Table 3 STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS (ROE) 2018-2014

Asset Return on Return on Return on Return on Sales 2018 Return on Return on Financial Return on Retailer Name Ticker Turnover Equity Equity Equity Equity (millions) Sales 2018 Assets 2018 Leverage 2018 Equity 2018 2018 2017 2016 2015 2014

AutoZone Inc AZO $ 11,221.07 11.92% 1.20 14.31% NA NA NA NA NA NA O'Reilly Automotive Inc ORLY $ 9,536.43 13.89% 1.19 16.60% NA NA 173.63% 63.78% 47.48% 41.86% Lowe's Companies Inc. LOW $ 71,309.00 3.25% 2.07 6.71% NA NA 58.69% 48.07% 33.26% 28.43% Nordstrom, Inc. JWN $ 15,480.00 3.64% 1.96 7.15% NA NA 44.73% 40.69% 68.89% 30.16% Home Depot, Inc. HD $ 108,203.00 10.28% 2.46 25.27% NA NA 593.54% 183.64% 110.97% 72.18% L Brands Inc LB $ 13,237.00 4.87% 1.64 7.96% NA NA NA NA NA NA TJX Companies TJX $ 38,972.93 7.85% 2.72 21.36% 2.84 60.63% 50.66% 50.95% 52.88% 53.16% Sysco Corporation SYY $ 58,727.32 2.44% 3.25 7.92% 7.21 57.07% 56.23% 47.97% 27.30% 13.04% Signet Jewelers Ltd SIG $ 6,247.10 10.52% 1.41 14.87% 3.68 54.71% 16.68% 17.51% 15.29% 14.48% , Inc. ROST $ 14,983.54 10.59% 2.47 26.14% 1.84 48.02% 44.69% 40.67% 41.29% 43.09% Co Inc BBY $ 42,879.00 -0.93% 2.69 -2.50% 3.90 44.28% 27.69% 26.08% 20.49% 18.40% eBay Inc EBAY $ 10,746.00 23.54% 0.47 11.09% 3.63 40.28% -12.60% 68.94% 26.23% 12.08% Co KR $ 121,162.00 2.57% 3.18 8.16% 4.87 39.69% 27.62% 29.49% 29.90% 31.93% Ulta Beauty ULTA $ 6,716.62 9.80% 2.10 20.64% 1.75 36.18% 31.29% 26.44% 22.18% 23.01% Rite Aid Corporation RAD $ 21,639.56 1.95% 2.85 5.56% 6.40 35.58% 58.93% NA 28.47% NA Tractor Supply TSCO $ 7,911.05 6.73% 2.56 17.25% 1.98 34.09% 29.79% 30.08% 29.46% 30.92% Sherwin-Williams Company SHW $ 17,534.49 6.32% 0.92 5.79% 5.13 29.72% 48.00% 60.30% 121.42% 86.81% Williams-Sonoma, Inc. WSM $ 5,671.59 5.88% 2.02 11.86% 2.43 28.87% 21.56% 24.47% 25.88% 25.31% Gap, Inc. GPS $ 16,580.00 6.05% 2.06 12.46% 2.27 28.23% 26.97% 23.28% 36.15% 37.81% Target Corp TGT $ 74,433.00 3.95% 1.80 7.11% 3.65 26.00% 25.06% 24.99% 25.96% -6.44% Corporation DG $ 25,625.04 6.20% 1.94 12.04% 2.06 24.77% 25.12% 23.14% 21.66% 19.74% Wholesale Corporation COST $ 141,576.00 2.21% 3.47 7.68% 3.12 23.92% 24.18% 19.46% 22.39% 16.73% .com Inc AMZN $ 232,877.00 4.33% 1.43 6.19% 3.73 23.13% 10.95% 12.29% 4.45% -2.24% , Inc. NFLX $ 15,794.34 7.67% 0.61 4.66% 4.96 23.12% 15.60% 6.97% 5.51% 14.32% Big Lots, Inc. BIG $ 5,238.11 3.00% 2.59 7.75% 2.92 22.64% 28.35% 23.49% 19.83% 17.73% Foot Locker Inc FL $ 7,939.00 6.81% 2.08 14.16% 1.52 21.59% 11.27% 24.50% 21.19% 22.80% American Eagle Outfitters AEO $ 4,035.72 6.49% 2.12 13.76% 1.48 20.34% 16.38% 17.63% 20.74% 11.58% WBA $ 131,537.00 3.82% 1.93 7.37% 2.55 18.82% 14.42% 13.78% 13.67% 13.68% Tiffany & Co. TIF $ 4,442.10 13.20% 0.83 11.00% 1.70 18.73% 11.39% 14.73% 15.93% 15.66% Macy's Inc M $ 24,971.00 4.40% 1.30 5.72% 2.98 17.06% 27.33% 14.32% 25.22% 26.40% Dick's Sporting Goods, Inc. DKS $ 8,436.57 3.79% 2.01 7.64% 2.20 16.80% 16.66% 14.90% 18.47% 19.54% Ingles Markets, Inc. Class A IMKTA $ 4,092.81 2.38% 2.24 5.34% 3.06 16.35% 10.55% NA 13.85% 15.68% Super Mkts, Inc. PUSH $ 36,397.72 6.54% 1.92 12.54% 1.27 15.88% 20.73% 19.47% 15.85% 15.35% Kohl's Corp KSS $ 19,167.00 4.18% 1.54 6.42% 2.26 14.49% 15.83% 10.74% 12.26% 12.80% Casey's General Stores, Inc. CASY $ 9,352.91 2.18% 2.51 5.46% 2.65 14.47% 25.01% 14.91% 20.86% 21.94% Advance Auto Parts Inc AAP $ 9,580.55 4.42% 1.06 4.69% 2.55 11.94% 13.92% 15.76% 19.24% 25.16% Dillards, Inc. DDS $ 6,503.35 2.62% 1.90 4.96% 2.04 10.14% 12.96% 9.85% 15.01% 16.09% United Natural Foods, Inc. UNFI $ 10,226.68 1.62% 3.45 5.59% 1.61 8.97% 7.74% 8.28% 10.01% 10.05% Wal-Mart Stores Inc WMT $ 514,405.00 1.30% 2.35 3.04% 2.75 8.38% 12.20% 17.54% 18.24% 19.03% Weis Markets, Inc. WMK $ 3,509.27 1.79% 2.45 4.38% 1.40 6.13% 9.91% 9.41% 6.80% 6.41% Abercrombie & Fitch Company Class A ANF $ 3,590.11 2.08% 1.50 3.12% 1.96 6.12% 0.57% 0.32% 2.76% -0.07% Office Depot Inc ODP $ 11,015.00 0.94% 1.79 1.69% 2.90 4.89% 8.47% NA 0.50% -21.84% Spartan Stores, Inc. SPTN $ 8,064.55 0.42% 4.09 1.70% 2.75 4.69% -7.31% 6.88% 7.93% 7.49% Rent-A-Center, Inc. RCII $ 2,660.47 0.32% 1.90 0.61% 4.88 2.96% 2.46% -39.71% -184.19% 7.27% Caleres Inc. CAL $ 2,834.85 -0.19% 1.54 -0.30% 2.89 -0.86% 12.13% 10.72% 13.55% 15.71% CVS Caremark Corp CVS $ 194,579.00 -0.31% 0.99 -0.30% 3.36 -1.01% 17.57% 14.44% 14.08% 12.23% Ascena Group, Inc. ASNA $ 6,578.30 -0.60% 1.84 -1.11% 4.47 -4.97% -130.00% -0.64% -15.60% -15.60% Bed Bath & Beyond, Inc. BBBY $ 12,028.80 -1.14% 1.83 -2.09% 2.57 -5.36% 14.71% 25.19% 32.88% 34.89% J.C. Penney Co Inc JCP $ 12,019.00 -2.12% 1.56 -3.30% 6.60 -21.79% -8.41% NA -39.19% -28.84% Stores, Inc. DLTR $ 22,823.30 -6.97% 1.69 -11.78% 2.39 -28.19% 23.87% 16.63% 6.41% 17.42% Barnes & Noble, Inc. BKS $ 3,662.30 -3.43% 2.09 -7.17% 4.25 -30.46% -30.46% NA -4.04% 2.52% GameStop Corp Class A GME $ 8,285.30 -8.12% 2.05 -16.64% 3.03 -50.37% 1.57% 15.67% 19.36% 19.30% Sears Holdings Corporation SHLD $ 16,702.00 -2.29% 1.78 -4.09% NA NA NA NA NA NA