COVID-19 Consumer Spend Impact

COVID-19 Consumer spend impact

Consumer panel transaction analysis

THROUGH WEEK ENDING MAY 6, 2020 LEGAL DISCLAIMER

The COVID-19 situation is rapidly evolving, on a daily basis. Data included is based on consumer credit card / debit / checking account activity from Earnest research and excludes cash or other payments. This document represents one scenario based on discrete data from one point in time. It is not intended as a prediction or forecast about duration of lockdown; peak of viral infections; efficacy of government or health care responses to the virus; or other health or societal impacts, and does not represent an “official BCG view.” It is also not does not constitute medical, legal or safety advice, and is not an endorsement or recommendation of a particular response. As such, you are advised to use this document as general guidance only in making your own continued assessments as to the appropriate course of action, taking into account local laws, rules, regulations and orders.

• Weekly sales, transactions, unique customers, ATV, frequency – For US, UK, France, Seattle-Tacoma-Bellevue CBSA (US), NY-Newark-Jersey City CBSA (US) – From '16 to week ending 5/6/2020 – In the following sectors: Amazon (ex. Whole Foods), Apparel and Accessories, Department Stores, Electronics, Food Delivery, Grocers, Hobby, Home, Online Grocery, Payments & Other Finance, Pharmacy, Restaurants, Telecommunication, AFH Entertainment & Cinemas, Airlines, Auto Services, Beauty, Car Rentals, Club Chains, Convenience Stores, Cruise lines, DIY, Dollar & Discount Stores, Fitness, Health & Wellness, Hotels, Mass Retail, Media and Books, OTAs, Rideshare

• Weekly %YoY change in sales, transactions, unique customers by company – For US only – From '19 to week ending 5/6/2020 – In the following sectors: Apparel and Accessories, Department Stores, Food Delivery, Grocers, Online Grocery, Pet Supplies, Restaurants

• Note: Data based on consumer credit card / debit / checking account activity from Earnest Research (excludes cash/other). Data is updated weekly for the prior week; prior weeks may change slightly due to updates in methodology and continued data collection

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research 2 Copyright by© 2020 Boston Consulting Group. All rights reserved. contents Table of index index definitions Appendix: list of companies with data availability and Company Overall consumer spend impact across sectors • • • • • • • Pet Supplies Apparel and Accessories Department Stores Online Grocery Grocers Food Delivery Restaurants - specific spend impact within sectors: 3

4 Through week ending May 6, 2020 Majority of industries in US continue to see declining sales and transactions with Rideshare, Travel, and AFH entertainment most severely impacted

Week ending 5/6/2020 vs pre-crisis Dec – Jan (Delta in YoY % change) 88 99 52 72 $ Sales 5 5 5 6 11 14 18 20 -1 0 -26 -26 -16 -15 -53 -49 -45 -74 -68 -58 127 -102 -96 -91 -89 -85 -83 56 39 53 Transactions 2 11 2 2

-13 -18 -16 -3 -11 -31 -41 -41 -35 -26 -35 -23 -64 -55 -90 -92 -76 -84 -79 -88 -82 -90

97 46 66 29 34 26 27 36 31 28 22 ATV 2 22 16 15 15 2 18 17 18 -7 -11 -10 -11 -1 -10

-35 -16 -34 -18

DIY

AFH

OTAs

Home

Hobby

Hotels

Beauty

Fitness

Airlines

Grocers

Amazon

Pharmacy

Rideshare

Cruiselines

Electronics

Mass Mass Retail

Car Car Rentals

Club Chains Club

Restaurants

Payments & Payments

Auto Services Auto

Food Delivery Food

Other Finance Other

Entertainment

Online Grocery Online

Media and Books and Media

(ex Whole Foods) Whole (ex

Dollar & Discount Dollar

Health & Health Wellness

Department Stores Department Convenience Stores Convenience Rideshare, Travel, AFH Telecommunication

entertainment effectively halted / Accessories Apparel

Note: All calculations vs. baseline; hence some anomalies like sales declining more than transactions but ATV relative growth vs. baseline 5 Copyright by© 2020 Boston Consulting Group. All rights reserved. Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis Through week ending May 6, 2020 For sales, some regional differences: NYC and Seattle saw a decline vs. baseline in Dollar & Discount, Seattle in Club

Week ending 5/6/2020 vs pre-crisis Dec – Jan (Delta in YoY % change in $ Sales) US Seattle NYC Rideshare -102 -108 -101 AFH Entertainment & Cinemas -96 -100 -92 Cruiselines -91 Low N Low N Airlines -89 -96 -88 Car Rentals -85 -94 -66 Hotels -83 -76 -83 OTAs -74 -95 -84 Fitness -68 -112 -86 Convenience Stores -58 Low N Low N Department Stores -53 -39 -50 Apparel and Accessories -49 -42 -55 Beauty -45 -38 -46 Hobby -26 -58 -71 Restaurants -26 -26 -44 Pharmacy -16 -16 -17 Auto Services -15 -75 -60 Health & Wellness -1 -21 -16 Media and Books 0 6 1 Home 5 14 -1 Telecommunication 5 3 0 Dollar & Discount Stores 5 -16 -5 Grocers 6 2 6 Club Chains 11 -10 16 Mass Retail 14 9 30 Electronics 18 32 2 Payments & Other Finance 20 18 3 Amazon (ex Whole Foods) 52 50 48 DIY 72 44 46 Food Delivery 88 145 25 Online Grocery 99 219 145

Note: Sample size varies by category, ranging form 1,000-19,000 consumers for Seattle area, 1,000 – 9,000 for NYC area, and 15,000-750,000 for US; Excluding sectors with N<1000

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 6 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Transactions nationally and regionally also show some variance, with NYC Mass transactions rising but Electronics and Food Delivery declining vs. baseline

Week ending 5/6/2020 vs pre-crisis Dec – Jan (Delta in YoY % change in Transactions) US Seattle NYC Rideshare -90 -92 -89 AFH Entertainment & Cinemas -92 -91 -88 Cruiselines -76 Low N Low N Airlines -84 -91 -87 Car Rentals -79 -77 -63 Hotels -88 -86 -89 OTAs -82 -89 -88 Fitness -90 -94 -94 Convenience Stores -31 Low N Low N Department Stores -64 -61 -55 Apparel and Accessories -41 -41 -48 Beauty -55 -51 -51 Hobby -41 -65 -73 Restaurants -35 -36 -56 Pharmacy -26 -24 -33 Auto Services 2 -10 -10 Health & Wellness -13 -22 -35 Media and Books 11 14 10 Home -35 -39 -44 Telecommunication 2 -1 -3 Dollar & Discount Stores -18 -20 -32 Grocers -23 -24 -33 Club Chains -16 -37 -10 Mass Retail -3 2 26 Electronics 2 2 -8 Payments & Other Finance -11 -22 -22 Amazon (ex Whole Foods) 56 54 61 DIY 39 9 17 Food Delivery 53 99 -2 Online Grocery 127 188 141

Note: Sample size varies by category, ranging form 1,000-19,000 consumers for Seattle area, 1,000 – 9,000 for NYC area, and 15,000-750,000 for US; Excluding sectors with N<1000

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 7 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Food/Drug/Mass: Growth in Amazon, Food delivery, with online grocery growth decelerating; other formats remained relatively stable vs. last week

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

180 180 160 160 140 140 120 120 100 100 80 80 60 60 40 40 20 20 0 0 -20 -20 -40 -40 -60 -60 -80 -80 2/19 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/19 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Online Grocery Amazon (ex Whole Foods) Club Chains Dollar & Discount Stores Restaurants Food Delivery Mass Retail Grocers Pharmacy Convenience Stores

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 8 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Fashion/Specialty Retail: Saw a slight rebound in sales and transactions in the week ending 5/6 across categories, though most still down (DIY, electronics up)

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

75 75

50 50

25 25

0 0

-25 -25

-50 -50

-75 -75

-100 -100

-125 -125 2/19 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/19 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

DIY Home Hobby Apparel and Accessories Fitness Electronics Health & Wellness Beauty Department Stores

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 9 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Travel/Transportation: Sales and transactions may have bottomed out after sharp decline in March

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

20 20

0 0

-20 -20

-40 -40

-60 -60

-80 -80

-100 -100

-120 -120 2/19 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/19 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Auto Services Hotels Airlines AFH Entertainment & Cinemas OTAs Car Rentals Cruiselines Rideshare

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 10 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Others: Mobile payments and Telecom continued zig-zag pattern in the week ending 5/6 while sales growth in Media and Books slowed

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

30 30

20 20

10 10

0 0

-10 -10

-20 -20

-30 -30

-40 -40 2/19 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/19 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Payments & Other Finance Telecommunication Media and Books

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 11 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 1, 2020 Broad sales decline vs. baseline in UK across categories; France saw slight growth vs. baseline in Home and Grocers

Week ending 5/1/20201 vs pre-crisis Dec – Jan (Delta in YoY % change in $ Sales)

US UK France Rideshare -103 -91 AFH Entertainment & Cinemas -98 -103 Airlines -92 -116 Hotels -91 -103 Car Rentals -88 -84 -108 Fitness -75 -77 -79 Convenience Stores -63 -75 -64 Department Stores -62 -28 Apparel and Accessories -55 -61 -82 Hobby -50 -70 -43 Beauty -48 -56 -67 Restaurants -30 -63 -82 Pharmacy -18 -58 Health & Wellness -11 -47 -33 Dollar & Discount Stores 2 -26 Home 2 -54 1 Grocers 2 -10 11 Media and Books 4 -22 -31 Mass Retail 4 -29 Electronics 5 -13 -24 DIY 46 -22 -15 1. For US, the data is for week ending 4/29/2020; Note: Data sets differ across countries. All categories are therefore not visible for all countries; sample size varies by category, ranging form 15,000-750,000 for US Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 12 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 1, 2020 Compared to UK, US experiences more moderate declines or growth vs. baseline in most categories except for Rideshare and Dept stores

US weekly YoY % change in Sales vs. Dec-Jan avg. UK weekly YoY % change in Sales vs. Dec-Jan avg. 2/19 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 2/21 2/28 3/6 3/13 3/20 3/27 4/3 4/10 4/17 4/24 5/1 Rideshare --22 --23 --56 --1314 --5353 --9091 --98 -100 -105 -102 -103 -142 -183 --65 --1424 --5351 --9180 --9890 -90 -89 -88 -90 AFH Entertainment 1515 --1414 --1111 --3030 --6868 --97 --97 -96 -96 -96 -98 15-2 -1411 --1113 --3048 --6873 --9784 --9787 -80 -73 -92 -103 Airlines -04 --87 -23-9 --3320 --5651 --8985 --9394 -9693 -95 -92 -92 -07 --710 -949 --2073 --5192 -10885 --11494 -116 -112 -115 -116 Hotels -04 --75 --87 --1918 --5029 --8569 --9487 -9389 -96 -91 -91 -114 -5-9 -721 --1842 --2956 --6997 --10187 -106 -107 -102 -103 Car Rentals --23 --47 --66 --1811 --2845 --6971 --8772 -8966 -89 -91 -88 -103 -117 -62 --1115 --4534 --7145 --7280 -82 -88 -78 -84 Fitness --65 55 --1111 78 --44 --31 --7170 -27 -95 -54 -75 -215 -565 -20111 8-5 -45 --3122 --7080 -27 -21 -40 -77 Convenience Stores --31 --78 --66 -11-9 --168 --4824 --6066 -6160 -65 -63 -63 -51 -87 -65 -229 -118 --2441 --6673 -77 -69 -83 -75 Department Stores --23 --56 --77 --88 --3434 --56 --63 -51 -58 -46 -62 -83 -61 --75 -138 -340 --5613 -63-7 -13 -11 -25 -28 Apparel --37 --74 --105 -10-2 --4525 --7159 --7262 -6551 -66 -56 -55 -57 -4-5 --1013 -222 --2545 --5968 --6271 -68 -60 -66 -61 Hobby --13 --87 --67 --119 --178 --2348 --6661 -6062 -69 -57 -50 -343 --720 -739 -10011 -172 --4838 --6169 -8 -71 -80 -70 -2 -1 -2 -3 -21 -46 -47 -42 Beauty -7 -4 -10 -1 -25 -59 -62 -51 -53 -39 -48 -112 -17 -25 --35 -2113 --4639 --4761 -59 -56 -51 -56 Restaurants 3 1 -3 -3 -17 -39 -37 -27 -2 -1 -2 -3 -20 -46 -46 -41 -40 -27 -30 34 15 -36 -233 --1744 --3970 --3771 -87 -86 -84 -63 Pharmacy -2 -4 2 3 7 -8 -25 -11 5 -3 7 10 55 6 -17 -14 -12 -27 -18 -82 -47 212 34 167 -488 --2560 -61 -56 -59 -58 Health & Wellness 5 -3 8 10 54 4 -19 -16 5 -3 8 10 54 4 -19 -2 -4 2 3 7 -8 -25 -11 -16 1 -11 16 -23 9 0 15 -50 -40 -59 -57 -67 -47 Dollar & Discount -4 -9 -10 -1 26 6 -19 -54 --59 -610 10-1 7026 156 --1119 -95 -9 -14 2 -5 -6 -1 -6 52 -16 -38 -19 -21 -34 -26 Stores 5 -5 6 9 69 13 -13 4 1 -3 -3 -17 -38 -36 -25 -33 9 2 14 10 -9 -14 31 -25 -57 -61 -58 -49 -54 Home 5 -5 6 9 69 13 -13 -6 3 -5 2 6 37 10 -5 2 1 5 12 76 22 2 11 4 1 2 12 -1 7 -1 34 3 6 8 19 -9 -10 Grocers 3 -5 2 6 37 10 -5 9 -3 -2 -9 -2 0 2 -1 -3 -1 -9 -2 0 3 -1 11 8 5 4 7 -11 17 -15 0 8 2 5 26 -16 -22 Media and Books -3 -2 -9 -2 0 2 -1 10 1 1 5 12 75 20 0 Mass Retail 31 -15 25 126 3775 1120 -04 118 4 5 4 --501 --522 3-5 -438 14-50 16-11 -1018 11 -15 -13 -29 Electronics --31 --95 -103 -41 2714 167 -1018 1021 13 49 5 6 -4 -15 -6 17 33 -2 -1 24 10 -13 DIY -1 -5 3 4 15 18 12 23 21 71 46 14 5 1 2 67 22 -42 -24 -35 -53 -22

Note: Data sets differ across countries. All categories are therefore not visible for all countries; sample size varies by category, ranging form 15,000-750,000 for US Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 13 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 1, 2020 Compared to France, US experiences more moderate declines or growth vs. baseline in Restaurants, Health & Wellness, DIY, and Home; worse in Hobby

US weekly YoY % change in Sales vs. Dec-Jan avg. France weekly YoY % change in Sales vs. Dec-Jan avg.

2/19 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 2/21 2/28 3/6 3/13 3/20 3/27 4/3 4/10 4/17 4/24 5/1 Rideshare --22 --23 --56 --1314 --5353 --9091 --98 -100 -105 -102 -103 -2 -3 -6 -14 -53 -91 -98 AFH Entertainment 1515 --1414 --1111 --3030 --6868 --97 --97 -96 -96 -96 -98 15 -14 -11 -30 -68 -97 -97 Airlines -04 --87 -23-9 --3320 --5651 --8985 --9394 -9693 -95 -92 -92 0 -7 -9 -20 -51 -85 -94 Hotels -04 --75 --87 --1918 --5029 --8569 --9487 -9389 -96 -91 -91 -4 -5 -7 -18 -29 -69 -87 Car Rentals --23 --47 --66 --1811 --2845 --6971 --8772 -8966 -89 -91 -88 -143 -76 -614 --1121 --4531 --7169 --7275 -88 -80 -84 -87 Fitness --65 55 --1111 78 --44 --31 --7170 -27 -95 -54 -75 -105 56 -114 118 -414 --3180 --7079 -77 -73 -68 -69 Convenience Stores --31 --78 --66 -11-9 --168 --4824 --6066 -6160 -65 -63 -63 -81 -8-1 -60 -90 -118 --2473 --6673 -69 -72 -71 -72 Department Stores --23 --56 --77 --88 --3434 --56 --63 -51 -58 -46 -62 -3 -6 -7 -8 -34 -56 -63 Apparel --37 --74 --105 -10-2 --4525 --7159 --7262 -6551 -66 -56 -55 -417 -244 -1014 -182 --2546 --5978 --6272 -69 -62 -60 -64 Hobby --13 --87 --67 --119 --178 --2348 --6661 -6062 -69 -57 -50 -443 -277 -237 -1137 -17-8 --4821 --6118 -20 -21 -27 -40 -2 -1 -2 -3 -21 -46 -47 -42 Beauty -7 -4 -10 -1 -25 -59 -62 -51 -53 -39 -48 -272 -13 -122 -153 --2135 --4673 --4762 -62 -61 -54 -67 Restaurants 3 1 -3 -3 -17 -39 -37 -27 -2 -1 -2 -3 -20 -46 -46 -41 -40 -27 -30 393 120 -173 -223 --1739 --3981 --3778 -76 -75 -71 -74 Pharmacy -2 -4 2 3 7 -8 -25 -11 5 -3 7 10 55 6 -17 -14 -12 -27 -18 -2 -4 2 3 7 -8 -25 Health & Wellness 5 -3 8 10 54 4 -19 -16 5 -3 8 10 54 4 -19 -2 -4 2 3 7 -8 -25 -11 -16 1 -11 18 12 30 33 17 -31 -35 -30 -31 -12 -26 Dollar & Discount -4 -9 -10 -1 26 6 -19 -54 --59 -610 10-1 7026 156 --1119 -95 -9 -14 2 Stores 5 -5 6 9 69 13 -13 4 1 -3 -3 -17 -38 -36 -25 -33 9 2 47 37 48 48 19 -26 -36 -36 -31 -15 -36 Home 5 -5 6 9 69 13 -13 -6 3 -5 2 6 37 10 -5 2 1 5 12 76 22 2 11 4 1 2 16 9 13 24 78 40 32 49 41 35 17 Grocers 3 -5 2 6 37 10 -5 9 -3 -2 -9 -2 0 2 -1 -3 -1 -9 -2 0 3 -1 11 8 5 4 -23 -31 -27 -24 -26 -43 -41 -38 -39 -38 -53 Media and Books -3 -2 -9 -2 0 2 -1 10 1 1 5 12 75 20 0 Mass Retail 31 -15 25 126 3775 1120 -04 118 4 5 4 -1 -5 3 4 14 16 10 Electronics --31 --95 -103 -41 2714 167 -1018 1021 13 49 5 18 21 21 32 43 53 49 55 74 81 21 DIY -1 -5 3 4 15 18 12 23 21 71 46 21 14 14 24 -22 -80 -68 -49 -37 -16 -13

Note: Data sets differ across countries. All categories are therefore not visible for all countries; sample size varies by category, ranging form 15,000-750,000 for US Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 14 Copyright by© 2020 Boston Consulting Group. All rights reserved. Company-specific spend impact: Restaurants and Food Delivery

15 Through week ending May 6, 2020 Restaurants: Traffic slowdown drove sales decline across formats with largest impact on CDR

YoY % change for week ending 5/6 vs. pre-crisis Dec – Jan avg.

Transactions Sales

-18

-26 -24 -31 -35 -41

-49 -51 Restaurants overall CDR index FC index QSR index

Note: Indices are weighted average sales/transactions change of restaurants with available data in each category (weighted by 2018 systemwide sales); CDR N= 18, FC N=15, QSR N=24

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 16 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Restaurants: Sales and transactions started declining in early March across format but have gradually increased relative to baseline week-to-week since 4/1

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

0 0

-10 -10

-20 -20

-30 -30

-40 -40

-50 -50

-60 -60

-70 -70

-80 -80 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Restaurants overall CDR index FC index QSR index

Note: Indices are weighted average sales change of restaurants with available data in each category (weighted by 2018 systemwide sales); CDR N= 18, FC N=15, QSR N=24

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 17 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Restaurants: Pizza sales growing vs. baseline, while Family Style was the most negatively impacted

YoY % change for week ending 5/6 vs. pre-crisis Dec – Jan avg. Transactions Sales

13 0

-6 -7 -11 -25 -26 -27 -29 -35 -36 -40 -48 -53 -51 -51 -52 -58 -69 -72 Restaurants Pizza Chicken Mexican Burger Steak Sandwich Varied Menu Coffee Cafe Family Style Overall

Note: Cuisine type based on Technomic classification; Indices are weighted average sales/transactions change of restaurants with available data in each cuisine (weighted by unique customers); N= 3-9 per cuisine type, 50 total

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; Technomic data; BCG analysis 18 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Restaurants: Sales and transactions have gradually increased week-to-week since 4/1 across cuisines but still below baseline growth, except for Pizza

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

30 30

15 15

0 0

-15 -15

-30 -30

-45 -45

-60 -60

-75 -75

-90 -90 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Restaurants overall Chicken Coffee Cafe Steak Varied Menu Pizza Burger Mexican Sandwich Family Style

Note: Indices are weighted average sales/transactions change of restaurants with available data in each cuisine (weighted by unique customers); N= 3-9 per cuisine type, 50 total

19 Copyright by© 2020 Boston Consulting Group. All rights reserved. Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis Through week ending May 6, 2020 Backup: Top 10 QSR YoY change for week ending 5/6 vs. baseline

YoY % change for week ending 5/6 vs pre-crisis Dec – Jan avg.

11 20 QSR overall -2 $ Sales -16 -11 -15 -7 -18% -29 -49 -63

Transactions -1 QSR overall -24 -26 -22 -31% -29 -30 -38 -53 -67

29 29 19 19 15 18 20 15 12 17 QSR overall 20% ATV

McDonald’s Starbucks Subway Taco Bell Chick-fil-A Burger King Wendy’s Dunkin’ Domino’s Pizza Hut Brands Pizza QSR Sales 1 2 3 4 5 6 7 8 9 10 ranking1 1. Based on Technomic 2018 ranking of systemwide sales in QSR

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; Technomic data; BCG analysis 20 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Backup: Top 10 QSR sales and transactions trend

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

30 15

15 0

0 -15 -15 -30 -30 -45 -45

-60 -60

-75 -75 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

McDonald’s Subway Chick-fil-A Wendy’s Domino’s Pizza Starbucks Taco Bell Burger King Dunkin’ Brands Pizza Hut

Note: Technomic ranking by 2018 sales in QSR: McDonald's (1), Starbucks (2), Subway (3), Taco Bell (4), Chick-fil-A (5), Burger King (6), Wendy's (7), Dunkin' Brands (8), Domino's Pizza (9), Pizza Hut (10)

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 21 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Backup: Top 10 FC YoY change for week ending 5/6 vs. baseline

Note: Differences from panel vs. reported results potentially due YoY % change for week ending 5/6 vs pre-crisis Dec – Jan avg. to disproportionate shift in cash/card mix (e.g., Wingstop reported 33% comp sales increase in April vs. 63% YoY sales increase (w/o subtracting baseline) in the 4 weeks ending 4/29 36 from Earnest; Wingstop reported higher mix of direct sales) 3 $ Sales FC overall -14 -22 -17 -11 -24% -46 -40 -46 -46

Transactions FC overall -20 -36 -34 -32 -41% -55 -46 -51 -66 -60

49 43 50 26 32 31 29 33 28 32 FC overall 31% ATV

Panera Bread Chipotle Five Guys Wingstop Qdoba Noodles Shake Shack Potbelly Habit Portillo’s Restaurants FC Sales 1 2 6 7 10 16 19 20 21 22 ranking1 1. Based on Technomic 2018 ranking of systemwide sales in FC

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; Technomic data; Press search; BCG analysis 22 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Backup: Top 10 FC sales and transactions trend

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

90 90

60 60

30 30

0 0

-30 -30

-60 -60

-90 -90 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Panera Bread Five Guys Qdoba Shake Shack Habit Restaurants Chipotle Wingstop Noodles Potbelly Portillo’s

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 23 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Backup: Top 10 CDR YoY change for week ending 5/6 vs. baseline

Note: Differences from panel vs. reported results potentially due to disproportionate shift in cash/card mix (e.g., Texas Roadhouse reported -45% comp sales YoY % change for week ending 5/6 vs pre-crisis Dec – Jan avg. decline in the week ending 4/28 vs. -28% YoY sales decline in the week ending 4/29 by Earnest)

$ Sales CDR overall -34 -26 -33 -44 -39 -51% -57 -58 -71 -69 -76

Transactions CDR overall -31 -30 -35 -32 -43 49% -59 -55 -67 -68 -72

9 7 8 ATV 1 CDR overall -1% -4 -4 -5 -2 -3 -3

Applebee’s Olive Garden Buffalo Chili’s IHOP Texas Denny’s Outback Cracker Red Lobster Wild Wings Roadhouse Steakhouse Barrel

CDR Sales 1 2 3 4 5 6 7 8 9 10 ranking1

1. Based on Technomic 2018 ranking of systemwide sales in CDR

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; Technomic data; Press search; BCG analysis 24 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Backup: Top 10 CDR sales and transactions trend

Weekly YoY % change in Sales vs. Dec-Jan avg Weekly YoY % change in Transactions vs. Dec-Jan avg

15 15

0 0

-15 -15

-30 -30

-45 -45

-60 -60

-75 -75

-90 -90 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Applebee’s Buffalo Wild Wings IHOP Denny’s Cracker Barrel Olive Garden Chili’s Texas Roadhouse Outback Steakhouse Red Lobster

Note: Technomic ranking by sales in CDR: Applebee's (1), Olive Garden (2), Buffalo Wild Wings (3), Chili's(4), IHOP (5), Texas Roadhouse(6), Denny's (7), Outback Steakhouse(8), Cracker Barrel(9), Red Lobster(10)

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 25 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Food Delivery: Growth in 3rd party aggregators and meal kit delivery may have reached a peak in the week ending 4/22

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

100 100

80 80

60 60

40 40

20 20

0 0

-20 -20

-40 -40 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

3rd party aggregators Meal kit delivery

Note: Indices are weighted average sales/transactions change of services with available data in each category (weighted by unique customers tracked in the database)

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 26 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Food Delivery: Meal kit deliveries and 3rd party aggregators growing across brands Week ending 5/6/2020 vs pre-crisis Dec – Jan (Delta in YoY % change)

128 120 89 93 All Food $ Sales 51 49 Delivery 44 36 29 36 13 8 88%

-33 86 Transactions 63 58 65 All Food 32 21 15 20 18 29 Delivery 53% -5 -16 -36 ATV 31 32 34 All Food 17 14 15 15 13 23 25 4 3 3 Delivery 18% Home Hello Blue Sun Green DoorDash UberEATS Caviar GrubHub Waitr Postmates Bite Delivery.com Chef Fresh Apron Basket Chef and Squad Seamless

Meal kit 3rd party aggregators

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 27 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Growth of 3rd party aggregators over baseline may have plateaued in the week ending 4/22 with DoorDash and UberEATS leading the pack

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

150 150

120 120

90 90

60 60

30 30

0 0

-30 -30

-60 -60 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Delivery.com Bite Squad UberEATS Waitr GrubHub and Seamless Caviar Postmates DoorDash

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 28 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Growth of meal kit delivery over baseline began in February but may have topped out in the week ending 4/22

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

100 100

80 80

60 60

40 40

20 20

0 0

-20 -20

-40 -40 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Home Chef Hello Fresh Blue Apron Sun Basket Green Chef

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 29 Copyright by© 2020 Boston Consulting Group. All rights reserved. Company-specific spend impact: Grocers and Online Grocery

30 Through week ending May 6, 2020 Grocer sales growth peaked in mid-March and have since returned to pre-crisis levels while online grocery seemed to have peaked in the week ending 4/22

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

180 180

150 150

120 120

90 90

60 60

30 30

0 0

-30 -30 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Grocers Online Grocery

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis

Grocers: Flat sales growth vs. baseline driven by sharp traffic decline offset by ATV growth

Top 20 grocers in US Week ending 5/6/2020 vs pre-crisis Dec – Jan (Delta in YoY % change)

27 22 20 19 15 14 13 12 $ Sales 7 5 4 2 2 1 1 All grocers: -2 -3 -6 6% -16 -26 Transac -tions All grocers: -9 -7 -15 -15 -10 -14 -18 -21 -18 -22 -19 -17 -21 -25 -17 -17 -27 -23% -45 -53 -57 77 64 68 46 45 41 40 34 38 38 31 35 33 All grocers: 29 26 22 25 26 22 19

ATV 36%

Vee

Aldi

HEB

Fry’s

Publix

Kroger

Smith’s

Safeway

ShopRite

Wegmans

FoodLion

Albertson’s

Fred Meyer Fred

Giant Eagle Giant Less Food4

Stop &Shop Stop

Trader Joe’s Trader

King Soopers King

Sprouts Farmers Sprouts Whole Foods Foods Mkt Whole

32 Copyright by© 2020 Boston Consulting Group. All rights reserved. Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis Through week ending May 6, 2020 Grocer sales peaked in mid-March and fell back toward pre-crisis level in the week ending 4/1

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Sales vs. Dec-Jan avg.

120 120

100 100

80 80

60 60

40 40

20 20

0 0

-20 -20

-40 -40

-60 -60 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Food Lion Safeway Sprouts Farmers Market Kroger Smith’s Aldi Giant Eagle ShopRite Food 4 Less Fred Meyer Fry’s Trader Joe’s Albertson’s Hy-Vee Grocery overall King Soopers Wegmans Grocery overall Publix Stop & Shop HEB Whole Foods

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 33 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Decline in transactions since 3/25 may have bottomed out in week ended 4/15

Weekly YoY % change in Transactions vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

40 40

20 20

0 0

-20 -20

-40 -40

-60 -60

-80 -80 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 34 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Online Grocery: Instacart saw strongest sales and transactions growth in week ending 5/6

Week ending 5/6/2020 vs pre-crisis Dec – Jan (Delta in YoY % change)

336

$ Sales All online grocery: 111 87 54 40 99% 8 -3

249 All online grocery: Transactions 99 107 127% 44 57 32

-24

ATV All online grocery:

20 6 24 6 35 -10% -2 -36 Instacart Shipt Favor HEB To You Fresh Direct Walmart Peapod Online Grocery

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 35 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Instacart leads in sales growth with large gap to competitors

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

350 350

300 280 250 250

200 200

150 150

100 100

50 50

0 0

-50 -50

-100 -100 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Instacart Favor Fresh Direct Peapod Shipt HEB To You Walmart Online Grocery Online grocery overall

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 36 Copyright by© 2020 Boston Consulting Group. All rights reserved. Company-specific spend impact: Department stores and Apparel & Accessories

37 Through week ending May 6, 2020

Department stores: Sales and transactions down in week ending 5/6

Week ending 5/6/2020 vs pre-crisis Dec – Jan (Delta in YoY % change) Dramatic decrease in unique shoppers causing huge swings in ATV $ Sales All Dept. stores: -32 -36 -38 -43 -45 -51 -53 -53% -74 -75 -84

Transactions All Dept. stores: -32 -24 -38 -43 -58 -41 -38 -64% -71 -74 -94

104 47 All Dept. 11 11 ATV 1 stores: -4 34% -8 -5 -33 -23

Macy’s Kohl’s Nordstrom J.C. Penney Belk Neiman Marcus Bloomingdale’s Stein Mart Dillard’s (DDS) T.J. Maxx

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 38 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Sales and transactions seemed to have bottomed out in week ending 4/1 and have since remained at a low level

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

20 20

0 0

-20 -20

-40 -40

-60 -60

-80 -80

-100 -100

-120 -120 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Macy’s J.C. Penney Bloomingdale’s T.J. Maxx Kohl’s Belk Stein Mart Dept stores overall Nordstrom Neiman Marcus Dillard’s (DDS)

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 39 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Apparel & Accessories: Sales and transactions down substantially relative to baseline in week ending 5/6

Week ending 5/6/2020 vs pre-crisis Dec – Jan (Delta in YoY % change) Dramatic decrease in unique shoppers causing huge swings in ATV $ Sales All apparel -23 & accessories: -35 -35 -35 -36 -41 -47 -64 -73 -49% -77 -87 -87 -89

Transactions All apparel -5 -17 & accessories: -33 -22 -41 -45 -45 -53 -41% -74 -63 -84 -91 -79

53 52 1 10 6 All apparel ATV & accessories: -1 -2 -20 -15 -21 -19 -36 -23 -10%

Gap Stitch Fix Urban Under Madewell American Nike Foot Express DSW Ralph H&M Zara USA Outfitters Armour Eagle Locker Lauren

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 40 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Sales and transactions declined drastically in March but seem to have stabilized since 3/25, slight uptick recently

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

30 30

0 0

-30 -30

-60 -60

-90 -90

-120 -120 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Gap Under Armour Nike DSW Zara USA Stitch Fix Madewell Foot Locker Ralph Lauren Apparel & accessories Urban Outfitters American Eagle Express H&M

42 Through week ending May 6, 2020 Pets: Sales of Chewy, Pet Supplier Plus, and Petsense rose vs. baseline in the week ending 5/6; Chewy driven by transactions while others ATV

Week ending 5/6/2020 vs pre-crisis Dec – Jan (Delta in YoY % change)

15 11 11 Weighted $ Sales average: -5 0% 25 -8

Transactions Weighted average: -6 -4 -4% -13 -14 17 17 9 8 Weighted average: ATV 6% -7

Chewy Pet Supplies Plus Petsense PetSmart Petco

Note: weighted average for pets equals average of all brands, weighted by number of unique customers for each brand

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 43 Copyright by© 2020 Boston Consulting Group. All rights reserved. Through week ending May 6, 2020 Similar to grocers, pet sales and transactions growth spiked in mid-March but have since hovered near baseline levels

Weekly YoY % change in Sales vs. Dec-Jan avg. Weekly YoY % change in Transactions vs. Dec-Jan avg.

80 80

60 60

40 40

20 20

0 0

-20 -20

-40 -40 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6 2/26 3/4 3/11 3/18 3/25 4/1 4/8 4/15 4/22 4/29 5/6

Chewy Pet Supplies Plus Petsense PetSmart Petco All pets

45 List of merchants included in each sector AFH Entertainment & Cinemas: AMC, Cedar Fair, Dave & Buster', Groupon, Live Nation Fitness: Barry's Bootcamp, Core Power Yoga, Crunch, Fitness Connection, Flywheel, Orange Entertainment, Main Event, Punch Bowl Social, Regal, Round One, SeaWorld, Six Flags, Topgolf Theory, Peloton, Planet Fitness, Pure Barre, SoulCycle, Around the Clock, BFX, Boston Sports Club, Christi's Fitness, Lucille Roberts, New York Sports Club, Philadelphia Sports Club, TMPL, Airlines: AirTran, JetBlue, Southwest, Spirit Airlines, United Airlines, Alaska Airlines, Allegiant Total Woman Gym + Spa, Town Sports, Washington Sports Club, Vasa, Youfit Air, American Airlines, Delta Airlines Health & Wellness: GNC, Herbalife, Isagenix, Vitacost, Medifast, NutriSystem, South Beach Diet, Auto services: Advance Auto Parts, Carquest, AutoZone, Bird, Take 5, Express Oil Change, Mister The Vitamin Shoppe, Weight Watchers Car Wash, Monro, Bennett Auto Supply, Bond Auto, O'Reilly Automotive, Pep Boys, RockAuto, Jiffy Lube, Tesla, Express Care, Valvoline Instant Oil Change Hobby: Hobby Lobby, Jo-Ann Stores, Michaels Stores

Beauty: Beauty Brands, Harmon, Billie, Curology, Glossier, Hims, Kiehl's, Bath & Body Works, Home: At Home, Bed Bath & Beyond, Chef Central, Decorist, Of a Kind, One Kings Lane, World L'Occitane, Lush, Sephora, Blue Mercury, Origins, Rodan + Fields, Sally Beauty Supply, DermStore, Market, Casper, Crate & Barrel, Floor & Décor, Brylane Home, Helix Sleep, Kirkland's, The Body Shop, ULTA Beauty, Beauty.com, Skinstore.com, Younique ATGStores.com, Horchow, Pier 1 Imports, Restoration Hardware, Waterworks, Rural King, Saatva, Sleep Number, Gordmans, Chefs Catalog, Cooking.com, Sealy Cocoon, Tempur-Pedic, The Car rental: Alamo Rent a Car, Avis, Budget, Budget Truck, Payless Car, Zipcar, Megabus, Container Store, HomeGoods, HomeSense, Tuesday Morning, Tuft & Needle, Terrain, Wayfair, Enterprise CarShare, Enterprise Rent-A-Car, National Car Rental, Dollar Rent A Car, Hertz, Thrifty Mark and Graham, Pottery Barn, Rejuvenation, West Elm, Williams-Sonoma Car Mass retail: Etsy, ThinkGeek, Meijer, Cornerstone, Home Shopping Network, QVC, Zulily, Kmart, Convenience stores: Casey's General Store, Kwik Shop, Loaf N' Jug, Quik Stop, Tom Thumb, Shopko, Target, Jet.com, Walmart Turkey Hill Minit Markets, GetGo, Kwik Shop, Loaf N' Jug, Quik Stop Markets, Tom Thumb Food Stores, Turkey Hill Minit Markets, Murphy USA Media and Books: Adobe, Barnes & Noble, Hulu, Netflix, NY Times, Redbox, Playstation Network, Reading International, SiriusXM, Spotify, Vudu, World Wrestling Entertainment Cruiselines: Carnival Cruise Line, Cunard, Holland America Line, Princess Cruises, Seabourn, Norwegian Cruise Line, Oceania Cruises, Regent Seven Seas Cruises, Royal Caribbean Cruises, OTAs: Priceline, Classic Vacation, Egencia, Expedia, HomeAway, Hotels.com, Hotwire.com, Silversea Cruises, Disney Cruise Line Orbitz, Travelocity

Club chains: BJ's Wholesale, Costco Wholesale, Sam's Club Payments & Other Finance: Facebook, Facebook P2P, H&R DIY Tax, H&R Retail, PayPal, PayPal Credit, Venmo, Shopify, Square, Square Cash, Square Installments, Zelle Dollar & Discount stores: 99 Cents Only Stores, Big Lots, Dollar General, Deals, Dollar Tree, Family Dollar, Five Below, Fred's, Reeves-Sain, Ollie's Bargain Outlet Pharmacy: PillPack, CVS, Navarro, Rite Aid, Drugstore.com, Duane Reade, Walgreens

DIY: Lowe's, Orchard Supply Hardware, Blinds.com, Home Decorators, The Home Depot, Telecommunication: Optimum, Suddenlink, Bright House, Charter, Time Warner Cable, Comcast, Thecompanystore.com, Comex, Sherwin Williams, Tractor Supply DISH, Sling TV, Frontier Communications For list of merchants included in Restaurants, Grocers, Electronics: Best Buy, GreatCall, GameStop, GoPro, hhgregg Vets: Banfield Online Grocery, Food Delivery, Department stores, Apparel

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis & Accessories, Pets, please refer to the rest of appendix 46 Copyright by© 2020 Boston Consulting Group. All rights reserved. Baseline: Dec '19 – Jan '20 average monthly YoY growth rate by sector

Sales growth Transactions growth AFH Entertainment & Cinemas 4.9% 0.9% Airlines 2.9% 0.6% Amazon (ex Whole Foods) 19.0% 22.1% Apparel and Accessories 3.1% -1.8% Auto Services 4.3% -6.2% Beauty 2.8% 2.7% Car Rentals 5.2% 0.8% Club Chains 5.5% 3.9% Convenience Stores 10.0% 0.1% Cruiselines 12.7% 6.7% Department Stores 0.3% -0.3% DIY 5.1% 0.9% Dollar & Discount Stores 5.1% 4.4% Electronics -2.5% -9.8% Fitness 20.6% 16.5% Food Delivery 27.6% 19.7% Grocers 1.0% 0.5% Health & Wellness -11.0% -9.0% Hobby 4.3% 2.4% Home 3.6% -1.2% Hotels 10.3% 6.1% Mass Retail -2.3% -1.3% Media and Books 6.4% -2.2% Online Grocery 45.7% 46.2% OTAs 5.0% 5.3% Payments & Other Finance 28.8% 21.7% Pharmacy -0.5% -1.7% Restaurants 4.5% 1.4% Rideshare 13.4% 0.2% Telecommunication 0.7% 0.9% 47 Copyright by© 2020 Boston Consulting Group. All rights reserved. Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis YoY sales change vs. baseline: CDR

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Type Ranking2 Applebee's -1.31% 1.45% 4.55% -5.73% -30.06% -77.24% -76.72% -73.34% -69.91% -61.75% -61.15% -57.06% 7489 CDR 1 Olive Garden 3.42% -0.81% -0.41% -8.14% -32.08% -71.73% -59.67% -47.46% -44.86% -28.14% -35.12% -34.09% 9703 CDR 2 Buffalo Wild Wings -3.69% -2.98% -5.93% -1.87% -27.67% -59.52% -55.22% -41.89% -47.36% -26.75% -36.72% -44.45% 12026 CDR 3 Chili's 2.51% -2.73% -1.16% -4.94% -28.46% -62.86% -57.60% -48.00% -42.15% -31.74% -35.31% -26.23% 11979 CDR 4 IHOP -3.89% 7.74% -0.54% -8.03% -29.99% -81.50% -83.65% -79.34% -79.71% -77.71% -75.92% -71.45% 10841 CDR 5 Texas Roadhouse -0.65% -2.34% 0.50% 0.19% -18.96% -62.89% -43.58% -30.58% -27.82% -19.20% -27.82% -39.15% 6947 CDR 6 Denny's -0.40% -3.22% -4.43% -9.94% -33.86% -81.31% -83.31% -79.23% -80.38% -75.11% -74.80% -69.17% 5258 CDR 7 Outback Steakhouse -0.33% -4.82% -1.92% -7.65% -27.65% -56.20% -53.54% -46.78% -39.13% -31.72% -37.27% -33.25% 5060 CDR 8 Cracker Barrel 3.18% -1.47% -0.26% -7.78% -38.58% -86.48% -87.38% -83.46% -68.73% -81.45% -75.97% -75.65% 8679 CDR 9 Red Lobster -0.41% 3.69% 1.85% -8.45% -33.14% -81.39% -82.36% -76.33% -70.58% -67.38% -64.14% -57.90% 2773 CDR 10 Cheesecake Factory -0.09% 2.09% 2.49% -5.63% -35.76% -67.80% -64.62% -59.62% -51.84% -54.40% -49.57% -49.37% 4736 CDR 11 Longhorn 3.93% -6.54% 7.20% -5.44% -24.82% -75.72% -75.80% -66.77% -60.26% -54.50% -51.27% -50.58% 3173 CDR 12 Red Robin -2.15% -5.26% -0.49% -6.36% -35.27% -70.93% -65.13% -60.69% -59.71% -52.02% -54.83% -56.52% 6174 CDR 13 BJ's Restaurants 1.11% 0.11% -3.77% -5.17% -39.90% -79.35% -76.85% -68.71% -68.99% -64.77% -69.28% -60.60% 3829 CDR 16 Cheddar's Scratch 2.94% 2.72% -5.07% -5.96% -29.33% -92.48% -93.46% -88.99% -84.18% -78.32% -77.57% -73.76% 1999 CDR 20 Kitchen Ruby Tuesday -14.54% 4.86% -5.37% -1.94% -36.68% -69.30% -70.82% -68.42% -65.02% -65.21% -65.51% -65.32% 1763 CDR 21 Yard House 4.88% -5.91% -10.59% -10.13% -44.08% -100.72% -100.29% -98.67% -98.30% -96.34% -96.66% -93.59% 1666 CDR 22 Chuy's 3.10% 4.91% -5.31% -2.10% -30.85% -62.53% -57.43% -55.13% -49.87% -39.14% -41.25% -39.10% 2754 CDR 23

1. Brands with N<800 excluded; 2. Ranking based on Technomic 2018 systemwide sales in CDR

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Type Ranking2 Panera Bread -0.78% -3.44% -5.94% -6.76% -31.74% -66.44% -65.98% -63.22% -63.99% -46.74% -49.53% -45.75% 36059 FC 1 Chipotle 14.25% -0.03% 0.15% -3.03% -27.44% -46.01% -39.64% -38.18% -40.80% -7.83% -24.47% -13.95% 41237 FC 2 Five Guys 1.23% -3.01% -2.63% -4.11% -20.50% -39.10% -35.90% -28.69% -25.02% 2.01% -6.74% 3.21% 10869 FC 6 Wingstop 21.37% 4.49% -3.28% 9.55% -8.58% 6.94% 8.84% 21.87% 21.82% 80.55% 43.87% 36.41% 6968 FC 7 Qdoba 2.36% -3.45% 0.39% 0.31% -27.64% -61.05% -53.44% -54.87% -54.66% -32.96% -39.25% -22.07% 5394 FC 10 Noodles 7.64% -1.12% -5.73% -4.49% -38.85% -64.29% -60.86% -58.43% -61.36% -39.21% -41.26% -39.57% 3610 FC 16 Shake Shack 17.50% 0.31% 0.79% -5.35% -43.23% -75.65% -77.91% -65.22% -62.51% -51.78% -48.16% -45.56% 3756 FC 19 Potbelly 1.82% -2.96% 0.15% -0.90% -33.01% -65.79% -66.81% -64.90% -62.79% -49.63% -50.32% -46.21% 4204 FC 20 Habit Restaurants 8.24% -9.18% -5.93% -12.12% -38.55% -57.25% -44.16% -51.13% -39.11% -16.59% -18.82% -16.80% 2790 FC 21 Portillo's 9.33% -4.26% -2.71% -10.04% -13.10% -33.34% -23.27% -24.71% -32.34% -18.14% -7.44% -10.94% 2131 FC 22 Pollo Tropical -4.92% 0.78% -5.03% -4.49% -21.44% -47.36% -54.56% -56.07% -55.18% -41.33% -40.28% -33.73% 1288 FC 23 Taco Cabana -10.65% 0.15% -0.88% -5.41% -16.38% -34.94% -20.80% -21.12% -17.10% -11.61% -12.39% 5.09% 5240 FC 25 Pei Wei -14.61% -10.74% -12.86% -13.74% -29.14% -81.01% -84.67% -84.72% -85.04% -55.60% -44.71% -35.48% 1867 FC 26 Fuddruckers -15.79% -0.89% -8.69% -11.57% -37.62% -73.33% -77.55% -76.51% -76.74% -72.28% -75.36% -72.01% 854 FC 27

1. Brands with N<800 excluded; 2. Ranking based on Technomic 2018 systemwide sales in FC

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Type Ranking2 McDonald's 6.51% -1.59% -2.29% -4.42% -17.34% -33.84% -37.76% -33.77% -33.55% -21.84% -26.07% -16.47% 186181 QSR 1 Starbucks 5.83% 3.02% -1.31% -0.42% -20.42% -57.28% -70.05% -68.45% -69.77% -65.51% -65.37% -62.53% 124156 QSR 2 Subway -3.52% -2.27% -0.30% -1.53% -26.92% -59.10% -65.87% -66.12% -66.83% -54.80% -54.96% -49.02% 55398 QSR 3 Taco Bell 7.91% -2.10% -3.38% -6.00% -19.04% -38.72% -36.38% -29.30% -28.62% -9.50% -13.99% -2.16% 67323 QSR 4 Chick-fil-A 12.72% -2.43% -4.16% -3.03% -13.15% -33.75% -36.94% -29.36% -27.52% -16.51% -13.37% -10.97% 108010 QSR 5 Burger King 5.88% -3.90% -5.33% -3.91% -17.69% -34.14% -36.71% -33.89% -34.98% -19.36% -21.72% -15.15% 45979 QSR 6 Wendy's 3.49% -1.94% 4.85% 8.63% -9.84% -29.15% -31.94% -26.71% -25.82% -8.02% -9.11% -7.44% 57785 QSR 7 Dunkin' Brands 6.05% -0.23% 0.83% 1.48% -16.12% -39.74% -45.90% -47.99% -47.17% -34.60% -32.88% -29.19% 66449 QSR 8 Domino's Pizza 1.12% -4.05% -3.71% -0.65% -4.37% -0.37% -3.23% 4.14% 6.83% 23.34% 12.92% 11.10% 31599 QSR 9 Pizza Hut -5.94% -5.68% -8.14% -3.40% -4.26% -9.20% 0.72% 7.98% 4.28% 29.47% 17.12% 19.53% 19381 QSR 10 Sonic Drive-In 3.94% -4.26% 7.50% -1.34% -9.44% -19.54% -9.40% -14.02% -8.53% 21.17% 18.40% 22.33% 38817 QSR 11 KFC -3.56% -3.16% 3.68% 5.55% -9.89% -27.01% -26.19% -15.26% -10.66% 5.88% 2.52% 4.90% 16711 QSR 12 Jack in the Box -2.76% 1.37% 0.50% -0.54% -9.46% -24.90% -25.85% -15.14% -16.52% 0.72% -4.20% 2.57% 15444 QSR 16 Popeyes 58.07% -7.19% -17.92% -16.63% -23.16% -41.20% -48.75% -36.82% -35.33% -11.92% -16.93% -16.95% 22914 QSR 17 Papa John's 5.84% -0.25% -1.01% -2.25% -6.47% -11.03% -1.36% 15.87% 13.22% 39.56% 21.87% 21.06% 18532 QSR 18 Bojangles' -1.01% -3.40% 7.17% -4.20% -10.73% -30.39% -33.20% -23.88% -21.72% -1.95% -2.79% -0.88% 7090 QSR 21 El Pollo Loco -1.35% 0.51% 2.14% 2.47% -9.90% -38.92% -34.33% -24.13% -30.16% -9.26% -12.83% -11.98% 3694 QSR 22 Del Taco 5.80% -1.93% -1.44% 0.02% -16.10% -32.99% -33.16% -24.66% -27.95% -11.00% -16.53% -4.49% 5320 QSR 23 Papa Murphy's -5.32% 0.88% 0.57% -2.85% 21.79% 1.77% 0.12% -2.32% -2.41% 28.99% 12.43% 15.25% 4185 QSR 24 Tim Hortons -10.82% -0.36% -0.31% 0.76% -14.19% -42.29% -47.32% -45.29% -47.80% -36.28% -32.00% -29.64% 2265 QSR 25 Church's Chicken 10.66% 1.81% -8.06% -1.01% -7.69% -25.54% -31.22% -24.20% -18.60% 0.55% -1.39% -3.61% 2061 QSR 26 Chuck E. Cheese's 0.15% -6.31% -9.90% -21.98% -70.06% -97.92% -95.81% -93.09% -93.63% -92.42% -92.10% -92.76% 1723 QSR 27 Luby's Cafeteria -3.67% -11.84% 9.29% -1.01% -38.04% -76.34% -82.62% -80.54% -75.50% -80.06% -76.26% -75.06% 937 QSR 28 Peter Piper Pizza 4.53% -8.63% -19.70% -21.91% -33.31% -73.15% -68.40% -63.53% -65.05% -51.42% -53.42% -56.07% 790 QSR 29

1. Brands with N<800 excluded; 2. Ranking based on Technomic 2018 systemwide sales in QSR

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Type Ranking2 Applebee's -3.66% 1.61% 6.64% -2.69% -24.37% -75.38% -76.15% -74.12% -71.09% -62.93% -62.43% -59.02% 7489 CDR 1 Olive Garden -0.12% -0.57% -0.11% -6.55% -27.96% -65.99% -51.71% -39.92% -39.19% -21.22% -31.72% -30.56% 9703 CDR 2 Buffalo Wild Wings -8.23% -1.98% -7.43% -2.77% -25.22% -54.08% -49.11% -38.40% -43.65% -23.55% -34.32% -42.94% 12026 CDR 3 Chili's 0.21% -1.76% -0.57% -5.02% -26.26% -61.20% -57.52% -50.51% -44.99% -34.67% -38.48% -30.19% 11979 CDR 4 IHOP -8.33% 11.44% -0.16% -9.85% -26.30% -76.47% -78.60% -75.13% -75.53% -72.29% -71.24% -67.18% 10841 CDR 5 Texas Roadhouse -4.30% -0.54% 0.95% 1.29% -16.61% -56.15% -35.30% -23.08% -21.67% -13.56% -24.97% -34.83% 6947 CDR 6 Denny's -5.41% -0.82% -3.41% -7.81% -29.74% -76.24% -78.10% -75.32% -75.90% -71.00% -72.03% -67.66% 5258 CDR 7 Outback Steakhouse -1.67% -4.40% -2.33% -5.64% -25.54% -54.08% -49.56% -44.92% -38.02% -29.82% -35.30% -31.59% 5060 CDR 8 Cracker Barrel -0.60% -2.76% -1.58% -5.27% -34.92% -81.70% -82.88% -79.99% -72.45% -76.66% -73.11% -72.20% 8679 CDR 9 Red Lobster -2.80% 4.41% 5.10% -7.11% -32.07% -75.75% -78.61% -72.40% -67.04% -62.43% -60.51% -55.38% 2773 CDR 10 Cheesecake Factory -4.89% 2.22% 4.76% -3.90% -31.30% -61.65% -58.08% -55.43% -48.17% -49.46% -47.50% -46.13% 4736 CDR 11 Longhorn -0.04% -6.43% 7.93% -3.25% -23.26% -71.28% -68.55% -59.67% -53.25% -44.59% -44.84% -44.32% 3173 CDR 12 Red Robin -7.71% -3.14% 0.09% -5.47% -30.68% -65.02% -58.71% -53.57% -53.46% -47.30% -52.19% -52.30% 6174 CDR 13 BJ's Restaurants -4.27% -2.37% -3.98% -3.52% -35.48% -72.78% -69.79% -62.62% -62.84% -57.49% -63.27% -54.82% 3829 CDR 16 Cheddar's Scratch -3.73% 4.29% -2.18% -4.57% -25.09% -84.45% -85.01% -80.08% -76.47% -70.23% -68.93% -65.52% 1999 CDR 20 Kitchen Ruby Tuesday -15.40% 6.27% -2.72% -0.10% -33.19% -66.86% -67.11% -65.39% -64.40% -60.77% -63.42% -62.91% 1763 CDR 21 Yard House 1.91% -3.41% -5.09% -8.80% -42.34% -96.76% -95.40% -95.06% -94.53% -91.82% -92.14% -89.48% 1666 CDR 22 Chuy's -1.63% 1.26% -7.64% -0.42% -29.47% -65.35% -62.98% -62.09% -57.77% -50.63% -53.73% -52.41% 2754 CDR 23

1. Brands with N<800 excluded; 2. Ranking based on Technomic 2018 systemwide sales in CDR

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Type Ranking2 Panera Bread -3.84% -0.91% -3.35% -3.33% -29.15% -67.71% -68.90% -68.28% -69.09% -56.66% -57.99% -54.78% 36059 FC 1 Chipotle 9.60% 0.17% -0.18% -2.90% -28.98% -55.67% -54.08% -54.24% -56.38% -33.41% -43.92% -35.93% 41237 FC 2 Five Guys -3.88% -3.22% -2.36% -2.12% -20.52% -45.98% -45.65% -42.54% -39.92% -20.46% -28.10% -19.63% 10869 FC 6 Wingstop 12.20% 2.85% -1.54% 7.80% -11.36% -13.06% -14.08% -6.05% -6.63% 34.76% 7.52% 3.11% 6968 FC 7 Qdoba -1.26% -3.08% 0.43% 0.04% -26.95% -65.17% -63.22% -65.63% -65.99% -52.09% -55.12% -46.22% 5394 FC 10 Noodles -1.42% 0.24% -2.13% -1.61% -35.39% -64.73% -64.47% -63.71% -66.69% -49.01% -51.86% -50.55% 3610 FC 16 Shake Shack 15.92% 0.06% 1.81% -3.38% -41.24% -80.03% -85.19% -79.29% -77.88% -69.84% -68.84% -66.14% 3756 FC 19 Potbelly -3.94% -0.23% 1.25% -2.34% -32.86% -67.79% -70.79% -71.49% -70.27% -61.90% -63.08% -60.37% 4204 FC 20 Habit Restaurants 1.25% -4.41% -5.32% -9.32% -33.10% -58.71% -52.34% -55.17% -51.76% -31.98% -34.42% -33.57% 2790 FC 21 Portillo's 4.19% -4.91% -3.21% -6.86% -15.85% -41.79% -39.37% -43.80% -49.38% -36.55% -33.20% -32.47% 2131 FC 22 Pollo Tropical -6.65% -2.00% -3.42% -3.40% -19.72% -49.15% -52.96% -55.16% -53.54% -44.08% -42.32% -37.11% 1288 FC 23 Taco Cabana -10.83% 0.24% -0.07% -5.36% -20.32% -42.51% -35.78% -35.35% -34.32% -27.77% -27.15% -18.27% 5240 FC 25 Pei Wei -22.31% -6.92% -8.75% -7.58% -21.34% -73.32% -76.64% -76.56% -77.06% -57.42% -50.74% -43.05% 1867 FC 26 Fuddruckers -16.72% -3.38% -8.60% -10.45% -35.17% -73.43% -76.97% -77.18% -77.20% -75.11% -76.31% -73.84% 854 FC 27

1. Brands with N<800 excluded; 2. Ranking based on Technomic 2018 systemwide sales in FC

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Type Ranking2 McDonald's 1.97% 0.69% 0.08% -1.55% -16.18% -38.56% -43.25% -42.04% -41.82% -31.40% -34.43% -29.03% 186181 QSR 1 Starbucks 2.49% 1.72% -1.80% -2.59% -22.24% -59.71% -71.51% -71.25% -73.00% -69.72% -69.59% -67.14% 124156 QSR 2 Subway -6.85% -0.39% 0.84% 0.00% -24.06% -57.12% -64.97% -66.31% -67.55% -58.12% -58.22% -53.07% 55398 QSR 3 Taco Bell 2.43% -2.53% -2.77% -4.89% -19.25% -44.01% -44.25% -41.41% -42.35% -28.03% -31.53% -23.98% 67323 QSR 4 Chick-fil-A 5.28% -1.83% -3.34% -2.49% -14.40% -42.26% -47.37% -44.29% -43.34% -34.64% -32.94% -30.39% 108010 QSR 5 Burger King -2.41% 0.28% -1.75% 0.14% -15.14% -37.18% -41.45% -40.60% -41.67% -28.88% -30.70% -25.64% 45979 QSR 6 Wendy's -0.25% -0.85% 6.39% 11.11% -9.56% -35.57% -39.22% -38.23% -37.33% -23.95% -24.11% -21.91% 57785 QSR 7 Dunkin' Brands 3.40% 0.23% 0.21% 0.41% -17.31% -43.19% -49.66% -52.84% -52.70% -41.56% -41.50% -38.15% 66449 QSR 8 Domino's Pizza -0.68% -4.11% -3.80% -0.92% -6.78% -7.78% -10.89% -6.66% -3.38% 8.56% 0.26% -0.72% 31599 QSR 9 Pizza Hut -9.60% -6.66% -9.63% -5.35% -9.04% -18.61% -9.61% -6.79% -12.76% 9.91% 0.34% 3.11% 19381 QSR 10 Sonic Drive-In 4.52% -4.10% 9.19% -2.16% -11.36% -28.91% -21.15% -26.59% -21.77% 1.87% 0.53% 3.64% 38817 QSR 11 KFC -5.60% -0.66% 3.62% 5.45% -12.33% -32.66% -34.59% -30.04% -27.16% -12.25% -15.99% -13.40% 16711 QSR 12 Jack in the Box -5.22% 0.75% -0.69% -2.14% -12.20% -32.46% -34.57% -28.47% -30.05% -15.84% -20.40% -15.06% 15444 QSR 16 Popeyes 57.11% -8.74% -16.74% -17.79% -28.74% -58.86% -66.91% -63.11% -62.81% -44.89% -49.45% -50.01% 22914 QSR 17 Papa John's -1.95% 2.57% 0.14% -1.56% -8.39% -14.86% -8.45% 2.64% 0.24% 22.40% 9.96% 9.44% 18532 QSR 18 Bojangles' -1.81% -6.01% 7.03% -7.16% -11.05% -35.70% -41.18% -35.75% -34.78% -18.23% -20.64% -18.27% 7090 QSR 21 El Pollo Loco -3.01% 1.76% 1.29% 1.80% -14.77% -45.81% -44.01% -39.73% -44.40% -28.37% -30.90% -27.63% 3694 QSR 22 Del Taco 1.69% -1.00% -0.25% -1.79% -18.21% -39.94% -42.32% -39.20% -42.19% -29.15% -31.97% -24.76% 5320 QSR 23 Papa Murphy's -10.37% 2.33% 0.53% -1.86% 12.07% -4.50% -8.61% -10.69% -8.88% 14.21% -0.15% 1.12% 4185 QSR 24 Tim Hortons -10.11% 0.61% -3.61% 0.30% -16.70% -46.83% -50.82% -48.47% -51.80% -40.57% -38.81% -36.72% 2265 QSR 25 Church's Chicken 6.42% -2.66% -9.48% -3.32% -15.46% -35.48% -41.94% -36.39% -35.39% -22.39% -24.70% -26.54% 2061 QSR 26 Chuck E. Cheese's -9.18% -0.94% -2.77% -19.85% -64.76% -86.27% -83.78% -78.83% -79.73% -78.69% -77.54% -77.52% 1723 QSR 27 Luby's Cafeteria -3.71% -11.36% 9.67% -2.12% -32.33% -73.76% -81.45% -81.12% -78.35% -77.88% -77.55% -76.92% 937 QSR 28 Peter Piper Pizza 4.14% -2.84% -17.88% -14.69% -33.59% -73.84% -63.57% -59.35% -63.92% -49.44% -54.66% -54.09% 790 QSR 29

1. Brands with N<800 excluded; 2. Ranking based on Technomic 2018 systemwide sales in QSR

Difference from Dec-Jan avg. →

Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N

Bite Squad -26.71% -5.59% -17.73% -10.68% -12.26% -6.41% -7.77% 5.85% 5.15% 27.36% 21.29% 13.27% 921

Blue Apron -35.21% 4.49% 5.84% 2.09% 10.66% 20.28% 21.42% 25.49% 36.43% 35.71% 44.36% 35.69% 1910

Caviar 6.67% -12.04% -10.54% -15.79% -14.07% 12.32% 30.10% 49.06% 42.14% 73.05% 61.15% 92.99% 1072

Delivery.com 1.51% 3.68% -10.36% 3.96% -4.99% 0.79% -6.51% 23.38% -0.37% 25.73% 31.90% 8.35% 326

DoorDash 88.69% -29.89% -28.05% -38.02% -44.01% -10.98% 25.85% 69.35% 87.14% 125.50% 122.82% 127.96% 23998

Green Chef 55.96% -12.76% -28.84% -32.83% -22.79% -8.18% -25.23% 10.24% 2.82% 0.88% -22.20% -33.38% 410

GrubHub and Seamless 14.46% 0.36% -0.32% -2.53% -7.67% -1.13% 10.57% 32.72% 29.64% 67.41% 53.91% 50.53% 16650

Hello Fresh 36.95% 5.50% 7.30% 10.33% 29.97% 53.05% 44.76% 51.82% 55.36% 64.88% 49.07% 43.52% 4194

Home Chef 1.40% 18.28% 22.62% 16.05% 31.27% 53.55% 49.44% 62.91% 88.69% 89.15% 81.61% 89.48% 1406

Postmates 35.52% -18.60% -20.19% -26.50% -23.46% -17.35% -5.08% 17.20% 13.94% 48.35% 46.84% 35.54% 6586

Sun Basket -22.44% -25.77% 8.41% -13.84% -3.20% 19.56% 31.47% 45.68% 46.74% 42.44% 55.39% 28.92% 574

UberEATS 17.14% -11.97% -13.59% -13.75% -16.72% 12.25% 29.24% 40.68% 68.91% 111.53% 107.57% 120.09% 13314

Waitr -18.15% -8.72% -19.49% -13.94% -26.08% -5.26% -10.15% 18.45% 20.46% 60.11% 44.15% 49.25% 1223

1. Brands with N<300 excluded from indices

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 54 Copyright by© 2020 Boston Consulting Group. All rights reserved. YoY transactions change vs. baseline: Food Delivery

Difference from Dec-Jan avg. →

Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N

Bite Squad -24.17% -10.54% -19.53% -18.16% -20.66% -18.41% -22.68% -11.04% -12.36% 6.29% -1.72% -4.68% 921

Blue Apron -35.24% 5.94% 6.15% 2.75% 10.30% 17.53% 18.15% 22.03% 32.01% 31.46% 38.37% 31.84% 1910

Caviar -2.34% -6.48% -5.05% -8.35% -15.24% 2.34% 19.07% 30.69% 28.09% 51.88% 44.11% 65.21% 1072

Delivery.com -6.57% 1.10% -4.65% -3.07% -9.83% -13.77% -23.33% -2.06% -22.20% -1.26% -1.67% -16.20% 326

DoorDash 89.61% -31.95% -30.55% -41.21% -53.98% -33.70% 0.28% 32.86% 50.04% 88.00% 80.80% 86.36% 23998

Green Chef 53.14% -15.71% -31.26% -35.45% -22.55% -11.92% -24.54% 5.34% 2.44% 3.55% -15.02% -35.73% 410

GrubHub and Seamless 9.96% 0.32% -0.78% -2.18% -13.01% -18.54% -9.77% 5.60% 3.35% 30.84% 22.01% 19.53% 16650

Hello Fresh 42.74% 7.06% 2.85% 7.10% 26.09% 41.21% 28.74% 30.94% 34.98% 40.23% 34.07% 20.90% 4194

Home Chef 2.66% 20.01% 23.18% 16.31% 26.53% 32.55% 32.95% 43.93% 69.13% 62.97% 56.48% 62.63% 1406

Postmates 25.87% -13.19% -10.76% -20.22% -20.92% -21.28% -14.27% 7.20% 10.47% 45.02% 45.50% 28.81% 6586

Sun Basket -22.59% -25.91% 2.61% -17.99% -8.33% 8.01% 19.91% 35.39% 33.05% 28.39% 39.25% 15.41% 574

UberEATS -9.70% -15.80% -17.75% -18.06% -21.63% 26.73% 39.13% 15.36% 30.90% 63.20% 49.41% 57.69% 13314

Waitr -19.96% -12.00% -19.96% -15.49% -27.06% -19.33% -22.29% -5.04% -5.81% 22.91% 13.07% 17.79% 1223

1. Brands with N<300 excluded from indices

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Acme -7.93% 2.28% 6.25% 27.86% 133.56% 68.92% 51.84% 63.22% 67.35% 47.89% 52.84% 53.41% 4325 Albertson's 3.43% 0.09% 3.14% 12.87% 123.16% 44.88% 18.38% 24.22% 21.29% 9.64% 21.99% 18.91% 16349 Aldi 12.36% 1.42% 6.61% 12.81% 54.47% -3.42% -15.67% 1.28% -15.20% 10.76% -6.36% 1.64% 30027 BI-LO -11.88% 7.26% -1.16% 4.17% 112.82% 73.91% 37.62% 64.43% 29.49% 21.85% 35.14% 45.29% 2075 Central Market -2.66% 3.89% -1.64% 10.42% 46.21% 29.84% 5.54% 2.01% -11.36% -5.45% 6.49% 8.58% 2175 City Market -1.01% 6.09% 7.40% 6.83% 46.42% -13.32% -17.60% -2.61% 0.21% 6.16% -2.32% 11.98% 996 Cub Foods 0.01% -9.69% -0.42% 6.19% 126.60% 55.87% 30.81% 26.73% 33.64% 6.97% 24.16% 21.77% 1414 Dillons 0.56% -3.63% -2.86% 8.97% 57.50% 31.71% -10.94% 14.47% 2.22% -0.33% 1.26% 5.86% 2658 Food 4 Less -4.43% 0.14% 8.38% 19.56% 94.80% 19.37% 1.30% 17.20% 2.53% -0.75% -1.38% 2.29% 3330 Food Lion 2.91% 6.18% 0.86% 10.56% 117.08% 53.03% 15.11% 27.64% 23.42% 18.44% 11.77% 20.25% 24965 Fred Meyer -1.12% -1.05% 7.66% 10.09% 48.14% 15.90% -1.84% 11.37% 9.91% 2.76% 7.85% 11.96% 10848 Fry's 0.26% -1.08% 4.47% 4.81% 68.15% 7.89% 2.40% 1.83% 1.95% -9.83% -1.86% -2.33% 8980 Giant Carlisle 8.12% 2.45% 0.97% 17.68% 90.88% 31.99% 10.31% 13.99% 3.54% 0.20% 1.61% 2.08% 4994 Giant Eagle -5.81% 5.60% 0.49% 11.09% 104.84% 51.93% 18.30% 35.52% 25.46% 22.27% 20.47% 26.73% 2725 Giant Landover 0.15% 4.88% 8.94% 19.96% 100.69% 45.89% 23.40% 27.15% 23.81% 10.54% 14.36% 11.87% 14003 Hannaford 4.79% 1.12% 6.02% 11.08% 81.96% 29.79% 18.74% 21.45% 10.80% 17.15% 14.28% 14.49% 4363 Harris Teeter 1.75% 3.02% 5.29% 9.63% 81.02% 27.12% 13.21% 21.52% 18.97% 8.61% 15.31% 14.01% 19411 HEB 2.75% -1.03% 6.87% 6.26% 59.01% 9.48% -16.86% -2.98% -14.60% -8.33% -9.93% -2.67% 48262 Hy-Vee -0.73% -1.70% 0.48% 3.95% 66.53% 25.49% 4.78% 20.91% 8.84% 8.94% 9.93% 12.55% 6802 Ingles Markets 2.69% 1.30% 3.99% 12.37% 88.86% 40.11% 15.75% 23.71% 14.70% 1.44% 11.48% 11.14% 3845 Jewel-Osco -2.63% 7.73% 7.70% 17.38% 110.42% 54.41% 23.06% 28.63% 22.41% 8.82% 17.74% 20.61% 8588 King Soopers -0.86% -0.53% 3.62% 3.83% 82.13% 12.51% -9.24% 0.55% 7.23% -5.57% -0.22% 4.82% 10922 Kroger -0.85% -0.48% 1.55% 8.77% 61.58% 17.08% -2.28% 11.74% 4.62% -2.42% -1.67% 3.96% 60854 Lidl 23.80% 10.49% 24.89% 16.13% 72.78% 3.40% -9.13% 10.72% -1.63% 7.23% 6.96% 9.76% 3087 Mariano's -8.12% 2.73% 3.84% 11.37% 83.60% 39.84% 17.62% 22.59% 29.79% 13.35% 18.89% 23.87% 4113 Market Street 5.24% -3.84% -0.26% 5.43% 78.25% 32.04% 4.91% 13.50% 9.68% 7.96% 5.38% 9.49% 1865

1. Brands with N<800 excluded from indices

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Natural Grocers -0.89% 3.11% 12.52% 17.45% 111.50% 32.08% -9.03% 7.32% -0.43% 17.02% 7.52% 10.45% 2286 Pavilions -6.05% 0.59% 5.86% 23.63% 130.65% 30.52% 24.54% 24.12% 16.64% 1.12% 23.07% 17.27% 1299 Pick N' Save 5.30% -1.38% -3.07% -1.65% 96.46% 29.44% 4.01% 20.36% 23.73% 13.09% 10.87% 16.41% 1113 Publix 3.97% 0.25% 2.79% 10.97% 91.18% 34.53% 13.21% 22.52% 1.62% 14.37% 8.40% 14.49% 59033 QFC 0.35% 1.35% 28.48% 19.08% 75.92% 29.92% 7.51% 19.93% 16.94% 1.94% 10.96% 8.79% 2365 Ralphs -4.44% -1.06% 6.20% 14.75% 77.01% 11.46% 13.52% 20.27% 17.34% 3.77% 19.04% 16.35% 10978 Randalls -5.65% -10.63% 3.63% -0.19% 164.62% 99.21% 18.88% 31.64% 42.01% -12.15% 8.46% 3.87% 1687 Safeway -0.25% -0.35% 7.55% 13.07% 84.94% 33.50% 9.02% 8.61% 8.26% -8.12% -0.68% 0.84% 44988 Save-A-Lot -21.04% 0.71% 10.71% 7.38% 168.02% 116.20% 33.46% 48.90% 47.16% 29.63% 26.66% 20.21% 1428 Shaws 1.54% 0.24% 6.59% 17.08% 121.70% 52.07% 28.14% 44.77% 12.65% -4.39% 22.49% 21.86% 2326 Shoppers Food -33.62% -14.05% -10.82% -7.76% 66.91% 35.98% 16.91% 21.35% 23.86% 5.05% 16.94% 12.31% 2208 ShopRite 1.67% 3.21% 10.02% 23.73% 86.43% 30.35% 28.18% 28.36% 2.00% 15.98% 24.47% 21.80% 13733 Smart & Final -2.24% 5.96% 24.72% 40.57% 170.06% 58.12% 37.55% 54.69% 37.35% 18.51% 27.74% 21.94% 4914 Smith's -0.70% -6.59% 4.11% 9.44% 72.16% 8.33% -4.54% 9.16% 9.21% -4.79% -0.37% 0.60% 6862 Sprouts Farmers Market 1.66% -2.88% 1.68% 4.40% 76.74% 23.62% -1.99% 2.82% -11.21% 2.03% -3.38% 7.09% 17227 Stop & Shop -1.63% 1.31% 7.81% 25.35% 84.64% 26.62% 15.50% 25.12% 63.40% 48.09% 16.01% 15.05% 20052 The Fresh Market -9.03% 1.71% 4.83% 3.85% 48.88% 24.53% 8.29% 11.19% 33.66% -11.04% 10.65% 18.52% 5187 Tom Thumb Supermarkets 0.10% 0.47% 3.54% 23.31% 121.60% 52.70% 7.25% 19.06% 14.83% -3.59% 3.60% 9.70% 3186 Tops Markets -2.77% 1.61% 7.98% 11.76% 123.15% 52.78% 25.90% 42.17% 29.91% 17.95% 27.38% 37.63% 1549 Trader Joe's 4.43% 0.55% 8.33% 13.54% 28.07% -28.15% -34.21% -32.34% -41.74% -24.85% -25.30% -26.24% 40516 United Supermarkets 8.36% -16.10% 5.22% 4.71% 61.72% 9.48% -8.76% -4.56% -17.58% -11.86% -23.05% -8.98% 1254 Vons -1.86% 1.64% 10.33% 15.26% 105.78% 22.63% 8.71% 17.30% 9.76% -3.26% 9.99% 5.77% 10267 Wegmans 1.70% 4.19% 5.41% 16.36% 50.67% 8.45% 4.69% 5.33% 1.00% -9.39% -4.57% -6.31% 12682 Weis Markets -3.99% 7.51% 5.39% 13.11% 132.49% 62.28% 34.32% 43.62% 40.57% 26.34% 31.41% 33.85% 4207 Whole Foods Market -3.65% 3.41% 9.02% 15.66% 54.91% 2.49% -14.68% -13.44% -13.25% -21.28% -16.63% -16.39% 36516 Winn-Dixie 3.55% -3.92% -1.77% 6.46% 133.52% 78.79% 24.66% 42.79% 15.85% 4.61% 25.19% 28.74% 8541 1. Brands with N<800 excluded from indices

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 57 Copyright by© 2020 Boston Consulting Group. All rights reserved. YoY transactions change vs. baseline: Grocers (I/II)

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Acme -5.10% 2.58% 1.48% 13.22% 50.42% 12.43% 0.83% -2.11% -1.29% -9.82% -4.84% -1.07% 4325 Albertson's 1.59% 0.18% 1.17% 4.61% 34.54% 3.11% -14.84% -17.98% -17.94% -25.36% -14.53% -15.46% 16349 Aldi 11.08% 1.88% 3.27% 6.88% 32.70% -4.37% -22.28% -19.94% -32.32% -16.10% -25.09% -21.15% 30027 BI-LO -14.51% 6.38% 0.79% 5.47% 44.49% 21.64% 10.32% 14.00% -2.23% -4.55% 7.27% 10.69% 2075 Central Market -4.95% 2.53% -0.52% 1.66% -2.91% -20.12% -36.06% -43.92% -53.97% -45.62% -39.39% -33.50% 2175 City Market 1.02% 6.60% 8.02% 1.13% 12.59% -30.80% -39.45% -38.16% -31.14% -30.69% -30.94% -24.00% 996 Cub Foods -0.90% -4.98% 2.88% 5.75% 46.40% 6.60% -4.30% -13.23% -10.65% -20.90% -11.80% -12.49% 1414 Dillons -3.67% 1.48% 2.02% 8.91% 24.87% 2.82% -18.71% -13.67% -13.04% -12.24% -10.42% -6.05% 2658 Food 4 Less -5.59% 0.76% 6.07% 12.38% 28.68% 0.91% -13.78% -11.03% -18.60% -26.51% -19.85% -17.09% 3330 Food Lion 1.74% 3.72% 1.40% 1.57% 33.68% 10.26% -8.28% -9.63% -7.87% -14.89% -10.72% -7.30% 24965 Fred Meyer -3.33% 0.19% 4.52% 1.49% 8.42% -8.29% -22.09% -17.34% -16.29% -19.03% -12.90% -10.03% 10848 Fry's -1.83% 0.77% 0.49% 0.88% 20.11% -7.92% -15.54% -21.05% -18.01% -25.32% -18.24% -17.16% 8980 Giant Carlisle 8.47% 4.57% -1.81% 6.38% 28.57% -4.40% -21.19% -27.55% -34.57% -37.70% -34.19% -30.93% 4994 Giant Eagle -3.24% 4.11% 1.06% 5.57% 32.11% 6.83% -10.91% -13.67% -16.92% -17.24% -15.24% -9.08% 2725 Giant Landover 0.71% 3.44% -0.95% 5.70% 29.20% 3.54% -14.87% -23.59% -26.01% -30.60% -27.12% -26.47% 14003 Hannaford 3.78% 1.94% 1.90% 5.34% 23.54% -11.38% -21.56% -29.33% -36.06% -31.01% -30.26% -29.20% 4363 Harris Teeter 4.09% 2.70% 1.55% 1.68% 20.18% -10.17% -24.46% -28.24% -25.64% -30.68% -26.47% -25.47% 19411 HEB 1.52% -0.84% 1.90% 2.19% 11.91% -20.74% -36.04% -38.07% -43.94% -35.41% -33.79% -27.14% 48262 Hy-Vee -0.41% 4.42% 2.55% 3.91% 14.97% -15.41% -25.22% -22.84% -24.48% -25.32% -18.82% -18.36% 6802 Ingles Markets 2.90% 0.41% 1.54% 3.85% 23.36% -1.27% -17.58% -16.70% -20.59% -25.53% -16.02% -12.24% 3845 Jewel-Osco 0.73% 6.44% 2.41% 7.21% 36.88% 10.32% -11.75% -13.04% -13.04% -25.99% -16.83% -14.64% 8588 King Soopers -2.58% -0.90% 1.50% -1.70% 22.48% -11.73% -27.92% -30.37% -21.61% -29.66% -22.85% -18.94% 10922 Kroger -2.50% -0.20% 0.58% 3.28% 16.63% -7.10% -18.37% -17.04% -18.32% -22.16% -17.97% -14.15% 60854 Lidl 27.42% 12.16% 20.67% 12.68% 52.02% 0.53% -19.19% -14.45% -22.38% -22.69% -22.61% -20.39% 3087 Mariano's -4.34% 3.29% 0.05% 5.17% 20.57% -5.01% -18.39% -22.87% -18.09% -27.64% -23.56% -18.40% 4113 Market Street 3.12% -2.68% -4.64% -1.08% 13.05% -11.32% -31.24% -31.70% -35.22% -26.03% -28.93% -23.73% 1865

1. Brands with N<800 excluded from indices

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 58 Copyright by© 2020 Boston Consulting Group. All rights reserved. YoY transactions change vs. baseline: Grocers (II/II)

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Natural Grocers -2.39% -2.11% 7.61% 6.22% 53.06% 8.92% -27.36% -19.01% -24.45% -6.79% -10.30% -10.00% 2286 Pavilions -8.62% 4.24% 0.94% 8.72% 32.48% -14.21% -19.40% -28.34% -32.65% -37.27% -26.13% -28.14% 1299 Pick N' Save 4.48% 1.13% 1.76% 0.65% 27.11% -14.23% -23.27% -19.60% -7.76% -23.40% -16.51% -9.65% 1113 Publix 4.01% 0.63% 0.90% 1.93% 26.92% -0.99% -16.89% -20.72% -31.59% -18.38% -21.64% -15.29% 59033 QFC -1.88% 4.26% 9.09% 2.77% 8.43% -17.45% -31.31% -25.66% -29.42% -32.53% -29.94% -29.58% 2365 Ralphs -3.20% -0.53% 2.11% 6.54% 18.24% -23.05% -22.35% -22.09% -24.27% -28.41% -17.27% -17.00% 10978 Randalls -3.60% -7.69% -3.16% -3.96% 47.72% 16.87% -20.94% -20.85% -16.80% -38.10% -25.79% -23.93% 1687 Safeway -0.45% 0.35% 4.07% 3.95% 19.74% -6.77% -22.07% -27.11% -25.84% -33.22% -27.57% -25.00% 44988 Save-A-Lot -15.95% 2.37% 6.71% -3.85% 75.62% 49.18% 6.31% 6.43% 6.90% -0.81% -2.79% -2.78% 1428 Shaws 0.81% 4.92% 4.83% 5.44% 34.12% -0.40% -20.22% -19.78% -33.84% -41.03% -25.92% -24.79% 2326 Shoppers Food -32.39% -13.55% -13.01% -11.24% 14.67% 3.60% -9.72% -12.67% -10.99% -17.58% -13.35% -15.58% 2208 ShopRite 2.59% 4.60% 5.04% 13.21% 37.02% 4.26% -8.02% -15.43% -31.79% -28.16% -19.11% -17.75% 13733 Smart & Final -3.85% 4.53% 16.63% 22.53% 74.70% 26.11% 5.59% 3.00% -5.89% -14.41% -7.08% -11.72% 4914 Smith's -2.81% -4.13% 0.75% 2.33% 18.63% -13.14% -22.21% -20.02% -19.93% -26.46% -19.03% -16.98% 6862 Sprouts Farmers Market 0.49% -2.69% 1.42% 2.92% 32.30% -2.23% -26.13% -27.95% -36.64% -28.73% -28.07% -22.49% 17227 Stop & Shop -0.26% 1.96% 3.10% 11.84% 32.06% -2.84% -15.87% -17.85% 12.28% -5.67% -21.75% -20.61% 20052 The Fresh Market -7.60% 0.60% 1.49% 0.96% 14.76% -8.87% -21.53% -22.01% -14.70% -31.20% -19.22% -12.04% 5187 Tom Thumb Supermarkets 0.91% 0.18% -0.24% 7.83% 40.14% 8.94% -15.19% -19.13% -17.96% -30.15% -22.42% -16.36% 3186 Tops Markets -1.86% 0.93% 5.54% 5.67% 47.86% 2.65% -14.57% -10.07% -13.78% -22.76% -13.58% -6.69% 1549 Trader Joe's 3.99% 1.37% 3.89% 4.69% -0.88% -47.89% -59.82% -63.39% -69.24% -60.05% -58.09% -57.46% 40516 United Supermarkets 4.47% -7.60% 1.02% 7.45% 17.17% -15.00% -28.03% -30.21% -34.74% -27.40% -34.39% -24.01% 1254 Vons -2.02% 2.00% 4.56% 5.59% 30.82% -9.77% -21.46% -23.46% -27.88% -32.90% -23.85% -24.83% 10267 Wegmans 4.12% 3.57% 0.41% 4.68% 5.72% -22.92% -31.92% -40.23% -41.59% -47.78% -46.46% -45.28% 12682 Weis Markets -1.48% 6.45% 1.73% 4.79% 45.99% 13.85% -6.62% -7.47% -5.42% -17.31% -14.11% -11.00% 4207 Whole Foods Market -1.42% 3.06% 3.63% 3.88% -1.21% -37.92% -51.02% -54.85% -54.95% -56.97% -54.02% -52.88% 36516 Winn-Dixie 0.84% -1.67% 1.04% 2.25% 49.57% 25.94% -3.92% -4.56% -16.97% -21.60% -3.81% 1.58% 8541 1. Brands with N<800 excluded from indices

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 59 Copyright by© 2020 Boston Consulting Group. All rights reserved. YoY sales change vs. baseline: Department stores

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Bealls 18.61% -32.26% -0.86% 5.24% -67.80% -100.05% -115.98% -18.61% -118.42% -18.61% -118.44% -18.61% 307 Belk 0.75% -9.96% -7.60% -6.99% -37.92% -57.04% -61.64% -41.54% -56.64% -45.37% -56.38% -45.24% 3329 Bloomingdale's 4.29% -12.00% -18.36% -13.83% -35.25% -46.06% -52.27% -49.72% -54.88% -35.53% -51.65% -53.28% 1993 Burlington Stores -0.60% -6.13% -1.45% -3.90% -51.21% -85.81% -99.39% -99.38% -99.36% 0.60% 0.60% -99.30% 5194 Dd's Discounts 3.45% 8.13% 10.15% -0.52% -40.40% -97.65% -3.45% -3.45% -3.45% -3.45% -3.45% -3.45% 671 Dillard's (DDS) 2.87% -4.88% -7.73% -11.93% -46.93% -69.52% -77.17% -75.11% -78.25% -75.08% -79.00% -74.86% 4915 J.C. Penney -6.77% -7.74% -10.18% -12.49% -25.71% -46.94% -57.55% -33.43% -55.35% -30.34% -52.28% -43.13% 12951 Kohl's 5.61% -2.39% -11.69% -6.33% -31.07% -43.82% -57.52% -34.35% -34.87% -18.28% -52.57% -36.29% 25695 Macy's 0.27% -4.59% -4.84% -3.74% -25.19% -41.78% -43.07% -30.98% -38.44% -17.05% -46.48% -32.43% 20587 Marshalls 5.50% -6.75% -5.34% -6.58% -49.44% -104.23% -105.20% -105.46% -105.49% -105.37% -105.42% -103.95% 15358 Neiman Marcus 8.05% -1.29% -15.56% -16.16% -45.05% -60.70% -58.27% -49.93% -56.34% -43.01% -45.80% -51.33% 853 Nordstrom 2.35% 2.94% 1.16% -10.72% -41.44% -41.06% -44.60% -40.27% -44.90% -35.27% -41.35% -38.03% 12958 Ross Stores 1.81% -1.84% 2.09% -4.58% -42.73% -95.73% -1.81% -1.81% -1.81% -101.81% -101.81% -1.81% 16281 Saks Fifth Avenue 2.28% -25.51% -0.99% -14.08% -20.70% -41.85% -37.18% -49.89% -29.08% -41.87% -55.97% -49.06% 664 Saks Off 5th -0.45% -5.87% -11.56% 5.76% -54.12% -82.62% -79.95% -91.38% -83.15% -77.11% -79.73% -70.03% 499 Sears -43.58% -6.29% -4.61% 1.03% -1.25% 4.41% -9.97% 13.13% 2.28% 8.11% -6.78% 6.06% 4122 Sierra Trading Post 24.72% -1.41% -15.82% 4.08% -75.81% -118.93% -124.17% -24.72% -24.72% -124.71% -24.72% -24.72% 611 Stein Mart -0.55% -14.09% -6.82% -6.48% -44.96% -81.32% -81.36% -75.41% -78.09% -78.41% -81.89% -74.29% 1486 T.J. Maxx 8.16% -3.89% -4.42% -7.29% -36.06% -79.84% -85.48% -74.43% -85.15% -72.52% -88.96% -84.33% 23597

1. Brands with N<300 excluded from indices

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 60 Copyright by© 2020 Boston Consulting Group. All rights reserved. YoY transactions change vs. baseline: Department stores

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Bealls 8.68% -26.74% -12.94% 8.06% -57.46% -93.97% -106.55% -8.68% -108.37% -8.68% -108.42% -8.68% 307 Belk -2.77% -7.82% -8.51% -3.90% -35.35% -58.72% -61.23% -39.54% -41.99% -32.81% -44.61% -40.82% 3329 Bloomingdale's 1.71% -10.72% -5.06% -13.38% -30.36% -49.07% -47.44% -46.93% -54.75% -31.18% -49.41% -37.95% 1993 Burlington Stores -1.97% -3.58% -4.93% -5.88% -47.49% -84.34% -97.97% -98.00% -97.97% 1.97% 1.97% -98.00% 5194 Dd's Discounts 3.36% 8.79% 3.71% -2.48% -39.71% -96.89% -3.36% -3.36% -3.36% -3.36% -3.36% -3.36% 671 Dillard's (DDS) 0.96% -3.33% -7.26% -10.24% -44.41% -69.29% -69.51% -64.50% -71.32% -68.40% -70.91% -73.83% 4915 J.C. Penney -7.87% -2.99% -8.67% -8.86% -27.49% -56.85% -63.28% -45.12% -61.01% -53.11% -62.46% -58.37% 12951 Kohl's 6.29% -1.34% -12.97% -8.08% -35.34% -49.73% -62.28% -42.65% -43.64% -32.31% -59.62% -43.44% 25695 Macy's -1.29% -4.40% -10.64% -4.93% -32.04% -45.56% -48.18% -34.13% -43.23% -26.73% -47.93% -38.25% 20587 Marshalls 2.72% -1.96% -2.91% -3.68% -45.44% -101.68% -102.69% -102.68% -102.69% -102.69% -102.65% -101.74% 15358 Neiman Marcus 6.38% -11.56% -12.48% -0.84% -27.54% -34.08% -45.40% -35.39% -45.40% -21.67% -18.32% -23.96% 853 Nordstrom -0.52% -3.04% -2.73% -8.95% -42.37% -44.01% -49.57% -42.32% -46.96% -36.08% -38.77% -31.97% 12958 Ross Stores 1.31% -1.08% -0.88% -6.34% -41.40% -95.07% -1.31% -1.31% -1.31% -101.30% -101.31% -1.31% 16281 Saks Fifth Avenue 2.35% -14.18% -4.91% -7.60% -18.08% -26.72% -24.26% -21.38% -23.46% -2.19% -36.15% -24.24% 664 Saks Off 5th -5.39% -3.73% -3.66% 1.13% -48.92% -80.69% -80.27% -86.50% -81.70% -77.96% -76.07% -76.08% 499 Sears -46.65% -0.85% -1.96% 7.36% 2.56% -1.15% -7.29% 11.27% -2.03% 4.47% -6.04% 0.15% 4122 Sierra Trading Post 28.48% -7.33% -19.82% -12.14% -73.96% -123.60% -128.17% -28.48% -28.48% -128.09% -28.48% -28.48% 611 Stein Mart -3.63% -9.85% -7.86% -4.82% -45.27% -81.01% -81.13% -73.94% -77.75% -76.47% -79.24% -71.08% 1486 T.J. Maxx 5.75% -2.62% -3.53% -6.80% -39.62% -92.58% -95.30% -89.65% -94.92% -91.29% -97.53% -94.20% 23597

1. Brands with N<300 excluded from indices

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Chewy 30.24% -3.68% -8.62% -7.30% 10.75% 7.58% 0.86% 18.95% 10.87% 23.41% 4.01% 14.53% 12149 Pet Supplies Plus 5.16% 3.17% 0.06% -6.18% 73.15% 18.16% -19.35% -23.07% -13.13% 7.93% -2.15% 11.01% 2980 PetMed Express -3.15% 18.81% 59.68% -9.79% 10.53% 24.89% 12.60% 33.89% 19.63% 40.27% 29.05% 20.32% 448 PetSmart -1.75% -2.02% 3.09% 2.55% 38.97% -2.51% -35.62% -23.97% -22.50% -5.19% -11.77% -4.87% 22280 Petco 0.02% -2.04% 3.32% 4.78% 44.68% -2.65% -28.75% -21.84% -20.81% -7.38% -15.89% -7.87% 15196 Petsense -5.57% -5.15% -2.43% -6.41% 37.01% 17.83% -7.73% -11.96% -15.44% 6.25% -11.42% 10.87% 619

1. Brands with N<300 excluded from indices

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 62 Copyright by© 2020 Boston Consulting Group. All rights reserved. YoY transactions change vs. baseline: Pet supplies

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Chewy 29.83% -4.03% -12.13% -7.91% 1.24% 3.86% 13.68% 31.08% 32.70% 40.89% 17.78% 24.88% 12149 Pet Supplies Plus 6.02% 1.34% -3.33% -0.66% 44.36% -3.14% -27.40% -29.28% -25.39% -7.84% -13.36% -5.95% 2980 PetMed Express -4.61% 11.49% 53.96% -15.29% -1.29% 23.07% 12.99% 35.04% 16.66% 41.31% 28.55% 17.44% 448 PetSmart -3.22% -1.51% 1.71% -0.42% 23.99% -13.24% -35.89% -28.91% -27.59% -13.80% -17.15% -12.52% 22280 Petco -3.19% -0.58% 2.41% 3.09% 25.54% -13.76% -30.60% -25.98% -24.20% -13.87% -17.02% -14.27% 15196 Petsense -6.93% -5.93% 3.33% -5.69% 18.63% 0.92% -11.15% -16.69% -21.82% -3.99% -16.85% -4.09% 619

1. Brands with N<300 excluded from indices

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Abercrombie 25.56% -21.66% -13.80% -4.62% -65.89% -87.10% -60.54% -41.67% -15.82% -60.55% -8.39% -15.10% 859 Adidas 42.84% -18.93% -37.94% -58.57% -30.96% 7.84% -17.54% -73.88% -69.35% -8.24% -38.96% 0.43% 1623 AdoreMe 19.50% -13.30% -49.72% -11.85% -40.33% 13.66% -11.14% -16.92% 45.68% 94.52% 4.39% -16.08% 565 American Eagle 7.29% -10.83% -0.56% -18.47% -39.87% -77.44% -77.21% -67.26% -72.07% -65.64% -52.27% -40.72% 4981 Ann Taylor 48.43% 3.09% -13.30% -19.35% -59.45% -102.02% -106.43% -107.53% -120.38% -123.82% -120.74% -116.31% 1563 Anthropologie 11.15% -12.51% -8.48% -24.59% -53.80% -66.22% -66.90% -68.13% -65.35% -77.22% -56.42% -41.86% 1605 Asos 7.41% -14.53% -23.46% 5.06% -51.89% -73.07% -59.82% -53.53% -50.63% -27.65% -38.76% -34.89% 657 Athleta 17.99% -4.74% -7.27% -22.75% -60.15% -56.20% -28.59% -27.61% -23.05% -12.16% -19.50% -16.95% 1162 Banana Republic 1.78% -7.21% -11.27% -16.32% -31.86% -45.18% -54.51% -48.29% -44.13% -48.85% -57.52% -41.48% 3056 Cato -1.61% -9.74% 8.97% -8.38% -46.64% -94.20% -95.28% -90.52% -92.64% -90.54% -91.76% -71.15% 617 Champs 0.94% 17.35% 4.74% -4.32% -27.86% -90.59% -93.92% -94.54% -89.49% -77.86% -63.30% -72.47% 739 Chico's 3.16% -8.63% -17.43% -11.94% -28.72% -74.82% -70.59% -55.93% -49.75% -45.07% -37.80% -44.64% 767 Claire's -2.92% -2.38% -2.71% 2.36% -50.45% -95.91% -94.36% -94.47% -94.15% -93.94% -92.12% -91.90% 2213 Coach 8.86% -2.03% 3.13% -11.64% -59.25% -78.05% -76.84% -51.27% -64.65% -43.51% -51.13% -53.18% 680 Crocs 50.52% -35.69% -12.16% -39.83% -101.16% -113.38% -83.70% -52.76% -87.76% -85.97% -128.66% -13.56% 650 DSW -0.46% -5.08% -2.11% 3.13% -51.34% -81.76% -78.67% -76.76% -76.25% -53.50% -77.49% -76.97% 4809 Dressbarn -46.96% -46.04% -43.37% -46.43% -48.87% -50.67% -48.14% -48.82% -49.05% -49.83% -50.04% -48.36% 693 Express -5.25% 3.18% -19.77% -10.26% -43.51% -79.76% -79.03% -74.82% -73.84% -76.26% -77.70% -72.61% 1946 Famous Footwear 1.21% 3.33% 7.41% 7.57% -51.76% -91.67% -89.95% -85.83% -88.01% -80.61% -79.95% -80.33% 1986 Fashion Nova 22.70% -34.63% -13.17% -35.51% -43.60% -43.38% -34.47% -56.24% -13.52% 17.16% -34.71% -16.75% 1236 Finish Line -12.64% -6.06% 3.35% 16.13% -25.20% -62.42% -62.30% -58.04% -50.26% -37.75% -46.57% -24.58% 923 Foot Locker 1.69% -18.93% -11.31% -12.37% -44.11% -89.87% -89.67% -86.02% -87.99% -72.56% -53.31% -63.78% 1517 Forever 21 -30.39% -8.60% 0.37% -3.90% -31.58% -58.29% -59.87% -55.94% -55.88% -59.03% -55.62% -53.84% 3294 Francesca's -0.23% 0.03% 6.58% -1.51% -52.61% -90.67% -95.93% -92.67% -90.34% -86.99% -82.72% -79.60% 1036 Gap -0.78% -13.98% -0.20% -1.37% -40.87% -53.55% -55.42% -43.33% -49.10% -36.38% -37.73% -22.89% 5193 H&M 1.24% -7.94% -3.82% -9.26% -59.93% -90.33% -90.90% -90.17% -90.81% -91.65% -86.67% -86.85% 5244

1. Brands with N<500 excluded from indices

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Hautelook 0.53% -2.40% 2.03% -20.44% -16.57% 17.35% -37.06% -32.04% -20.60% 53.28% 24.43% 62.70% 1225 Hollister 9.81% -12.76% -11.34% 10.47% -50.50% -84.43% -76.79% -67.41% -55.69% -61.15% -33.53% -38.75% 1343 J. Crew -6.42% 1.62% 15.76% 10.63% -34.38% -60.81% -44.50% -30.74% -42.27% -40.58% -50.11% -29.38% 2446 Jos. A. Bank 2.38% 4.63% -12.24% -26.85% -57.18% -100.87% -101.57% -99.86% -99.38% -99.56% -98.75% -100.07% 570 Journey's -1.28% -11.32% -3.49% -13.77% -50.02% -91.01% -93.13% -84.77% -86.24% -81.16% -80.92% -73.57% 1301 Justice -16.27% 2.06% 20.64% -2.08% -41.20% -64.72% -65.61% -64.95% -59.53% -64.39% -48.74% -47.01% 1773 Kate Spade 11.54% -23.99% -4.98% -27.84% -47.96% -59.64% -80.57% -39.84% -56.99% -74.03% -32.57% -0.10% 569 Lands' End 8.90% -0.97% -7.15% -25.07% -52.55% -75.48% -53.18% -44.16% -63.87% 4.26% 10.57% -12.98% 1479 Lane Bryant 4.65% -6.24% -8.06% -4.36% -36.95% -68.72% -68.82% -54.82% -45.66% -27.50% -31.71% -34.45% 868 Levi's 10.38% 1.58% -17.15% -25.29% -61.08% -92.47% -98.86% -90.48% -89.41% -84.99% -66.17% -49.48% 594 Loft -24.04% -13.07% -9.01% -20.00% -19.90% -42.74% -48.75% -48.43% -41.93% -38.58% -38.15% -14.67% 1779 Lululemon 25.83% 1.49% -3.70% 9.39% -53.22% -91.89% -82.15% -55.08% -55.86% -36.06% -18.64% -25.68% 1824 Lulus 16.37% -6.20% -19.00% -5.12% -62.73% -81.06% -93.64% -87.05% -84.19% -68.13% -83.23% -76.25% 506 Madewell 5.80% 29.10% 10.47% -37.37% -57.15% -76.53% -76.89% -68.48% -67.79% -66.11% -50.49% -35.89% 810 Maurices 14.37% -13.90% 7.97% 5.53% -42.34% -82.57% -86.34% -78.09% -88.62% -83.05% -88.45% -70.80% 933 Men's Wearhouse 1.06% 5.55% -8.18% -16.08% -63.46% -99.63% -100.66% -100.27% -100.34% -99.25% -99.45% -99.63% 1067 New York & Company -15.93% -9.17% -5.59% 1.17% -26.21% -55.13% -58.54% -48.56% -49.52% -47.96% -49.77% -35.53% 1110 Nike 6.97% -24.82% -0.19% 3.65% -33.88% -67.82% -52.72% -47.50% -37.44% -43.09% -31.29% -47.32% 4099 North Face -9.70% 17.31% -2.51% -13.05% -45.61% -70.00% -71.67% -49.13% -52.84% 33.65% 121.84% 16.56% 570 Old Navy 4.55% 7.93% 13.68% -11.36% -50.29% -76.50% -72.40% -63.55% -69.93% -57.64% -50.04% -44.59% 15189 Pacific Sunwear 17.37% 13.04% -4.97% -6.47% -50.49% -96.69% -75.95% -58.63% -59.97% -54.11% -59.33% -35.37% 998 Pandora Jewelry -3.07% -7.86% 13.15% -21.21% -39.29% -84.14% -76.33% -58.92% -74.44% -60.11% -33.74% -46.66% 510 Payless ShoeSource -99.75% -0.18% -0.23% -0.25% -0.22% -0.24% 99.75% 99.75% 99.75% -0.21% 99.75% -0.21% 1326 Poshmark 22.01% -18.63% -21.64% -21.79% -44.50% -53.78% -52.59% -39.62% -28.16% 6.69% -2.85% 4.78% 1843 Rainbow 2.79% -16.22% -13.21% -3.04% -41.12% -85.72% -90.11% -93.40% -95.26% -94.31% -91.69% -84.82% 682 Ralph Lauren 13.72% -16.47% -2.80% 3.90% -67.98% -107.68% -112.69% -96.23% -93.68% -99.24% -99.11% -86.62% 777

1. Brands with N<500 excluded from indices

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 65 Copyright by© 2020 Boston Consulting Group. All rights reserved. YoY sales change vs. baseline: Apparel (III/III)

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Rue21 5.02% -6.21% 21.92% -14.36% -43.04% -92.44% -99.23% -94.62% -95.62% -94.65% -90.98% -92.70% 852 Shoe Carnival 0.90% 2.08% 8.04% -2.98% -45.84% -91.40% -93.05% -89.08% -86.87% -82.27% -78.49% -58.36% 1077 Stitch Fix 13.42% 2.00% -1.79% -7.56% -18.07% -34.39% -69.66% -66.02% -53.46% -43.32% -40.11% -34.52% 4411 Talbots 10.82% -33.93% -48.24% -5.98% -48.32% -63.99% -68.52% -67.26% -76.74% -72.85% -90.32% -80.60% 735 Tilly's 0.60% -8.93% 6.99% -7.88% -45.60% -86.05% -77.62% -67.30% -78.52% -82.04% -68.21% -55.75% 970 Torrid 12.43% -8.69% -6.02% -17.05% -50.52% -69.92% -103.30% -85.17% -86.57% -62.28% -82.35% -81.48% 937 Under Armour 2.78% 2.79% 5.61% -4.53% -46.66% -87.74% -85.94% -57.64% -68.80% -55.00% -45.41% -34.61% 1896 Urban Outfitters 6.90% 2.41% 0.31% -3.22% -36.34% -60.53% -41.82% -33.83% -35.87% -42.49% -38.11% -34.58% 1514 Vans 13.07% -9.72% -7.48% -9.97% -60.54% -95.13% -95.64% -85.97% -90.56% -76.70% -77.88% -75.29% 2099 Vera Bradley -9.03% -1.64% -7.36% -6.71% -36.46% -76.50% -71.66% -60.70% -56.56% -40.76% -34.81% -21.10% 5771 Victoria's Secret -0.43% 13.96% -13.57% 1.55% -53.54% -85.32% -82.00% -76.65% -78.24% -64.13% -74.32% -71.07% 641 White House Black 5.41% -8.23% -9.17% -25.84% -65.13% -96.88% -97.64% -95.30% -96.97% -94.32% -87.87% -88.67% 1562 Market Zara USA 5.02% -6.21% 21.92% -14.36% -43.04% -92.44% -99.23% -94.62% -95.62% -94.65% -90.98% -92.70% 852

1. Brands with N<500 excluded from indices

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 66 Copyright by© 2020 Boston Consulting Group. All rights reserved. YoY transactions change vs. baseline: Apparel (I/III)

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Abercrombie 15.44% -17.69% -17.49% -11.62% -63.04% -85.13% -54.89% -25.22% -17.84% -53.65% -19.84% -26.24% 859 Adidas 37.28% 0.76% -39.27% -44.31% -53.07% -38.56% -27.42% -63.68% -57.81% -20.21% -16.88% 8.04% 1623 AdoreMe 9.65% 10.10% -44.24% -6.58% -5.75% 44.15% -2.41% -13.67% 24.74% 86.93% 53.57% -14.57% 565 American Eagle 9.11% -15.21% -8.69% -20.91% -39.70% -78.63% -79.72% -69.88% -69.96% -69.63% -54.26% -45.46% 4981 Ann Taylor 73.55% 3.63% -24.33% -19.30% -78.90% -128.46% -133.93% -132.41% -145.78% -155.78% -152.08% -145.53% 1563 Anthropologie 10.21% -14.93% -15.86% -21.86% -50.25% -61.59% -49.24% -59.60% -47.79% -60.62% -37.63% -27.36% 1605 Asos 7.91% -19.17% -18.55% -2.93% -45.28% -67.33% -50.72% -51.66% -46.82% -24.65% -31.25% -29.94% 657 Athleta 16.18% -1.01% -2.07% -15.16% -49.42% -57.47% -28.11% -24.27% -20.13% 12.14% 9.17% 20.24% 1162 Banana Republic 0.54% -12.64% -14.17% -13.22% -34.50% -56.21% -65.29% -57.24% -53.37% -55.74% -50.71% -33.84% 3056 Cato -6.06% -2.48% 14.22% -6.85% -45.43% -90.52% -91.30% -88.52% -90.65% -89.12% -89.91% -71.68% 617 Champs -3.50% 3.90% -6.83% -8.61% -33.22% -86.02% -88.37% -88.95% -84.28% -76.68% -61.34% -68.60% 739 Chico's -1.68% 0.54% -7.62% -18.46% -25.74% -60.03% -58.87% -36.92% -32.19% -32.02% -20.39% -26.82% 767 Claire's -4.65% -0.41% -2.65% -1.05% -49.35% -94.18% -93.03% -92.12% -92.07% -91.84% -90.50% -91.38% 2213 Coach 6.92% 2.06% 16.74% -7.99% -55.28% -80.49% -74.26% -50.54% -53.51% -41.88% -37.69% -40.48% 680 Crocs 47.99% -42.48% -19.16% -41.65% -101.95% -108.77% -71.52% -52.28% -84.62% -80.71% -130.02% -16.84% 650 DSW -2.43% -4.38% 1.68% 5.74% -47.09% -73.55% -65.02% -62.86% -64.69% -35.13% -65.34% -63.32% 4809 Dressbarn -40.09% -52.32% -50.08% -53.55% -54.80% -56.39% -54.83% -53.99% -55.59% -56.04% -56.71% -54.29% 693 Express -3.34% -0.21% -15.13% -6.84% -43.44% -79.54% -79.56% -75.13% -75.38% -78.53% -77.55% -73.56% 1946 Famous Footwear -5.09% 0.91% 6.41% 11.34% -47.46% -84.59% -81.43% -77.02% -77.89% -73.24% -72.22% -71.91% 1986 Fashion Nova 51.96% -37.70% -21.50% -41.17% -36.93% -51.42% -50.26% -83.18% -38.90% -17.44% -54.82% -29.78% 1236 Finish Line -16.44% -2.98% 6.01% 18.29% -27.73% -56.95% -57.73% -57.64% -50.06% -42.20% -40.94% -25.08% 923 Foot Locker -2.44% -16.86% -12.24% -11.98% -42.05% -85.48% -84.36% -80.32% -83.88% -70.58% -44.40% -53.05% 1517 Forever 21 -25.49% -11.82% -5.20% -11.73% -37.94% -65.97% -67.56% -64.65% -66.10% -66.32% -64.36% -64.69% 3294 Francesca's 7.33% -4.62% 2.24% 0.97% -58.23% -100.95% -104.57% -102.01% -100.10% -98.60% -96.55% -87.95% 1036 Gap -6.01% -17.75% 4.12% -4.81% -40.59% -56.74% -57.59% -49.19% -55.91% -44.89% -29.26% -4.80% 5193 H&M 0.60% -4.57% -2.95% -12.74% -60.85% -92.23% -93.99% -93.32% -93.60% -93.59% -91.05% -91.17% 5244

1. Brands with N<500 excluded from indices

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 67 Copyright by© 2020 Boston Consulting Group. All rights reserved. YoY transactions change vs. baseline: Apparel (II/III)

Difference from Dec-Jan avg. → Dec-Jan avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Hautelook 5.68% -4.01% 0.19% -20.11% 2.67% 55.74% -28.37% -19.91% -9.45% 57.22% 32.12% 69.19% 1225 Hollister 8.45% -10.33% -15.03% 5.81% -52.63% -86.03% -75.77% -69.65% -48.29% -60.94% -36.82% -42.92% 1343 J. Crew -25.99% 10.17% 24.59% 18.91% -20.89% -39.98% -21.26% -15.91% -18.89% -17.50% -26.20% -2.60% 2446 Jos. A. Bank -0.09% 14.72% -0.37% -8.06% -44.04% -96.49% -98.67% -96.37% -94.93% -96.05% -95.01% -96.75% 570 Journey's -3.02% -10.37% -3.90% -9.10% -48.82% -89.19% -91.12% -82.54% -84.13% -77.21% -77.90% -70.77% 1301 Justice -16.11% 1.68% 18.07% -2.26% -44.43% -64.93% -62.78% -60.60% -61.09% -66.69% -54.92% -51.92% 1773 Kate Spade 14.92% -24.81% -11.86% -27.22% -48.10% -64.38% -81.18% -40.69% -46.31% -77.81% -37.31% -0.33% 569 Lands' End 2.99% -12.88% -7.50% -29.32% -44.67% -65.16% -42.32% -37.84% -59.15% 8.27% -2.25% -7.41% 1479 Lane Bryant 0.80% 4.39% -4.14% -4.49% -28.90% -65.13% -62.65% -54.66% -42.11% -32.01% -28.65% -33.44% 868 Levi's 13.96% 4.61% -15.98% -29.10% -58.94% -94.32% -104.37% -95.37% -93.86% -92.04% -68.45% -40.54% 594 Loft -28.06% -3.28% -12.28% -13.53% -19.67% -34.29% -47.24% -45.50% -35.69% -36.28% -26.09% 0.19% 1779 Lululemon 31.63% -1.59% -6.93% 2.28% -53.04% -95.74% -86.97% -62.63% -61.80% -27.35% 2.55% -14.75% 1824 Lulus 11.82% -12.75% -23.31% -14.16% -56.93% -74.19% -87.13% -80.41% -77.26% -65.61% -75.40% -67.86% 506 Madewell 2.21% 25.34% 15.93% -26.75% -48.10% -71.11% -66.54% -53.71% -54.06% -53.60% -37.47% -17.29% 810 Maurices 11.56% -11.89% 5.60% 5.54% -42.61% -86.17% -84.53% -72.19% -80.35% -78.90% -82.39% -69.15% 933 Men's Wearhouse 2.78% 8.73% -9.78% -12.26% -57.68% -100.04% -102.26% -101.21% -101.33% -99.80% -100.61% -100.47% 1067 New York & Company -13.63% -10.28% -5.74% 3.08% -28.54% -57.83% -63.44% -51.55% -48.68% -51.58% -53.77% -45.00% 1110 Nike 2.58% -16.59% -1.90% -2.51% -38.37% -70.03% -53.04% -49.35% -37.83% -48.92% -39.71% -45.07% 4099 North Face -10.06% 27.82% 14.56% 3.31% -42.72% -69.24% -69.62% -55.78% -55.58% 1.42% 62.80% -6.37% 570 Old Navy -3.48% 14.61% 23.14% -7.33% -45.40% -72.19% -66.95% -60.34% -65.57% -52.44% -29.94% -24.37% 15189 Pacific Sunwear 25.68% 6.29% -10.74% -16.02% -54.91% -104.38% -76.94% -45.75% -36.36% -35.96% -50.65% -42.47% 998 Pandora Jewelry 2.97% -2.97% 11.90% -9.47% -32.53% -78.65% -70.86% -52.46% -60.47% -45.37% -30.16% -40.63% 510 Payless ShoeSource -99.83% -0.10% -0.14% -0.15% -0.13% -0.15% 99.83% 99.83% 99.83% -0.15% 99.83% -0.14% 1326 Poshmark 11.42% -13.94% -19.03% -18.62% -37.68% -47.11% -39.75% -27.20% -20.48% 10.38% 8.98% 16.61% 1843 Rainbow 1.08% -15.68% -5.46% -3.90% -44.83% -88.28% -94.20% -95.67% -96.94% -96.77% -95.39% -89.60% 682 Ralph Lauren 0.52% -11.37% 4.60% -4.10% -52.94% -97.24% -100.39% -89.39% -89.81% -91.38% -89.86% -84.22% 777

1. Brands with N<500 excluded from indices

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 68 Copyright by© 2020 Boston Consulting Group. All rights reserved. YoY transactions change vs. baseline: Apparel (III/III)

Dec-Jan Difference from Dec-Jan avg. → avg. 2/26/2020 3/4/2020 3/11/2020 3/18/2020 3/25/2020 4/1/2020 4/8/2020 4/15/2020 4/22/2020 4/29/2020 5/6/2020 N Rue21 0.77% -0.77% 9.76% -13.50% -42.13% -90.88% -96.28% -94.89% -94.10% -95.94% -92.55% -92.99% 852 Shoe Carnival 1.56% -1.17% 3.15% -3.49% -48.20% -91.29% -93.68% -89.40% -86.94% -83.62% -80.71% -60.12% 1077 Stitch Fix 8.34% 6.59% -1.60% -1.23% -14.34% -31.11% -52.75% -48.44% -40.52% -32.67% -42.15% -33.35% 4411 Talbots 11.05% -23.22% -33.36% -7.06% -47.48% -64.23% -62.68% -62.78% -72.58% -68.44% -76.60% -61.30% 735 Tilly's 0.73% -3.27% -2.11% -11.61% -48.10% -84.44% -75.00% -61.64% -75.77% -76.36% -67.82% -57.07% 970 Torrid 1.74% -3.16% -5.04% -13.63% -36.78% -55.30% -90.65% -74.14% -72.78% -56.62% -72.66% -76.63% 937 Under Armour 3.34% -7.09% 1.47% -9.78% -52.26% -91.00% -87.96% -63.28% -71.56% -53.27% -44.00% -41.12% 1896 Urban Outfitters 8.65% -11.82% -4.65% -6.48% -39.28% -56.99% -41.51% -32.03% -20.54% -21.24% -29.13% -21.90% 1514 Vans 13.95% -8.34% -7.72% -14.26% -62.67% -95.92% -97.53% -87.03% -91.19% -79.79% -79.05% -75.24% 2099 Victoria's Secret -8.22% -3.97% -6.66% -9.07% -38.70% -77.91% -74.36% -64.06% -62.62% -53.02% -46.40% -32.40% 5771 White House Black Mkt 2.08% 3.18% -26.39% -7.73% -55.44% -86.33% -82.93% -78.50% -79.89% -66.29% -63.62% -63.64% 641 Zara USA -0.46% -0.49% -4.89% -17.89% -58.08% -91.83% -92.71% -91.22% -91.63% -89.88% -77.54% -79.25% 1562

1. Brands with N<500 excluded from indices

List of restaurants included in the format indices

QSR Fast Casual Casual Dining McDonald's Panera Bread Applebee's Starbucks Chipotle Olive Garden Subway Five Guys Buffalo Wild Wings Taco Bell Chili's Chick-fil-A Wingstop Burger King Qdoba IHOP Wendy's Noodles Texas Roadhouse Dunkin' Shake Shack Denny's Domino's Pizza Habit Restaurants Outback Steakhouse Pizza Hut Portillo's Cracker Barrel Sonic Drive-In Pollo Tropical Red Lobster KFC Cheesecake Factory Jack in the Box Potbelly Longhorn Popeyes Louisiana Kitchen Zoe's Kitchen Papa John's Taco Cabana Red Robin Bojangles' Pei Wei BJ's Restaurants El Pollo Loco Fuddruckers Cheddar's Del Taco Ruby Tuesday Papa Murphy's Yard House Tim Hortons Chuy's Church's Chicken Chuck E. Cheese's Luby's Cafeteria

List of restaurants included in the cuisine indices

Coffee Mexican Pizza Family Style Starbucks Chipotle Chuck E. Cheese's Cracker Barrel Dunkin' Chuy's Domino's Pizza Denny's Tim Hortons Del Taco Papa John's IHOP Qdoba Papa Murphy's Taco Bell Peter Piper Pizza Taco Cabana Pizza Hut

Chicken Burger Sandwich Varied Menu Bojangles' McDonald's Portillo's Applebee's Chick-fil-A Burger King Potbelly BJ's Restaurants Church's Chicken Wendy's Subway Cheddar's Scratch Kitchen El Pollo Loco Sonic Drive-In Zoe's Kitchen Cheesecake Factory KFC Jack in the Box Chili's Pollo Tropical Five Guys Red Robin Popeyes Louisiana Kitchen Shake Shack Steak Ruby Tuesday Wingstop Habit Restaurants Longhorn Yard House Fuddruckers Outback Steakhouse Texas Roadhouse

Complete list of food delivery services

3rd party aggregators Meal kit delivery Bite Squad Blue Apron Caviar Green Chef Delivery.com Hello Fresh DoorDash Home Chef GrubHub and Seamless Sun Basket Postmates Marley Spoon (N<300) UberEATS Waitr Eat24 (N<300) OrderUp (N<300)

Note: Companies with low N (<300) excluded from indices

Source: BCG Marketing, Sales, and Pricing; BCG GAMMA; Earnest Research; BCG analysis 72 Copyright by© 2020 Boston Consulting Group. All rights reserved. The situation surrounding COVID-19 is dynamic and rapidly evolving, on a daily basis. Although we have taken great care prior to producing this presentation, it represents BCG’s view at a particular point in time. This presentation is not intended to: (i) constitute medical or safety advice, nor be a substitute for the same; nor (ii) be seen as a formal endorsement or recommendation of a particular response. As such you are advised to make your own assessment as to the appropriate course of action to take, using this presentation as guidance. Please carefully consider local laws and guidance in your area, particularly the most recent advice issued by your local (and national) health authorities, before making any decision.

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