2, Lowe's Companies Inc. LOW 1/31/16 59, $ 4.31% % % 28.43% 19.29% 14.14% 10.62% 11.10% 9.35% 12.16% 17.45% 19.75% 2, $ 31, $ $ 7, Bed Bath & Beyond, Inc. BBBY 2/28/16 12, $ 6.95% % % 34.89% 25.94% 25.42% 25.24% 20.13% 16.43% 14.17% 21.97% 22.43% $ 6, $ $ 2, Kroger Co KR 1/31/16 109, $ 1.86% % % 31.93% 28.21% 35.58% 12.98% 21.07% 1.45% 24.13% 24.03% 22.65% 2, $ 33, $ $ 6, Tractor Supply TSCO 12/31/15 6, $ 6.59% % % 30.92% 26.32% 26.93% 22.98% 18.20% 15.75% 13.43% 17.02% 15.20% $ 2, $ $ 1, Rite Aid Corporation RAD 2/28/16 30, $ 0.54% % % NA % -4.47% NA NA NA NA NA 1.61% $ 11, $ $ Sysco Corporation SYY 6/30/16 50, $ 1.89% % % 13.04% 17.68% 19.11% 23.90% 24.48% 30.83% 30.61% 32.45% 30.54% $ 16, $ $ 3, ebay Inc EBAY 12/31/15 8, $ 20.08% % % 12.08% 12.08% 12.50% 19.43% 11.77% 17.33% 16.05% 2.98% 10.32% 1, $ 17, $ $ 6, Target Corp TGT 1/31/16 73, $ 4.56% % % -6.44% 12.14% 18.11% 18.71% 18.85% 16.21% 20.78% 18.61% 17.83% 3, $ 40, $ $ 12, Williams-Sonoma, Inc. WSM 1/31/16 4, $ 6.23% % % 25.31% 22.21% 19.55% 18.85% 15.91% 6.39% 2.62% 16.80% 17.80% $ 2, $ $ 1, Macy's Inc M 1/31/16 27, $ 3.96% % % 26.40% 23.78% 22.06% 21.91% 15.32% 7.45% % 9.01% 8.06% 1, $ 20, $ $ 4, Costco Wholesale Corporation COST 8/31/15 116, $ 2.05% % % 16.73% 18.82% 18.82% 12.81% 12.18% 12.03% 10.84% 11.24% 13.83% 2, $ 33, $ $ 10, Ulta Salon Cosmetics & Fragrances Inc ULTA 1/31/16 3, $ 8.15% % % 23.01% 20.24% 21.98% 20.51% 17.62% 13.31% 10.20% 6.60% 5.37% $ 2, $ $ 1, Dollar General Corporation DG 1/29/16 20, $ 5.72% % % 19.74% 18.97% 19.10% 16.42% 15.49% NA NA NA NA 1, $ 11, $ $ 5, Foot Locker Inc FL 1/31/16 7, $ 7.30% % % 22.80% 17.19% 16.70% 13.45% 8.35% 2.46% -4.16% 2.25% 10.76% $ 3, $ $ 2, Casey's General Stores, Inc. CASY 4/30/16 7, $ 3.17% % % 21.94% 18.61% 18.26% 25.71% 23.43% 14.19% 11.88% 13.11% 11.10% $ 2, $ $ 1, American Eagle Outfitters AEO 1/31/16 3, $ 6.19% % % 11.58% 7.12% 19.00% 10.98% 10.50% 10.71% 12.71% 29.84% 27.33% $ 1, $ $ 1, Best Buy Co Inc BBY 1/31/16 39, $ -0.93% % % 18.40% % % % 19.34% 20.84% 21.60% $ 13, $ $ 4, Big Lots, Inc. BIG 1/31/16 5, $ 2.75% % % 17.73% 13.76% 23.35% 23.39% 23.50% 20.01% 19.56% 24.82% 9.97% $ 1, $ $ Net Worth'14 Net Worth '13 Net Worth '12 Net Worth '11 Urban Outfitters URBN 1/31/2016 3, $ 6.52% % % 17.09% 16.67% 17.50% 14.93% GameStop Corp Class A GME 1/31/16 9, $ 4.30% % % 19.30% 15.73% % 11.45% 14.08% 13.85% 17.32% 15.48% 11.50% $ 4, $ $ 2, Advance Auto Parts Inc AAP 12/31/15 9, $ 4.86% % % 25.16% 25.84% 31.97% 41.87% 33.29% 21.08% 22.14% 23.28% 22.44% $ 8, $ $ 2, Dick's Sporting Goods, Inc. DKS 1/31/16 7, $ 4.54% % % 19.54% 19.92% 18.27% 17.62% 13.35% 12.50% -3.92% 17.45% 18.15% $ 3, $ $ 1, Wal-Mart Stores Inc WMT 1/31/16 482, $ 3.05% % % 19.03% 21.01% 22.27% 22.45% 23.91% 20.26% 20.53% 19.70% 20.47% 14, $ 199, $ $ 80, Tiffany & Co. TIF 1/31/16 4, $ 11.30% % % 15.66% 6.67% 16.01% 19.40% 16.92% 14.06% 13.85% 18.55% 14.07% $ 5, $ $ 2, Publix Super Mkts, Inc. PUSH 12/31/15 32, $ 6.02% % % 15.35% 20.94% 17.09% 22.24% 18.43% 18.44% 19.31% 20.98% 22.06% 1, $ 16, $ $ 12, Signet Jewelers Ltd SIG 1/31/16 6, $ 7.14% % % 14.48% 14.36% 15.45% 14.22% 10.31% 9.12% % 11.90% 15.97% $ 6, $ $ 3, Dillards, Inc. DDS 1/31/16 6, $ 3.99% % % 16.09% 16.21% 17.00% 22.42% 8.61% 2.97% % 2.14% 9.02% $ 3, $ $ 1, Whole Foods Market, Inc. WFM 9/30/15 15, $ 3.48% % % 15.92% 14.21% 12.23% 12.79% 10.13% 9.02% 7.30% 7.60% 12.53% $ 5, $ $ 3, CVS Caremark Corp CVS 12/31/15 153, $ 3.42% % % 12.23% 12.10% 10.28% 9.14% 9.09% 10.33% 9.29% 8.42% 13.80% 5, $ 93, $ $ 37, Ingles Markets, Inc. Class A IMKTA 9/30/15 3, $ 1.57% % % 15.68% -5.36% 9.40% 9.22% 7.67% 7.24% 13.54% 14.20% 14.00% $ 1, $ $ Walgreens Boots Alliance WBA 8/31/15 103, $ 4.08% % % 13.68% 12.59% 12.59% 18.56% 14.52% 13.95% 13.95% 16.76% 18.40% 4, $ 68, $ $ 30, Caleres Inc. CAL 1/31/16 2, $ 3.16% % % 15.71% 7.97% 6.35% 6.05% 8.92% 2.49% % 10.73% 12.60% $ 1, $ $ Liberty Interactive QVCA 12/31/15 9, $ 8.70% % % 13.45% 7.22% 20.23% 14.27% 13.85% 3.80% % 5.86% 5.97% $ 21, $ $ 6, Kohl's Corp KSS 1/31/16 19, $ 3.50% % % 12.80% 14.87% 16.30% 15.98% 14.27% 12.62% 13.13% 17.76% 19.79% $ 13, $ $ 5, United Natural Foods, Inc. UNFI 7/31/15 8, $ 1.69% % % 10.05% 9.73% 9.73% 10.27% 10.84% 10.87% 10.10% 11.80% 11.90% $ 2, $ $ 1, Spartan Stores, Inc. SPTN 12/31/15 7, $ 0.82% % % 7.49% 8.04% 8.04% 10.16% 10.57% 9.33% 15.80% 15.70% 14.80% $ 1, $ $ Staples, Inc. SPLS 1/31/16 21, $ 1.80% % % 0.96% 10.11% -3.43% 14.11% 12.70% 10.91% 14.47% 17.41% 19.39% $ 10, $ $ 5, Weis Markets, Inc. WMK 12/31/15 2, $ 2.06% % % 6.41% 8.51% 10.31% 10.31% 9.38% 9.09% 7.11% 7.00% 8.90% $ 1, $ $ Dollar Tree Stores, Inc. DLTR 1/31/16 15, $ 1.82% % % 17.42% 50.97% 37.13% 34.81% 27.21% 22.43% 18.31% 20.37% 16.44% $ 15, $ $ 4, Netflix, Inc. NFLX 12/31/15 6, $ 1.81% % % 14.32% 8.40% 2.28% 34.35% 30.33% 28.05% 33.14% 64.13% 31.27% $ 10, $ $ 2, Amazon.com Inc AMZN 12/31/15 107, $ 0.56% % % -2.24% 2.81% -0.48% 5.85% 16.78% 17.16% 24.14% 39.77% 44.08% $ 65, $ $ 13, Abercrombie & Fitch Company Class A ANF 1/31/16 3, $ 1.01% % % -0.07% 3.12% 13.03% 6.82% 7.95% 0.01% 14.75% 29.40% 30.00% $ 2, $ $ 1, Office Depot Inc ODP 12/31/15 14, $ 0.06% % % % -0.97% % 5.95% 11.84% 0.14% % 9.10% 4.62% 8.00 $ 6, $ $ 1, $ Chico's FAS, Inc. CHS 1/31/16 2, $ 0.07% % % 3.07% 7.25% 16.47% 13.60% 1.90 $ 1, $ Barnes & Noble, Inc. BKS 4/30/16 4, $ -0.59% % % 2.52% -7.18% % -8.80% -9.02% 4.07% 8.24% 12.64% 13.07% (24.40) $ 2, $ $ Ascena Retail Group, Inc. ASNA 7/31/15 4, $ -4.93% % % % 7.68% 9.70% 15.73% 14.72% 13.13% 11.13% 13.32% 19.86% (236.80) $ 2, $ $ 1, $ 1, J.C. Penney Co Inc JCP 1/31/16 12, $ -4.06% % % % % % -3.21% 7.12% 5.25% 13.77% 20.91% 26.45% (513.00) $ 9, $ Bon-Ton Stores Inc BONT 1/31/16 2, $ -2.05% % % % -2.34% % -7.62% 11.72% -2.86% % 3.18% 13.53% (57.10) $ 1, $ $ Rent-A-Center, Inc. RCII 12/31/15 3, $ % % % 7.27% 9.53% 12.45% 12.16% 12.68% 13.46% 12.94% 8.05% 10.93% (866.60) $ 1, $ $ Sears Holdings Corporation SHLD 1/31/16 25, $ -4.49% % NA NA NA % % % 1.56% 2.58% 0.57% 7.74% 11.72% (1,129.00) $ 11, $ $ (1,963.00) Supervalu SVU 2/28/16 17, $ 1.02% % NA NA NA 23.85% % % % 13.61% % 9.96% 8.52% $ 4, $ $ (441.00) Tailored Brands TLRD 1/31/16 3, $ % % NA NA 2.99% 8.30% 11.95% 12.16% Net Worth '10 Net Worth '09 Net Worth '08 Net Worth '07 Net Worth '06

7 STRATEGIC PROFIT MODELS FOR SELECTED APPAREL RETAILERS (RONW) Sales (millions) Assets Leverage Net Worth L Brands Inc LB 1/31/16 $ 12, % % NA NA 1, Nordstrom, Inc. JWN 1/31/16 $ 14, % % % TJX Companies TJX 1/31/16 $ 30, % % % 2, Ross Stores, Inc. ROST 1/31/16 $ 11, % % % 1, Gap, Inc. GPS 1/31/16 $ 15, % % % Buckle, Inc. BKE 1/31/16 $ 1, % % % American Eagle Outfitters AEO 1/31/16 $ 3, % % % Urban Outfitters Inc. URBN 1/31/16 $ 3, % % % Cato Corporation Class A CATO 1/31/16 $ 1, % % % Caleres Inc. CAL 1/31/16 $ 2, % % % Ann, Inc. ANN 1/31/16 $ 2, % % % Abercrombie & Fitch Company Class A ANF 1/31/16 $ 3, % % % Chico's FAS, Inc. CHS 1/31/16 $ 2, % % % 1.90 Destination Maternity Corp DEST 9/30/15 $ % % % (4.50) Ascena Retail Group, Inc. ASNA 7/31/15 $ 4, % % % (236.80) bebe stores, Inc. BEBE 6/30/15 $ % % % (27.70) Christopher & Banks Corporation CBK 1/31/16 $ % % % (49.10) Tailored Brands TLRD 1/31/16 $ 3, % % NA NA (1,027) $ $ 8, $ (259.00) $ $ 7, $ $ $ 11, $ 4, $ $ 4, $ 2, $ $ 7, $ 2, $ $ $ $ $ 1, $ 1, $ $ 1, $ 1, $ $ $ $ $ 1, $ $ $ 1, $ $ $ 2, $ 1, $ $ 1, $ $ $ $ $ $ 2, $ 1, $ $ $ $ $ $ $ $ 2, $ (100.09)

8 STRATEGIC PROFIT MODELS FOR SELECTED BROADLINE RETAILERS (RONW) '14 Assets Leverage Net Worth Nordstrom, Inc. JWN 1/31/16 $ 14, % % % $ $ 7, $ Stein Mart SMRT 1/31/16 $ 1, % % % $ $ $ Target Corp TGT 1/31/16 $ 73, % % % $ 3, $ 40, $ 12, Macy's Inc M 1/31/16 $ 27, % % % $ 1, $ 20, $ 4, Dollar General Corporation DG 1/29/16 $ 20, % % % $ 1, $ 11, $ 5, Foot Locker Inc FL 1/31/16 $ 7, % % % $ $ 3, $ 2, Big Lots, Inc. BIG 1/31/16 $ 5, % % % $ $ 1, $ Wal-Mart Stores Inc WMT 1/31/16 $ 482, % % % $ 14, $ 199, $ 80, Dillards, Inc. DDS 1/31/16 $ 6, % % % $ $ 3, $ 1, Caleres Inc. CAL 1/31/16 $ 2, % % % $ $ 1, $ Liberty Interactive QVCA 12/31/15 $ 9, % % % $ $ 21, $ 6, Kohl's Corp KSS 1/31/16 $ 19, % % % $ $ 13, $ 5, Dollar Tree Stores, Inc. DLTR 1/31/16 $ 15, % % % $ $ 15, $ 4, Stage Stores, Inc. SSI 1/31/16 $ 1, % % % $ 3.80 $ $ Fred's, Inc. FRED 1/30/16 $ 2, % % % $ (7.40) $ $ EVINE Live Inc EVLV 1/31/16 $ % % % $ (12.30) $ $ J.C. Penney Co Inc JCP 1/31/16 $ 12, % % % $ (513.00) $ 9, $ 1, Bon-Ton Stores Inc BONT 1/31/16 $ 2, % % % $ (57.10) $ 1, $ 34.90

9 STRATEGIC PROFIT MODELS FOR SELECTED FOOD and DRUG RETAILERS (RONW) Sales (millions) Assets Leverage Net Worth Supervalu SVU 2/28/16 $ 17, % % NA NA $ $ 4, $ (441.00) Kroger Co KR 1/31/16 $ 109, % % % $ 2, $ 33, $ 6, Rite Aid Corporation RAD 2/28/16 $ 30, % % % $ $ 11, $ Sysco Corporation SYY 6/30/16 $ 50, % % % $ $ 16, $ 3, Casey's General Stores, Inc. CASY 4/30/16 $ 7, % % % $ $ 2, $ 1, Fresh Market, Inc. TFM 1/31/16 $ 1, % % % $ $ $ Publix Super Mkts, Inc. PUSH 12/31/15 $ 32, % % % $ 1, $ 16, $ 12, Whole Foods Market, Inc. WFM 9/30/15 $ 15, % % % $ $ 5, $ 3, CVS Caremark Corp CVS 12/31/15 $ 153, % % % $ 5, $ 93, $ 37, Ingles Markets, Inc. Class A IMKTA 9/30/15 $ 3, % % % $ $ 1, $ Walgreens Boots Alliance WBA 8/31/15 $ 103, % % % $ 4, $ 68, $ 30, Village Super Market, Inc. Class A VLGEA 7/31/15 $ 1, % % % $ $ $ United Natural Foods, Inc. UNFI 7/31/15 $ 8, % % % $ $ 2, $ 1, Spartan Stores, Inc. SPTN 12/31/15 $ 7, % % % $ $ 1, $ Weis Markets, Inc. WMK 12/31/15 $ 2, % % % $ $ 1, $

10 STRATEGIC PROFIT MODELS FOR SELECTED SPECIALTY RETAILERS (RONW) Assets Leverage Net Worth AutoZone Inc AZO 8/31/15 $ 10, % % NA NA $ 1, $ 8, $ (1,701.40) Sherwin-Williams Company SHW 12/31/15 $ 11, % % % $ 1, $ 5, $ Home Depot, Inc. HD 1/31/16 $ 88, % % % $ 7, $ 42, $ 6, O'Reilly Automotive Inc ORLY 12/31/15 $ 7, % % % $ $ 6, $ 1, Lowe's Companies Inc. LOW 1/31/16 $ 59, % % % $ 2, $ 31, $ 7, Bed Bath & Beyond, Inc. BBBY 2/28/16 $ 12, % % % $ $ 6, $ 2, Tractor Supply TSCO 12/31/15 $ 6, % % % $ $ 2, $ 1, Fastenal Company FAST 12/31/15 $ 3, % % % $ $ 2, $ 1, Williams-Sonoma, Inc. WSM 1/31/16 $ 4, % % % $ $ 2, $ 1, Hibbett Sports Inc HIBB 1/31/16 $ % % % $ $ $ Costco Wholesale Corporation COST 8/31/15 $ 116, % % % $ 2, $ 33, $ 10, Ulta Salon Cosmetics & Fragrances Inc ULTA 1/31/16 $ 3, % % % $ $ 2, $ 1, Foot Locker Inc FL 1/31/16 $ 7, % % % $ $ 3, $ 2, Best Buy Co Inc BBY 1/31/16 $ 39, % % % $ $ 13, $ 4, GameStop Corp Class A GME 1/31/16 $ 9, % % % $ $ 4, $ 2, Advance Auto Parts Inc AAP 12/31/15 $ 9, % % % $ $ 8, $ 2, Dick's Sporting Goods, Inc. DKS 1/31/16 $ 7, % % % $ $ 3, $ 1, Tiffany & Co. TIF 1/31/16 $ 4, % % % $ $ 5, $ 2, Pricesmart, Inc. PSMT 8/31/15 $ 2, % % % $ $ $ Signet Jewelers Ltd SIG 1/31/16 $ 6, % % % $ $ 6, $ 3, Pier 1 Imports, Inc. PIR 2/27/16 $ 1, % % % $ $ $ Children's Place Retail Stores, Inc. PLCE 1/31/16 $ 1, % % % $ $ $ Aaron's, Inc. AAN 12/31/15 $ 3, % % % $ $ 2, $ 1, Genesco, Inc. GCO 1/31/16 $ 3, % % % $ $ 1, $ Staples, Inc. SPLS 1/31/16 $ 21, % % % $ $ 10, $ 5, Dollar Tree Stores, Inc. DLTR 1/31/16 $ 15, % % % $ $ 15, $ 4, Finish Line Inc FINL 2/28/16 $ 1, % % % $ $ $ Books-A-Million, Inc. BAMM 1/31/16 $ % % % $ 3.50 $ $ Trans World Entertainment TWMC 1/31/16 $ % % % $ 2.70 $ $ Office Depot Inc ODP 12/31/15 $ 14, % % % $ 8.00 $ 6, $ 1, Barnes & Noble, Inc. BKS 4/30/16 $ 4, % % % $ (24.40) $ 2, $ Rent-A-Center, Inc. RCII 12/31/15 $ 3, % % % $ (866.60) $ 1, $

11 STRATEGIC PROFIT MODELS FOR SELECTED INTERNET RETAILERS (RONW) Assets Leverage Net Worth HSN, Inc. HSNI 12/31/15 $ 3, % % % $ $ 1, $ Blue Nile, Inc. NILE 12/31/15 $ % % % $ $ $ ebay Inc EBAY 12/31/15 $ 8, % % % $ 1, $ 17, $ 6, United Online, Inc. UNTD 12/31/15 $ % % % $ $ $ Flowers.com, Inc. Class A FLWS 6/30/16 $ 1, % % % $ $ $ Liberty Interactive Corp Class A QVCA 12/31/15 $ 9, % % % $ $ 21, $ 6, Netflix, Inc. NFLX 12/31/15 $ 6, % % % $ $ 10, $ 2, Amazon.com Inc AMZN 12/31/15 $ 107, % % % $ $ 65, $ 13, Overstock.com, Inc. OSTK 12/31/15 $ 1, % % % $ 2.40 $ $ Shutterfly, Inc. SFLY 12/31/15 $ 1, % % % $ (0.80) $ 1, $ Stamps.com, Inc. STMP 12/31/15 $ % % % $ (4.20) $ $ U.S. Auto Parts Network, Inc. PRTS 12/31/15 $ % % % $ (1.30) $ $ EVINE Live Inc EVLV 1/31/16 $ % % % $ (12.30) $ $ Liquidity Service, Inc. LQDT 9/30/15 $ % % % $ (104.80) $ $

12 STRATEGIC PROFIT MODELS FOR SELECTED INTERNATIONAL RETAILERS (RONW) Sales (millions; Sales (millions; Net Net Net Net Net Net Net Net Net Net Company Name Country Retail Segment Base Currency home currency) USD equiv.) Sales Assets Leverage Worth Worth '14 Worth '13 Worth '12 Worth '11 Worth '10 Worth '09 Worth '08 Worth '07 Worth '06 HENNES & MAURITZ SWE HMRZF Apparel Swedish Kronor 11/30/15 180,861 21, % % % 38.75% 37.90% 38.48% 35.84% 42.29% 40.34% 41.39% 42.34% 38.87% 20, , , DAIRY FARM INTL HOLDINGS LTD BMU DFILF Food US Dollar 12/31/15 11,137 11, % % % 32.62% 34.86% 36.57% 58.16% 56.03% 67.09% 99.90% % 64.30% , , INDITEX ESP ITX Apparel Euro 1/31/16 20,900 23, % % % 26.25% 32.07% 27.82% 27.85% 26.96% 24.81% 26.57% 29.82% 29.04% ROYAL AHOLD NLD AH Food Euro 12/31/15 38,203 42, % % % 16.62% 21.14% 17.30% 17.26% 14.43% 16.43% 23.08% 75.77% 7.11% , , FAST RETAILING JPY 9983 Apparel Japanese Yen 8/31/15 1,681,781 13, % % % 11.71% 17.73% 18.15% 17.00% 21.42% 19.08% 16.48% 13.09% 16.83% METRO AG DEU MEO Food Euro 9/30/15 59,219 65, % % % 2.67% 0.05% 0.05% 9.79% 13.16% 9.02% 9.22% 13.19% 19.73% , , MARKS & SPENCER GROUP PLC GBR MKS Food Pound Sterling 3/31/16 10,555 16, % % % 15.19% 19.40% 18.74% 18.80% 22.86% 24.12% 24.35% 41.80% 56.82% , , CARREFOUR SUPERMARCHE SA FRA CA Food Euro 12/31/15 78,857 87, % % % 13.59% 14.68% 14.75% 4.08% 4.10% 4.24% 14.05% 21.02% 23.14% , , KINGFISHER PLC GBR KGF Specialty Pound Sterling 1/31/16 10,966 16, % % % 9.63% 11.22% 9.16% 11.44% 9.05% 7.79% 6.13% 5.76% 7.65% , , JARDINE MATHESON HLDGS LTD BMU J36 Specialty US Dollar 12/31/15 37,007 37, % % % 8.88% 3.66% 10.51% 9.69% 9.65% 39.70% 19.92% 33.97% 31.15% 1, , , SAINSBURY (J) PLC GBR SBRY Food Pound Sterling 3/31/16 23,506 35, % % % -3.00% 11.92% 10.71% 10.82% 11.80% 11.78% 6.60% 6.67% 15.57% , , GEORGE WESTON CAN WN Food Canadian Dollar 12/31/15 46,894 36, % % % 1.95% 14.34% 8.54% 8.85% 5.18% 14.91% 14.04% 11.40% 2.32% , , SEVEN & I HOLDINGS CO LTD JPN 3382 Food Japanese Yen 2/28/16 6,045,704 49, % % % 7.93% 8.38% 7.61% 7.14% 6.30% 2.60% 4.96% 6.35% 7.00% 160, ,441, ,375, KERING FRA KER Specialty Swiss Franc 12/31/15 11,584 12, % % % 4.97% 0.45% 8.65% 8.43% 8.28% 2.80% 6.12% 8.48% 7.96% , , TAKASHIMAYA CO LTD JPN 8233 Food Japanese Yen 2/28/16 929,587 7, % % % 5.84% 5.23% 5.14% 3.58% 0.46% 2.68% 6.48% 6.42% 8.83% 23, , , DELHAIZE GROUP - ETS DLHZ FR BEL DEG Food US Dollar 12/31/15 24,395 24, % % % 1.63% 3.54% 2.02% 9.05% 11.32% 11.84% 11.13% 11.70% 10.12% , , HOME RETAIL GROUP PLC GBR HOME Specialty Pound Sterling 2/28/16 5,710 8, % % % 2.66% 2.02% 3.44% 2.71% 6.96% 7.32% % 8.81% 6.09% , , WESFARMERS LTD AUS WES Food Australian Dollar 6/30/16 65,512 49, % % % 9.85% 10.35% 8.69% 8.34% 7.59% 6.34% 6.33% 5.36% 19.14% , , TESCO PLC GBR TSCO Food Pound Sterling 2/28/16 54,433 83, % % % % 6.62% 0.74% 16.30% 15.97% 16.00% 28.22% 17.90% 17.96% , , AEON CO LTD JPN 8267 Food Japanese Yen 2/28/16 8,176,732 67, % % % 6.57% 4.20% 7.51% 5.34% 4.90% 3.70% 0.33% 3.76% 6.32% 6, ,225, ,143, UNY CO LTD JPN 8270 Broadline Japanese Yen 2/28/16 1,038,732 8, % % % -1.22% 10.34% 10.34% 2.42% 1.77% -2.12% 1.55% 0.16% 0.01% (2,873.00) 973, , WOOLWORTHS LIMITED AUS WOW Food Australian Dollar 6/30/16 58,276 43, % % % 19.81% 23.30% 24.35% 22.30% 27.30% 28.67% 26.36% 38.28% 34.04% (1,234.80) 23, , MORRISON (WM) SUPERMARKETS GBR MRW Food Pound Sterling 1/31/16 16,816 25, % % % % -5.07% 12.37% 12.76% 11.66% 12.08% 10.18% 12.65% 6.31% (761.00) 9, , DAIEI INC JPN 8263 Broadline Japanese Yen 2/28/16 813,645 6, % % % NA % -2.77% -7.90% -3.55% -7.72% % 20.66% 22.23% (24,311.00) 324, , MIGROS TICARET AS TUR MGROS Broadline Turkish Lira 12/31/15 9,390 3, % % % -5.88% 56.57% 6.97% % 3.16% 7.22% 16.10% NA NA (370.46) 5, FONCIERE EURIS FRA EURS Food Euro 12/31/15 46,841 51, % % % -0.64% 0.66% 1.37% -0.13% 0.20% 10.00% 4.36% 2.70% 1.55% (71.00) 41, DIXONS RETAIL PLC GBR DXNS Broadline Pound Sterling 12/31/15 7,218 11, % % % NA % % % 24.46% 6.77% % % 0.18% (69.50) 2,