# Apparel Retail — company-by-company sector analysis > Apparel Retail: The TJX Companies, Inc. owns the largest revenue base; Boot Barn Holdings, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Apparel Retail has outperformed S&P 500 by 24% over 52 weeks and 6.9% over 13 weeks. 11 of 25 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 25 beat the sector itself. The TJX Companies, Inc. leads with revenue of $61,584 million, based on 24 of 25 comparable companies through Jun 2026. ### Is the Apparel Retail sector outperforming S&P 500? Apparel Retail has outperformed S&P 500 by 24% over 52 weeks and 6.9% over 13 weeks. 11 of 25 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 25 beat the sector itself. ### Which Apparel Retail company is largest by revenue? The TJX Companies, Inc. leads with revenue of $61,584 million, based on 24 of 25 comparable companies through Jun 2026. ### Which Apparel Retail company is growing fastest? Boot Barn Holdings, Inc. has the fastest current revenue growth at 17.9%, across 24 of 25 comparable companies. ### Which Apparel Retail company has the strongest 4-Factor Sector Score? Victoria's Secret & Co. ranks first at 65.1/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Apparel Retail company reports the most CAPEX? The TJX Companies, Inc. reports the largest latest CAPEX at $662 million, with 25 of 25 companies comparable. ### Which Apparel Retail company has the least gross debt? Lands' End, Inc. has the lowest comparable gross debt at $48 million. The TJX Companies, Inc. has the highest at $14,180 million. ### Which Apparel Retail company has the lowest comparable PEG? Abercrombie & Fitch Co. has the lowest comparable Guarded PEG at 0.78, among 12 of 25 companies that pass the metric’s comparability rules. ### How much history does this Apparel Retail comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Apparel Retail has outperformed S&P 500 by 24% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.9%. 11 of 25 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Victoria's Secret & Co. is the strongest against the sector itself at +53.9%. 13-week sector return versus NIFTY 500: 6.9% 52-week sector return versus NIFTY 500: 24% Stocks leading NIFTY: 11/25 Stocks leading sector: 9/25 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 25 Combined market value: ₹3.4 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Victoria's Secret & Co. (VSXY): 65/100 — Favorable setup; evidence 86% - Growth & earnings 26.5/35 | Capital efficiency 7.7/25 | Valuation 10.9/20 | Relative strength 20.0/20 - Exact sum: 26.5 + 7.7 + 10.9 + 20 = 65.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Ross Stores, Inc. (ROST): 59/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 22.9/35 | Capital efficiency 16.7/25 | Valuation 5.7/20 | Relative strength 13.3/20 - Exact sum: 22.9 + 16.7 + 5.7 + 13.3 = 58.6 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 3. Citi Trends, Inc. (CTRN): 57/100 — Mixed-positive evidence; evidence 62% - Growth & earnings 23.2/35 | Capital efficiency 8.3/25 | Valuation 8.9/20 | Relative strength 16.2/20 - Exact sum: 23.2 + 8.3 + 8.9 + 16.2 = 56.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. The Buckle, Inc. (BKE): 55/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 24.1/35 | Capital efficiency 16.4/25 | Valuation 13.1/20 | Relative strength 1.5/20 - Exact sum: 24.1 + 16.4 + 13.1 + 1.5 = 55.1 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -26.5% and the one-year return is -7.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 5. The TJX Companies, Inc. (TJX): 55/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 23.0/35 | Capital efficiency 14.6/25 | Valuation 9.9/20 | Relative strength 7.6/20 - Exact sum: 23 + 14.6 + 9.9 + 7.6 = 55.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Burlington Stores, Inc. (BURL): 54/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 20.2/35 | Capital efficiency 9.7/25 | Valuation 8.1/20 | Relative strength 16.4/20 - Exact sum: 20.2 + 9.7 + 8.1 + 16.4 = 54.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. Boot Barn Holdings, Inc. (BOOT): 54/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 21.5/35 | Capital efficiency 14.8/25 | Valuation 14.3/20 | Relative strength 3.1/20 - Exact sum: 21.5 + 14.8 + 14.3 + 3.1 = 53.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. Urban Outfitters, Inc. (URBN): 53/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 17.0/35 | Capital efficiency 15.6/25 | Valuation 10.5/20 | Relative strength 10.0/20 - Exact sum: 17 + 15.6 + 10.5 + 10 = 53.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 9. Abercrombie & Fitch Co. (ANF): 53/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 11.2/35 | Capital efficiency 12.8/25 | Valuation 16.1/20 | Relative strength 13.0/20 - Exact sum: 11.2 + 12.8 + 16.1 + 13 = 53.1 - Decision use: Price leads the evidence: RS versus the benchmark is 5.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 10. Carter's, Inc. (CRI): 53/100 — Thin evidence · provisional; evidence 53% - Growth & earnings 21.0/35 | Capital efficiency 10.1/25 | Valuation 10.2/20 | Relative strength 11.4/20 - Exact sum: 21 + 10.1 + 10.2 + 11.4 = 52.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 11. Tilly's, Inc. (TLYS): 52/100 — Mixed-positive evidence; evidence 62% - Growth & earnings 22.0/35 | Capital efficiency 4.3/25 | Valuation 9.7/20 | Relative strength 15.9/20 - Exact sum: 22 + 4.3 + 9.7 + 15.9 = 51.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. Genesco Inc. (GCO): 52/100 — Mixed-positive evidence; evidence 62% - Growth & earnings 18.9/35 | Capital efficiency 8.2/25 | Valuation 9.9/20 | Relative strength 14.7/20 - Exact sum: 18.9 + 8.2 + 9.9 + 14.7 = 51.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 13. The Gap, Inc. (GAP): 48/100 — Mixed-negative evidence; evidence 86% - Growth & earnings 20.3/35 | Capital efficiency 12.4/25 | Valuation 14.1/20 | Relative strength 1.1/20 - Exact sum: 20.3 + 12.4 + 14.1 + 1.1 = 47.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 14. Duluth Holdings Inc. (DLTH): 47/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 14.3/35 | Capital efficiency 8.5/25 | Valuation 8.6/20 | Relative strength 15.5/20 - Exact sum: 14.3 + 8.5 + 8.6 + 15.5 = 46.9 - Decision use: Price leads the evidence: RS versus the benchmark is 30%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 15. American Eagle Outfitters, Inc. (AEO): 46/100 — Mixed-negative evidence; evidence 78% - Growth & earnings 25.6/35 | Capital efficiency 10.1/25 | Valuation 5.9/20 | Relative strength 4.6/20 - Exact sum: 25.6 + 10.1 + 5.9 + 4.6 = 46.2 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18.5% and the one-year return is 68.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 16. Stitch Fix, Inc. (SFIX): 44/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 18.1/35 | Capital efficiency 9.5/25 | Valuation 10.0/20 | Relative strength 6.4/20 - Exact sum: 18.1 + 9.5 + 10 + 6.4 = 44 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. lululemon athletica inc. (LULU): 43/100 — Mixed-negative evidence; evidence 86% - Growth & earnings 7.8/35 | Capital efficiency 16.4/25 | Valuation 14.3/20 | Relative strength 4.7/20 - Exact sum: 7.8 + 16.4 + 14.3 + 4.7 = 43.2 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 18. Caleres, Inc. (CAL): 42/100 — Mixed-negative evidence; evidence 70% - Growth & earnings 14.8/35 | Capital efficiency 9.9/25 | Valuation 10.1/20 | Relative strength 7.5/20 - Exact sum: 14.8 + 9.9 + 10.1 + 7.5 = 42.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 19. Zumiez Inc. (ZUMZ): 41/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 17.9/35 | Capital efficiency 7.8/25 | Valuation 9.4/20 | Relative strength 5.7/20 - Exact sum: 17.9 + 7.8 + 9.4 + 5.7 = 40.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 20. Torrid Holdings Inc. (CURV): 40/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 3.4/35 | Capital efficiency 11.3/25 | Valuation 8.8/20 | Relative strength 16.6/20 - Exact sum: 3.4 + 11.3 + 8.8 + 16.6 = 40.1 - Decision use: Price leads the evidence: RS versus the benchmark is 59.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 21. J.Jill, Inc. (JILL): 38/100 — Mixed-negative evidence; evidence 80% - Growth & earnings 5.3/35 | Capital efficiency 10.3/25 | Valuation 8.9/20 | Relative strength 13.2/20 - Exact sum: 5.3 + 10.3 + 8.9 + 13.2 = 37.7 - Decision use: Price leads the evidence: RS versus the benchmark is 13.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 22. Rent the Runway, Inc. (RENT): 36/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 18.5/35 | Capital efficiency 2.6/25 | Valuation 11.5/20 | Relative strength 3.0/20 - Exact sum: 18.5 + 2.6 + 11.5 + 3 = 35.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 23. a.k.a. Brands Holding Corp. (AKA): 35/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 14.4/35 | Capital efficiency 5.2/25 | Valuation 8.5/20 | Relative strength 6.8/20 - Exact sum: 14.4 + 5.2 + 8.5 + 6.8 = 34.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 24. Shoe Station Group Inc. (SHOE): 32/100 — Adverse evidence; evidence 70% - Growth & earnings 6.3/35 | Capital efficiency 11.4/25 | Valuation 10.3/20 | Relative strength 4.1/20 - Exact sum: 6.3 + 11.4 + 10.3 + 4.1 = 32.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 25. Lands' End, Inc. (LE): 31/100 — Adverse evidence; evidence 62% - Growth & earnings 6.1/35 | Capital efficiency 8.7/25 | Valuation 11.4/20 | Relative strength 4.9/20 - Exact sum: 6.1 + 8.7 + 11.4 + 4.9 = 31.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Revenue Scale & Growth Durability What the numbers say: The TJX Companies, Inc. is the scale leader at $61,584 million, 159% ahead of Ross Stores, Inc.. Boot Barn Holdings, Inc.'s growth is 17.9% from a $2,254 million base, with 18 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: The TJX Companies, Inc. is the scale benchmark; Boot Barn Holdings, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: The TJX Companies, Inc.'s growth falls below Boot Barn Holdings, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: The TJX Companies, Inc. · $61,584 million | 159% versus #2 · Ross Stores, Inc. | 7/8 recent comparable periods | 24/25 companies · 493 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. The TJX Companies, Inc. (TJX): ₹61.6K Cr 2. Ross Stores, Inc. (ROST): ₹23.8K Cr 3. The Gap, Inc. (GAP): ₹15.4K Cr 4. Burlington Stores, Inc. (BURL): ₹11.9K Cr 5. lululemon athletica inc. (LULU): ₹11.2K Cr ### Revenue growth — fastest growers 1. Boot Barn Holdings, Inc. (BOOT): 18% 2. Rent the Runway, Inc. (RENT): 17% 3. Ross Stores, Inc. (ROST): 12% 4. Urban Outfitters, Inc. (URBN): 11% 5. Burlington Stores, Inc. (BURL): 11% ### 20-quarter Revenue history - TJX: Sep 2021 ₹12.1K Cr | Dec 2021 ₹12.5K Cr | Mar 2022 ₹13.9K Cr | Jun 2022 ₹11.4K Cr | Sep 2022 ₹11.8K Cr | Dec 2022 ₹12.2K Cr | Mar 2023 ₹14.5K Cr | Jun 2023 ₹11.8K Cr | Sep 2023 ₹12.8K Cr | Dec 2023 ₹13.3K Cr | Mar 2024 ₹16.4K Cr | Jun 2024 ₹12.5K Cr | Sep 2024 ₹13.5K Cr | Dec 2024 ₹14.1K Cr | Mar 2025 ₹16.4K Cr | Jun 2025 ₹13.1K Cr | Sep 2025 ₹14.4K Cr | Dec 2025 ₹15.1K Cr | Mar 2026 ₹17.7K Cr | Jun 2026 ₹14.3K Cr - ROST: Sep 2021 ₹4.8K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 ₹6.0K Cr - BURL: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 ₹2.9K Cr - LULU: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 ₹2.5K Cr - GAP: Sep 2021 ₹4.2K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 ₹3.5K Cr - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.2K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹1.6K Cr - URBN: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.5K Cr - BOOT: Sep 2021 ₹313 Cr | Dec 2021 ₹486 Cr | Mar 2022 ₹383 Cr | Jun 2022 ₹366 Cr | Sep 2022 ₹352 Cr | Dec 2022 ₹515 Cr | Mar 2023 — | Jun 2023 ₹426 Cr | Sep 2023 ₹384 Cr | Dec 2023 ₹520 Cr | Mar 2024 ₹388 Cr | Jun 2024 ₹423 Cr | Sep 2024 ₹426 Cr | Dec 2024 ₹608 Cr | Mar 2025 ₹454 Cr | Jun 2025 ₹504 Cr | Sep 2025 ₹505 Cr | Dec 2025 ₹706 Cr | Mar 2026 ₹539 Cr | Jun 2026 — - ANF: Sep 2021 ₹865 Cr | Dec 2021 ₹905 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹813 Cr | Sep 2022 ₹805 Cr | Dec 2022 ₹880 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹836 Cr | Sep 2023 ₹935 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.1K Cr - AEO: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.2K Cr - BKE: Sep 2021 ₹295 Cr | Dec 2021 ₹319 Cr | Mar 2022 ₹381 Cr | Jun 2022 ₹309 Cr | Sep 2022 ₹302 Cr | Dec 2022 ₹332 Cr | Mar 2023 ₹402 Cr | Jun 2023 ₹283 Cr | Sep 2023 ₹292 Cr | Dec 2023 ₹303 Cr | Mar 2024 ₹382 Cr | Jun 2024 ₹262 Cr | Sep 2024 ₹282 Cr | Dec 2024 ₹294 Cr | Mar 2025 ₹379 Cr | Jun 2025 ₹272 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹321 Cr | Mar 2026 ₹399 Cr | Jun 2026 ₹289 Cr - CRI: Sep 2021 ₹746 Cr | Dec 2021 ₹891 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹781 Cr | Sep 2022 ₹701 Cr | Dec 2022 ₹819 Cr | Mar 2023 — | Jun 2023 ₹696 Cr | Sep 2023 ₹600 Cr | Dec 2023 ₹858 Cr | Mar 2024 ₹661 Cr | Jun 2024 ₹564 Cr | Sep 2024 ₹758 Cr | Dec 2024 ₹860 Cr | Mar 2025 ₹630 Cr | Jun 2025 ₹585 Cr | Sep 2025 ₹758 Cr | Dec 2025 — | Mar 2026 ₹925 Cr | Jun 2026 ₹681 Cr - SFIX: Sep 2021 ₹571 Cr | Dec 2021 ₹581 Cr | Mar 2022 ₹517 Cr | Jun 2022 ₹493 Cr | Sep 2022 ₹427 Cr | Dec 2022 ₹444 Cr | Mar 2023 ₹401 Cr | Jun 2023 ₹383 Cr | Sep 2023 ₹365 Cr | Dec 2023 ₹365 Cr | Mar 2024 ₹330 Cr | Jun 2024 ₹323 Cr | Sep 2024 ₹320 Cr | Dec 2024 ₹319 Cr | Mar 2025 ₹312 Cr | Jun 2025 ₹325 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹342 Cr | Mar 2026 ₹341 Cr | Jun 2026 ₹340 Cr - CTRN: Sep 2021 ₹237 Cr | Dec 2021 ₹228 Cr | Mar 2022 ₹241 Cr | Jun 2022 ₹208 Cr | Sep 2022 ₹185 Cr | Dec 2022 ₹192 Cr | Mar 2023 ₹209 Cr | Jun 2023 ₹180 Cr | Sep 2023 ₹174 Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹215 Cr | Jun 2024 ₹186 Cr | Sep 2024 ₹177 Cr | Dec 2024 ₹179 Cr | Mar 2025 ₹211 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹191 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹230 Cr | Jun 2026 ₹231 Cr - CAL: Sep 2021 ₹676 Cr | Dec 2021 ₹784 Cr | Mar 2022 ₹679 Cr | Jun 2022 ₹735 Cr | Sep 2022 ₹738 Cr | Dec 2022 ₹798 Cr | Mar 2023 ₹696 Cr | Jun 2023 ₹663 Cr | Sep 2023 ₹696 Cr | Dec 2023 ₹762 Cr | Mar 2024 ₹697 Cr | Jun 2024 ₹659 Cr | Sep 2024 ₹683 Cr | Dec 2024 ₹741 Cr | Mar 2025 ₹639 Cr | Jun 2025 ₹614 Cr | Sep 2025 ₹659 Cr | Dec 2025 ₹790 Cr | Mar 2026 ₹695 Cr | Jun 2026 ₹667 Cr - GCO: Sep 2021 ₹555 Cr | Dec 2021 ₹601 Cr | Mar 2022 ₹728 Cr | Jun 2022 ₹521 Cr | Sep 2022 ₹535 Cr | Dec 2022 ₹604 Cr | Mar 2023 ₹725 Cr | Jun 2023 ₹483 Cr | Sep 2023 ₹523 Cr | Dec 2023 ₹579 Cr | Mar 2024 ₹739 Cr | Jun 2024 ₹458 Cr | Sep 2024 ₹525 Cr | Dec 2024 ₹596 Cr | Mar 2025 ₹746 Cr | Jun 2025 ₹474 Cr | Sep 2025 ₹546 Cr | Dec 2025 ₹616 Cr | Mar 2026 ₹800 Cr | Jun 2026 ₹487 Cr - SHOE: Sep 2021 ₹332 Cr | Dec 2021 ₹356 Cr | Mar 2022 ₹313 Cr | Jun 2022 ₹318 Cr | Sep 2022 ₹312 Cr | Dec 2022 ₹342 Cr | Mar 2023 ₹291 Cr | Jun 2023 ₹281 Cr | Sep 2023 ₹295 Cr | Dec 2023 ₹320 Cr | Mar 2024 ₹280 Cr | Jun 2024 ₹300 Cr | Sep 2024 ₹333 Cr | Dec 2024 ₹307 Cr | Mar 2025 ₹263 Cr | Jun 2025 ₹278 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹297 Cr | Mar 2026 ₹254 Cr | Jun 2026 ₹271 Cr - LE: Sep 2021 ₹384 Cr | Dec 2021 ₹376 Cr | Mar 2022 ₹555 Cr | Jun 2022 ₹304 Cr | Sep 2022 ₹351 Cr | Dec 2022 ₹371 Cr | Mar 2023 ₹530 Cr | Jun 2023 ₹310 Cr | Sep 2023 ₹323 Cr | Dec 2023 ₹325 Cr | Mar 2024 ₹515 Cr | Jun 2024 ₹285 Cr | Sep 2024 ₹317 Cr | Dec 2024 ₹319 Cr | Mar 2025 ₹442 Cr | Jun 2025 ₹261 Cr | Sep 2025 ₹294 Cr | Dec 2025 ₹317 Cr | Mar 2026 ₹462 Cr | Jun 2026 ₹239 Cr - ZUMZ: Sep 2021 ₹269 Cr | Dec 2021 ₹289 Cr | Mar 2022 ₹347 Cr | Jun 2022 ₹221 Cr | Sep 2022 ₹220 Cr | Dec 2022 ₹238 Cr | Mar 2023 ₹280 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹194 Cr | Dec 2023 ₹216 Cr | Mar 2024 ₹282 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹210 Cr | Dec 2024 ₹222 Cr | Mar 2025 ₹279 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹239 Cr | Mar 2026 ₹291 Cr | Jun 2026 ₹193 Cr - JILL: Sep 2021 ₹159 Cr | Dec 2021 ₹152 Cr | Mar 2022 ₹145 Cr | Jun 2022 ₹157 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹150 Cr | Mar 2023 ₹151 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹157 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹150 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹154 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹138 Cr | Jun 2026 ₹144 Cr - CURV: Sep 2021 ₹333 Cr | Dec 2021 ₹306 Cr | Mar 2022 ₹332 Cr | Jun 2022 ₹333 Cr | Sep 2022 ₹354 Cr | Dec 2022 ₹300 Cr | Mar 2023 ₹301 Cr | Jun 2023 ₹294 Cr | Sep 2023 ₹289 Cr | Dec 2023 ₹275 Cr | Mar 2024 ₹294 Cr | Jun 2024 ₹280 Cr | Sep 2024 ₹285 Cr | Dec 2024 ₹264 Cr | Mar 2025 ₹276 Cr | Jun 2025 ₹266 Cr | Sep 2025 ₹263 Cr | Dec 2025 ₹235 Cr | Mar 2026 ₹236 Cr | Jun 2026 ₹246 Cr - DLTH: Sep 2021 ₹149 Cr | Dec 2021 ₹145 Cr | Mar 2022 ₹271 Cr | Jun 2022 ₹123 Cr | Sep 2022 ₹142 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹242 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹246 Cr | Jun 2024 ₹117 Cr | Sep 2024 ₹142 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹241 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹216 Cr | Jun 2026 ₹99 Cr - AKA: Sep 2021 ₹162 Cr | Dec 2021 ₹182 Cr | Mar 2022 ₹148 Cr | Jun 2022 ₹158 Cr | Sep 2022 ₹156 Cr | Dec 2022 ₹149 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹149 Cr | Mar 2024 ₹117 Cr | Jun 2024 ₹149 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹161 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹164 Cr | Mar 2026 ₹132 Cr | Jun 2026 — - RENT: Sep 2021 ₹47 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹70 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹92 Cr | Jun 2026 ₹90 Cr - TLYS: Sep 2021 ₹202 Cr | Dec 2021 ₹206 Cr | Mar 2022 ₹204 Cr | Jun 2022 ₹146 Cr | Sep 2022 ₹168 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹180 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹163 Cr | Dec 2024 ₹143 Cr | Mar 2025 ₹147 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹155 Cr | Jun 2026 ₹125 Cr ### 20-quarter Revenue growth history - TJX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -1.9% | Dec 2022 -2.9% | Mar 2023 4.8% | Jun 2023 3.3% | Sep 2023 7.7% | Dec 2023 9.0% | Mar 2024 13% | Jun 2024 5.9% | Sep 2024 5.6% | Dec 2024 6.0% | Mar 2025 -0.4% | Jun 2025 5.1% | Sep 2025 6.9% | Dec 2025 7.5% | Mar 2026 8.5% | Jun 2026 9.2% - ROST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -4.6% | Dec 2022 -0.2% | Mar 2023 3.8% | Jun 2023 3.7% | Sep 2023 7.7% | Dec 2023 7.9% | Mar 2024 16% | Jun 2024 8.1% | Sep 2024 7.2% | Dec 2024 3.0% | Mar 2025 -1.8% | Jun 2025 2.6% | Sep 2025 4.6% | Dec 2025 10% | Mar 2026 12% | Jun 2026 21% - BURL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -10% | Dec 2022 -11% | Mar 2023 5.2% | Jun 2023 11% | Sep 2023 9.4% | Dec 2023 12% | Mar 2024 14% | Jun 2024 11% | Sep 2024 13% | Dec 2024 11% | Mar 2025 4.8% | Jun 2025 6.0% | Sep 2025 9.7% | Dec 2025 7.1% | Mar 2026 11% | Jun 2026 14% - LULU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 29% | Dec 2022 28% | Mar 2023 30% | Jun 2023 24% | Sep 2023 18% | Dec 2023 19% | Mar 2024 16% | Jun 2024 10% | Sep 2024 7.3% | Dec 2024 8.8% | Mar 2025 13% | Jun 2025 7.3% | Sep 2025 6.5% | Dec 2025 7.1% | Mar 2026 0.8% | Jun 2026 4.3% - GAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -8.4% | Dec 2022 2.4% | Mar 2023 -6.2% | Jun 2023 -5.8% | Sep 2023 -8.0% | Dec 2023 -6.7% | Mar 2024 1.3% | Jun 2024 3.4% | Sep 2024 4.9% | Dec 2024 1.7% | Mar 2025 -3.5% | Jun 2025 2.2% | Sep 2025 0.1% | Dec 2025 3.0% | Mar 2026 2.1% | Jun 2026 1.0% - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -100% | Jun 2023 -5.2% | Sep 2023 -6.2% | Dec 2023 -4.0% | Mar 2024 — | Jun 2024 -3.4% | Sep 2024 -0.7% | Dec 2024 6.5% | Mar 2025 1.1% | Jun 2025 -0.4% | Sep 2025 3.0% | Dec 2025 9.3% | Mar 2026 7.8% | Jun 2026 15% - URBN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.2% | Dec 2022 3.9% | Mar 2023 4.0% | Jun 2023 5.9% | Sep 2023 7.5% | Dec 2023 9.0% | Mar 2024 7.3% | Jun 2024 7.8% | Sep 2024 6.3% | Dec 2024 6.3% | Mar 2025 10% | Jun 2025 11% | Sep 2025 11% | Dec 2025 12% | Mar 2026 10% | Jun 2026 11% - BOOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 12% | Dec 2022 6.0% | Mar 2023 — | Jun 2023 16% | Sep 2023 9.1% | Dec 2023 1.0% | Mar 2024 — | Jun 2024 -0.7% | Sep 2024 11% | Dec 2024 17% | Mar 2025 17% | Jun 2025 19% | Sep 2025 19% | Dec 2025 16% | Mar 2026 19% | Jun 2026 — - ANF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -6.9% | Dec 2022 -2.8% | Mar 2023 3.4% | Jun 2023 2.8% | Sep 2023 16% | Dec 2023 20% | Mar 2024 21% | Jun 2024 22% | Sep 2024 21% | Dec 2024 14% | Mar 2025 9.1% | Jun 2025 7.4% | Sep 2025 6.6% | Dec 2025 6.8% | Mar 2026 5.4% | Jun 2026 1.6% - AEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.3% | Dec 2022 -2.6% | Mar 2023 -0.8% | Jun 2023 2.5% | Sep 2023 0.3% | Dec 2023 4.8% | Mar 2024 12% | Jun 2024 5.8% | Sep 2024 7.5% | Dec 2024 -0.9% | Mar 2025 -4.4% | Jun 2025 -4.7% | Sep 2025 -0.5% | Dec 2025 5.7% | Mar 2026 13% | Jun 2026 9.6% - BKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.4% | Dec 2022 4.1% | Mar 2023 5.5% | Jun 2023 -8.4% | Sep 2023 -3.3% | Dec 2023 -8.7% | Mar 2024 -5.0% | Jun 2024 -7.4% | Sep 2024 -3.4% | Dec 2024 -3.0% | Mar 2025 -0.8% | Jun 2025 3.8% | Sep 2025 8.5% | Dec 2025 9.2% | Mar 2026 5.3% | Jun 2026 6.3% - CRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -6.0% | Dec 2022 -8.1% | Mar 2023 — | Jun 2023 -11% | Sep 2023 -14% | Dec 2023 4.8% | Mar 2024 — | Jun 2024 -19% | Sep 2024 26% | Dec 2024 0.2% | Mar 2025 -4.7% | Jun 2025 3.7% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 47% | Jun 2026 16% - SFIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -25% | Dec 2022 -24% | Mar 2023 -22% | Jun 2023 -22% | Sep 2023 -15% | Dec 2023 -18% | Mar 2024 -18% | Jun 2024 -16% | Sep 2024 -12% | Dec 2024 -13% | Mar 2025 -5.5% | Jun 2025 0.6% | Sep 2025 -2.8% | Dec 2025 7.2% | Mar 2026 9.3% | Jun 2026 4.6% - CTRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -22% | Dec 2022 -16% | Mar 2023 -13% | Jun 2023 -13% | Sep 2023 -6.0% | Dec 2023 -6.3% | Mar 2024 2.9% | Jun 2024 3.3% | Sep 2024 1.7% | Dec 2024 -0.6% | Mar 2025 -1.9% | Jun 2025 8.6% | Sep 2025 7.9% | Dec 2025 10% | Mar 2026 9.0% | Jun 2026 14% - CAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.2% | Dec 2022 1.8% | Mar 2023 2.5% | Jun 2023 -9.8% | Sep 2023 -5.7% | Dec 2023 -4.5% | Mar 2024 0.1% | Jun 2024 -0.6% | Sep 2024 -1.9% | Dec 2024 -2.8% | Mar 2025 -8.3% | Jun 2025 -6.8% | Sep 2025 -3.5% | Dec 2025 6.6% | Mar 2026 8.8% | Jun 2026 8.6% - GCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -3.6% | Dec 2022 0.5% | Mar 2023 -0.4% | Jun 2023 -7.3% | Sep 2023 -2.2% | Dec 2023 -4.1% | Mar 2024 1.9% | Jun 2024 -5.2% | Sep 2024 0.4% | Dec 2024 2.9% | Mar 2025 1.0% | Jun 2025 3.5% | Sep 2025 4.0% | Dec 2025 3.4% | Mar 2026 7.2% | Jun 2026 2.7% - SHOE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -6.0% | Dec 2022 -3.9% | Mar 2023 -7.0% | Jun 2023 -12% | Sep 2023 -5.5% | Dec 2023 -6.4% | Mar 2024 -3.8% | Jun 2024 6.8% | Sep 2024 13% | Dec 2024 -4.1% | Mar 2025 -6.1% | Jun 2025 -7.3% | Sep 2025 -8.1% | Dec 2025 -3.3% | Mar 2026 -3.4% | Jun 2026 -2.5% - LE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -8.6% | Dec 2022 -1.3% | Mar 2023 -4.5% | Jun 2023 2.0% | Sep 2023 -8.0% | Dec 2023 -12% | Mar 2024 -2.8% | Jun 2024 -8.1% | Sep 2024 -1.9% | Dec 2024 -1.9% | Mar 2025 -14% | Jun 2025 -8.4% | Sep 2025 -7.3% | Dec 2025 -0.6% | Mar 2026 4.5% | Jun 2026 -8.4% - ZUMZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -18% | Dec 2022 -18% | Mar 2023 -19% | Jun 2023 -17% | Sep 2023 -12% | Dec 2023 -9.2% | Mar 2024 0.7% | Jun 2024 -3.3% | Sep 2024 8.3% | Dec 2024 2.8% | Mar 2025 -1.1% | Jun 2025 4.0% | Sep 2025 1.9% | Dec 2025 7.7% | Mar 2026 4.3% | Jun 2026 4.9% - JILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.6% | Dec 2022 -1.3% | Mar 2023 4.1% | Jun 2023 -4.5% | Sep 2023 -1.9% | Dec 2023 0.7% | Mar 2024 -0.7% | Jun 2024 8.0% | Sep 2024 -1.3% | Dec 2024 0.0% | Mar 2025 -4.7% | Jun 2025 -4.9% | Sep 2025 -0.7% | Dec 2025 0.0% | Mar 2026 -3.5% | Jun 2026 -6.5% - CURV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.3% | Dec 2022 -2.0% | Mar 2023 -9.3% | Jun 2023 -12% | Sep 2023 -18% | Dec 2023 -8.3% | Mar 2024 -2.3% | Jun 2024 -4.8% | Sep 2024 -1.4% | Dec 2024 -4.0% | Mar 2025 -6.1% | Jun 2025 -5.0% | Sep 2025 -7.7% | Dec 2025 -11% | Mar 2026 -14% | Jun 2026 -7.5% - DLTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -4.7% | Dec 2022 1.4% | Mar 2023 -11% | Jun 2023 0.8% | Sep 2023 -2.1% | Dec 2023 -6.1% | Mar 2024 1.7% | Jun 2024 -5.7% | Sep 2024 2.2% | Dec 2024 -8.0% | Mar 2025 -2.0% | Jun 2025 -12% | Sep 2025 -7.0% | Dec 2025 -9.5% | Mar 2026 -10% | Jun 2026 -3.9% - AKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.0% | Sep 2022 -3.7% | Dec 2022 -18% | Mar 2023 -19% | Jun 2023 -14% | Sep 2023 -9.6% | Dec 2023 0.0% | Mar 2024 -2.5% | Jun 2024 9.6% | Sep 2024 6.4% | Dec 2024 6.7% | Mar 2025 10% | Jun 2025 8.1% | Sep 2025 -2.0% | Dec 2025 3.1% | Mar 2026 2.3% | Jun 2026 — - RENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 64% | Dec 2022 31% | Mar 2023 17% | Jun 2023 10% | Sep 2023 -1.3% | Dec 2023 -5.2% | Mar 2024 1.3% | Jun 2024 1.4% | Sep 2024 4.0% | Dec 2024 4.1% | Mar 2025 0.0% | Jun 2025 -6.7% | Sep 2025 2.5% | Dec 2025 16% | Mar 2026 21% | Jun 2026 29% - TLYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -17% | Dec 2022 -14% | Mar 2023 -12% | Jun 2023 -15% | Sep 2023 -4.8% | Dec 2023 -6.7% | Mar 2024 -3.9% | Jun 2024 -6.5% | Sep 2024 1.9% | Dec 2024 -14% | Mar 2025 -15% | Jun 2025 -6.9% | Sep 2025 -7.4% | Dec 2025 -2.1% | Mar 2026 5.4% | Jun 2026 16% ## Operating Economics & Margin Trend What the numbers say: The Buckle, Inc. leads opm at 20.6%; Tilly's, Inc. leads margin change at +14.6 percentage points. Investor read: The Buckle, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: The Buckle, Inc. · 20.6% | 53.7% versus #2 · Ross Stores, Inc. | 4/8 recent comparable periods | 25/25 companies · 492 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. The Buckle, Inc. (BKE): 21% 2. Ross Stores, Inc. (ROST): 13% 3. The Gap, Inc. (GAP): 13% 4. The TJX Companies, Inc. (TJX): 12% 5. lululemon athletica inc. (LULU): 11% ### Margin change — fastest expanders 1. Tilly's, Inc. (TLYS): +14.6 pp 2. American Eagle Outfitters, Inc. (AEO): +10.2 pp 3. Rent the Runway, Inc. (RENT): +6.4 pp 4. The Gap, Inc. (GAP): +5.2 pp 5. The Buckle, Inc. (BKE): +4.6 pp ### 20-quarter OPM history - TJX: Sep 2021 11% | Dec 2021 11% | Mar 2022 9.1% | Jun 2022 9.5% | Sep 2022 9.3% | Dec 2022 11% | Mar 2023 9.1% | Jun 2023 9.9% | Sep 2023 10% | Dec 2023 12% | Mar 2024 11% | Jun 2024 11% | Sep 2024 11% | Dec 2024 12% | Mar 2025 11% | Jun 2025 10% | Sep 2025 11% | Dec 2025 13% | Mar 2026 13% | Jun 2026 12% - ROST: Sep 2021 14% | Dec 2021 11% | Mar 2022 9.8% | Jun 2022 11% | Sep 2022 11% | Dec 2022 9.8% | Mar 2023 11% | Jun 2023 10% | Sep 2023 11% | Dec 2023 11% | Mar 2024 12% | Jun 2024 12% | Sep 2024 13% | Dec 2024 12% | Mar 2025 12% | Jun 2025 12% | Sep 2025 12% | Dec 2025 12% | Mar 2026 12% | Jun 2026 13% - BURL: Sep 2021 7.7% | Dec 2021 5.7% | Mar 2022 8.8% | Jun 2022 2.3% | Sep 2022 0.9% | Dec 2022 1.8% | Mar 2023 9.5% | Jun 2023 3.7% | Sep 2023 2.6% | Dec 2023 3.8% | Mar 2024 10% | Jun 2024 4.9% | Sep 2024 4.3% | Dec 2024 5.1% | Mar 2025 11% | Jun 2025 5.5% | Sep 2025 5.1% | Dec 2025 5.5% | Mar 2026 11% | Jun 2026 5.8% - LULU: Sep 2021 20% | Dec 2021 18% | Mar 2022 28% | Jun 2022 16% | Sep 2022 22% | Dec 2022 19% | Mar 2023 11% | Jun 2023 20% | Sep 2023 22% | Dec 2023 15% | Mar 2024 29% | Jun 2024 20% | Sep 2024 23% | Dec 2024 21% | Mar 2025 29% | Jun 2025 19% | Sep 2025 21% | Dec 2025 17% | Mar 2026 22% | Jun 2026 11% - GAP: Sep 2021 9.7% | Dec 2021 3.9% | Mar 2022 0.2% | Jun 2022 -5.7% | Sep 2022 -0.7% | Dec 2022 4.6% | Mar 2023 -0.7% | Jun 2023 -0.3% | Sep 2023 3.0% | Dec 2023 6.6% | Mar 2024 5.0% | Jun 2024 6.1% | Sep 2024 7.9% | Dec 2024 9.3% | Mar 2025 6.2% | Jun 2025 7.5% | Sep 2025 7.8% | Dec 2025 8.5% | Mar 2026 5.4% | Jun 2026 13% - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 15% | Jun 2022 6.3% | Sep 2022 6.4% | Dec 2022 3.3% | Mar 2023 — | Jun 2023 2.0% | Sep 2023 1.8% | Dec 2023 -5.3% | Mar 2024 4.6% | Jun 2024 1.9% | Sep 2024 4.4% | Dec 2024 -3.5% | Mar 2025 13% | Jun 2025 1.5% | Sep 2025 2.8% | Dec 2025 -1.3% | Mar 2026 10% | Jun 2026 4.9% - URBN: Sep 2021 14% | Dec 2021 10% | Mar 2022 4.0% | Jun 2022 4.4% | Sep 2022 7.3% | Dec 2022 4.9% | Mar 2023 2.7% | Jun 2023 6.4% | Sep 2023 10% | Dec 2023 8.5% | Mar 2024 3.9% | Jun 2024 6.2% | Sep 2024 11% | Dec 2024 9.4% | Mar 2025 7.7% | Jun 2025 9.6% | Sep 2025 12% | Dec 2025 9.4% | Mar 2026 8.8% | Jun 2026 9.4% - BOOT: Sep 2021 16% | Dec 2021 19% | Mar 2022 16% | Jun 2022 14% | Sep 2022 13% | Dec 2022 14% | Mar 2023 — | Jun 2023 15% | Sep 2023 12% | Dec 2023 14% | Mar 2024 9.8% | Jun 2024 12% | Sep 2024 9.4% | Dec 2024 16% | Mar 2025 11% | Jun 2025 14% | Sep 2025 11% | Dec 2025 16% | Mar 2026 11% | Jun 2026 — - ANF: Sep 2021 13% | Dec 2021 8.0% | Mar 2022 8.4% | Jun 2022 -1.2% | Sep 2022 -0.3% | Dec 2022 2.0% | Mar 2023 7.3% | Jun 2023 4.1% | Sep 2023 9.6% | Dec 2023 13% | Mar 2024 15% | Jun 2024 13% | Sep 2024 16% | Dec 2024 15% | Mar 2025 16% | Jun 2025 9.3% | Sep 2025 17% | Dec 2025 12% | Mar 2026 14% | Jun 2026 8.0% - AEO: Sep 2021 100% | Dec 2021 100% | Mar 2022 100% | Jun 2022 100% | Sep 2022 100% | Dec 2022 100% | Mar 2023 100% | Jun 2023 100% | Sep 2023 100% | Dec 2023 100% | Mar 2024 100% | Jun 2024 100% | Sep 2024 100% | Dec 2024 100% | Mar 2025 100% | Jun 2025 -7.8% | Sep 2025 100% | Dec 2025 100% | Mar 2026 100% | Jun 2026 2.4% - BKE: Sep 2021 23% | Dec 2021 26% | Mar 2022 29% | Jun 2022 24% | Sep 2022 22% | Dec 2022 24% | Mar 2023 27% | Jun 2023 19% | Sep 2023 19% | Dec 2023 21% | Mar 2024 25% | Jun 2024 16% | Sep 2024 17% | Dec 2024 19% | Mar 2025 25% | Jun 2025 16% | Sep 2025 18% | Dec 2025 19% | Mar 2026 25% | Jun 2026 21% - CRI: Sep 2021 14% | Dec 2021 14% | Mar 2022 13% | Jun 2022 13% | Sep 2022 11% | Dec 2022 11% | Mar 2023 — | Jun 2023 8.1% | Sep 2023 6.3% | Dec 2023 16% | Mar 2024 8.3% | Jun 2024 7.0% | Sep 2024 10% | Dec 2024 9.7% | Mar 2025 4.1% | Jun 2025 0.7% | Sep 2025 3.8% | Dec 2025 — | Mar 2026 9.2% | Jun 2026 4.2% - SFIX: Sep 2021 3.6% | Dec 2021 -0.3% | Mar 2022 -5.9% | Jun 2022 -16% | Sep 2022 -23% | Dec 2022 -11% | Mar 2023 -16% | Jun 2023 -5.4% | Sep 2023 -6.3% | Dec 2023 -7.9% | Mar 2024 -12% | Jun 2024 -7.7% | Sep 2024 -13% | Dec 2024 -2.8% | Mar 2025 -2.9% | Jun 2025 -3.0% | Sep 2025 -3.6% | Dec 2025 -2.5% | Mar 2026 -1.4% | Jun 2026 -1.2% - CTRN: Sep 2021 6.9% | Dec 2021 5.1% | Mar 2022 5.2% | Jun 2022 19% | Sep 2022 -1.8% | Dec 2022 16% | Mar 2023 3.5% | Jun 2023 -5.3% | Sep 2023 -4.6% | Dec 2023 -3.3% | Mar 2024 1.8% | Jun 2024 -3.7% | Sep 2024 -14% | Dec 2024 -4.9% | Mar 2025 0.6% | Jun 2025 0.2% | Sep 2025 -3.9% | Dec 2025 -3.7% | Mar 2026 2.9% | Jun 2026 3.2% - CAL: Sep 2021 9.3% | Dec 2021 10% | Mar 2022 6.5% | Jun 2022 9.0% | Sep 2022 9.3% | Dec 2022 6.7% | Mar 2023 3.7% | Jun 2023 7.5% | Sep 2023 7.1% | Dec 2023 8.5% | Mar 2024 4.4% | Jun 2024 6.5% | Sep 2024 6.2% | Dec 2024 7.7% | Mar 2025 1.2% | Jun 2025 1.9% | Sep 2025 1.4% | Dec 2025 1.5% | Mar 2026 -3.8% | Jun 2026 3.6% - GCO: Sep 2021 2.3% | Dec 2021 7.3% | Mar 2022 12% | Jun 2022 1.6% | Sep 2022 1.7% | Dec 2022 4.3% | Mar 2023 6.9% | Jun 2023 -4.8% | Sep 2023 -7.4% | Dec 2023 1.9% | Mar 2024 5.0% | Jun 2024 -7.0% | Sep 2024 -2.0% | Dec 2024 1.7% | Mar 2025 6.2% | Jun 2025 -5.9% | Sep 2025 -2.6% | Dec 2025 1.4% | Mar 2026 6.4% | Jun 2026 -3.2% - SHOE: Sep 2021 18% | Dec 2021 18% | Mar 2022 8.9% | Jun 2022 11% | Sep 2022 12% | Dec 2022 13% | Mar 2023 9.9% | Jun 2023 7.4% | Sep 2023 8.4% | Dec 2023 8.7% | Mar 2024 7.1% | Jun 2024 7.5% | Sep 2024 9.0% | Dec 2024 8.0% | Mar 2025 5.3% | Jun 2025 4.3% | Sep 2025 8.2% | Dec 2025 6.3% | Mar 2026 4.3% | Jun 2026 -2.2% - LE: Sep 2021 8.2% | Dec 2021 5.2% | Mar 2022 3.1% | Jun 2022 1.3% | Sep 2022 1.6% | Dec 2022 0.7% | Mar 2023 2.4% | Jun 2023 3.2% | Sep 2023 1.8% | Dec 2023 -31% | Mar 2024 1.6% | Jun 2024 0.8% | Sep 2024 0.8% | Dec 2024 2.9% | Mar 2025 8.4% | Jun 2025 -0.9% | Sep 2025 1.4% | Dec 2025 5.3% | Mar 2026 5.6% | Jun 2026 -19% - ZUMZ: Sep 2021 12% | Dec 2021 14% | Mar 2022 15% | Jun 2022 0.2% | Sep 2022 2.3% | Dec 2022 4.4% | Mar 2023 5.4% | Jun 2023 -12% | Sep 2023 -5.4% | Dec 2023 -0.1% | Mar 2024 -12% | Jun 2024 -11% | Sep 2024 -0.2% | Dec 2024 1.1% | Mar 2025 7.2% | Jun 2025 -11% | Sep 2025 0.0% | Dec 2025 4.9% | Mar 2026 8.6% | Jun 2026 -7.9% - JILL: Sep 2021 15% | Dec 2021 13% | Mar 2022 5.2% | Jun 2022 15% | Sep 2022 18% | Dec 2022 13% | Mar 2023 5.2% | Jun 2023 17% | Sep 2023 18% | Dec 2023 15% | Mar 2024 7.0% | Jun 2024 18% | Sep 2024 15% | Dec 2024 13% | Mar 2025 3.6% | Jun 2025 12% | Sep 2025 11% | Dec 2025 9.9% | Mar 2026 -0.1% | Jun 2026 6.1% - CURV: Sep 2021 -12% | Dec 2021 14% | Mar 2022 4.9% | Jun 2022 12% | Sep 2022 11% | Dec 2022 6.6% | Mar 2023 0.8% | Jun 2023 8.9% | Sep 2023 7.0% | Dec 2023 2.5% | Mar 2024 1.4% | Jun 2024 9.3% | Sep 2024 7.2% | Dec 2024 2.7% | Mar 2025 1.3% | Jun 2025 6.0% | Sep 2025 3.9% | Dec 2025 0.1% | Mar 2026 -2.1% | Jun 2026 3.5% - DLTH: Sep 2021 8.8% | Dec 2021 3.3% | Mar 2022 9.0% | Jun 2022 -0.8% | Sep 2022 2.7% | Dec 2022 -5.0% | Mar 2023 4.4% | Jun 2023 -3.7% | Sep 2023 -1.0% | Dec 2023 -9.0% | Mar 2024 3.6% | Jun 2024 -7.7% | Sep 2024 -1.1% | Dec 2024 -17% | Mar 2025 -1.8% | Jun 2025 -12% | Sep 2025 1.8% | Dec 2025 -7.7% | Mar 2026 4.0% | Jun 2026 -9.4% - AKA: Sep 2021 0.7% | Dec 2021 2.9% | Mar 2022 2.3% | Jun 2022 -1.6% | Sep 2022 1.8% | Dec 2022 -118% | Mar 2023 -5.4% | Jun 2023 -0.8% | Sep 2023 -50% | Dec 2023 -3.6% | Mar 2024 -5.2% | Jun 2024 0.4% | Sep 2024 -1.4% | Dec 2024 -1.8% | Mar 2025 -4.2% | Jun 2025 -0.3% | Sep 2025 -1.0% | Dec 2025 -6.6% | Mar 2026 -3.1% | Jun 2026 — - RENT: Sep 2021 -50% | Dec 2021 -75% | Mar 2022 -47% | Jun 2022 -50% | Sep 2022 -34% | Dec 2022 -35% | Mar 2023 -24% | Jun 2023 -29% | Sep 2023 -23% | Dec 2023 -30% | Mar 2024 -26% | Jun 2024 -22% | Sep 2024 -12% | Dec 2024 -18% | Mar 2025 -10% | Jun 2025 -28% | Sep 2025 -25% | Dec 2025 -19% | Mar 2026 -1.6% | Jun 2026 -22% - TLYS: Sep 2021 13% | Dec 2021 14% | Mar 2022 8.5% | Jun 2022 0.8% | Sep 2022 3.1% | Dec 2022 3.6% | Mar 2023 -0.8% | Jun 2023 -14% | Sep 2023 -1.7% | Dec 2023 -1.5% | Mar 2024 -4.9% | Jun 2024 -18% | Sep 2024 -0.5% | Dec 2024 -9.8% | Mar 2025 -9.6% | Jun 2025 -21% | Sep 2025 1.8% | Dec 2025 -1.4% | Mar 2026 1.7% | Jun 2026 -6.5% ### 20-quarter Margin change history - TJX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 +0.4 pp | Sep 2023 +0.8 pp | Dec 2023 +0.5 pp | Mar 2024 +1.8 pp | Jun 2024 +0.8 pp | Sep 2024 +0.5 pp | Dec 2024 +0.3 pp | Mar 2025 +0.4 pp | Jun 2025 −0.7 pp | Sep 2025 +0.6 pp | Dec 2025 +0.5 pp | Mar 2026 +2.0 pp | Jun 2026 +1.8 pp - ROST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.8 pp | Dec 2022 −1.6 pp | Mar 2023 +0.9 pp | Jun 2023 −0.7 pp | Sep 2023 0.0 pp | Dec 2023 +1.4 pp | Mar 2024 +1.7 pp | Jun 2024 +2.1 pp | Sep 2024 +1.2 pp | Dec 2024 +0.7 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 −0.3 pp | Mar 2026 −0.1 pp | Jun 2026 +1.2 pp - BURL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.8 pp | Dec 2022 −3.9 pp | Mar 2023 +0.7 pp | Jun 2023 +1.4 pp | Sep 2023 +1.7 pp | Dec 2023 +2.0 pp | Mar 2024 +0.7 pp | Jun 2024 +1.2 pp | Sep 2024 +1.7 pp | Dec 2024 +1.3 pp | Mar 2025 +0.5 pp | Jun 2025 +0.6 pp | Sep 2025 +0.8 pp | Dec 2025 +0.4 pp | Mar 2026 +0.5 pp | Jun 2026 +0.3 pp - LULU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 +1.2 pp | Mar 2023 −16.4 pp | Jun 2023 +4.0 pp | Sep 2023 +0.2 pp | Dec 2023 −3.7 pp | Mar 2024 +17.2 pp | Jun 2024 −0.5 pp | Sep 2024 +1.1 pp | Dec 2024 +5.2 pp | Mar 2025 +0.4 pp | Jun 2025 −1.1 pp | Sep 2025 −2.1 pp | Dec 2025 −3.5 pp | Mar 2026 −6.6 pp | Jun 2026 −7.3 pp - GAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.4 pp | Dec 2022 +0.7 pp | Mar 2023 −0.9 pp | Jun 2023 +5.4 pp | Sep 2023 +3.7 pp | Dec 2023 +2.0 pp | Mar 2024 +5.7 pp | Jun 2024 +6.4 pp | Sep 2024 +4.9 pp | Dec 2024 +2.7 pp | Mar 2025 +1.2 pp | Jun 2025 +1.4 pp | Sep 2025 −0.1 pp | Dec 2025 −0.8 pp | Mar 2026 −0.8 pp | Jun 2026 +5.2 pp - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −4.3 pp | Sep 2023 −4.6 pp | Dec 2023 −8.6 pp | Mar 2024 — | Jun 2024 −0.1 pp | Sep 2024 +2.6 pp | Dec 2024 +1.8 pp | Mar 2025 +8.1 pp | Jun 2025 −0.4 pp | Sep 2025 −1.6 pp | Dec 2025 +2.2 pp | Mar 2026 −2.6 pp | Jun 2026 +3.4 pp - URBN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.0 pp | Dec 2022 −5.3 pp | Mar 2023 −1.3 pp | Jun 2023 +2.0 pp | Sep 2023 +3.1 pp | Dec 2023 +3.6 pp | Mar 2024 +1.2 pp | Jun 2024 −0.2 pp | Sep 2024 +0.3 pp | Dec 2024 +0.9 pp | Mar 2025 +3.8 pp | Jun 2025 +3.4 pp | Sep 2025 +0.9 pp | Dec 2025 0.0 pp | Mar 2026 +1.1 pp | Jun 2026 −0.2 pp - BOOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.2 pp | Sep 2022 −3.4 pp | Dec 2022 −4.9 pp | Mar 2023 — | Jun 2023 +0.4 pp | Sep 2023 −0.5 pp | Dec 2023 +0.3 pp | Mar 2024 — | Jun 2024 −2.8 pp | Sep 2024 −2.7 pp | Dec 2024 +2.0 pp | Mar 2025 +1.2 pp | Jun 2025 +2.1 pp | Sep 2025 +1.8 pp | Dec 2025 −0.1 pp | Mar 2026 −0.4 pp | Jun 2026 — - ANF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.6 pp | Dec 2022 −6.0 pp | Mar 2023 −1.1 pp | Jun 2023 +5.3 pp | Sep 2023 +9.9 pp | Dec 2023 +11.1 pp | Mar 2024 +8.0 pp | Jun 2024 +8.6 pp | Sep 2024 +5.9 pp | Dec 2024 +1.7 pp | Mar 2025 +0.9 pp | Jun 2025 −3.4 pp | Sep 2025 +1.6 pp | Dec 2025 −2.8 pp | Mar 2026 −2.1 pp | Jun 2026 −1.3 pp - AEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −107.8 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 +10.2 pp - BKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 −1.8 pp | Mar 2023 −1.4 pp | Jun 2023 −4.6 pp | Sep 2023 −2.4 pp | Dec 2023 −2.8 pp | Mar 2024 −2.2 pp | Jun 2024 −2.8 pp | Sep 2024 −2.3 pp | Dec 2024 −2.5 pp | Mar 2025 +0.2 pp | Jun 2025 −0.2 pp | Sep 2025 +1.3 pp | Dec 2025 +0.4 pp | Mar 2026 −0.2 pp | Jun 2026 +4.6 pp - CRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 −2.7 pp | Mar 2023 — | Jun 2023 −5.0 pp | Sep 2023 −4.5 pp | Dec 2023 +4.7 pp | Mar 2024 — | Jun 2024 −1.1 pp | Sep 2024 +3.9 pp | Dec 2024 −6.2 pp | Mar 2025 −4.2 pp | Jun 2025 −6.3 pp | Sep 2025 −6.4 pp | Dec 2025 — | Mar 2026 +5.1 pp | Jun 2026 +3.5 pp - SFIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −26.7 pp | Dec 2022 −10.6 pp | Mar 2023 −9.9 pp | Jun 2023 +10.2 pp | Sep 2023 +16.8 pp | Dec 2023 +3.0 pp | Mar 2024 +4.3 pp | Jun 2024 −2.3 pp | Sep 2024 −6.8 pp | Dec 2024 +5.1 pp | Mar 2025 +8.6 pp | Jun 2025 +4.7 pp | Sep 2025 +9.5 pp | Dec 2025 +0.3 pp | Mar 2026 +1.5 pp | Jun 2026 +1.8 pp - CTRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.7 pp | Dec 2022 +11.3 pp | Mar 2023 −1.7 pp | Jun 2023 −24.3 pp | Sep 2023 −2.8 pp | Dec 2023 −19.7 pp | Mar 2024 −1.7 pp | Jun 2024 +1.6 pp | Sep 2024 −9.5 pp | Dec 2024 −1.6 pp | Mar 2025 −1.2 pp | Jun 2025 +3.9 pp | Sep 2025 +10.2 pp | Dec 2025 +1.2 pp | Mar 2026 +2.3 pp | Jun 2026 +3.0 pp - CAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −3.7 pp | Mar 2023 −2.8 pp | Jun 2023 −1.5 pp | Sep 2023 −2.2 pp | Dec 2023 +1.8 pp | Mar 2024 +0.7 pp | Jun 2024 −1.0 pp | Sep 2024 −0.9 pp | Dec 2024 −0.8 pp | Mar 2025 −3.2 pp | Jun 2025 −4.6 pp | Sep 2025 −4.8 pp | Dec 2025 −6.2 pp | Mar 2026 −5.0 pp | Jun 2026 +1.7 pp - GCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −3.0 pp | Mar 2023 −4.6 pp | Jun 2023 −6.4 pp | Sep 2023 −9.1 pp | Dec 2023 −2.4 pp | Mar 2024 −1.9 pp | Jun 2024 −2.2 pp | Sep 2024 +5.4 pp | Dec 2024 −0.2 pp | Mar 2025 +1.2 pp | Jun 2025 +1.1 pp | Sep 2025 −0.6 pp | Dec 2025 −0.3 pp | Mar 2026 +0.2 pp | Jun 2026 +2.7 pp - SHOE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.6 pp | Dec 2022 −4.7 pp | Mar 2023 +1.0 pp | Jun 2023 −3.7 pp | Sep 2023 −4.0 pp | Dec 2023 −4.1 pp | Mar 2024 −2.8 pp | Jun 2024 +0.1 pp | Sep 2024 +0.6 pp | Dec 2024 −0.7 pp | Mar 2025 −1.8 pp | Jun 2025 −3.2 pp | Sep 2025 −0.8 pp | Dec 2025 −1.7 pp | Mar 2026 −1.0 pp | Jun 2026 −6.5 pp - LE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.6 pp | Dec 2022 −4.5 pp | Mar 2023 −0.7 pp | Jun 2023 +1.9 pp | Sep 2023 +0.2 pp | Dec 2023 −31.9 pp | Mar 2024 −0.8 pp | Jun 2024 −2.4 pp | Sep 2024 −1.0 pp | Dec 2024 +34.1 pp | Mar 2025 +6.8 pp | Jun 2025 −1.7 pp | Sep 2025 +0.6 pp | Dec 2025 +2.4 pp | Mar 2026 −2.8 pp | Jun 2026 −17.6 pp - ZUMZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.6 pp | Dec 2022 −9.4 pp | Mar 2023 −9.5 pp | Jun 2023 −11.9 pp | Sep 2023 −7.7 pp | Dec 2023 −4.5 pp | Mar 2024 −17.0 pp | Jun 2024 +0.3 pp | Sep 2024 +5.2 pp | Dec 2024 +1.2 pp | Mar 2025 +18.8 pp | Jun 2025 +0.6 pp | Sep 2025 +0.2 pp | Dec 2025 +3.8 pp | Mar 2026 +1.4 pp | Jun 2026 +2.9 pp - JILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 +1.7 pp | Sep 2023 +0.3 pp | Dec 2023 +2.2 pp | Mar 2024 +1.8 pp | Jun 2024 +0.7 pp | Sep 2024 −3.1 pp | Dec 2024 −2.0 pp | Mar 2025 −3.4 pp | Jun 2025 −5.2 pp | Sep 2025 −3.9 pp | Dec 2025 −2.8 pp | Mar 2026 −3.7 pp | Jun 2026 −6.3 pp - CURV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +23.1 pp | Dec 2022 −7.7 pp | Mar 2023 −4.1 pp | Jun 2023 −3.0 pp | Sep 2023 −4.1 pp | Dec 2023 −4.1 pp | Mar 2024 +0.6 pp | Jun 2024 +0.4 pp | Sep 2024 +0.2 pp | Dec 2024 +0.2 pp | Mar 2025 −0.1 pp | Jun 2025 −3.3 pp | Sep 2025 −3.3 pp | Dec 2025 −2.6 pp | Mar 2026 −3.4 pp | Jun 2026 −2.5 pp - DLTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.1 pp | Dec 2022 −8.3 pp | Mar 2023 −4.6 pp | Jun 2023 −2.9 pp | Sep 2023 −3.7 pp | Dec 2023 −4.0 pp | Mar 2024 −0.8 pp | Jun 2024 −4.0 pp | Sep 2024 −0.1 pp | Dec 2024 −8.4 pp | Mar 2025 −5.4 pp | Jun 2025 −4.3 pp | Sep 2025 +2.9 pp | Dec 2025 +9.7 pp | Mar 2026 +5.8 pp | Jun 2026 +2.6 pp - AKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.5 pp | Sep 2022 +1.1 pp | Dec 2022 −120.6 pp | Mar 2023 −7.7 pp | Jun 2023 +0.8 pp | Sep 2023 −51.8 pp | Dec 2023 +114.1 pp | Mar 2024 +0.2 pp | Jun 2024 +1.2 pp | Sep 2024 +48.6 pp | Dec 2024 +1.8 pp | Mar 2025 +1.0 pp | Jun 2025 −0.7 pp | Sep 2025 +0.4 pp | Dec 2025 −4.8 pp | Mar 2026 +1.1 pp | Jun 2026 — - RENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +16.8 pp | Dec 2022 +40.0 pp | Mar 2023 +23.0 pp | Jun 2023 +20.8 pp | Sep 2023 +10.4 pp | Dec 2023 +4.7 pp | Mar 2024 −1.9 pp | Jun 2024 +6.7 pp | Sep 2024 +10.9 pp | Dec 2024 +12.1 pp | Mar 2025 +15.4 pp | Jun 2025 −6.3 pp | Sep 2025 −12.6 pp | Dec 2025 −0.4 pp | Mar 2026 +8.5 pp | Jun 2026 +6.4 pp - TLYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.0 pp | Dec 2022 −10.5 pp | Mar 2023 −9.3 pp | Jun 2023 −14.8 pp | Sep 2023 −4.8 pp | Dec 2023 −5.1 pp | Mar 2024 −4.1 pp | Jun 2024 −3.9 pp | Sep 2024 +1.2 pp | Dec 2024 −8.3 pp | Mar 2025 −4.7 pp | Jun 2025 −3.2 pp | Sep 2025 +2.3 pp | Dec 2025 +8.4 pp | Mar 2026 +11.3 pp | Jun 2026 +14.6 pp ## Profit Scale & Acceleration What the numbers say: The TJX Companies, Inc. leads with $5,790 million of TTM profit, 29.2% above American Eagle Outfitters, Inc.. Victoria's Secret & Co. shows 39.7% growth from a $243 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: The TJX Companies, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: The TJX Companies, Inc. · $5,790 million | 29.2% versus #2 · American Eagle Outfitters, Inc. | 6/8 recent comparable periods | 24/25 companies · 493 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. The TJX Companies, Inc. (TJX): ₹5.8K Cr 2. American Eagle Outfitters, Inc. (AEO): ₹4.5K Cr 3. Ross Stores, Inc. (ROST): ₹2.3K Cr 4. lululemon athletica inc. (LULU): ₹1.5K Cr 5. The Gap, Inc. (GAP): ₹962 Cr ### Profit growth — fastest growers 1. Victoria's Secret & Co. (VSXY): 40% 2. Boot Barn Holdings, Inc. (BOOT): 24% 3. The TJX Companies, Inc. (TJX): 20% 4. Burlington Stores, Inc. (BURL): 18% 5. The Buckle, Inc. (BKE): 14% ### 20-quarter Net profit history - TJX: Sep 2021 ₹786 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹940 Cr | Jun 2022 ₹587 Cr | Sep 2022 ₹810 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹891 Cr | Sep 2023 ₹989 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.3K Cr - ROST: Sep 2021 ₹494 Cr | Dec 2021 ₹385 Cr | Mar 2022 ₹367 Cr | Jun 2022 ₹338 Cr | Sep 2022 ₹385 Cr | Dec 2022 ₹342 Cr | Mar 2023 ₹447 Cr | Jun 2023 ₹371 Cr | Sep 2023 ₹446 Cr | Dec 2023 ₹447 Cr | Mar 2024 ₹610 Cr | Jun 2024 ₹488 Cr | Sep 2024 ₹527 Cr | Dec 2024 ₹489 Cr | Mar 2025 ₹587 Cr | Jun 2025 ₹479 Cr | Sep 2025 ₹508 Cr | Dec 2025 ₹512 Cr | Mar 2026 ₹646 Cr | Jun 2026 ₹650 Cr - BURL: Sep 2021 ₹103 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹122 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹185 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹227 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹261 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹310 Cr | Jun 2026 ₹115 Cr - LULU: Sep 2021 ₹208 Cr | Dec 2021 ₹188 Cr | Mar 2022 ₹435 Cr | Jun 2022 ₹190 Cr | Sep 2022 ₹290 Cr | Dec 2022 ₹255 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹290 Cr | Sep 2023 ₹342 Cr | Dec 2023 ₹249 Cr | Mar 2024 ₹669 Cr | Jun 2024 ₹321 Cr | Sep 2024 ₹393 Cr | Dec 2024 ₹352 Cr | Mar 2025 ₹748 Cr | Jun 2025 ₹315 Cr | Sep 2025 ₹371 Cr | Dec 2025 ₹307 Cr | Mar 2026 ₹587 Cr | Jun 2026 ₹195 Cr - GAP: Sep 2021 ₹258 Cr | Dec 2021 ₹-152 Cr | Mar 2022 ₹-16 Cr | Jun 2022 ₹-162 Cr | Sep 2022 ₹-49 Cr | Dec 2022 ₹282 Cr | Mar 2023 ₹-273 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹218 Cr | Mar 2024 ₹185 Cr | Jun 2024 ₹158 Cr | Sep 2024 ₹206 Cr | Dec 2024 ₹274 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹216 Cr | Dec 2025 ₹236 Cr | Mar 2026 ₹171 Cr | Jun 2026 ₹339 Cr - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹246 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-71 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹-55 Cr | Mar 2025 ₹194 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹-31 Cr | Mar 2026 ₹199 Cr | Jun 2026 ₹57 Cr - URBN: Sep 2021 ₹127 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹120 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹96 Cr | Jun 2026 ₹116 Cr - BOOT: Sep 2021 ₹38 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹53 Cr | Mar 2023 — | Jun 2023 ₹46 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹44 Cr | Jun 2026 — - ANF: Sep 2021 ₹110 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-15 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹135 Cr | Dec 2024 ₹134 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹82 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹175 Cr | Jun 2026 ₹68 Cr - AEO: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹-65 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹23 Cr - BKE: Sep 2021 ₹51 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹77 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹81 Cr | Jun 2026 ₹47 Cr - CRI: Sep 2021 ₹72 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹65 Cr | Mar 2023 — | Jun 2023 ₹36 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹12 Cr | Dec 2025 — | Mar 2026 ₹64 Cr | Jun 2026 ₹14 Cr - SFIX: Sep 2021 ₹21 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-31 Cr | Jun 2022 ₹-78 Cr | Sep 2022 ₹-96 Cr | Dec 2022 ₹-48 Cr | Mar 2023 ₹-63 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹-20 Cr | Dec 2023 ₹-26 Cr | Mar 2024 ₹-35 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹-36 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹-3 Cr | Jun 2026 ₹-2 Cr - CTRN: Sep 2021 ₹16 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹7 Cr | Jun 2026 ₹8 Cr - CAL: Sep 2021 ₹38 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹-24 Cr | Jun 2026 ₹14 Cr - GCO: Sep 2021 ₹11 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-32 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹-24 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-19 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹-21 Cr | Sep 2025 ₹-18 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹48 Cr | Jun 2026 ₹-15 Cr - SHOE: Sep 2021 ₹44 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹-6 Cr - LE: Sep 2021 ₹16 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-112 Cr | Mar 2024 ₹-9 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹12 Cr | Jun 2026 ₹331 Cr - ZUMZ: Sep 2021 ₹24 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-33 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹20 Cr | Jun 2026 ₹-13 Cr - JILL: Sep 2021 ₹-25 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹-4 Cr | Jun 2026 ₹5 Cr - CURV: Sep 2021 ₹39 Cr | Dec 2021 ₹-59 Cr | Mar 2022 ₹-23 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹-8 Cr | Jun 2026 ₹0 Cr - DLTH: Sep 2021 ₹9 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-28 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹-15 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹8 Cr | Jun 2026 ₹-10 Cr - AKA: Sep 2021 ₹-10 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-174 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-70 Cr | Dec 2023 ₹-14 Cr | Mar 2024 ₹-9 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-14 Cr | Mar 2026 ₹-7 Cr | Jun 2026 — - RENT: Sep 2021 ₹-42 Cr | Dec 2021 ₹-88 Cr | Mar 2022 ₹-39 Cr | Jun 2022 ₹-43 Cr | Sep 2022 ₹-34 Cr | Dec 2022 ₹-36 Cr | Mar 2023 ₹-26 Cr | Jun 2023 ₹-30 Cr | Sep 2023 ₹-27 Cr | Dec 2023 ₹-32 Cr | Mar 2024 ₹-25 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹-16 Cr | Dec 2024 ₹-19 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹-26 Cr | Sep 2025 ₹-26 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹-1 Cr | Jun 2026 ₹-19 Cr - TLYS: Sep 2021 ₹20 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹-20 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹-8 Cr ### 20-quarter Profit growth history - TJX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.1% | Dec 2022 3.9% | Mar 2023 10% | Jun 2023 52% | Sep 2023 22% | Dec 2023 12% | Mar 2024 35% | Jun 2024 20% | Sep 2024 11% | Dec 2024 8.9% | Mar 2025 -0.4% | Jun 2025 -3.2% | Sep 2025 13% | Dec 2025 11% | Mar 2026 27% | Jun 2026 29% - ROST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -22% | Dec 2022 -11% | Mar 2023 22% | Jun 2023 9.8% | Sep 2023 16% | Dec 2023 31% | Mar 2024 36% | Jun 2024 32% | Sep 2024 18% | Dec 2024 9.4% | Mar 2025 -3.8% | Jun 2025 -1.8% | Sep 2025 -3.6% | Dec 2025 4.7% | Mar 2026 10% | Jun 2026 36% - BURL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -88% | Dec 2022 21% | Mar 2023 52% | Jun 2023 106% | Sep 2023 158% | Dec 2023 188% | Mar 2024 23% | Jun 2024 139% | Sep 2024 139% | Dec 2024 86% | Mar 2025 15% | Jun 2025 28% | Sep 2025 27% | Dec 2025 15% | Mar 2026 19% | Jun 2026 14% - LULU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 39% | Dec 2022 36% | Mar 2023 -72% | Jun 2023 53% | Sep 2023 18% | Dec 2023 -2.4% | Mar 2024 458% | Jun 2024 11% | Sep 2024 15% | Dec 2024 41% | Mar 2025 12% | Jun 2025 -1.9% | Sep 2025 -5.6% | Dec 2025 -13% | Mar 2026 -22% | Jun 2026 -38% - GAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -119% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -23% | Mar 2024 — | Jun 2024 — | Sep 2024 76% | Dec 2024 26% | Mar 2025 11% | Jun 2025 22% | Sep 2025 4.9% | Dec 2025 -14% | Mar 2026 -17% | Jun 2026 76% - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -100% | Jun 2023 -95% | Sep 2023 -101% | Dec 2023 -423% | Mar 2024 — | Jun 2024 -175% | Sep 2024 — | Dec 2024 — | Mar 2025 240% | Jun 2025 — | Sep 2025 -44% | Dec 2025 — | Mar 2026 2.6% | Jun 2026 1,800% - URBN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -54% | Dec 2022 -58% | Mar 2023 -24% | Jun 2023 66% | Sep 2023 76% | Dec 2023 124% | Mar 2024 55% | Jun 2024 17% | Sep 2024 13% | Dec 2024 24% | Mar 2025 150% | Jun 2025 74% | Sep 2025 23% | Dec 2025 13% | Mar 2026 -20% | Jun 2026 7.4% - BOOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.9% | Sep 2022 -16% | Dec 2022 -23% | Mar 2023 — | Jun 2023 18% | Sep 2023 6.3% | Dec 2023 5.7% | Mar 2024 — | Jun 2024 -15% | Sep 2024 -15% | Dec 2024 34% | Mar 2025 31% | Jun 2025 36% | Sep 2025 45% | Dec 2025 15% | Mar 2026 16% | Jun 2026 — - ANF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -114% | Dec 2022 -102% | Mar 2023 -40% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 258% | Jun 2024 539% | Sep 2024 129% | Dec 2024 37% | Mar 2025 18% | Jun 2025 -29% | Sep 2025 5.9% | Dec 2025 -14% | Mar 2026 -7.9% | Jun 2026 -17% - AEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.3% | Dec 2022 -2.6% | Mar 2023 -0.8% | Jun 2023 2.5% | Sep 2023 0.3% | Dec 2023 4.8% | Mar 2024 12% | Jun 2024 5.8% | Sep 2024 7.5% | Dec 2024 -0.9% | Mar 2025 -4.4% | Jun 2025 -106% | Sep 2025 -0.5% | Dec 2025 5.7% | Mar 2026 13% | Jun 2026 — - BKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -2.0% | Dec 2022 -1.6% | Mar 2023 4.8% | Jun 2023 -22% | Sep 2023 -8.0% | Dec 2023 -15% | Mar 2024 -9.1% | Jun 2024 -19% | Sep 2024 -15% | Dec 2024 -15% | Mar 2025 -3.8% | Jun 2025 0.0% | Sep 2025 15% | Dec 2025 11% | Mar 2026 5.2% | Jun 2026 34% - CRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -49% | Dec 2022 -24% | Mar 2023 — | Jun 2023 -47% | Sep 2023 -35% | Dec 2023 65% | Mar 2024 — | Jun 2024 -22% | Sep 2024 142% | Dec 2024 -42% | Mar 2025 -58% | Jun 2025 -100% | Sep 2025 -79% | Dec 2025 — | Mar 2026 300% | Jun 2026 — - SFIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -557% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CTRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -119% | Dec 2022 167% | Mar 2023 -46% | Jun 2023 -123% | Sep 2023 — | Dec 2023 -119% | Mar 2024 -43% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -75% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 600% | Jun 2026 700% - CAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 37% | Dec 2022 -35% | Mar 2023 15% | Jun 2023 -30% | Sep 2023 -35% | Dec 2023 21% | Mar 2024 44% | Jun 2024 -11% | Sep 2024 -12% | Dec 2024 -13% | Mar 2025 -93% | Jun 2025 -81% | Sep 2025 -77% | Dec 2025 -98% | Mar 2026 -700% | Jun 2026 133% - GCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -27% | Dec 2022 -39% | Mar 2023 -37% | Jun 2023 -480% | Sep 2023 -500% | Dec 2023 -65% | Mar 2024 -49% | Jun 2024 — | Sep 2024 — | Dec 2024 -371% | Mar 2025 70% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 41% | Jun 2026 — - SHOE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -34% | Dec 2022 -30% | Mar 2023 4.8% | Jun 2023 -37% | Sep 2023 -34% | Dec 2023 -33% | Mar 2024 -27% | Jun 2024 0.0% | Sep 2024 21% | Dec 2024 -14% | Mar 2025 -6.3% | Jun 2025 -47% | Sep 2025 -17% | Dec 2025 -21% | Mar 2026 -40% | Jun 2026 -167% - LE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -113% | Dec 2022 -171% | Mar 2023 -143% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -37% | Jun 2026 — - ZUMZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -88% | Dec 2022 -77% | Mar 2023 -71% | Jun 2023 — | Sep 2023 -400% | Dec 2023 -129% | Mar 2024 -400% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 800% | Mar 2026 33% | Jun 2026 — - JILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -18% | Mar 2023 -75% | Jun 2023 -64% | Sep 2023 -17% | Dec 2023 33% | Mar 2024 400% | Jun 2024 240% | Sep 2024 -47% | Dec 2024 0.0% | Mar 2025 -60% | Jun 2025 -29% | Sep 2025 38% | Dec 2025 -25% | Mar 2026 -300% | Jun 2026 -58% - CURV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -41% | Dec 2022 — | Mar 2023 — | Jun 2023 -50% | Sep 2023 -70% | Dec 2023 -143% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 14% | Dec 2024 — | Mar 2025 — | Jun 2025 -50% | Sep 2025 -75% | Dec 2025 — | Mar 2026 — | Jun 2026 -100% - DLTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -78% | Dec 2022 -300% | Mar 2023 -59% | Jun 2023 — | Sep 2023 -200% | Dec 2023 — | Mar 2024 -14% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -200% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -300% | Sep 2022 — | Dec 2022 — | Mar 2023 -600% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - TLYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -80% | Dec 2022 -76% | Mar 2023 -100% | Jun 2023 -1,300% | Sep 2023 -125% | Dec 2023 -120% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: The TJX Companies, Inc. reports $662 million of CAPEX; Rent the Runway, Inc. has the highest covered intensity at 18.9%. Coverage is only 25 of 25 companies and 493 reported observations, so this is partial evidence—not a complete sector rank. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: The TJX Companies, Inc. · $662 million | 129.1% versus #2 · Burlington Stores, Inc. | 8/8 recent comparable periods | 25/25 companies · 493 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders 1. The TJX Companies, Inc. (TJX): ₹662 Cr 2. Burlington Stores, Inc. (BURL): ₹289 Cr 3. Ross Stores, Inc. (ROST): ₹209 Cr 4. Urban Outfitters, Inc. (URBN): ₹193 Cr 5. The Gap, Inc. (GAP): ₹135 Cr ### CAPEX intensity — highest reinvestment intensity 1. Rent the Runway, Inc. (RENT): 19% 2. Urban Outfitters, Inc. (URBN): 13% 3. Burlington Stores, Inc. (BURL): 10% 4. Boot Barn Holdings, Inc. (BOOT): 7.8% 5. Abercrombie & Fitch Co. (ANF): 5.5% ### 20-quarter CAPEX history - TJX: Sep 2021 ₹220 Cr | Dec 2021 ₹271 Cr | Mar 2022 ₹329 Cr | Jun 2022 ₹314 Cr | Sep 2022 ₹379 Cr | Dec 2022 ₹407 Cr | Mar 2023 ₹357 Cr | Jun 2023 ₹361 Cr | Sep 2023 ₹459 Cr | Dec 2023 ₹460 Cr | Mar 2024 ₹442 Cr | Jun 2024 ₹419 Cr | Sep 2024 ₹563 Cr | Dec 2024 ₹422 Cr | Mar 2025 ₹514 Cr | Jun 2025 ₹497 Cr | Sep 2025 ₹461 Cr | Dec 2025 ₹531 Cr | Mar 2026 ₹468 Cr | Jun 2026 ₹662 Cr - ROST: Sep 2021 ₹118 Cr | Dec 2021 ₹123 Cr | Mar 2022 ₹180 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹133 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹236 Cr | Jun 2023 ₹167 Cr | Sep 2023 ₹196 Cr | Dec 2023 ₹177 Cr | Mar 2024 ₹222 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹197 Cr | Dec 2024 ₹180 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹207 Cr | Sep 2025 ₹202 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹201 Cr | Jun 2026 ₹209 Cr - BURL: Sep 2021 ₹76 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹114 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹130 Cr | Mar 2023 ₹108 Cr | Jun 2023 ₹96 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹165 Cr | Sep 2024 ₹196 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹353 Cr | Jun 2025 ₹410 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹253 Cr | Mar 2026 ₹218 Cr | Jun 2026 ₹289 Cr - LULU: Sep 2021 ₹80 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹128 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹176 Cr | Mar 2023 ₹207 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹146 Cr | Dec 2023 ₹163 Cr | Mar 2024 ₹207 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹178 Cr | Mar 2025 ₹235 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹167 Cr | Mar 2026 ₹183 Cr | Jun 2026 ₹127 Cr - GAP: Sep 2021 ₹145 Cr | Dec 2021 ₹217 Cr | Mar 2022 ₹208 Cr | Jun 2022 ₹228 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹171 Cr | Mar 2023 ₹108 Cr | Jun 2023 ₹117 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹132 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹148 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹143 Cr | Jun 2026 ₹135 Cr - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹26 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹38 Cr | Jun 2026 ₹54 Cr - URBN: Sep 2021 ₹63 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹103 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹69 Cr | Jun 2026 ₹193 Cr - BOOT: Sep 2021 ₹13 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹31 Cr | Mar 2023 — | Jun 2023 ₹41 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹42 Cr | Jun 2026 — - ANF: Sep 2021 ₹21 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹56 Cr | Jun 2026 ₹61 Cr - AEO: Sep 2021 ₹49 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹58 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹70 Cr | Mar 2026 ₹59 Cr | Jun 2026 ₹61 Cr - BKE: Sep 2021 ₹5 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹15 Cr - CRI: Sep 2021 ₹9 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹11 Cr | Mar 2023 — | Jun 2023 ₹14 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹16 Cr | Dec 2025 — | Mar 2026 ₹11 Cr | Jun 2026 ₹7 Cr - SFIX: Sep 2021 ₹12 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹5 Cr - CTRN: Sep 2021 ₹6 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹5 Cr | Jun 2026 ₹6 Cr - CAL: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹20 Cr | Jun 2026 ₹11 Cr - GCO: Sep 2021 ₹7 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹10 Cr | Jun 2026 ₹15 Cr - SHOE: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹10 Cr - LE: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹5 Cr | Jun 2026 ₹10 Cr - ZUMZ: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹2 Cr - JILL: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹3 Cr - CURV: Sep 2021 ₹3 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹5 Cr - DLTH: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 ₹2 Cr - AKA: Sep 2021 ₹1 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - RENT: Sep 2021 ₹7 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹16 Cr | Jun 2026 ₹17 Cr - TLYS: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 ₹1 Cr ### 20-quarter CAPEX intensity history - TJX: Sep 2021 1.8% | Dec 2021 2.2% | Mar 2022 2.4% | Jun 2022 2.8% | Sep 2022 3.2% | Dec 2022 3.3% | Mar 2023 2.5% | Jun 2023 3.1% | Sep 2023 3.6% | Dec 2023 3.5% | Mar 2024 2.7% | Jun 2024 3.4% | Sep 2024 4.2% | Dec 2024 3.0% | Mar 2025 3.1% | Jun 2025 3.8% | Sep 2025 3.2% | Dec 2025 3.5% | Mar 2026 2.6% | Jun 2026 4.6% - ROST: Sep 2021 2.5% | Dec 2021 2.7% | Mar 2022 3.6% | Jun 2022 2.5% | Sep 2022 2.9% | Dec 2022 3.8% | Mar 2023 4.5% | Jun 2023 3.7% | Sep 2023 4.0% | Dec 2023 3.6% | Mar 2024 3.7% | Jun 2024 2.8% | Sep 2024 3.7% | Dec 2024 3.5% | Mar 2025 3.5% | Jun 2025 4.2% | Sep 2025 3.7% | Dec 2025 3.7% | Mar 2026 3.0% | Jun 2026 3.5% - BURL: Sep 2021 3.4% | Dec 2021 3.9% | Mar 2022 4.4% | Jun 2022 5.5% | Sep 2022 5.1% | Dec 2022 6.4% | Mar 2023 3.9% | Jun 2023 4.5% | Sep 2023 4.1% | Dec 2023 5.2% | Mar 2024 6.0% | Jun 2024 7.0% | Sep 2024 7.9% | Dec 2024 6.6% | Mar 2025 11% | Jun 2025 16% | Sep 2025 6.7% | Dec 2025 9.3% | Mar 2026 6.0% | Jun 2026 10% - LULU: Sep 2021 5.5% | Dec 2021 8.4% | Mar 2022 6.0% | Jun 2022 6.9% | Sep 2022 7.8% | Dec 2022 9.5% | Mar 2023 7.5% | Jun 2023 6.8% | Sep 2023 6.6% | Dec 2023 7.4% | Mar 2024 6.5% | Jun 2024 5.9% | Sep 2024 6.1% | Dec 2024 7.4% | Mar 2025 6.5% | Jun 2025 6.4% | Sep 2025 7.0% | Dec 2025 6.5% | Mar 2026 5.0% | Jun 2026 5.1% - GAP: Sep 2021 3.4% | Dec 2021 5.5% | Mar 2022 4.6% | Jun 2022 6.6% | Sep 2022 4.6% | Dec 2022 4.2% | Mar 2023 2.5% | Jun 2023 3.6% | Sep 2023 2.3% | Dec 2023 2.4% | Mar 2024 3.1% | Jun 2024 2.7% | Sep 2024 2.4% | Dec 2024 3.9% | Mar 2025 2.8% | Jun 2025 2.4% | Sep 2025 2.6% | Dec 2025 3.7% | Mar 2026 3.4% | Jun 2026 3.9% - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 1.2% | Jun 2022 1.4% | Sep 2022 2.4% | Dec 2022 5.1% | Mar 2023 — | Jun 2023 3.9% | Sep 2023 6.2% | Dec 2023 6.3% | Mar 2024 1.5% | Jun 2024 2.9% | Sep 2024 4.2% | Dec 2024 3.8% | Mar 2025 1.2% | Jun 2025 3.2% | Sep 2025 4.7% | Dec 2025 3.5% | Mar 2026 1.7% | Jun 2026 3.5% - URBN: Sep 2021 5.4% | Dec 2021 4.7% | Mar 2022 7.7% | Jun 2022 7.0% | Sep 2022 2.7% | Dec 2022 3.2% | Mar 2023 4.0% | Jun 2023 3.0% | Sep 2023 3.6% | Dec 2023 5.7% | Mar 2024 3.3% | Jun 2024 3.4% | Sep 2024 4.3% | Dec 2024 3.3% | Mar 2025 2.4% | Jun 2025 3.5% | Sep 2025 4.1% | Dec 2025 5.5% | Mar 2026 3.8% | Jun 2026 13% - BOOT: Sep 2021 4.2% | Dec 2021 3.5% | Mar 2022 5.5% | Jun 2022 5.7% | Sep 2022 9.1% | Dec 2022 6.0% | Mar 2023 — | Jun 2023 9.6% | Sep 2023 7.8% | Dec 2023 5.2% | Mar 2024 7.0% | Jun 2024 6.4% | Sep 2024 8.9% | Dec 2024 7.1% | Mar 2025 8.8% | Jun 2025 6.2% | Sep 2025 8.5% | Dec 2025 8.8% | Mar 2026 7.8% | Jun 2026 — - ANF: Sep 2021 2.4% | Dec 2021 3.0% | Mar 2022 3.0% | Jun 2022 3.2% | Sep 2022 4.1% | Dec 2022 6.9% | Mar 2023 3.7% | Jun 2023 5.5% | Sep 2023 4.6% | Dec 2023 3.7% | Mar 2024 2.0% | Jun 2024 3.8% | Sep 2024 3.8% | Dec 2024 4.1% | Mar 2025 3.2% | Jun 2025 4.6% | Sep 2025 5.5% | Dec 2025 5.3% | Mar 2026 3.4% | Jun 2026 5.5% - AEO: Sep 2021 4.1% | Dec 2021 4.6% | Mar 2022 5.9% | Jun 2022 5.5% | Sep 2022 5.8% | Dec 2022 5.8% | Mar 2023 4.1% | Jun 2023 4.3% | Sep 2023 3.8% | Dec 2023 3.3% | Mar 2024 2.4% | Jun 2024 3.1% | Sep 2024 4.7% | Dec 2024 4.7% | Mar 2025 4.0% | Jun 2025 5.7% | Sep 2025 5.5% | Dec 2025 5.1% | Mar 2026 3.3% | Jun 2026 5.1% - BKE: Sep 2021 1.7% | Dec 2021 0.9% | Mar 2022 1.8% | Jun 2022 2.3% | Sep 2022 2.6% | Dec 2022 2.1% | Mar 2023 2.0% | Jun 2023 3.2% | Sep 2023 3.1% | Dec 2023 3.3% | Mar 2024 2.4% | Jun 2024 4.2% | Sep 2024 3.9% | Dec 2024 3.4% | Mar 2025 2.6% | Jun 2025 4.0% | Sep 2025 3.9% | Dec 2025 3.4% | Mar 2026 2.8% | Jun 2026 5.2% - CRI: Sep 2021 1.2% | Dec 2021 0.9% | Mar 2022 0.8% | Jun 2022 1.0% | Sep 2022 1.3% | Dec 2022 1.3% | Mar 2023 — | Jun 2023 2.0% | Sep 2023 2.2% | Dec 2023 2.0% | Mar 2024 1.8% | Jun 2024 2.1% | Sep 2024 2.0% | Dec 2024 2.0% | Mar 2025 1.6% | Jun 2025 2.7% | Sep 2025 2.1% | Dec 2025 — | Mar 2026 1.2% | Jun 2026 1.0% - SFIX: Sep 2021 2.1% | Dec 2021 2.8% | Mar 2022 2.9% | Jun 2022 1.6% | Sep 2022 1.9% | Dec 2022 1.4% | Mar 2023 1.5% | Jun 2023 0.8% | Sep 2023 1.1% | Dec 2023 1.1% | Mar 2024 1.2% | Jun 2024 0.9% | Sep 2024 1.3% | Dec 2024 1.3% | Mar 2025 1.0% | Jun 2025 1.5% | Sep 2025 1.3% | Dec 2025 1.5% | Mar 2026 1.2% | Jun 2026 1.5% - CTRN: Sep 2021 2.5% | Dec 2021 3.9% | Mar 2022 3.7% | Jun 2022 3.8% | Sep 2022 5.4% | Dec 2022 0.5% | Mar 2023 1.4% | Jun 2023 0.6% | Sep 2023 3.4% | Dec 2023 2.8% | Mar 2024 1.4% | Jun 2024 1.1% | Sep 2024 2.3% | Dec 2024 1.1% | Mar 2025 1.4% | Jun 2025 1.0% | Sep 2025 3.1% | Dec 2025 4.1% | Mar 2026 2.2% | Jun 2026 2.6% - CAL: Sep 2021 0.6% | Dec 2021 0.5% | Mar 2022 1.2% | Jun 2022 1.2% | Sep 2022 1.1% | Dec 2022 2.9% | Mar 2023 2.3% | Jun 2023 0.9% | Sep 2023 1.3% | Dec 2023 2.5% | Mar 2024 1.6% | Jun 2024 1.5% | Sep 2024 1.6% | Dec 2024 2.4% | Mar 2025 1.7% | Jun 2025 3.4% | Sep 2025 1.8% | Dec 2025 1.4% | Mar 2026 2.9% | Jun 2026 1.6% - GCO: Sep 2021 1.3% | Dec 2021 2.5% | Mar 2022 2.6% | Jun 2022 2.9% | Sep 2022 2.6% | Dec 2022 1.8% | Mar 2023 2.8% | Jun 2023 3.5% | Sep 2023 3.4% | Dec 2023 2.4% | Mar 2024 1.5% | Jun 2024 1.3% | Sep 2024 1.5% | Dec 2024 2.2% | Mar 2025 1.9% | Jun 2025 4.0% | Sep 2025 2.7% | Dec 2025 3.1% | Mar 2026 1.3% | Jun 2026 3.1% - SHOE: Sep 2021 2.4% | Dec 2021 2.2% | Mar 2022 3.5% | Jun 2022 8.5% | Sep 2022 7.4% | Dec 2022 3.8% | Mar 2023 4.8% | Jun 2023 5.3% | Sep 2023 5.4% | Dec 2023 4.1% | Mar 2024 4.6% | Jun 2024 3.3% | Sep 2024 1.8% | Dec 2024 2.9% | Mar 2025 3.0% | Jun 2025 4.7% | Sep 2025 3.6% | Dec 2025 4.7% | Mar 2026 2.4% | Jun 2026 3.7% - LE: Sep 2021 1.8% | Dec 2021 1.9% | Mar 2022 1.1% | Jun 2022 2.3% | Sep 2022 2.3% | Dec 2022 1.6% | Mar 2023 2.1% | Jun 2023 3.9% | Sep 2023 3.1% | Dec 2023 1.8% | Mar 2024 1.2% | Jun 2024 2.5% | Sep 2024 1.6% | Dec 2024 3.4% | Mar 2025 3.6% | Jun 2025 3.1% | Sep 2025 3.1% | Dec 2025 2.2% | Mar 2026 1.1% | Jun 2026 4.2% - ZUMZ: Sep 2021 1.1% | Dec 2021 1.0% | Mar 2022 2.0% | Jun 2022 1.8% | Sep 2022 3.2% | Dec 2022 2.9% | Mar 2023 2.9% | Jun 2023 2.7% | Sep 2023 3.1% | Dec 2023 1.9% | Mar 2024 1.4% | Jun 2024 1.7% | Sep 2024 1.9% | Dec 2024 1.8% | Mar 2025 1.8% | Jun 2025 1.1% | Sep 2025 1.4% | Dec 2025 0.8% | Mar 2026 1.4% | Jun 2026 1.0% - JILL: Sep 2021 0.6% | Dec 2021 0.7% | Mar 2022 2.1% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 1.3% | Mar 2023 4.6% | Jun 2023 1.3% | Sep 2023 1.3% | Dec 2023 1.3% | Mar 2024 3.3% | Jun 2024 1.2% | Sep 2024 0.6% | Dec 2024 2.6% | Mar 2025 4.9% | Jun 2025 1.3% | Sep 2025 1.3% | Dec 2025 2.0% | Mar 2026 6.5% | Jun 2026 2.1% - CURV: Sep 2021 0.9% | Dec 2021 1.6% | Mar 2022 1.8% | Jun 2022 2.1% | Sep 2022 1.4% | Dec 2022 2.0% | Mar 2023 2.0% | Jun 2023 2.0% | Sep 2023 1.4% | Dec 2023 2.2% | Mar 2024 3.7% | Jun 2024 2.5% | Sep 2024 1.1% | Dec 2024 0.8% | Mar 2025 0.7% | Jun 2025 1.1% | Sep 2025 0.4% | Dec 2025 0.9% | Mar 2026 1.3% | Jun 2026 2.0% - DLTH: Sep 2021 2.0% | Dec 2021 2.8% | Mar 2022 0.4% | Jun 2022 3.3% | Sep 2022 11% | Dec 2022 3.4% | Mar 2023 0.4% | Jun 2023 17% | Sep 2023 7.2% | Dec 2023 5.8% | Mar 2024 3.7% | Jun 2024 1.7% | Sep 2024 1.4% | Dec 2024 2.4% | Mar 2025 1.2% | Jun 2025 1.0% | Sep 2025 1.5% | Dec 2025 1.7% | Mar 2026 0.9% | Jun 2026 2.0% - AKA: Sep 2021 0.6% | Dec 2021 1.6% | Mar 2022 2.0% | Jun 2022 1.9% | Sep 2022 5.1% | Dec 2022 4.0% | Mar 2023 1.7% | Jun 2023 1.5% | Sep 2023 1.4% | Dec 2023 0.7% | Mar 2024 0.9% | Jun 2024 1.3% | Sep 2024 3.3% | Dec 2024 2.5% | Mar 2025 2.3% | Jun 2025 2.5% | Sep 2025 2.7% | Dec 2025 3.0% | Mar 2026 2.3% | Jun 2026 — - RENT: Sep 2021 15% | Dec 2021 19% | Mar 2022 28% | Jun 2022 22% | Sep 2022 22% | Dec 2022 26% | Mar 2023 25% | Jun 2023 22% | Sep 2023 30% | Dec 2023 29% | Mar 2024 30% | Jun 2024 19% | Sep 2024 19% | Dec 2024 21% | Mar 2025 12% | Jun 2025 30% | Sep 2025 30% | Dec 2025 24% | Mar 2026 17% | Jun 2026 19% - TLYS: Sep 2021 1.5% | Dec 2021 1.0% | Mar 2022 1.5% | Jun 2022 2.1% | Sep 2022 2.4% | Dec 2022 2.8% | Mar 2023 1.7% | Jun 2023 3.2% | Sep 2023 1.3% | Dec 2023 2.4% | Mar 2024 1.7% | Jun 2024 1.7% | Sep 2024 1.2% | Dec 2024 1.4% | Mar 2025 1.4% | Jun 2025 1.9% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 0.6% | Jun 2026 0.8% ## Debt Load & Balance-Sheet Headroom What the numbers say: Stitch Fix, Inc. has the clearest covered balance-sheet capacity with $112 million net cash and gross debt of $75 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: Lands' End, Inc. · $48 million | 36% versus #2 · Stitch Fix, Inc. | 0/8 recent comparable periods | 25/25 companies · 493 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. Lands' End, Inc. (LE): ₹48 Cr 2. Stitch Fix, Inc. (SFIX): ₹75 Cr 3. Duluth Holdings Inc. (DLTH): ₹149 Cr 4. Tilly's, Inc. (TLYS): ₹176 Cr 5. Rent the Runway, Inc. (RENT): ₹197 Cr ### Net debt — lowest net debt 1. Stitch Fix, Inc. (SFIX): ₹-112 Cr 2. Lands' End, Inc. (LE): ₹25 Cr 3. Zumiez Inc. (ZUMZ): ₹80 Cr 4. The Buckle, Inc. (BKE): ₹121 Cr 5. Tilly's, Inc. (TLYS): ₹135 Cr ### 20-quarter Gross debt history - TJX: Sep 2021 ₹12.9K Cr | Dec 2021 ₹12.8K Cr | Mar 2022 ₹12.5K Cr | Jun 2022 ₹12.7K Cr | Sep 2022 ₹12.6K Cr | Dec 2022 ₹12.6K Cr | Mar 2023 ₹12.7K Cr | Jun 2023 ₹12.8K Cr | Sep 2023 ₹12.6K Cr | Dec 2023 ₹12.5K Cr | Mar 2024 ₹12.5K Cr | Jun 2024 ₹12.6K Cr | Sep 2024 ₹12.7K Cr | Dec 2024 ₹12.7K Cr | Mar 2025 ₹12.8K Cr | Jun 2025 ₹13.1K Cr | Sep 2025 ₹13.1K Cr | Dec 2025 ₹13.2K Cr | Mar 2026 ₹13.5K Cr | Jun 2026 ₹14.2K Cr - ROST: Sep 2021 ₹5.6K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 ₹5.6K Cr | Jun 2022 ₹5.7K Cr | Sep 2022 ₹5.6K Cr | Dec 2022 ₹5.7K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹5.7K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹5.9K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 ₹4.7K Cr - BURL: Sep 2021 ₹4.5K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.9K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 ₹5.9K Cr - LULU: Sep 2021 ₹795 Cr | Dec 2021 ₹860 Cr | Mar 2022 ₹881 Cr | Jun 2022 ₹905 Cr | Sep 2022 ₹954 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹2.1K Cr - GAP: Sep 2021 ₹7.4K Cr | Dec 2021 ₹6.4K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹6.5K Cr | Sep 2022 ₹6.4K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹5.9K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹5.5K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 ₹5.6K Cr - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 ₹2.9K Cr - URBN: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.2K Cr - BOOT: Sep 2021 ₹299 Cr | Dec 2021 ₹261 Cr | Mar 2022 ₹306 Cr | Jun 2022 ₹380 Cr | Sep 2022 ₹493 Cr | Dec 2022 ₹416 Cr | Mar 2023 — | Jun 2023 ₹448 Cr | Sep 2023 ₹423 Cr | Dec 2023 ₹435 Cr | Mar 2024 ₹467 Cr | Jun 2024 ₹491 Cr | Sep 2024 ₹517 Cr | Dec 2024 ₹541 Cr | Mar 2025 ₹563 Cr | Jun 2025 ₹597 Cr | Sep 2025 ₹668 Cr | Dec 2025 ₹704 Cr | Mar 2026 ₹773 Cr | Jun 2026 — - ANF: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹891 Cr | Dec 2024 ₹945 Cr | Mar 2025 ₹952 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.3K Cr - AEO: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.9K Cr - BKE: Sep 2021 ₹292 Cr | Dec 2021 ₹293 Cr | Mar 2022 ₹288 Cr | Jun 2022 ₹276 Cr | Sep 2022 ₹264 Cr | Dec 2022 ₹268 Cr | Mar 2023 ₹304 Cr | Jun 2023 ₹299 Cr | Sep 2023 ₹285 Cr | Dec 2023 ₹287 Cr | Mar 2024 ₹315 Cr | Jun 2024 ₹324 Cr | Sep 2024 ₹328 Cr | Dec 2024 ₹325 Cr | Mar 2025 ₹326 Cr | Jun 2025 ₹370 Cr | Sep 2025 ₹376 Cr | Dec 2025 ₹375 Cr | Mar 2026 ₹384 Cr | Jun 2026 ₹411 Cr - CRI: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 — | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 — | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.2K Cr - SFIX: Sep 2021 ₹147 Cr | Dec 2021 ₹170 Cr | Mar 2022 ₹178 Cr | Jun 2022 ₹176 Cr | Sep 2022 ₹170 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹172 Cr | Jun 2023 ₹165 Cr | Sep 2023 ₹154 Cr | Dec 2023 ₹146 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹81 Cr | Jun 2026 ₹75 Cr - CTRN: Sep 2021 ₹204 Cr | Dec 2021 ₹211 Cr | Mar 2022 ₹216 Cr | Jun 2022 ₹251 Cr | Sep 2022 ₹248 Cr | Dec 2022 ₹271 Cr | Mar 2023 ₹268 Cr | Jun 2023 ₹257 Cr | Sep 2023 ₹245 Cr | Dec 2023 ₹243 Cr | Mar 2024 ₹235 Cr | Jun 2024 ₹230 Cr | Sep 2024 ₹232 Cr | Dec 2024 ₹225 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹220 Cr | Sep 2025 ₹217 Cr | Dec 2025 ₹218 Cr | Mar 2026 ₹223 Cr | Jun 2026 ₹226 Cr - CAL: Sep 2021 ₹942 Cr | Dec 2021 ₹910 Cr | Mar 2022 ₹871 Cr | Jun 2022 ₹876 Cr | Sep 2022 ₹932 Cr | Dec 2022 ₹951 Cr | Mar 2023 ₹888 Cr | Jun 2023 ₹865 Cr | Sep 2023 ₹807 Cr | Dec 2023 ₹786 Cr | Mar 2024 ₹748 Cr | Jun 2024 ₹794 Cr | Sep 2024 ₹772 Cr | Dec 2024 ₹862 Cr | Mar 2025 ₹827 Cr | Jun 2025 ₹850 Cr | Sep 2025 ₹969 Cr | Dec 2025 ₹961 Cr | Mar 2026 ₹891 Cr | Jun 2026 ₹949 Cr - GCO: Sep 2021 ₹701 Cr | Dec 2021 ₹650 Cr | Mar 2022 ₹633 Cr | Jun 2022 ₹583 Cr | Sep 2022 ₹598 Cr | Dec 2022 ₹639 Cr | Mar 2023 ₹580 Cr | Jun 2023 ₹649 Cr | Sep 2023 ₹672 Cr | Dec 2023 ₹650 Cr | Mar 2024 ₹523 Cr | Jun 2024 ₹531 Cr | Sep 2024 ₹530 Cr | Dec 2024 ₹572 Cr | Mar 2025 ₹485 Cr | Jun 2025 ₹637 Cr | Sep 2025 ₹589 Cr | Dec 2025 ₹614 Cr | Mar 2026 ₹521 Cr | Jun 2026 ₹576 Cr - SHOE: Sep 2021 ₹233 Cr | Dec 2021 ₹225 Cr | Mar 2022 ₹246 Cr | Jun 2022 ₹247 Cr | Sep 2022 ₹279 Cr | Dec 2022 ₹330 Cr | Mar 2023 ₹343 Cr | Jun 2023 ₹337 Cr | Sep 2023 ₹365 Cr | Dec 2023 ₹362 Cr | Mar 2024 ₹354 Cr | Jun 2024 ₹369 Cr | Sep 2024 ₹360 Cr | Dec 2024 ₹376 Cr | Mar 2025 ₹368 Cr | Jun 2025 ₹365 Cr | Sep 2025 ₹362 Cr | Dec 2025 ₹363 Cr | Mar 2026 ₹371 Cr | Jun 2026 ₹361 Cr - LE: Sep 2021 ₹320 Cr | Dec 2021 ₹361 Cr | Mar 2022 ₹287 Cr | Jun 2022 ₹411 Cr | Sep 2022 ₹417 Cr | Dec 2022 ₹438 Cr | Mar 2023 ₹374 Cr | Jun 2023 ₹372 Cr | Sep 2023 ₹337 Cr | Dec 2023 ₹371 Cr | Mar 2024 ₹278 Cr | Jun 2024 ₹314 Cr | Sep 2024 ₹289 Cr | Dec 2024 ₹327 Cr | Mar 2025 ₹262 Cr | Jun 2025 ₹299 Cr | Sep 2025 ₹290 Cr | Dec 2025 ₹325 Cr | Mar 2026 ₹246 Cr | Jun 2026 ₹48 Cr - ZUMZ: Sep 2021 ₹289 Cr | Dec 2021 ₹285 Cr | Mar 2022 ₹268 Cr | Jun 2022 ₹277 Cr | Sep 2022 ₹263 Cr | Dec 2022 ₹254 Cr | Mar 2023 ₹254 Cr | Jun 2023 ₹246 Cr | Sep 2023 ₹251 Cr | Dec 2023 ₹245 Cr | Mar 2024 ₹221 Cr | Jun 2024 ₹214 Cr | Sep 2024 ₹224 Cr | Dec 2024 ₹211 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹209 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹199 Cr | Jun 2026 ₹204 Cr - JILL: Sep 2021 ₹428 Cr | Dec 2021 ₹393 Cr | Mar 2022 ₹385 Cr | Jun 2022 ₹386 Cr | Sep 2022 ₹374 Cr | Dec 2022 ₹368 Cr | Mar 2023 ₹366 Cr | Jun 2023 ₹313 Cr | Sep 2023 ₹311 Cr | Dec 2023 ₹303 Cr | Mar 2024 ₹295 Cr | Jun 2024 ₹290 Cr | Sep 2024 ₹209 Cr | Dec 2024 ₹211 Cr | Mar 2025 ₹209 Cr | Jun 2025 ₹225 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹224 Cr | Mar 2026 ₹225 Cr | Jun 2026 ₹218 Cr - CURV: Sep 2021 ₹612 Cr | Dec 2021 ₹606 Cr | Mar 2022 ₹594 Cr | Jun 2022 ₹603 Cr | Sep 2022 ₹569 Cr | Dec 2022 ₹550 Cr | Mar 2023 ₹546 Cr | Jun 2023 ₹537 Cr | Sep 2023 ₹507 Cr | Dec 2023 ₹517 Cr | Mar 2024 ₹511 Cr | Jun 2024 ₹484 Cr | Sep 2024 ₹474 Cr | Dec 2024 ₹474 Cr | Mar 2025 ₹464 Cr | Jun 2025 ₹449 Cr | Sep 2025 ₹436 Cr | Dec 2025 ₹431 Cr | Mar 2026 ₹436 Cr | Jun 2026 ₹425 Cr - DLTH: Sep 2021 ₹182 Cr | Dec 2021 ₹194 Cr | Mar 2022 ₹190 Cr | Jun 2022 ₹187 Cr | Sep 2022 ₹183 Cr | Dec 2022 ₹214 Cr | Mar 2023 ₹200 Cr | Jun 2023 ₹196 Cr | Sep 2023 ₹192 Cr | Dec 2023 ₹227 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹192 Cr | Sep 2024 ₹168 Cr | Dec 2024 ₹207 Cr | Mar 2025 ₹163 Cr | Jun 2025 ₹224 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹196 Cr | Mar 2026 ₹147 Cr | Jun 2026 ₹149 Cr - AKA: Sep 2021 ₹125 Cr | Dec 2021 ₹136 Cr | Mar 2022 ₹176 Cr | Jun 2022 ₹172 Cr | Sep 2022 ₹171 Cr | Dec 2022 ₹184 Cr | Mar 2023 ₹175 Cr | Jun 2023 ₹165 Cr | Sep 2023 ₹149 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹164 Cr | Sep 2024 ₹180 Cr | Dec 2024 ₹184 Cr | Mar 2025 ₹201 Cr | Jun 2025 ₹195 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹216 Cr | Jun 2026 — - RENT: Sep 2021 ₹437 Cr | Dec 2021 ₹310 Cr | Mar 2022 ₹313 Cr | Jun 2022 ₹312 Cr | Sep 2022 ₹315 Cr | Dec 2022 ₹319 Cr | Mar 2023 ₹315 Cr | Jun 2023 ₹323 Cr | Sep 2023 ₹331 Cr | Dec 2023 ₹350 Cr | Mar 2024 ₹355 Cr | Jun 2024 ₹361 Cr | Sep 2024 ₹367 Cr | Dec 2024 ₹373 Cr | Mar 2025 ₹379 Cr | Jun 2025 ₹385 Cr | Sep 2025 ₹387 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹198 Cr | Jun 2026 ₹197 Cr - TLYS: Sep 2021 ₹249 Cr | Dec 2021 ₹259 Cr | Mar 2022 ₹247 Cr | Jun 2022 ₹248 Cr | Sep 2022 ₹251 Cr | Dec 2022 ₹253 Cr | Mar 2023 ₹242 Cr | Jun 2023 ₹244 Cr | Sep 2023 ₹251 Cr | Dec 2023 ₹245 Cr | Mar 2024 ₹232 Cr | Jun 2024 ₹226 Cr | Sep 2024 ₹214 Cr | Dec 2024 ₹206 Cr | Mar 2025 ₹194 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹179 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹170 Cr | Jun 2026 ₹176 Cr ### 20-quarter Net debt history - TJX: Sep 2021 ₹5.8K Cr | Dec 2021 ₹6.0K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹8.4K Cr | Sep 2022 ₹9.1K Cr | Dec 2022 ₹9.3K Cr | Mar 2023 ₹7.3K Cr | Jun 2023 ₹7.8K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹8.2K Cr | Mar 2024 ₹6.9K Cr | Jun 2024 ₹7.6K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹8.0K Cr | Mar 2025 ₹7.4K Cr | Jun 2025 ₹8.8K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹8.6K Cr | Mar 2026 ₹7.3K Cr | Jun 2026 ₹8.6K Cr - ROST: Sep 2021 ₹58 Cr | Dec 2021 ₹428 Cr | Mar 2022 ₹700 Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹876 Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹951 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹618 Cr | Jun 2026 ₹592 Cr - BURL: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 ₹5.1K Cr - LULU: Sep 2021 ₹-375 Cr | Dec 2021 ₹-134 Cr | Mar 2022 ₹-379 Cr | Jun 2022 ₹256 Cr | Sep 2022 ₹455 Cr | Dec 2022 ₹685 Cr | Mar 2023 ₹-85 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹-841 Cr | Jun 2024 ₹-499 Cr | Sep 2024 ₹-151 Cr | Dec 2024 ₹326 Cr | Mar 2025 ₹-408 Cr | Jun 2025 ₹382 Cr | Sep 2025 ₹607 Cr | Dec 2025 ₹727 Cr | Mar 2026 ₹-9 Cr | Jun 2026 ₹621 Cr - GAP: Sep 2021 ₹4.6K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹5.6K Cr | Sep 2022 ₹5.7K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹3.1K Cr - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.6K Cr - URBN: Sep 2021 ₹652 Cr | Dec 2021 ₹801 Cr | Mar 2022 ₹741 Cr | Jun 2022 ₹882 Cr | Sep 2022 ₹839 Cr | Dec 2022 ₹791 Cr | Mar 2023 ₹734 Cr | Jun 2023 ₹698 Cr | Sep 2023 ₹635 Cr | Dec 2023 ₹627 Cr | Mar 2024 ₹614 Cr | Jun 2024 ₹587 Cr | Sep 2024 ₹542 Cr | Dec 2024 ₹585 Cr | Mar 2025 ₹488 Cr | Jun 2025 ₹666 Cr | Sep 2025 ₹557 Cr | Dec 2025 ₹572 Cr | Mar 2026 ₹530 Cr | Jun 2026 ₹792 Cr - BOOT: Sep 2021 ₹259 Cr | Dec 2021 ₹146 Cr | Mar 2022 ₹285 Cr | Jun 2022 ₹364 Cr | Sep 2022 ₹473 Cr | Dec 2022 ₹366 Cr | Mar 2023 — | Jun 2023 ₹430 Cr | Sep 2023 ₹406 Cr | Dec 2023 ₹328 Cr | Mar 2024 ₹391 Cr | Jun 2024 ₹408 Cr | Sep 2024 ₹480 Cr | Dec 2024 ₹388 Cr | Mar 2025 ₹493 Cr | Jun 2025 ₹502 Cr | Sep 2025 ₹603 Cr | Dec 2025 ₹504 Cr | Mar 2026 ₹632 Cr | Jun 2026 — - ANF: Sep 2021 ₹392 Cr | Dec 2021 ₹411 Cr | Mar 2022 ₹401 Cr | Jun 2022 ₹694 Cr | Sep 2022 ₹851 Cr | Dec 2022 ₹959 Cr | Mar 2023 ₹706 Cr | Jun 2023 ₹722 Cr | Sep 2023 ₹564 Cr | Dec 2023 ₹453 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹195 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹206 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹418 Cr | Sep 2025 ₹495 Cr | Dec 2025 ₹500 Cr | Mar 2026 ₹383 Cr | Jun 2026 ₹673 Cr - AEO: Sep 2021 ₹891 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹981 Cr | Mar 2024 ₹732 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.8K Cr - BKE: Sep 2021 ₹-123 Cr | Dec 2021 ₹-187 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹-20 Cr | Dec 2022 ₹-57 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹-14 Cr | Dec 2023 ₹-48 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹110 Cr | Jun 2026 ₹121 Cr - CRI: Sep 2021 ₹513 Cr | Dec 2021 ₹666 Cr | Mar 2022 ₹597 Cr | Jun 2022 ₹843 Cr | Sep 2022 ₹915 Cr | Dec 2022 ₹1.2K Cr | Mar 2023 — | Jun 2023 ₹975 Cr | Sep 2023 ₹880 Cr | Dec 2023 ₹731 Cr | Mar 2024 ₹807 Cr | Jun 2024 ₹746 Cr | Sep 2024 ₹938 Cr | Dec 2024 ₹717 Cr | Mar 2025 ₹802 Cr | Jun 2025 ₹786 Cr | Sep 2025 ₹994 Cr | Dec 2025 — | Mar 2026 ₹725 Cr | Jun 2026 ₹723 Cr - SFIX: Sep 2021 ₹-84 Cr | Dec 2021 ₹-142 Cr | Mar 2022 ₹-89 Cr | Jun 2022 ₹-59 Cr | Sep 2022 ₹-43 Cr | Dec 2022 ₹-25 Cr | Mar 2023 ₹-50 Cr | Jun 2023 ₹-79 Cr | Sep 2023 ₹-104 Cr | Dec 2023 ₹-116 Cr | Mar 2024 ₹-91 Cr | Jun 2024 ₹-113 Cr | Sep 2024 ₹-129 Cr | Dec 2024 ₹-142 Cr | Mar 2025 ₹-114 Cr | Jun 2025 ₹-135 Cr | Sep 2025 ₹-141 Cr | Dec 2025 ₹-157 Cr | Mar 2026 ₹-147 Cr | Jun 2026 ₹-112 Cr - CTRN: Sep 2021 ₹103 Cr | Dec 2021 ₹164 Cr | Mar 2022 ₹166 Cr | Jun 2022 ₹189 Cr | Sep 2022 ₹220 Cr | Dec 2022 ₹193 Cr | Mar 2023 ₹165 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹183 Cr | Mar 2024 ₹155 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹173 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹159 Cr | Jun 2025 ₹178 Cr | Sep 2025 ₹167 Cr | Dec 2025 ₹167 Cr | Mar 2026 ₹157 Cr | Jun 2026 ₹145 Cr - CAL: Sep 2021 ₹887 Cr | Dec 2021 ₹835 Cr | Mar 2022 ₹841 Cr | Jun 2022 ₹842 Cr | Sep 2022 ₹886 Cr | Dec 2022 ₹918 Cr | Mar 2023 ₹854 Cr | Jun 2023 ₹829 Cr | Sep 2023 ₹760 Cr | Dec 2023 ₹752 Cr | Mar 2024 ₹727 Cr | Jun 2024 ₹763 Cr | Sep 2024 ₹720 Cr | Dec 2024 ₹828 Cr | Mar 2025 ₹797 Cr | Jun 2025 ₹817 Cr | Sep 2025 ₹778 Cr | Dec 2025 ₹927 Cr | Mar 2026 ₹861 Cr | Jun 2026 ₹911 Cr - GCO: Sep 2021 ₹397 Cr | Dec 2021 ₹367 Cr | Mar 2022 ₹312 Cr | Jun 2022 ₹382 Cr | Sep 2022 ₹553 Cr | Dec 2022 ₹607 Cr | Mar 2023 ₹532 Cr | Jun 2023 ₹617 Cr | Sep 2023 ₹635 Cr | Dec 2023 ₹628 Cr | Mar 2024 ₹488 Cr | Jun 2024 ₹512 Cr | Sep 2024 ₹484 Cr | Dec 2024 ₹538 Cr | Mar 2025 ₹451 Cr | Jun 2025 ₹615 Cr | Sep 2025 ₹548 Cr | Dec 2025 ₹587 Cr | Mar 2026 ₹416 Cr | Jun 2026 ₹549 Cr - SHOE: Sep 2021 ₹69 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹114 Cr | Jun 2022 ₹150 Cr | Sep 2022 ₹216 Cr | Dec 2022 ₹282 Cr | Mar 2023 ₹280 Cr | Jun 2023 ₹293 Cr | Sep 2023 ₹318 Cr | Dec 2023 ₹291 Cr | Mar 2024 ₹243 Cr | Jun 2024 ₹300 Cr | Sep 2024 ₹276 Cr | Dec 2024 ₹285 Cr | Mar 2025 ₹245 Cr | Jun 2025 ₹272 Cr | Sep 2025 ₹270 Cr | Dec 2025 ₹255 Cr | Mar 2026 ₹240 Cr | Jun 2026 ₹232 Cr - LE: Sep 2021 ₹281 Cr | Dec 2021 ₹323 Cr | Mar 2022 ₹253 Cr | Jun 2022 ₹389 Cr | Sep 2022 ₹393 Cr | Dec 2022 ₹409 Cr | Mar 2023 ₹334 Cr | Jun 2023 ₹365 Cr | Sep 2023 ₹310 Cr | Dec 2023 ₹334 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹287 Cr | Sep 2024 ₹263 Cr | Dec 2024 ₹297 Cr | Mar 2025 ₹246 Cr | Jun 2025 ₹281 Cr | Sep 2025 ₹269 Cr | Dec 2025 ₹289 Cr | Mar 2026 ₹228 Cr | Jun 2026 ₹25 Cr - ZUMZ: Sep 2021 ₹-123 Cr | Dec 2021 ₹-53 Cr | Mar 2022 ₹-26 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹38 Cr | Jun 2026 ₹80 Cr - JILL: Sep 2021 ₹410 Cr | Dec 2021 ₹376 Cr | Mar 2022 ₹349 Cr | Jun 2022 ₹345 Cr | Sep 2022 ₹312 Cr | Dec 2022 ₹278 Cr | Mar 2023 ₹279 Cr | Jun 2023 ₹285 Cr | Sep 2023 ₹262 Cr | Dec 2023 ₹239 Cr | Mar 2024 ₹233 Cr | Jun 2024 ₹213 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹172 Cr | Mar 2025 ₹174 Cr | Jun 2025 ₹194 Cr | Sep 2025 ₹176 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹184 Cr | Jun 2026 ₹182 Cr - CURV: Sep 2021 ₹561 Cr | Dec 2021 ₹544 Cr | Mar 2022 ₹565 Cr | Jun 2022 ₹578 Cr | Sep 2022 ₹546 Cr | Dec 2022 ₹531 Cr | Mar 2023 ₹532 Cr | Jun 2023 ₹519 Cr | Sep 2023 ₹488 Cr | Dec 2023 ₹501 Cr | Mar 2024 ₹499 Cr | Jun 2024 ₹464 Cr | Sep 2024 ₹420 Cr | Dec 2024 ₹430 Cr | Mar 2025 ₹415 Cr | Jun 2025 ₹425 Cr | Sep 2025 ₹414 Cr | Dec 2025 ₹414 Cr | Mar 2026 ₹416 Cr | Jun 2026 ₹402 Cr - DLTH: Sep 2021 ₹163 Cr | Dec 2021 ₹174 Cr | Mar 2022 ₹113 Cr | Jun 2022 ₹147 Cr | Sep 2022 ₹168 Cr | Dec 2022 ₹205 Cr | Mar 2023 ₹154 Cr | Jun 2023 ₹187 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹219 Cr | Mar 2024 ₹129 Cr | Jun 2024 ₹185 Cr | Sep 2024 ₹158 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹160 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹131 Cr | Jun 2026 ₹143 Cr - AKA: Sep 2021 ₹68 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹141 Cr | Sep 2022 ₹138 Cr | Dec 2022 ₹160 Cr | Mar 2023 ₹143 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹157 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹174 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹188 Cr | Dec 2025 ₹192 Cr | Mar 2026 ₹203 Cr | Jun 2026 — - RENT: Sep 2021 ₹333 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹123 Cr | Dec 2022 ₹143 Cr | Mar 2023 ₹160 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹207 Cr | Dec 2023 ₹244 Cr | Mar 2024 ₹271 Cr | Jun 2024 ₹279 Cr | Sep 2024 ₹290 Cr | Dec 2024 ₹299 Cr | Mar 2025 ₹302 Cr | Jun 2025 ₹315 Cr | Sep 2025 ₹343 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹148 Cr | Jun 2026 ₹160 Cr - TLYS: Sep 2021 ₹100 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹108 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹151 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹158 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹154 Cr | Mar 2025 ₹147 Cr | Jun 2025 ₹153 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹127 Cr | Mar 2026 ₹124 Cr | Jun 2026 ₹135 Cr ## Return On Capital Employed What the numbers say: Ross Stores, Inc. leads ROCE at 7.8%, 0.2 percentage points above The TJX Companies, Inc.. Tilly's, Inc. has the strongest latest improvement at +5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Ross Stores, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Ross Stores, Inc. · 7.8% | 2.6% versus #2 · The TJX Companies, Inc. | 6/8 recent comparable periods | 25/25 companies · 470 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Ross Stores, Inc. (ROST): 7.8% 2. The TJX Companies, Inc. (TJX): 7.6% 3. The Buckle, Inc. (BKE): 7.5% 4. The Gap, Inc. (GAP): 5.0% 5. Torrid Holdings Inc. (CURV): 4.7% ### ROCE change — fastest improvers 1. Tilly's, Inc. (TLYS): +5.0 pp 2. American Eagle Outfitters, Inc. (AEO): +3.9 pp 3. Citi Trends, Inc. (CTRN): +2.3 pp 4. The Gap, Inc. (GAP): +1.9 pp 5. Stitch Fix, Inc. (SFIX): +1.8 pp ### 20-quarter ROCE history - TJX: Sep 2021 — | Dec 2021 7.3% | Mar 2022 6.7% | Jun 2022 5.7% | Sep 2022 6.1% | Dec 2022 7.6% | Mar 2023 7.3% | Jun 2023 6.5% | Sep 2023 7.3% | Dec 2023 8.6% | Mar 2024 9.6% | Jun 2024 7.1% | Sep 2024 7.4% | Dec 2024 8.7% | Mar 2025 9.2% | Jun 2025 6.5% | Sep 2025 7.8% | Dec 2025 9.1% | Mar 2026 11% | Jun 2026 7.6% - ROST: Sep 2021 — | Dec 2021 5.8% | Mar 2022 5.4% | Jun 2022 5.0% | Sep 2022 5.5% | Dec 2022 4.7% | Mar 2023 5.8% | Jun 2023 4.7% | Sep 2023 5.7% | Dec 2023 5.6% | Mar 2024 7.5% | Jun 2024 6.1% | Sep 2024 6.7% | Dec 2024 6.1% | Mar 2025 7.2% | Jun 2025 6.2% | Sep 2025 6.4% | Dec 2025 6.3% | Mar 2026 7.8% | Jun 2026 7.8% - BURL: Sep 2021 — | Dec 2021 2.5% | Mar 2022 4.5% | Jun 2022 0.8% | Sep 2022 0.4% | Dec 2022 0.7% | Mar 2023 5.0% | Jun 2023 1.5% | Sep 2023 1.1% | Dec 2023 1.6% | Mar 2024 5.8% | Jun 2024 2.1% | Sep 2024 2.0% | Dec 2024 2.2% | Mar 2025 5.8% | Jun 2025 2.3% | Sep 2025 2.2% | Dec 2025 2.2% | Mar 2026 5.8% | Jun 2026 2.3% - LULU: Sep 2021 — | Dec 2021 8.1% | Mar 2022 17% | Jun 2022 7.6% | Sep 2022 11% | Dec 2022 9.5% | Mar 2023 8.2% | Jun 2023 10% | Sep 2023 12% | Dec 2023 7.9% | Mar 2024 19% | Jun 2024 8.9% | Sep 2024 11% | Dec 2024 10% | Mar 2025 19% | Jun 2025 7.8% | Sep 2025 9.3% | Dec 2025 7.7% | Mar 2026 13% | Jun 2026 4.4% - GAP: Sep 2021 — | Dec 2021 1.6% | Mar 2022 0.1% | Jun 2022 -2.1% | Sep 2022 -0.3% | Dec 2022 2.1% | Mar 2023 -0.4% | Jun 2023 -0.1% | Sep 2023 1.3% | Dec 2023 3.0% | Mar 2024 2.7% | Jun 2024 2.5% | Sep 2024 3.6% | Dec 2024 4.3% | Mar 2025 3.1% | Jun 2025 3.1% | Sep 2025 3.4% | Dec 2025 3.8% | Mar 2026 2.5% | Jun 2026 5.0% - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.5% | Sep 2022 3.4% | Dec 2022 1.5% | Mar 2023 0.0% | Jun 2023 1.0% | Sep 2023 0.9% | Dec 2023 -2.2% | Mar 2024 8.5% | Jun 2024 0.9% | Sep 2024 2.0% | Dec 2024 -1.4% | Mar 2025 8.7% | Jun 2025 0.6% | Sep 2025 1.2% | Dec 2025 -0.5% | Mar 2026 6.9% | Jun 2026 2.2% - URBN: Sep 2021 — | Dec 2021 4.3% | Mar 2022 2.0% | Jun 2022 1.7% | Sep 2022 3.1% | Dec 2022 2.1% | Mar 2023 1.3% | Jun 2023 2.6% | Sep 2023 4.6% | Dec 2023 3.8% | Mar 2024 1.9% | Jun 2024 2.5% | Sep 2024 4.6% | Dec 2024 4.0% | Mar 2025 3.8% | Jun 2025 3.9% | Sep 2025 5.1% | Dec 2025 4.1% | Mar 2026 4.3% | Jun 2026 3.9% - BOOT: Sep 2021 7.2% | Dec 2021 13% | Mar 2022 7.9% | Jun 2022 6.4% | Sep 2022 5.0% | Dec 2022 7.8% | Mar 2023 — | Jun 2023 6.3% | Sep 2023 4.4% | Dec 2023 6.3% | Mar 2024 3.0% | Jun 2024 3.8% | Sep 2024 2.9% | Dec 2024 6.8% | Mar 2025 3.3% | Jun 2025 4.4% | Sep 2025 3.4% | Dec 2025 6.4% | Mar 2026 3.1% | Jun 2026 — - ANF: Sep 2021 — | Dec 2021 3.3% | Mar 2022 4.6% | Jun 2022 -0.5% | Sep 2022 -0.1% | Dec 2022 0.9% | Mar 2023 4.7% | Jun 2023 1.9% | Sep 2023 4.9% | Dec 2023 7.6% | Mar 2024 12% | Jun 2024 6.8% | Sep 2024 9.1% | Dec 2024 9.1% | Mar 2025 12% | Jun 2025 4.9% | Sep 2025 9.7% | Dec 2025 7.0% | Mar 2026 10% | Jun 2026 3.9% - AEO: Sep 2021 — | Dec 2021 47% | Mar 2022 55% | Jun 2022 38% | Sep 2022 43% | Dec 2022 42% | Mar 2023 54% | Jun 2023 39% | Sep 2023 43% | Dec 2023 46% | Mar 2024 63% | Jun 2024 42% | Sep 2024 48% | Dec 2024 46% | Mar 2025 57% | Jun 2025 -3.0% | Sep 2025 43% | Dec 2025 44% | Mar 2026 60% | Jun 2026 0.9% - BKE: Sep 2021 — | Dec 2021 11% | Mar 2022 19% | Jun 2022 12% | Sep 2022 10% | Dec 2022 11% | Mar 2023 19% | Jun 2023 8.9% | Sep 2023 9.0% | Dec 2023 9.5% | Mar 2024 15% | Jun 2024 6.3% | Sep 2024 6.9% | Dec 2024 7.4% | Mar 2025 14% | Jun 2025 6.0% | Sep 2025 7.3% | Dec 2025 7.6% | Mar 2026 14% | Jun 2026 7.5% - CRI: Sep 2021 — | Dec 2021 4.8% | Mar 2022 5.4% | Jun 2022 4.5% | Sep 2022 3.3% | Dec 2022 3.9% | Mar 2023 — | Jun 2023 3.0% | Sep 2023 2.0% | Dec 2023 7.2% | Mar 2024 2.9% | Jun 2024 2.2% | Sep 2024 4.1% | Dec 2024 4.4% | Mar 2025 1.4% | Jun 2025 0.2% | Sep 2025 1.5% | Dec 2025 — | Mar 2026 4.3% | Jun 2026 1.4% - SFIX: Sep 2021 — | Dec 2021 -0.3% | Mar 2022 -5.1% | Jun 2022 -14% | Sep 2022 -19% | Dec 2022 -9.0% | Mar 2023 -12% | Jun 2023 -4.4% | Sep 2023 -5.4% | Dec 2023 -7.2% | Mar 2024 -10% | Jun 2024 -7.0% | Sep 2024 -13% | Dec 2024 -2.8% | Mar 2025 -3.0% | Jun 2025 -3.3% | Sep 2025 -4.0% | Dec 2025 -3.1% | Mar 2026 -1.7% | Jun 2026 -1.5% - CTRN: Sep 2021 — | Dec 2021 3.9% | Mar 2022 -14% | Jun 2022 12% | Sep 2022 -1.0% | Dec 2022 9.6% | Mar 2023 2.2% | Jun 2023 -2.6% | Sep 2023 -2.3% | Dec 2023 -1.6% | Mar 2024 1.1% | Jun 2024 -2.0% | Sep 2024 -7.3% | Dec 2024 -2.7% | Mar 2025 0.4% | Jun 2025 0.2% | Sep 2025 -2.4% | Dec 2025 -2.5% | Mar 2026 2.3% | Jun 2026 2.5% - CAL: Sep 2021 — | Dec 2021 8.7% | Mar 2022 4.9% | Jun 2022 7.4% | Sep 2022 7.9% | Dec 2022 6.3% | Mar 2023 3.0% | Jun 2023 5.5% | Sep 2023 5.4% | Dec 2023 6.8% | Mar 2024 3.1% | Jun 2024 4.2% | Sep 2024 4.0% | Dec 2024 5.3% | Mar 2025 0.7% | Jun 2025 1.0% | Sep 2025 0.8% | Dec 2025 1.0% | Mar 2026 -2.3% | Jun 2026 2.1% - GCO: Sep 2021 — | Dec 2021 3.9% | Mar 2022 7.2% | Jun 2022 0.7% | Sep 2022 0.8% | Dec 2022 2.3% | Mar 2023 4.5% | Jun 2023 -2.1% | Sep 2023 -3.6% | Dec 2023 1.0% | Mar 2024 3.5% | Jun 2024 -3.0% | Sep 2024 -1.0% | Dec 2024 1.0% | Mar 2025 4.7% | Jun 2025 -2.7% | Sep 2025 -1.4% | Dec 2025 0.8% | Mar 2026 5.2% | Jun 2026 -1.4% - SHOE: Sep 2021 — | Dec 2021 11% | Mar 2022 4.8% | Jun 2022 5.8% | Sep 2022 5.9% | Dec 2022 6.1% | Mar 2023 3.8% | Jun 2023 2.8% | Sep 2023 3.1% | Dec 2023 3.3% | Mar 2024 2.3% | Jun 2024 2.5% | Sep 2024 3.3% | Dec 2024 2.6% | Mar 2025 1.5% | Jun 2025 1.2% | Sep 2025 2.6% | Dec 2025 1.8% | Mar 2026 1.1% | Jun 2026 -0.6% - LE: Sep 2021 — | Dec 2021 2.4% | Mar 2022 2.3% | Jun 2022 0.5% | Sep 2022 0.7% | Dec 2022 0.3% | Mar 2023 1.7% | Jun 2023 1.2% | Sep 2023 0.7% | Dec 2023 -13% | Mar 2024 1.2% | Jun 2024 0.3% | Sep 2024 0.4% | Dec 2024 1.5% | Mar 2025 6.8% | Jun 2025 -0.4% | Sep 2025 0.7% | Dec 2025 2.9% | Mar 2026 4.9% | Jun 2026 -7.2% - ZUMZ: Sep 2021 — | Dec 2021 5.2% | Mar 2022 7.0% | Jun 2022 0.1% | Sep 2022 0.7% | Dec 2022 1.6% | Mar 2023 2.4% | Jun 2023 -3.6% | Sep 2023 -1.8% | Dec 2023 0.0% | Mar 2024 -5.8% | Jun 2024 -3.7% | Sep 2024 -0.1% | Dec 2024 0.5% | Mar 2025 4.0% | Jun 2025 -4.2% | Sep 2025 0.0% | Dec 2025 2.5% | Mar 2026 5.2% | Jun 2026 -3.3% - JILL: Sep 2021 — | Dec 2021 5.4% | Mar 2022 2.3% | Jun 2022 7.2% | Sep 2022 8.3% | Dec 2022 5.7% | Mar 2023 2.4% | Jun 2023 8.3% | Sep 2023 8.8% | Dec 2023 6.9% | Mar 2024 3.4% | Jun 2024 10% | Sep 2024 8.1% | Dec 2024 6.5% | Mar 2025 1.8% | Jun 2025 6.4% | Sep 2025 5.7% | Dec 2025 4.8% | Mar 2026 -0.1% | Jun 2026 2.8% - CURV: Sep 2021 — | Dec 2021 12% | Mar 2022 4.8% | Jun 2022 11% | Sep 2022 12% | Dec 2022 6.5% | Mar 2023 0.9% | Jun 2023 9.8% | Sep 2023 7.6% | Dec 2023 2.6% | Mar 2024 1.6% | Jun 2024 10% | Sep 2024 8.2% | Dec 2024 2.9% | Mar 2025 1.5% | Jun 2025 6.9% | Sep 2025 4.7% | Dec 2025 0.1% | Mar 2026 -2.6% | Jun 2026 4.7% - DLTH: Sep 2021 — | Dec 2021 1.2% | Mar 2022 5.9% | Jun 2022 -0.2% | Sep 2022 1.0% | Dec 2022 -1.9% | Mar 2023 2.6% | Jun 2023 -1.1% | Sep 2023 -0.4% | Dec 2023 -3.1% | Mar 2024 2.2% | Jun 2024 -2.3% | Sep 2024 -0.4% | Dec 2024 -6.2% | Mar 2025 -1.2% | Jun 2025 -3.6% | Sep 2025 0.7% | Dec 2025 -2.9% | Mar 2026 2.8% | Jun 2026 -3.1% - AKA: Sep 2021 0.3% | Dec 2021 1.4% | Mar 2022 0.6% | Jun 2022 -0.4% | Sep 2022 0.5% | Dec 2022 -41% | Mar 2023 -1.3% | Jun 2023 -0.2% | Sep 2023 -17% | Dec 2023 -1.9% | Mar 2024 -1.8% | Jun 2024 0.2% | Sep 2024 -0.7% | Dec 2024 -1.0% | Mar 2025 -1.9% | Jun 2025 -0.2% | Sep 2025 -0.5% | Dec 2025 -3.7% | Mar 2026 -1.4% | Jun 2026 — - RENT: Sep 2021 — | Dec 2021 -13% | Mar 2022 -9.1% | Jun 2022 -11% | Sep 2022 -9.0% | Dec 2022 -7.7% | Mar 2023 -5.4% | Jun 2023 -7.1% | Sep 2023 -6.2% | Dec 2023 -8.2% | Mar 2024 -7.6% | Jun 2024 -6.9% | Sep 2024 -4.2% | Dec 2024 -6.2% | Mar 2025 -3.6% | Jun 2025 -10% | Sep 2025 -11% | Dec 2025 -9.0% | Mar 2026 -0.9% | Jun 2026 -13% - TLYS: Sep 2021 — | Dec 2021 7.6% | Mar 2022 4.7% | Jun 2022 0.3% | Sep 2022 1.4% | Dec 2022 1.6% | Mar 2023 -0.4% | Jun 2023 -4.8% | Sep 2023 -0.7% | Dec 2023 -0.7% | Mar 2024 -2.5% | Jun 2024 -6.4% | Sep 2024 -0.3% | Dec 2024 -4.5% | Mar 2025 -5.0% | Jun 2025 -8.8% | Sep 2025 1.1% | Dec 2025 -0.8% | Mar 2026 1.1% | Jun 2026 -3.8% ### 20-quarter ROCE change history - TJX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.3 pp | Mar 2023 +0.6 pp | Jun 2023 +0.8 pp | Sep 2023 +1.2 pp | Dec 2023 +1.0 pp | Mar 2024 +2.3 pp | Jun 2024 +0.6 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 −0.4 pp | Jun 2025 −0.6 pp | Sep 2025 +0.4 pp | Dec 2025 +0.4 pp | Mar 2026 +1.7 pp | Jun 2026 +1.1 pp - ROST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.1 pp | Mar 2023 +0.4 pp | Jun 2023 −0.3 pp | Sep 2023 +0.2 pp | Dec 2023 +0.9 pp | Mar 2024 +1.7 pp | Jun 2024 +1.4 pp | Sep 2024 +1.0 pp | Dec 2024 +0.5 pp | Mar 2025 −0.3 pp | Jun 2025 +0.1 pp | Sep 2025 −0.3 pp | Dec 2025 +0.2 pp | Mar 2026 +0.6 pp | Jun 2026 +1.6 pp - BURL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.8 pp | Mar 2023 +0.5 pp | Jun 2023 +0.7 pp | Sep 2023 +0.7 pp | Dec 2023 +0.9 pp | Mar 2024 +0.8 pp | Jun 2024 +0.6 pp | Sep 2024 +0.9 pp | Dec 2024 +0.6 pp | Mar 2025 0.0 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp - LULU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.4 pp | Mar 2023 −9.1 pp | Jun 2023 +2.7 pp | Sep 2023 +0.3 pp | Dec 2023 −1.6 pp | Mar 2024 +10.9 pp | Jun 2024 −1.4 pp | Sep 2024 −0.6 pp | Dec 2024 +2.1 pp | Mar 2025 −0.5 pp | Jun 2025 −1.1 pp | Sep 2025 −1.6 pp | Dec 2025 −2.3 pp | Mar 2026 −5.4 pp | Jun 2026 −3.4 pp - GAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.5 pp | Mar 2023 −0.5 pp | Jun 2023 +2.0 pp | Sep 2023 +1.6 pp | Dec 2023 +0.9 pp | Mar 2024 +3.1 pp | Jun 2024 +2.6 pp | Sep 2024 +2.3 pp | Dec 2024 +1.3 pp | Mar 2025 +0.4 pp | Jun 2025 +0.6 pp | Sep 2025 −0.2 pp | Dec 2025 −0.5 pp | Mar 2026 −0.6 pp | Jun 2026 +1.9 pp - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −2.5 pp | Sep 2023 −2.5 pp | Dec 2023 −3.7 pp | Mar 2024 +8.5 pp | Jun 2024 −0.1 pp | Sep 2024 +1.1 pp | Dec 2024 +0.8 pp | Mar 2025 +0.2 pp | Jun 2025 −0.3 pp | Sep 2025 −0.8 pp | Dec 2025 +0.9 pp | Mar 2026 −1.8 pp | Jun 2026 +1.6 pp - URBN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.2 pp | Mar 2023 −0.7 pp | Jun 2023 +0.9 pp | Sep 2023 +1.5 pp | Dec 2023 +1.7 pp | Mar 2024 +0.6 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 +1.9 pp | Jun 2025 +1.4 pp | Sep 2025 +0.5 pp | Dec 2025 +0.1 pp | Mar 2026 +0.5 pp | Jun 2026 0.0 pp - BOOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −4.9 pp | Mar 2023 — | Jun 2023 −0.1 pp | Sep 2023 −0.6 pp | Dec 2023 −1.5 pp | Mar 2024 — | Jun 2024 −2.5 pp | Sep 2024 −1.5 pp | Dec 2024 +0.5 pp | Mar 2025 +0.3 pp | Jun 2025 +0.6 pp | Sep 2025 +0.5 pp | Dec 2025 −0.4 pp | Mar 2026 −0.2 pp | Jun 2026 — - ANF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.4 pp | Mar 2023 +0.1 pp | Jun 2023 +2.4 pp | Sep 2023 +5.0 pp | Dec 2023 +6.7 pp | Mar 2024 +7.0 pp | Jun 2024 +4.9 pp | Sep 2024 +4.2 pp | Dec 2024 +1.5 pp | Mar 2025 +0.6 pp | Jun 2025 −1.9 pp | Sep 2025 +0.6 pp | Dec 2025 −2.1 pp | Mar 2026 −2.1 pp | Jun 2026 −1.0 pp - AEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −4.2 pp | Mar 2023 −1.1 pp | Jun 2023 +1.0 pp | Sep 2023 +0.5 pp | Dec 2023 +3.5 pp | Mar 2024 +9.6 pp | Jun 2024 +3.5 pp | Sep 2024 +4.7 pp | Dec 2024 +0.4 pp | Mar 2025 −5.9 pp | Jun 2025 −45.0 pp | Sep 2025 −5.1 pp | Dec 2025 −2.4 pp | Mar 2026 +2.3 pp | Jun 2026 +3.9 pp - BKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 +0.5 pp | Jun 2023 −2.8 pp | Sep 2023 −1.1 pp | Dec 2023 −1.9 pp | Mar 2024 −4.1 pp | Jun 2024 −2.6 pp | Sep 2024 −2.1 pp | Dec 2024 −2.1 pp | Mar 2025 −1.0 pp | Jun 2025 −0.3 pp | Sep 2025 +0.4 pp | Dec 2025 +0.2 pp | Mar 2026 −0.3 pp | Jun 2026 +1.5 pp - CRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.9 pp | Mar 2023 — | Jun 2023 −1.5 pp | Sep 2023 −1.3 pp | Dec 2023 +3.3 pp | Mar 2024 — | Jun 2024 −0.8 pp | Sep 2024 +2.1 pp | Dec 2024 −2.8 pp | Mar 2025 −1.5 pp | Jun 2025 −2.0 pp | Sep 2025 −2.6 pp | Dec 2025 — | Mar 2026 +2.9 pp | Jun 2026 +1.2 pp - SFIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −8.7 pp | Mar 2023 −7.3 pp | Jun 2023 +9.4 pp | Sep 2023 +13.2 pp | Dec 2023 +1.8 pp | Mar 2024 +2.0 pp | Jun 2024 −2.6 pp | Sep 2024 −7.3 pp | Dec 2024 +4.4 pp | Mar 2025 +7.4 pp | Jun 2025 +3.7 pp | Sep 2025 +8.7 pp | Dec 2025 −0.3 pp | Mar 2026 +1.3 pp | Jun 2026 +1.8 pp - CTRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +5.7 pp | Mar 2023 +16.5 pp | Jun 2023 −14.9 pp | Sep 2023 −1.3 pp | Dec 2023 −11.2 pp | Mar 2024 −1.1 pp | Jun 2024 +0.6 pp | Sep 2024 −5.0 pp | Dec 2024 −1.1 pp | Mar 2025 −0.7 pp | Jun 2025 +2.2 pp | Sep 2025 +4.9 pp | Dec 2025 +0.2 pp | Mar 2026 +1.9 pp | Jun 2026 +2.3 pp - CAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.4 pp | Mar 2023 −1.9 pp | Jun 2023 −1.9 pp | Sep 2023 −2.5 pp | Dec 2023 +0.5 pp | Mar 2024 +0.1 pp | Jun 2024 −1.3 pp | Sep 2024 −1.4 pp | Dec 2024 −1.5 pp | Mar 2025 −2.4 pp | Jun 2025 −3.2 pp | Sep 2025 −3.2 pp | Dec 2025 −4.3 pp | Mar 2026 −3.0 pp | Jun 2026 +1.1 pp - GCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.6 pp | Mar 2023 −2.7 pp | Jun 2023 −2.8 pp | Sep 2023 −4.4 pp | Dec 2023 −1.3 pp | Mar 2024 −1.0 pp | Jun 2024 −0.9 pp | Sep 2024 +2.6 pp | Dec 2024 0.0 pp | Mar 2025 +1.2 pp | Jun 2025 +0.3 pp | Sep 2025 −0.4 pp | Dec 2025 −0.2 pp | Mar 2026 +0.5 pp | Jun 2026 +1.3 pp - SHOE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −5.0 pp | Mar 2023 −1.0 pp | Jun 2023 −3.0 pp | Sep 2023 −2.8 pp | Dec 2023 −2.8 pp | Mar 2024 −1.5 pp | Jun 2024 −0.3 pp | Sep 2024 +0.2 pp | Dec 2024 −0.7 pp | Mar 2025 −0.8 pp | Jun 2025 −1.3 pp | Sep 2025 −0.7 pp | Dec 2025 −0.8 pp | Mar 2026 −0.4 pp | Jun 2026 −1.8 pp - LE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.1 pp | Mar 2023 −0.6 pp | Jun 2023 +0.7 pp | Sep 2023 0.0 pp | Dec 2023 −13.7 pp | Mar 2024 −0.5 pp | Jun 2024 −0.9 pp | Sep 2024 −0.3 pp | Dec 2024 +14.9 pp | Mar 2025 +5.6 pp | Jun 2025 −0.7 pp | Sep 2025 +0.3 pp | Dec 2025 +1.4 pp | Mar 2026 −1.9 pp | Jun 2026 −6.8 pp - ZUMZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.6 pp | Mar 2023 −4.6 pp | Jun 2023 −3.7 pp | Sep 2023 −2.5 pp | Dec 2023 −1.6 pp | Mar 2024 −8.2 pp | Jun 2024 −0.1 pp | Sep 2024 +1.7 pp | Dec 2024 +0.5 pp | Mar 2025 +9.8 pp | Jun 2025 −0.5 pp | Sep 2025 +0.1 pp | Dec 2025 +2.0 pp | Mar 2026 +1.2 pp | Jun 2026 +0.9 pp - JILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.3 pp | Mar 2023 +0.1 pp | Jun 2023 +1.1 pp | Sep 2023 +0.5 pp | Dec 2023 +1.2 pp | Mar 2024 +1.0 pp | Jun 2024 +1.7 pp | Sep 2024 −0.7 pp | Dec 2024 −0.4 pp | Mar 2025 −1.6 pp | Jun 2025 −3.6 pp | Sep 2025 −2.4 pp | Dec 2025 −1.7 pp | Mar 2026 −1.9 pp | Jun 2026 −3.6 pp - CURV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −5.5 pp | Mar 2023 −3.9 pp | Jun 2023 −1.6 pp | Sep 2023 −3.9 pp | Dec 2023 −3.9 pp | Mar 2024 +0.7 pp | Jun 2024 +0.5 pp | Sep 2024 +0.6 pp | Dec 2024 +0.3 pp | Mar 2025 −0.1 pp | Jun 2025 −3.4 pp | Sep 2025 −3.5 pp | Dec 2025 −2.8 pp | Mar 2026 −4.1 pp | Jun 2026 −2.2 pp - DLTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.1 pp | Mar 2023 −3.3 pp | Jun 2023 −0.9 pp | Sep 2023 −1.4 pp | Dec 2023 −1.2 pp | Mar 2024 −0.4 pp | Jun 2024 −1.2 pp | Sep 2024 0.0 pp | Dec 2024 −3.1 pp | Mar 2025 −3.4 pp | Jun 2025 −1.3 pp | Sep 2025 +1.1 pp | Dec 2025 +3.3 pp | Mar 2026 +4.0 pp | Jun 2026 +0.5 pp - AKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −41.9 pp | Mar 2023 −1.9 pp | Jun 2023 +0.2 pp | Sep 2023 −17.0 pp | Dec 2023 +38.6 pp | Mar 2024 −0.5 pp | Jun 2024 +0.4 pp | Sep 2024 +15.8 pp | Dec 2024 +0.9 pp | Mar 2025 −0.1 pp | Jun 2025 −0.4 pp | Sep 2025 +0.2 pp | Dec 2025 −2.7 pp | Mar 2026 +0.5 pp | Jun 2026 — - RENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +5.1 pp | Mar 2023 +3.7 pp | Jun 2023 +4.1 pp | Sep 2023 +2.8 pp | Dec 2023 −0.5 pp | Mar 2024 −2.2 pp | Jun 2024 +0.2 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 +4.0 pp | Jun 2025 −3.2 pp | Sep 2025 −7.0 pp | Dec 2025 −2.8 pp | Mar 2026 +2.7 pp | Jun 2026 −2.5 pp - TLYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −6.0 pp | Mar 2023 −5.1 pp | Jun 2023 −5.1 pp | Sep 2023 −2.1 pp | Dec 2023 −2.3 pp | Mar 2024 −2.1 pp | Jun 2024 −1.6 pp | Sep 2024 +0.4 pp | Dec 2024 −3.8 pp | Mar 2025 −2.5 pp | Jun 2025 −2.4 pp | Sep 2025 +1.4 pp | Dec 2025 +3.7 pp | Mar 2026 +6.1 pp | Jun 2026 +5.0 pp ## Valuation Against Growth & Quality What the numbers say: Abercrombie & Fitch Co. has the lowest comparable Guarded PEG at 0.78×, 2.5% below Boot Barn Holdings, Inc.. Only 12 of 25 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Abercrombie & Fitch Co. · 0.78× | 2.5% versus #2 · Boot Barn Holdings, Inc. | 0/8 recent comparable periods | 12/25 companies · 66 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. Abercrombie & Fitch Co. (ANF): 0.8 2. Boot Barn Holdings, Inc. (BOOT): 0.8 3. lululemon athletica inc. (LULU): 1.0 4. The Gap, Inc. (GAP): 1.0 5. The Buckle, Inc. (BKE): 1.1 ### P/E — lowest P/E 1. Rent the Runway, Inc. (RENT): 0.7 2. Lands' End, Inc. (LE): 1.0 3. Abercrombie & Fitch Co. (ANF): 8.1 4. J.Jill, Inc. (JILL): 9.1 5. The Gap, Inc. (GAP): 9.7 ### 20-quarter Guarded PEG history - TJX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.1 | Mar 2024 0.9 | Jun 2024 1.0 | Sep 2024 1.3 | Dec 2024 1.3 | Mar 2025 2.8 | Jun 2025 5.6 | Sep 2025 4.8 | Dec 2025 4.7 | Mar 2026 2.1 | Jun 2026 1.4 - ROST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.0 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.9 | Mar 2025 1.7 | Jun 2025 3.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 2.4 - BURL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 0.5 | Sep 2024 — | Dec 2024 — | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 1.2 | Dec 2025 1.6 | Mar 2026 1.4 | Jun 2026 1.7 - LULU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.4 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 — | Mar 2026 — | Jun 2026 — - GAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 — | Mar 2026 — | Jun 2026 1.0 - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1.3 - URBN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.4 | Dec 2024 0.5 | Mar 2025 0.3 | Jun 2025 0.2 | Sep 2025 0.3 | Dec 2025 0.2 | Mar 2026 0.8 | Jun 2026 1.5 - BOOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.4 | Jun 2025 1.1 | Sep 2025 0.7 | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 — - ANF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.3 | Sep 2025 0.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — - AEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.9 | Dec 2023 — | Mar 2024 0.6 | Jun 2024 — | Sep 2024 0.8 | Dec 2024 3.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BKE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.7 | Jun 2026 1.1 - CAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - JILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.2 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 2.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - TJX: Sep 2021 — | Dec 2021 29.9 | Mar 2022 26.4 | Jun 2022 22.3 | Sep 2022 21.8 | Dec 2022 25.3 | Mar 2023 27.6 | Jun 2023 24.3 | Sep 2023 25.5 | Dec 2023 24.7 | Mar 2024 25.3 | Jun 2024 23.6 | Sep 2024 27.3 | Dec 2024 26.4 | Mar 2025 29.3 | Jun 2025 30.4 | Sep 2025 28.7 | Dec 2025 30.9 | Mar 2026 30.8 | Jun 2026 30.5 - ROST: Sep 2021 — | Dec 2021 25.2 | Mar 2022 19.7 | Jun 2022 22.2 | Sep 2022 19.3 | Dec 2022 23.1 | Mar 2023 27.3 | Jun 2023 23.7 | Sep 2023 24.3 | Dec 2023 22.3 | Mar 2024 25.8 | Jun 2024 22.1 | Sep 2024 22.6 | Dec 2024 22.1 | Mar 2025 23.8 | Jun 2025 22.2 | Sep 2025 21.8 | Dec 2025 24.8 | Mar 2026 28.2 | Jun 2026 32.0 - BURL: Sep 2021 — | Dec 2021 42.3 | Mar 2022 38.4 | Jun 2022 54.4 | Sep 2022 58.3 | Dec 2022 56.2 | Mar 2023 64.9 | Jun 2023 51.1 | Sep 2023 43.8 | Dec 2023 25.6 | Mar 2024 37.6 | Jun 2024 31.1 | Sep 2024 37.6 | Dec 2024 33.3 | Mar 2025 36.4 | Jun 2025 29.0 | Sep 2025 32.3 | Dec 2025 31.5 | Mar 2026 31.1 | Jun 2026 32.7 - LULU: Sep 2021 — | Dec 2021 70.0 | Mar 2022 42.6 | Jun 2022 42.7 | Sep 2022 34.5 | Dec 2022 34.4 | Mar 2023 44.0 | Jun 2023 48.6 | Sep 2023 45.6 | Dec 2023 46.8 | Mar 2024 39.2 | Jun 2024 29.3 | Sep 2024 19.6 | Dec 2024 23.1 | Mar 2025 28.3 | Jun 2025 18.8 | Sep 2025 13.1 | Dec 2025 11.8 | Mar 2026 13.2 | Jun 2026 10.8 - GAP: Sep 2021 — | Dec 2021 17.3 | Mar 2022 26.5 | Jun 2022 — | Sep 2022 — | Dec 2022 70.3 | Mar 2023 — | Jun 2023 — | Sep 2023 35.7 | Dec 2023 127.7 | Mar 2024 14.8 | Jun 2024 12.0 | Sep 2024 10.7 | Dec 2024 9.6 | Mar 2025 10.9 | Jun 2025 10.0 | Sep 2025 8.1 | Dec 2025 10.2 | Mar 2026 13.1 | Jun 2026 9.7 - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.6 | Sep 2022 7.0 | Dec 2022 8.1 | Mar 2023 9.4 | Jun 2023 9.6 | Sep 2023 8.5 | Dec 2023 15.8 | Mar 2024 19.4 | Jun 2024 13.5 | Sep 2024 9.4 | Dec 2024 — | Mar 2025 17.7 | Jun 2025 20.2 | Sep 2025 10.4 | Dec 2025 — | Mar 2026 28.2 | Jun 2026 28.3 - URBN: Sep 2021 — | Dec 2021 10.6 | Mar 2022 9.2 | Jun 2022 8.2 | Sep 2022 9.0 | Dec 2022 13.4 | Mar 2023 16.1 | Jun 2023 14.0 | Sep 2023 15.2 | Dec 2023 12.0 | Mar 2024 12.5 | Jun 2024 12.5 | Sep 2024 14.1 | Dec 2024 10.3 | Mar 2025 13.0 | Jun 2025 11.0 | Sep 2025 14.7 | Dec 2025 12.2 | Mar 2026 14.0 | Jun 2026 13.5 - BOOT: Sep 2021 21.5 | Dec 2021 20.4 | Mar 2022 14.8 | Jun 2022 12.3 | Sep 2022 9.4 | Dec 2022 11.0 | Mar 2023 — | Jun 2023 13.6 | Sep 2023 15.4 | Dec 2023 14.2 | Mar 2024 19.8 | Jun 2024 26.1 | Sep 2024 33.2 | Dec 2024 28.0 | Mar 2025 17.7 | Jun 2025 24.4 | Sep 2025 25.0 | Dec 2025 26.1 | Mar 2026 20.3 | Jun 2026 — - ANF: Sep 2021 — | Dec 2021 8.6 | Mar 2022 8.8 | Jun 2022 8.5 | Sep 2022 12.1 | Dec 2022 30.4 | Mar 2023 514.7 | Jun 2023 32.5 | Sep 2023 17.9 | Dec 2023 14.5 | Mar 2024 17.6 | Jun 2024 15.5 | Sep 2024 13.5 | Dec 2024 13.0 | Mar 2025 11.2 | Jun 2025 7.0 | Sep 2025 8.6 | Dec 2025 7.0 | Mar 2026 9.3 | Jun 2026 8.1 - AEO: Sep 2021 — | Dec 2021 13.2 | Mar 2022 11.0 | Jun 2022 8.7 | Sep 2022 13.2 | Dec 2022 19.1 | Mar 2023 24.5 | Jun 2023 24.4 | Sep 2023 13.4 | Dec 2023 15.7 | Mar 2024 24.2 | Jun 2024 21.9 | Sep 2024 16.1 | Dec 2024 16.6 | Mar 2025 9.6 | Jun 2025 11.3 | Sep 2025 10.3 | Dec 2025 14.4 | Mar 2026 21.4 | Jun 2026 10.5 - BKE: Sep 2021 — | Dec 2021 8.7 | Mar 2022 7.1 | Jun 2022 6.1 | Sep 2022 5.9 | Dec 2022 8.0 | Mar 2023 8.5 | Jun 2023 6.9 | Sep 2023 7.6 | Dec 2023 7.2 | Mar 2024 8.6 | Jun 2024 9.0 | Sep 2024 9.6 | Dec 2024 10.7 | Mar 2025 12.2 | Jun 2025 9.2 | Sep 2025 12.3 | Dec 2025 13.4 | Mar 2026 11.4 | Jun 2026 12.7 - CRI: Sep 2021 — | Dec 2021 12.8 | Mar 2022 13.0 | Jun 2022 11.9 | Sep 2022 10.4 | Dec 2022 10.0 | Mar 2023 — | Jun 2023 12.7 | Sep 2023 13.5 | Dec 2023 12.0 | Mar 2024 13.3 | Jun 2024 9.6 | Sep 2024 10.6 | Dec 2024 10.6 | Mar 2025 9.0 | Jun 2025 8.0 | Sep 2025 11.8 | Dec 2025 — | Mar 2026 13.1 | Jun 2026 14.5 - CTRN: Sep 2021 — | Dec 2021 10.4 | Mar 2022 6.9 | Jun 2022 3.9 | Sep 2022 4.5 | Dec 2022 3.0 | Mar 2023 4.5 | Jun 2023 7.4 | Sep 2023 9.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 49.3 | Dec 2025 60.7 | Mar 2026 68.5 | Jun 2026 34.0 - CAL: Sep 2021 — | Dec 2021 10.3 | Mar 2022 6.5 | Jun 2022 4.9 | Sep 2022 4.9 | Dec 2022 5.9 | Mar 2023 5.1 | Jun 2023 5.0 | Sep 2023 6.6 | Dec 2023 5.8 | Mar 2024 6.7 | Jun 2024 7.8 | Sep 2024 7.7 | Dec 2024 6.6 | Mar 2025 5.9 | Jun 2025 6.6 | Sep 2025 7.5 | Dec 2025 17.5 | Mar 2026 — | Jun 2026 — - GCO: Sep 2021 — | Dec 2021 6.2 | Mar 2022 8.0 | Jun 2022 8.0 | Sep 2022 7.4 | Dec 2022 6.8 | Mar 2023 8.4 | Jun 2023 8.9 | Sep 2023 55.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 23.1 | Jun 2026 20.1 - SHOE: Sep 2021 — | Dec 2021 6.8 | Mar 2022 6.1 | Jun 2022 6.2 | Sep 2022 5.0 | Dec 2022 6.1 | Mar 2023 7.0 | Jun 2023 6.4 | Sep 2023 8.1 | Dec 2023 7.9 | Mar 2024 9.8 | Jun 2024 12.8 | Sep 2024 13.6 | Dec 2024 12.6 | Mar 2025 10.1 | Jun 2025 7.6 | Sep 2025 8.8 | Dec 2025 8.7 | Mar 2026 10.0 | Jun 2026 13.7 - LE: Sep 2021 — | Dec 2021 19.0 | Mar 2022 18.3 | Jun 2022 16.7 | Sep 2022 44.0 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 62.3 | Jun 2025 66.0 | Sep 2025 64.1 | Dec 2025 42.5 | Mar 2026 98.7 | Jun 2026 1.0 - ZUMZ: Sep 2021 — | Dec 2021 8.3 | Mar 2022 8.9 | Jun 2022 9.5 | Sep 2022 8.4 | Dec 2022 10.3 | Mar 2023 23.8 | Jun 2023 116.6 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1,205.0 | Sep 2025 — | Dec 2025 45.1 | Mar 2026 31.6 | Jun 2026 29.4 - JILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 202.0 | Sep 2022 4.8 | Dec 2022 6.3 | Mar 2023 8.8 | Jun 2023 10.9 | Sep 2023 10.9 | Dec 2023 12.7 | Mar 2024 9.5 | Jun 2024 8.2 | Sep 2024 12.3 | Dec 2024 8.5 | Mar 2025 10.5 | Jun 2025 7.1 | Sep 2025 6.4 | Dec 2025 6.9 | Mar 2026 8.6 | Jun 2026 9.1 - CURV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 15.5 | Mar 2023 7.7 | Jun 2023 9.5 | Sep 2023 13.6 | Dec 2023 21.6 | Mar 2024 45.2 | Jun 2024 48.2 | Sep 2024 59.4 | Dec 2024 24.0 | Mar 2025 47.1 | Jun 2025 64.6 | Sep 2025 62.5 | Dec 2025 — | Mar 2026 — | Jun 2026 — - DLTH: Sep 2021 — | Dec 2021 13.7 | Mar 2022 16.3 | Jun 2022 14.4 | Sep 2022 14.8 | Dec 2022 23.2 | Mar 2023 95.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AKA: Sep 2021 856.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - RENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.8 | Jun 2026 0.7 - TLYS: Sep 2021 — | Dec 2021 7.1 | Mar 2022 6.2 | Jun 2022 5.1 | Sep 2022 6.3 | Dec 2022 12.5 | Mar 2023 27.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: American Eagle Outfitters, Inc. leads ev/ebitda at 0.78×; Genesco Inc. leads p/bv at 0.7×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: American Eagle Outfitters, Inc. · 0.78× | 84.9% versus #2 · Abercrombie & Fitch Co. | 0/8 recent comparable periods | 24/25 companies · 403 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. American Eagle Outfitters, Inc. (AEO): 0.8 2. Abercrombie & Fitch Co. (ANF): 5.2 3. lululemon athletica inc. (LULU): 5.9 4. J.Jill, Inc. (JILL): 6.0 5. The Gap, Inc. (GAP): 6.7 ### P/BV — lowest P/BV 1. Genesco Inc. (GCO): 0.7 2. Lands' End, Inc. (LE): 0.7 3. Caleres, Inc. (CAL): 0.7 4. Shoe Station Group Inc. (SHOE): 0.7 5. Duluth Holdings Inc. (DLTH): 0.8 ### 20-quarter EV/EBITDA history - TJX: Sep 2021 — | Dec 2021 16.1 | Mar 2022 16.1 | Jun 2022 13.5 | Sep 2022 14.0 | Dec 2022 16.4 | Mar 2023 17.7 | Jun 2023 16.9 | Sep 2023 17.8 | Dec 2023 17.2 | Mar 2024 17.4 | Jun 2024 16.5 | Sep 2024 19.0 | Dec 2024 18.4 | Mar 2025 19.9 | Jun 2025 20.6 | Sep 2025 19.4 | Dec 2025 20.8 | Mar 2026 20.6 | Jun 2026 20.6 - ROST: Sep 2021 — | Dec 2021 15.6 | Mar 2022 12.8 | Jun 2022 14.5 | Sep 2022 12.6 | Dec 2022 15.0 | Mar 2023 17.7 | Jun 2023 15.8 | Sep 2023 16.5 | Dec 2023 15.6 | Mar 2024 18.0 | Jun 2024 15.6 | Sep 2024 16.0 | Dec 2024 15.6 | Mar 2025 16.6 | Jun 2025 15.5 | Sep 2025 15.0 | Dec 2025 17.0 | Mar 2026 18.8 | Jun 2026 21.6 - BURL: Sep 2021 — | Dec 2021 22.2 | Mar 2022 18.5 | Jun 2022 20.9 | Sep 2022 19.5 | Dec 2022 22.3 | Mar 2023 29.3 | Jun 2023 24.7 | Sep 2023 21.8 | Dec 2023 15.2 | Mar 2024 19.4 | Jun 2024 17.8 | Sep 2024 20.9 | Dec 2024 19.5 | Mar 2025 21.3 | Jun 2025 18.3 | Sep 2025 19.9 | Dec 2025 19.5 | Mar 2026 18.6 | Jun 2026 19.4 - LULU: Sep 2021 — | Dec 2021 40.8 | Mar 2022 26.2 | Jun 2022 26.7 | Sep 2022 21.8 | Dec 2022 21.8 | Mar 2023 23.1 | Jun 2023 26.1 | Sep 2023 24.4 | Dec 2023 24.8 | Mar 2024 22.7 | Jun 2024 17.0 | Sep 2024 11.4 | Dec 2024 13.6 | Mar 2025 16.2 | Jun 2025 10.8 | Sep 2025 7.6 | Dec 2025 6.8 | Mar 2026 7.2 | Jun 2026 5.9 - GAP: Sep 2021 — | Dec 2021 9.6 | Mar 2022 9.1 | Jun 2022 11.5 | Sep 2022 20.1 | Dec 2022 19.1 | Mar 2023 20.5 | Jun 2023 12.5 | Sep 2023 10.2 | Dec 2023 10.5 | Mar 2024 10.1 | Jun 2024 9.2 | Sep 2024 7.8 | Dec 2024 7.1 | Mar 2025 7.4 | Jun 2025 7.1 | Sep 2025 6.1 | Dec 2025 7.0 | Mar 2026 8.1 | Jun 2026 6.7 - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.5 | Sep 2022 6.4 | Dec 2022 20.0 | Mar 2023 6.9 | Jun 2023 20.1 | Sep 2023 16.8 | Dec 2023 29.7 | Mar 2024 9.9 | Jun 2024 18.9 | Sep 2024 19.5 | Dec 2024 30.9 | Mar 2025 10.3 | Jun 2025 30.4 | Sep 2025 24.4 | Dec 2025 26.0 | Mar 2026 13.8 | Jun 2026 32.9 - URBN: Sep 2021 — | Dec 2021 8.0 | Mar 2022 6.8 | Jun 2022 6.4 | Sep 2022 6.7 | Dec 2022 8.6 | Mar 2023 9.9 | Jun 2023 9.1 | Sep 2023 10.1 | Dec 2023 8.5 | Mar 2024 8.8 | Jun 2024 8.8 | Sep 2024 9.6 | Dec 2024 7.5 | Mar 2025 9.5 | Jun 2025 8.4 | Sep 2025 10.8 | Dec 2025 9.2 | Mar 2026 9.4 | Jun 2026 9.1 - BOOT: Sep 2021 15.3 | Dec 2021 14.2 | Mar 2022 11.0 | Jun 2022 9.4 | Sep 2022 7.7 | Dec 2022 8.3 | Mar 2023 — | Jun 2023 10.2 | Sep 2023 11.2 | Dec 2023 9.9 | Mar 2024 13.2 | Jun 2024 17.0 | Sep 2024 21.2 | Dec 2024 18.0 | Mar 2025 12.2 | Jun 2025 16.1 | Sep 2025 16.7 | Dec 2025 16.9 | Mar 2026 13.7 | Jun 2026 — - ANF: Sep 2021 — | Dec 2021 6.2 | Mar 2022 3.8 | Jun 2022 9.6 | Sep 2022 5.8 | Dec 2022 7.7 | Mar 2023 10.0 | Jun 2023 14.4 | Sep 2023 7.0 | Dec 2023 7.2 | Mar 2024 8.9 | Jun 2024 9.4 | Sep 2024 8.5 | Dec 2024 8.0 | Mar 2025 6.6 | Jun 2025 4.3 | Sep 2025 5.3 | Dec 2025 4.3 | Mar 2026 5.5 | Jun 2026 5.2 - AEO: Sep 2021 — | Dec 2021 1.0 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 10.5 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 6.4 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 12.0 | Jun 2026 0.8 - BKE: Sep 2021 — | Dec 2021 5.7 | Mar 2022 5.2 | Jun 2022 4.5 | Sep 2022 4.3 | Dec 2022 5.7 | Mar 2023 6.4 | Jun 2023 5.2 | Sep 2023 5.7 | Dec 2023 5.3 | Mar 2024 6.7 | Jun 2024 7.0 | Sep 2024 7.4 | Dec 2024 8.1 | Mar 2025 9.3 | Jun 2025 7.2 | Sep 2025 9.4 | Dec 2025 10.1 | Mar 2026 8.8 | Jun 2026 9.8 - CRI: Sep 2021 — | Dec 2021 8.4 | Mar 2022 8.1 | Jun 2022 8.0 | Sep 2022 7.1 | Dec 2022 7.7 | Mar 2023 — | Jun 2023 9.2 | Sep 2023 10.0 | Dec 2023 9.0 | Mar 2024 10.1 | Jun 2024 7.8 | Sep 2024 9.1 | Dec 2024 8.6 | Mar 2025 8.0 | Jun 2025 7.7 | Sep 2025 10.5 | Dec 2025 — | Mar 2026 9.7 | Jun 2026 10.1 - CTRN: Sep 2021 — | Dec 2021 7.5 | Mar 2022 5.8 | Jun 2022 9.3 | Sep 2022 16.1 | Dec 2022 8.3 | Mar 2023 4.5 | Jun 2023 18.5 | Sep 2023 29.1 | Dec 2023 121.0 | Mar 2024 — | Jun 2024 168.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 114.0 | Dec 2025 94.0 | Mar 2026 23.2 | Jun 2026 29.5 - CAL: Sep 2021 — | Dec 2021 10.7 | Mar 2022 6.6 | Jun 2022 5.6 | Sep 2022 5.8 | Dec 2022 6.8 | Mar 2023 6.7 | Jun 2023 6.7 | Sep 2023 7.6 | Dec 2023 6.9 | Mar 2024 7.5 | Jun 2024 8.6 | Sep 2024 8.4 | Dec 2024 8.0 | Mar 2025 6.9 | Jun 2025 7.7 | Sep 2025 8.5 | Dec 2025 12.8 | Mar 2026 18.1 | Jun 2026 16.2 - GCO: Sep 2021 — | Dec 2021 7.0 | Mar 2022 5.9 | Jun 2022 6.5 | Sep 2022 6.9 | Dec 2022 7.2 | Mar 2023 8.3 | Jun 2023 10.0 | Sep 2023 16.2 | Dec 2023 20.4 | Mar 2024 22.8 | Jun 2024 27.7 | Sep 2024 13.6 | Dec 2024 14.0 | Mar 2025 13.9 | Jun 2025 11.9 | Sep 2025 12.1 | Dec 2025 13.8 | Mar 2026 10.3 | Jun 2026 11.3 - SHOE: Sep 2021 — | Dec 2021 4.8 | Mar 2022 4.6 | Jun 2022 4.8 | Sep 2022 4.4 | Dec 2022 5.6 | Mar 2023 6.1 | Jun 2023 5.9 | Sep 2023 7.2 | Dec 2023 7.0 | Mar 2024 7.8 | Jun 2024 10.0 | Sep 2024 10.1 | Dec 2024 9.5 | Mar 2025 8.0 | Jun 2025 6.8 | Sep 2025 7.6 | Dec 2025 7.3 | Mar 2026 7.5 | Jun 2026 8.7 - LE: Sep 2021 — | Dec 2021 8.4 | Mar 2022 7.0 | Jun 2022 7.5 | Sep 2022 9.3 | Dec 2022 10.6 | Mar 2023 9.4 | Jun 2023 8.3 | Sep 2023 8.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 13.2 | Mar 2025 7.2 | Jun 2025 6.6 | Sep 2025 7.5 | Dec 2025 8.6 | Mar 2026 10.0 | Jun 2026 11.4 - ZUMZ: Sep 2021 — | Dec 2021 4.9 | Mar 2022 4.9 | Jun 2022 5.6 | Sep 2022 5.1 | Dec 2022 6.2 | Mar 2023 11.1 | Jun 2023 14.2 | Sep 2023 30.9 | Dec 2023 81.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 14.9 | Jun 2025 13.0 | Sep 2025 13.8 | Dec 2025 14.0 | Mar 2026 12.0 | Jun 2026 11.7 - JILL: Sep 2021 — | Dec 2021 10.3 | Mar 2022 5.7 | Jun 2022 5.0 | Sep 2022 4.5 | Dec 2022 4.6 | Mar 2023 5.2 | Jun 2023 5.2 | Sep 2023 4.8 | Dec 2023 5.1 | Mar 2024 4.5 | Jun 2024 4.5 | Sep 2024 5.5 | Dec 2024 5.2 | Mar 2025 6.1 | Jun 2025 5.0 | Sep 2025 5.1 | Dec 2025 5.1 | Mar 2026 5.8 | Jun 2026 6.0 - CURV: Sep 2021 — | Dec 2021 20.4 | Mar 2022 12.3 | Jun 2022 8.6 | Sep 2022 4.4 | Dec 2022 5.3 | Mar 2023 5.1 | Jun 2023 5.2 | Sep 2023 5.2 | Dec 2023 5.4 | Mar 2024 7.5 | Jun 2024 7.4 | Sep 2024 9.0 | Dec 2024 5.9 | Mar 2025 8.6 | Jun 2025 8.9 | Sep 2025 5.9 | Dec 2025 5.2 | Mar 2026 5.8 | Jun 2026 7.3 - DLTH: Sep 2021 — | Dec 2021 8.1 | Mar 2022 8.1 | Jun 2022 7.8 | Sep 2022 7.8 | Dec 2022 9.7 | Mar 2023 10.1 | Jun 2023 12.0 | Sep 2023 15.1 | Dec 2023 16.7 | Mar 2024 13.0 | Jun 2024 17.7 | Sep 2024 13.7 | Dec 2024 33.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 62.1 | Mar 2026 14.7 | Jun 2026 15.4 - AKA: Sep 2021 35.6 | Dec 2021 38.8 | Mar 2022 19.3 | Jun 2022 18.0 | Sep 2022 11.0 | Dec 2022 — | Mar 2023 17.2 | Jun 2023 14.8 | Sep 2023 — | Dec 2023 — | Mar 2024 64.7 | Jun 2024 — | Sep 2024 89.7 | Dec 2024 49.4 | Mar 2025 39.5 | Jun 2025 40.5 | Sep 2025 37.5 | Dec 2025 — | Mar 2026 234.2 | Jun 2026 — - RENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 185.6 | Mar 2025 29.8 | Jun 2025 52.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - TLYS: Sep 2021 — | Dec 2021 5.2 | Mar 2022 4.8 | Jun 2022 4.5 | Sep 2022 5.4 | Dec 2022 9.3 | Mar 2023 15.4 | Jun 2023 56.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 51.1 ### 20-quarter P/BV history - TJX: Sep 2021 — | Dec 2021 12.1 | Mar 2022 14.1 | Jun 2022 12.8 | Sep 2022 13.2 | Dec 2022 14.8 | Mar 2023 14.9 | Jun 2023 14.1 | Sep 2023 15.0 | Dec 2023 14.6 | Mar 2024 15.1 | Jun 2024 14.3 | Sep 2024 16.4 | Dec 2024 15.5 | Mar 2025 16.6 | Jun 2025 17.0 | Sep 2025 15.8 | Dec 2025 16.6 | Mar 2026 16.3 | Jun 2026 16.7 - ROST: Sep 2021 — | Dec 2021 10.1 | Mar 2022 8.3 | Jun 2022 8.6 | Sep 2022 6.8 | Dec 2022 7.9 | Mar 2023 9.6 | Jun 2023 8.4 | Sep 2023 8.7 | Dec 2023 8.3 | Mar 2024 9.9 | Jun 2024 8.8 | Sep 2024 9.1 | Dec 2024 8.8 | Mar 2025 9.0 | Jun 2025 8.3 | Sep 2025 7.8 | Dec 2025 8.8 | Mar 2026 9.7 | Jun 2026 11.7 - BURL: Sep 2021 — | Dec 2021 25.7 | Mar 2022 20.1 | Jun 2022 18.8 | Sep 2022 14.6 | Dec 2022 14.2 | Mar 2023 18.5 | Jun 2023 15.6 | Sep 2023 14.0 | Dec 2023 8.8 | Mar 2024 12.6 | Jun 2024 11.5 | Sep 2024 14.9 | Dec 2024 13.4 | Mar 2025 13.1 | Jun 2025 11.0 | Sep 2025 11.9 | Dec 2025 11.3 | Mar 2026 10.3 | Jun 2026 10.9 - LULU: Sep 2021 — | Dec 2021 21.8 | Mar 2022 15.0 | Jun 2022 16.3 | Sep 2022 13.3 | Dec 2022 13.2 | Mar 2023 11.9 | Jun 2023 14.0 | Sep 2023 13.0 | Dec 2023 13.3 | Mar 2024 13.7 | Jun 2024 10.4 | Sep 2024 7.5 | Dec 2024 9.4 | Mar 2025 11.1 | Jun 2025 7.4 | Sep 2025 5.0 | Dec 2025 4.3 | Mar 2026 3.9 | Jun 2026 3.0 - GAP: Sep 2021 — | Dec 2021 3.0 | Mar 2022 2.4 | Jun 2022 1.9 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 2.2 | Jun 2023 1.6 | Sep 2023 1.7 | Dec 2023 1.9 | Mar 2024 2.8 | Jun 2024 3.0 | Sep 2024 2.8 | Dec 2024 2.5 | Mar 2025 2.8 | Jun 2025 2.6 | Sep 2025 2.0 | Dec 2025 2.3 | Mar 2026 2.7 | Jun 2026 2.4 - VSXY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17.2 | Sep 2022 12.3 | Dec 2022 13.3 | Mar 2023 8.2 | Jun 2023 9.1 | Sep 2023 5.6 | Dec 2023 6.5 | Mar 2024 5.1 | Jun 2024 3.2 | Sep 2024 2.7 | Dec 2024 5.8 | Mar 2025 4.5 | Jun 2025 2.4 | Sep 2025 2.2 | Dec 2025 4.3 | Mar 2026 5.1 | Jun 2026 5.2 - URBN: Sep 2021 — | Dec 2021 1.8 | Mar 2022 1.6 | Jun 2022 1.3 | Sep 2022 1.1 | Dec 2022 1.3 | Mar 2023 1.4 | Jun 2023 1.4 | Sep 2023 1.7 | Dec 2023 1.6 | Mar 2024 1.7 | Jun 2024 1.7 | Sep 2024 1.9 | Dec 2024 1.4 | Mar 2025 2.1 | Jun 2025 2.0 | Sep 2025 2.6 | Dec 2025 2.1 | Mar 2026 2.3 | Jun 2026 2.3 - BOOT: Sep 2021 5.9 | Dec 2021 6.3 | Mar 2022 4.8 | Jun 2022 3.6 | Sep 2022 2.5 | Dec 2022 2.5 | Mar 2023 — | Jun 2023 3.0 | Sep 2023 3.1 | Dec 2023 2.6 | Mar 2024 3.1 | Jun 2024 4.0 | Sep 2024 5.0 | Dec 2024 4.4 | Mar 2025 2.8 | Jun 2025 4.0 | Sep 2025 4.3 | Dec 2025 4.4 | Mar 2026 3.4 | Jun 2026 — - ANF: Sep 2021 — | Dec 2021 2.5 | Mar 2022 2.5 | Jun 2022 2.5 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 2.0 | Jun 2023 1.7 | Sep 2023 2.6 | Dec 2023 3.5 | Mar 2024 5.3 | Jun 2024 6.1 | Sep 2024 5.6 | Dec 2024 5.3 | Mar 2025 4.5 | Jun 2025 2.8 | Sep 2025 3.3 | Dec 2025 2.5 | Mar 2026 3.1 | Jun 2026 2.8 - AEO: Sep 2021 — | Dec 2021 2.9 | Mar 2022 2.7 | Jun 2022 1.9 | Sep 2022 1.6 | Dec 2022 1.4 | Mar 2023 1.9 | Jun 2023 1.6 | Sep 2023 1.7 | Dec 2023 2.0 | Mar 2024 2.4 | Jun 2024 2.7 | Sep 2024 2.3 | Dec 2024 2.1 | Mar 2025 1.7 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 1.7 | Mar 2026 2.3 | Jun 2026 1.7 - BKE: Sep 2021 — | Dec 2021 3.9 | Mar 2022 5.8 | Jun 2022 4.4 | Sep 2022 3.9 | Dec 2022 4.7 | Mar 2023 5.8 | Jun 2023 4.2 | Sep 2023 4.2 | Dec 2023 3.5 | Mar 2024 4.6 | Jun 2024 4.5 | Sep 2024 4.4 | Dec 2024 4.4 | Mar 2025 5.7 | Jun 2025 4.1 | Sep 2025 5.3 | Dec 2025 5.5 | Mar 2026 5.7 | Jun 2026 6.2 - CRI: Sep 2021 — | Dec 2021 4.1 | Mar 2022 4.4 | Jun 2022 4.0 | Sep 2022 3.4 | Dec 2022 3.2 | Mar 2023 — | Jun 2023 3.4 | Sep 2023 3.5 | Dec 2023 3.2 | Mar 2024 3.7 | Jun 2024 2.8 | Sep 2024 2.9 | Dec 2024 — | Mar 2025 1.7 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 — | Mar 2026 1.3 | Jun 2026 1.4 - SFIX: Sep 2021 — | Dec 2021 7.9 | Mar 2022 3.5 | Jun 2022 2.6 | Sep 2022 2.1 | Dec 2022 1.5 | Mar 2023 2.2 | Jun 2023 1.5 | Sep 2023 2.3 | Dec 2023 1.7 | Mar 2024 1.8 | Jun 2024 1.3 | Sep 2024 2.7 | Dec 2024 2.2 | Mar 2025 3.1 | Jun 2025 2.2 | Sep 2025 2.9 | Dec 2025 2.8 | Mar 2026 3.1 | Jun 2026 2.5 - CTRN: Sep 2021 — | Dec 2021 6.1 | Mar 2022 3.6 | Jun 2022 1.7 | Sep 2022 1.5 | Dec 2022 1.2 | Mar 2023 1.6 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.2 | Sep 2024 1.1 | Dec 2024 1.3 | Mar 2025 2.0 | Jun 2025 1.8 | Sep 2025 2.1 | Dec 2025 2.8 | Mar 2026 3.1 | Jun 2026 3.2 - CAL: Sep 2021 — | Dec 2021 2.9 | Mar 2022 2.7 | Jun 2022 2.4 | Sep 2022 2.4 | Dec 2022 2.5 | Mar 2023 2.1 | Jun 2023 1.9 | Sep 2023 2.1 | Dec 2023 1.8 | Mar 2024 2.0 | Jun 2024 2.3 | Sep 2024 2.1 | Dec 2024 1.7 | Mar 2025 1.0 | Jun 2025 0.9 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 0.7 - GCO: Sep 2021 — | Dec 2021 1.5 | Mar 2022 1.4 | Jun 2022 1.4 | Sep 2022 1.3 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 0.8 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.6 | Jun 2024 0.5 | Sep 2024 0.6 | Dec 2024 0.5 | Mar 2025 0.9 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 0.7 - SHOE: Sep 2021 — | Dec 2021 2.2 | Mar 2022 2.1 | Jun 2022 1.8 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.4 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.6 | Sep 2024 1.7 | Dec 2024 1.5 | Mar 2025 1.1 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.8 | Jun 2026 0.7 - LE: Sep 2021 — | Dec 2021 2.2 | Mar 2022 1.5 | Jun 2022 1.2 | Sep 2022 1.1 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.6 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 1.2 | Jun 2024 1.9 | Sep 2024 2.2 | Dec 2024 2.2 | Mar 2025 1.6 | Jun 2025 1.1 | Sep 2025 1.6 | Dec 2025 2.1 | Mar 2026 2.2 | Jun 2026 0.7 - ZUMZ: Sep 2021 — | Dec 2021 1.8 | Mar 2022 2.0 | Jun 2022 1.9 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 0.9 | Sep 2023 1.9 | Dec 2023 0.8 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.5 | Dec 2024 1.2 | Mar 2025 0.9 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 1.2 | Mar 2026 1.3 | Jun 2026 1.4 - JILL: Sep 2021 — | Dec 2021 -3.4 | Mar 2022 -3.4 | Jun 2022 -5.4 | Sep 2022 -13.8 | Dec 2022 -101.4 | Mar 2023 -1,202.2 | Jun 2023 78.7 | Sep 2023 12.5 | Dec 2023 9.6 | Mar 2024 6.8 | Jun 2024 5.6 | Sep 2024 4.5 | Dec 2024 3.6 | Mar 2025 4.0 | Jun 2025 2.2 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 1.9 | Jun 2026 1.5 - CURV: Sep 2021 — | Dec 2021 -7.7 | Mar 2022 -3.7 | Jun 2022 -2.4 | Sep 2022 -1.8 | Dec 2022 -2.2 | Mar 2023 -1.7 | Jun 2023 -1.6 | Sep 2023 -1.4 | Dec 2023 -1.1 | Mar 2024 -2.5 | Jun 2024 -2.8 | Sep 2024 -4.3 | Dec 2024 -2.0 | Mar 2025 -3.9 | Jun 2025 -3.7 | Sep 2025 -1.2 | Dec 2025 -0.6 | Mar 2026 -0.5 | Jun 2026 -0.8 - DLTH: Sep 2021 — | Dec 2021 2.3 | Mar 2022 2.1 | Jun 2022 1.8 | Sep 2022 1.4 | Dec 2022 1.3 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 1.1 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.6 | Dec 2024 0.7 | Mar 2025 0.6 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 0.5 | Jun 2026 0.8 - AKA: Sep 2021 2.7 | Dec 2021 2.6 | Mar 2022 1.2 | Jun 2022 0.8 | Sep 2022 0.5 | Dec 2022 1.4 | Mar 2023 0.3 | Jun 2023 0.2 | Sep 2023 0.4 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 1.2 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.3 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 1.2 | Mar 2026 1.2 | Jun 2026 — - RENT: Sep 2021 — | Dec 2021 10.4 | Mar 2022 5.1 | Jun 2022 11.9 | Sep 2022 40.1 | Dec 2022 -5.6 | Mar 2023 -7.9 | Jun 2023 -3.1 | Sep 2023 -1.7 | Dec 2023 -0.4 | Mar 2024 -0.4 | Jun 2024 -0.3 | Sep 2024 -0.4 | Dec 2024 -0.2 | Mar 2025 -0.2 | Jun 2025 -0.1 | Sep 2025 -0.1 | Dec 2025 -3.9 | Mar 2026 -6.6 | Jun 2026 -2.9 - TLYS: Sep 2021 — | Dec 2021 2.2 | Mar 2022 2.3 | Jun 2022 1.6 | Sep 2022 1.3 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.6 | Dec 2023 1.4 | Mar 2024 1.6 | Jun 2024 1.4 | Sep 2024 1.3 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.3 | Jun 2026 1.7 ## Market action Victoria's Secret & Co. has the strongest one-year price move in Apparel Retail at +377.1%. It also leads on Mansfield relative strength against the S&P 500 at +67.1%. 11 of 25 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Victoria's Secret & Co. (VSXY): 377% 2. Citi Trends, Inc. (CTRN): 131% 3. Tilly's, Inc. (TLYS): 127% 4. Duluth Holdings Inc. (DLTH): 104% 5. Ross Stores, Inc. (ROST): 83% ### Strongest relative strength versus NIFTY 500 1. Victoria's Secret & Co. (VSXY): 67% 2. Torrid Holdings Inc. (CURV): 59% 3. Citi Trends, Inc. (CTRN): 42% 4. Tilly's, Inc. (TLYS): 35% 5. Duluth Holdings Inc. (DLTH): 30% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. ## Every company - The TJX Companies, Inc. (TJX) — market value ₹1.8 L Cr; latest fundamentals Jun 2026 - Ross Stores, Inc. (ROST) — market value ₹80.5K Cr; latest fundamentals Jun 2026 - Burlington Stores, Inc. (BURL) — market value ₹23.0K Cr; latest fundamentals Jun 2026 - lululemon athletica inc. (LULU) — market value ₹13.7K Cr; latest fundamentals Jun 2026 - The Gap, Inc. (GAP) — market value ₹7.3K Cr; latest fundamentals Jun 2026 - Victoria's Secret & Co. (VSXY) — market value ₹7.1K Cr; latest fundamentals Jun 2026 - Urban Outfitters, Inc. (URBN) — market value ₹6.4K Cr; latest fundamentals Jun 2026 - Boot Barn Holdings, Inc. (BOOT) — market value ₹4.8K Cr; latest fundamentals Mar 2026 - Abercrombie & Fitch Co. (ANF) — market value ₹4.6K Cr; latest fundamentals Jun 2026 - American Eagle Outfitters, Inc. (AEO) — market value ₹3.0K Cr; latest fundamentals Jun 2026 - The Buckle, Inc. (BKE) — market value ₹2.3K Cr; latest fundamentals Jun 2026 - Carter's, Inc. (CRI) — market value ₹1.5K Cr; latest fundamentals Jun 2026 - Stitch Fix, Inc. (SFIX) — market value ₹563 Cr; latest fundamentals Jun 2026 - Citi Trends, Inc. (CTRN) — market value ₹544 Cr; latest fundamentals Jun 2026 - Caleres, Inc. (CAL) — market value ₹447 Cr; latest fundamentals Jun 2026 - Genesco Inc. (GCO) — market value ₹432 Cr; latest fundamentals Jun 2026 - Shoe Station Group Inc. (SHOE) — market value ₹431 Cr; latest fundamentals Jun 2026 - Lands' End, Inc. (LE) — market value ₹389 Cr; latest fundamentals Jun 2026 - Zumiez Inc. (ZUMZ) — market value ₹347 Cr; latest fundamentals Jun 2026 - J.Jill, Inc. (JILL) — market value ₹278 Cr; latest fundamentals Jun 2026 - Torrid Holdings Inc. (CURV) — market value ₹271 Cr; latest fundamentals Jun 2026 - Duluth Holdings Inc. (DLTH) — market value ₹163 Cr; latest fundamentals Jun 2026 - a.k.a. Brands Holding Corp. (AKA) — market value ₹119 Cr; latest fundamentals Mar 2026 - Rent the Runway, Inc. (RENT) — market value ₹119 Cr; latest fundamentals Jun 2026 - Tilly's, Inc. (TLYS) — market value ₹118 Cr; latest fundamentals Jun 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Apparel Retail company is the biggest? The TJX Companies, Inc. is the largest, with trailing-twelve-month revenue of $61,584 million, ahead of Ross Stores, Inc. at $23,775 million. That covers 24 of 25 companies with comparable reporting through Jun 2026. ### Which Apparel Retail company is growing fastest? Boot Barn Holdings, Inc. has the fastest revenue growth at 17.9% year on year, across 24 of 25 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Apparel Retail company has the best profit margins? The Buckle, Inc. has the highest operating margin at 20.6%, from 25 of 25 comparable companies. Tilly's, Inc. shows the biggest recent improvement, at +14.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Apparel Retail company makes the most profit? The TJX Companies, Inc. earns the most, at $5,790 million of trailing-twelve-month net profit, from 24 of 25 comparable companies. Victoria's Secret & Co. has the fastest profit growth at 39.7%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Apparel Retail company earns the highest return on capital? Ross Stores, Inc. leads on return on capital employed at 7.8%, across 25 of 25 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Apparel Retail stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Abercrombie & Fitch Co. screens cheapest at 0.78×. Only 12 of 25 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Apparel Retail company has the strongest balance sheet? Lands' End, Inc. carries the lowest comparable gross debt at $48 million, from 25 of 25 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Which Apparel Retail company is investing most in new capacity? The TJX Companies, Inc. reports the largest capital spending at $662 million, across 25 of 25 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Apparel Retail sector beating the market? Apparel Retail has outperformed S&P 500 by 24% over the last 52 weeks and 6.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 11 of 25 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Apparel Retail stock has the strongest price momentum? Victoria's Secret & Co. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Apparel Retail company scores highest for research priority? Victoria's Secret & Co. scores 65.1 out of 100 with 86.2% evidence confidence, from 26.5 points on growth and earnings, 7.7 on capital efficiency, 10.9 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Apparel Retail companies does this comparison cover, and over what period? It compares 25 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Apparel Retail sector? The 25 Apparel Retail companies on this page carry $336,074 million of combined market value. The TJX Companies, Inc. is the largest at $177,636 million, about 53% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Apparel Retail sector's P/E ratio? The median price-to-earnings ratio across the 25 Apparel Retail companies on this page is 20.1×, measured on the 24 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the Apparel Retail sector performing? 11 of the 25 covered Apparel Retail companies are beating S&P 500 on Mansfield relative strength. The sector itself is 24% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Apparel Retail stocks are listed in the US? This comparison covers 25 listed Apparel Retail companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/apparel-retail