# Department Stores — company-by-company sector analysis

> Department Stores: Macy's, Inc. owns the largest revenue base; Dillard's, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Department Stores has outperformed S&P 500 by 22.4% over 52 weeks and 14.4% over 13 weeks. 2 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 4 beat the sector itself. Macy's, Inc. leads with revenue of $22,720 million, based on 3 of 4 comparable companies through Jun 2026.

### Is the Department Stores sector outperforming S&P 500?

Department Stores has outperformed S&P 500 by 22.4% over 52 weeks and 14.4% over 13 weeks. 2 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which Department Stores company is largest by revenue?

Macy's, Inc. leads with revenue of $22,720 million, based on 3 of 4 comparable companies through Jun 2026.

### Which Department Stores company is growing fastest?

Dillard's, Inc. has the fastest current revenue growth at 0.6%, across 3 of 4 comparable companies.

### Which Department Stores company has the strongest 4-Factor Sector Score?

Macy's, Inc. ranks first at 52.1/100 with 83.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Department Stores company reports the most CAPEX?

Macy's, Inc. reports the largest latest CAPEX at $88 million, with 4 of 4 companies comparable.

### Which Department Stores company has the least gross debt?

Dillard's, Inc. has the lowest comparable gross debt at $555 million. Kohl's Corporation has the highest at $6,533 million.

### Which Department Stores company has the lowest comparable PEG?

Macy's, Inc. has the lowest comparable Guarded PEG at 0.36, among 2 of 4 companies that pass the metric’s comparability rules.

### How much history does this Department Stores 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

Department Stores has outperformed S&P 500 by 22.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 14.4%. 2 of 4 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Macy's, Inc. is the strongest against the sector itself at +16.1%.

13-week sector return versus NIFTY 500: 14%
52-week sector return versus NIFTY 500: 22%
Stocks leading NIFTY: 2/4
Stocks leading sector: 2/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹20.5K 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. Macy's, Inc. (M): 52/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 10.4/35 | Capital efficiency 7.8/25 | Valuation 15.0/20 | Relative strength 18.9/20
   - Exact sum: 10.4 + 7.8 + 15 + 18.9 = 52.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 16.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Kohl's Corporation (KSS): 48/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 12.4/35 | Capital efficiency 5.3/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 12.4 + 5.3 + 10 + 20 = 47.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 6.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Dillard's, Inc. (DDS): 42/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 14.9/35 | Capital efficiency 12.1/25 | Valuation 14.5/20 | Relative strength 0.0/20
   - Exact sum: 14.9 + 12.1 + 14.5 + 0 = 41.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
4. Polibeli Group Ltd (PLBL): 38/100 — Thin evidence · provisional; evidence 30%
   - Growth & earnings 17.8/35 | Capital efficiency 8.2/25 | Valuation 10.0/20 | Relative strength 1.8/20
   - Exact sum: 17.8 + 8.2 + 10 + 1.8 = 37.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Macy's, Inc. is the scale leader at $22,720 million, 47% ahead of Kohl's Corporation. Dillard's, Inc.'s growth is 0.6% from a $6,605 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Macy's, Inc. is the scale benchmark; Dillard's, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Macy's, Inc.'s growth falls below Dillard's, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Macy's, Inc. · $22,720 million | 47% versus #2 · Kohl's Corporation | 2/8 recent comparable periods | 3/4 companies · 64 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. Macy's, Inc. (M): ₹22.7K Cr
2. Kohl's Corporation (KSS): ₹15.5K Cr
3. Dillard's, Inc. (DDS): ₹6.6K Cr

### Revenue growth — fastest growers
1. Dillard's, Inc. (DDS): 0.6%
2. Macy's, Inc. (M): -0.4%
3. Kohl's Corporation (KSS): -3.8%

### 20-quarter Revenue history
- DDS: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹1.6K Cr
- M: Sep 2021 ₹5.8K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 ₹8.7K Cr | Jun 2022 ₹5.6K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹8.6K Cr | Jun 2023 ₹5.2K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹8.4K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹8.0K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹7.9K Cr | Jun 2026 ₹4.9K Cr
- PLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹11 Cr | Sep 2023 — | Dec 2023 ₹12 Cr | Mar 2024 — | Jun 2024 ₹11 Cr | Sep 2024 — | Dec 2024 ₹19 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KSS: Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹6.5K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 ₹3.2K Cr

### 20-quarter Revenue growth history
- DDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.1% | Dec 2022 4.0% | Mar 2023 0.4% | Jun 2023 -1.8% | Sep 2023 -1.3% | Dec 2023 -4.4% | Mar 2024 -0.1% | Jun 2024 -2.5% | Sep 2024 -5.1% | Dec 2024 -3.5% | Mar 2025 -5.0% | Jun 2025 -1.7% | Sep 2025 1.4% | Dec 2025 2.8% | Mar 2026 -3.1% | Jun 2026 2.7%
- M: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -0.2% | Dec 2022 -3.3% | Mar 2023 -1.0% | Jun 2023 -7.0% | Sep 2023 -9.5% | Dec 2023 -7.9% | Mar 2024 -2.4% | Jun 2024 -3.3% | Sep 2024 -3.5% | Dec 2024 -2.7% | Mar 2025 -4.4% | Jun 2025 -4.1% | Sep 2025 -1.9% | Dec 2025 0.2% | Mar 2026 -1.1% | Jun 2026 2.1%
- PLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 58% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -8.1% | Dec 2022 -7.0% | Mar 2023 -7.4% | Jun 2023 -3.9% | Sep 2023 -4.7% | Dec 2023 -5.2% | Mar 2024 -1.1% | Jun 2024 -5.3% | Sep 2024 -4.2% | Dec 2024 -8.5% | Mar 2025 -9.4% | Jun 2025 -4.4% | Sep 2025 -5.0% | Dec 2025 -3.6% | Mar 2026 -4.2% | Jun 2026 -2.0%

## Operating Economics & Margin Trend

What the numbers say: Dillard's, Inc. leads opm at 14.3%; Macy's, Inc. leads margin change at +0.3 percentage points.

Investor read: Dillard's, 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: Dillard's, Inc. · 14.3% | 521.7% versus #2 · Macy's, Inc. | 2/8 recent comparable periods | 3/4 companies · 60 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Dillard's, Inc. (DDS): 14%
2. Macy's, Inc. (M): 2.3%
3. Kohl's Corporation (KSS): 1.5%

### Margin change — fastest expanders
1. Macy's, Inc. (M): +0.3 pp
2. Dillard's, Inc. (DDS): +0.2 pp
3. Kohl's Corporation (KSS): −0.4 pp

### 20-quarter OPM history
- DDS: Sep 2021 16% | Dec 2021 18% | Mar 2022 19% | Jun 2022 20% | Sep 2022 14% | Dec 2022 16% | Mar 2023 15% | Jun 2023 17% | Sep 2023 11% | Dec 2023 13% | Mar 2024 13% | Jun 2024 15% | Sep 2024 6.6% | Dec 2024 11% | Mar 2025 12% | Jun 2025 14% | Sep 2025 6.1% | Dec 2025 11% | Mar 2026 10% | Jun 2026 14%
- M: Sep 2021 10% | Dec 2021 9.3% | Mar 2022 12% | Jun 2022 8.3% | Sep 2022 6.8% | Dec 2022 3.5% | Mar 2023 7.4% | Jun 2023 4.7% | Sep 2023 2.3% | Dec 2023 1.6% | Mar 2024 10% | Jun 2024 2.5% | Sep 2024 4.4% | Dec 2024 1.3% | Mar 2025 8.4% | Jun 2025 2.0% | Sep 2025 3.0% | Dec 2025 0.9% | Mar 2026 7.8% | Jun 2026 2.3%
- KSS: Sep 2021 13% | Dec 2021 8.4% | Mar 2022 6.9% | Jun 2022 2.2% | Sep 2022 6.5% | Dec 2022 4.7% | Mar 2023 -5.0% | Jun 2023 2.7% | Sep 2023 4.2% | Dec 2023 3.9% | Mar 2024 5.0% | Jun 2024 1.3% | Sep 2024 4.4% | Dec 2024 2.6% | Mar 2025 2.3% | Jun 2025 1.9% | Sep 2025 7.9% | Dec 2025 2.0% | Mar 2026 4.1% | Jun 2026 1.5%

### 20-quarter Margin change history
- DDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 −1.7 pp | Mar 2023 −3.7 pp | Jun 2023 −3.5 pp | Sep 2023 −2.7 pp | Dec 2023 −2.8 pp | Mar 2024 −1.8 pp | Jun 2024 −1.4 pp | Sep 2024 −4.4 pp | Dec 2024 −1.9 pp | Mar 2025 −1.5 pp | Jun 2025 −1.0 pp | Sep 2025 −0.5 pp | Dec 2025 +0.1 pp | Mar 2026 −1.3 pp | Jun 2026 +0.2 pp
- M: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.4 pp | Dec 2022 −5.8 pp | Mar 2023 −4.3 pp | Jun 2023 −3.6 pp | Sep 2023 −4.5 pp | Dec 2023 −1.9 pp | Mar 2024 +2.8 pp | Jun 2024 −2.2 pp | Sep 2024 +2.1 pp | Dec 2024 −0.3 pp | Mar 2025 −1.8 pp | Jun 2025 −0.5 pp | Sep 2025 −1.4 pp | Dec 2025 −0.4 pp | Mar 2026 −0.6 pp | Jun 2026 +0.3 pp
- KSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.3 pp | Dec 2022 −3.7 pp | Mar 2023 −11.9 pp | Jun 2023 +0.5 pp | Sep 2023 −2.3 pp | Dec 2023 −0.8 pp | Mar 2024 +10.0 pp | Jun 2024 −1.4 pp | Sep 2024 +0.2 pp | Dec 2024 −1.3 pp | Mar 2025 −2.7 pp | Jun 2025 +0.6 pp | Sep 2025 +3.5 pp | Dec 2025 −0.6 pp | Mar 2026 +1.8 pp | Jun 2026 −0.4 pp

## Profit Scale & Acceleration

What the numbers say: Dillard's, Inc. leads with $658 million of TTM profit, 8.9% above Macy's, Inc.. Dillard's, Inc. shows 14% growth from a $658 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Dillard's, 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: Dillard's, Inc. · $658 million | 8.9% versus #2 · Macy's, Inc. | 2/8 recent comparable periods | 3/4 companies · 64 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. Dillard's, Inc. (DDS): ₹658 Cr
2. Macy's, Inc. (M): ₹604 Cr
3. Kohl's Corporation (KSS): ₹272 Cr

### Profit growth — fastest growers
1. Dillard's, Inc. (DDS): 14%
2. Macy's, Inc. (M): -23%

### 20-quarter Net profit history
- DDS: Sep 2021 ₹186 Cr | Dec 2021 ₹197 Cr | Mar 2022 ₹321 Cr | Jun 2022 ₹251 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹188 Cr | Mar 2023 ₹289 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹132 Cr | Dec 2023 ₹155 Cr | Mar 2024 ₹251 Cr | Jun 2024 ₹180 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹214 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹130 Cr | Mar 2026 ₹204 Cr | Jun 2026 ₹251 Cr
- M: Sep 2021 ₹345 Cr | Dec 2021 ₹239 Cr | Mar 2022 ₹743 Cr | Jun 2022 ₹286 Cr | Sep 2022 ₹275 Cr | Dec 2022 ₹108 Cr | Mar 2023 ₹478 Cr | Jun 2023 ₹155 Cr | Sep 2023 ₹-22 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹826 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹564 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹443 Cr | Jun 2026 ₹63 Cr
- PLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-3 Cr | Sep 2023 — | Dec 2023 ₹-3 Cr | Mar 2024 — | Jun 2024 ₹-6 Cr | Sep 2024 — | Dec 2024 ₹-5 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KSS: Sep 2021 ₹382 Cr | Dec 2021 ₹243 Cr | Mar 2022 ₹299 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹143 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹-273 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹186 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹-15 Cr | Sep 2025 ₹153 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹125 Cr | Jun 2026 ₹-14 Cr

### 20-quarter Profit growth history
- DDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -12% | Dec 2022 -4.6% | Mar 2023 -10.0% | Jun 2023 -20% | Sep 2023 -19% | Dec 2023 -18% | Mar 2024 -13% | Jun 2024 -10% | Sep 2024 -44% | Dec 2024 -19% | Mar 2025 -15% | Jun 2025 -8.9% | Sep 2025 -1.4% | Dec 2025 4.0% | Mar 2026 -4.7% | Jun 2026 53%
- M: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -20% | Dec 2022 -55% | Mar 2023 -36% | Jun 2023 -46% | Sep 2023 -108% | Dec 2023 -62% | Mar 2024 73% | Jun 2024 -60% | Sep 2024 — | Dec 2024 -32% | Mar 2025 -32% | Jun 2025 -39% | Sep 2025 -42% | Dec 2025 -61% | Mar 2026 -21% | Jun 2026 66%
- KSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -63% | Dec 2022 -60% | Mar 2023 -191% | Jun 2023 0.0% | Sep 2023 -59% | Dec 2023 -39% | Mar 2024 — | Jun 2024 -293% | Sep 2024 14% | Dec 2024 -63% | Mar 2025 -74% | Jun 2025 — | Sep 2025 132% | Dec 2025 -64% | Mar 2026 160% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Macy's, Inc. reports $88 million of CAPEX; Kohl's Corporation has the highest covered intensity at 2.7%. Coverage is only 4 of 4 companies and 64 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: Macy's, Inc. · $88 million | 4.8% versus #2 · Kohl's Corporation | 8/8 recent comparable periods | 4/4 companies · 64 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. Macy's, Inc. (M): ₹88 Cr
2. Kohl's Corporation (KSS): ₹84 Cr
3. Dillard's, Inc. (DDS): ₹17 Cr
4. Polibeli Group Ltd (PLBL): ₹0 Cr — older report

### CAPEX intensity — highest reinvestment intensity
1. Kohl's Corporation (KSS): 2.7%
2. Macy's, Inc. (M): 1.8%
3. Dillard's, Inc. (DDS): 1.1%
4. Polibeli Group Ltd (PLBL): 0.0% — older report

### 20-quarter CAPEX history
- DDS: Sep 2021 ₹24 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹20 Cr | Jun 2026 ₹17 Cr
- M: Sep 2021 ₹81 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹124 Cr | Jun 2022 ₹171 Cr | Sep 2022 ₹207 Cr | Dec 2022 ₹277 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹215 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹154 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹101 Cr | Jun 2026 ₹88 Cr
- PLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KSS: Sep 2021 ₹132 Cr | Dec 2021 ₹235 Cr | Mar 2022 ₹179 Cr | Jun 2022 ₹221 Cr | Sep 2022 ₹327 Cr | Dec 2022 ₹185 Cr | Mar 2023 ₹93 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹244 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹126 Cr | Sep 2024 ₹113 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹64 Cr | Jun 2026 ₹84 Cr

### 20-quarter CAPEX intensity history
- DDS: Sep 2021 1.5% | Dec 2021 2.6% | Mar 2022 1.2% | Jun 2022 1.6% | Sep 2022 2.1% | Dec 2022 2.2% | Mar 2023 1.2% | Jun 2023 2.0% | Sep 2023 1.9% | Dec 2023 2.7% | Mar 2024 1.3% | Jun 2024 2.2% | Sep 2024 1.7% | Dec 2024 1.9% | Mar 2025 0.7% | Jun 2025 1.1% | Sep 2025 1.8% | Dec 2025 2.0% | Mar 2026 1.0% | Jun 2026 1.1%
- M: Sep 2021 1.4% | Dec 2021 1.6% | Mar 2022 1.4% | Jun 2022 3.1% | Sep 2022 3.5% | Dec 2022 5.1% | Mar 2023 2.7% | Jun 2023 4.2% | Sep 2023 3.3% | Dec 2023 1.9% | Mar 2024 1.7% | Jun 2024 3.1% | Sep 2024 2.3% | Dec 2024 2.6% | Mar 2025 1.5% | Jun 2025 2.1% | Sep 2025 1.6% | Dec 2025 1.9% | Mar 2026 1.3% | Jun 2026 1.8%
- PLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 — | Dec 2023 17% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KSS: Sep 2021 3.0% | Dec 2021 5.1% | Mar 2022 2.8% | Jun 2022 5.9% | Sep 2022 8.0% | Dec 2022 4.3% | Mar 2023 1.5% | Jun 2023 2.6% | Sep 2023 6.3% | Dec 2023 3.9% | Mar 2024 1.4% | Jun 2024 3.7% | Sep 2024 3.0% | Dec 2024 3.5% | Mar 2025 1.8% | Jun 2025 3.4% | Sep 2025 2.5% | Dec 2025 3.0% | Mar 2026 1.2% | Jun 2026 2.7%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Dillard's, Inc. has the clearest covered balance-sheet capacity with $862 million net cash and gross debt of $555 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: Dillard's, Inc. · $555 million | 89.1% versus #2 · Macy's, Inc. | 8/8 recent comparable periods | 3/4 companies · 60 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. Dillard's, Inc. (DDS): ₹555 Cr
2. Macy's, Inc. (M): ₹5.1K Cr
3. Kohl's Corporation (KSS): ₹6.5K Cr

### Net debt — lowest net debt
1. Dillard's, Inc. (DDS): ₹-862 Cr
2. Macy's, Inc. (M): ₹3.8K Cr
3. Kohl's Corporation (KSS): ₹6.1K Cr

### 20-quarter Gross debt history
- DDS: Sep 2021 ₹610 Cr | Dec 2021 ₹607 Cr | Mar 2022 ₹609 Cr | Jun 2022 ₹606 Cr | Sep 2022 ₹603 Cr | Dec 2022 ₹603 Cr | Mar 2023 ₹555 Cr | Jun 2023 ₹554 Cr | Sep 2023 ₹552 Cr | Dec 2023 ₹556 Cr | Mar 2024 ₹564 Cr | Jun 2024 ₹563 Cr | Sep 2024 ₹560 Cr | Dec 2024 ₹558 Cr | Mar 2025 ₹555 Cr | Jun 2025 ₹554 Cr | Sep 2025 ₹551 Cr | Dec 2025 ₹549 Cr | Mar 2026 ₹558 Cr | Jun 2026 ₹555 Cr
- M: Sep 2021 ₹7.9K Cr | Dec 2021 ₹6.5K Cr | Mar 2022 ₹6.4K Cr | Jun 2022 ₹6.0K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 ₹5.1K Cr
- KSS: Sep 2021 ₹6.6K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.8K Cr | Jun 2022 ₹7.2K Cr | Sep 2022 ₹7.6K Cr | Dec 2022 ₹8.2K Cr | Mar 2023 ₹7.6K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹8.0K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹7.6K Cr | Sep 2024 ₹7.5K Cr | Dec 2024 ₹7.4K Cr | Mar 2025 ₹7.2K Cr | Jun 2025 ₹7.4K Cr | Sep 2025 ₹6.9K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 ₹6.5K Cr

### 20-quarter Net debt history
- DDS: Sep 2021 ₹-59 Cr | Dec 2021 ₹-13 Cr | Mar 2022 ₹-108 Cr | Jun 2022 ₹-256 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹-128 Cr | Mar 2023 ₹-244 Cr | Jun 2023 ₹-393 Cr | Sep 2023 ₹-372 Cr | Dec 2023 ₹-337 Cr | Mar 2024 ₹-392 Cr | Jun 2024 ₹-602 Cr | Sep 2024 ₹-510 Cr | Dec 2024 ₹-551 Cr | Mar 2025 ₹-489 Cr | Jun 2025 ₹-605 Cr | Sep 2025 ₹-661 Cr | Dec 2025 ₹-785 Cr | Mar 2026 ₹-515 Cr | Jun 2026 ₹-862 Cr
- M: Sep 2021 ₹5.8K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹5.7K Cr | Dec 2022 ₹5.8K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹5.5K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹4.8K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 ₹3.8K Cr
- KSS: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.9K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹7.4K Cr | Dec 2022 ₹8.0K Cr | Mar 2023 ₹7.4K Cr | Jun 2023 ₹7.8K Cr | Sep 2023 ₹7.8K Cr | Dec 2023 ₹7.9K Cr | Mar 2024 ₹7.2K Cr | Jun 2024 ₹7.4K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹7.3K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹6.7K Cr | Dec 2025 ₹7.0K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 ₹6.1K Cr

## Return On Capital Employed

What the numbers say: Dillard's, Inc. leads ROCE at 8.1%, 7.1 percentage points above Macy's, Inc.. Polibeli Group Ltd has the strongest latest improvement at +58.6 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: Dillard's, 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: Dillard's, Inc. · 8.1% | 710% versus #2 · Macy's, Inc. | 1/8 recent comparable periods | 4/4 companies · 67 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. Dillard's, Inc. (DDS): 8.1%
2. Macy's, Inc. (M): 1.0%
3. Kohl's Corporation (KSS): 0.4%
4. Polibeli Group Ltd (PLBL): 0.0% — older report

### ROCE change — fastest improvers
1. Polibeli Group Ltd (PLBL): +58.6 pp — older report
2. Dillard's, Inc. (DDS): +0.3 pp
3. Macy's, Inc. (M): +0.2 pp
4. Kohl's Corporation (KSS): −0.2 pp

### 20-quarter ROCE history
- DDS: Sep 2021 — | Dec 2021 11% | Mar 2022 18% | Jun 2022 14% | Sep 2022 9.3% | Dec 2022 10% | Mar 2023 14% | Jun 2023 11% | Sep 2023 7.3% | Dec 2023 7.7% | Mar 2024 11% | Jun 2024 8.8% | Sep 2024 3.6% | Dec 2024 5.9% | Mar 2025 9.0% | Jun 2025 7.8% | Sep 2025 3.3% | Dec 2025 5.9% | Mar 2026 7.8% | Jun 2026 8.1%
- M: Sep 2021 — | Dec 2021 4.3% | Mar 2022 8.3% | Jun 2022 3.9% | Sep 2022 3.4% | Dec 2022 1.7% | Mar 2023 5.3% | Jun 2023 2.1% | Sep 2023 1.0% | Dec 2023 0.7% | Mar 2024 7.2% | Jun 2024 1.0% | Sep 2024 1.9% | Dec 2024 0.5% | Mar 2025 5.7% | Jun 2025 0.8% | Sep 2025 1.3% | Dec 2025 0.4% | Mar 2026 5.2% | Jun 2026 1.0%
- PLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 -56% | Dec 2023 -56% | Mar 2024 -52% | Jun 2024 -52% | Sep 2024 -59% | Dec 2024 -59% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 — | Jun 2026 —
- KSS: Sep 2021 — | Dec 2021 3.3% | Mar 2022 3.7% | Jun 2022 0.7% | Sep 2022 2.2% | Dec 2022 1.7% | Mar 2023 -2.6% | Jun 2023 0.9% | Sep 2023 1.4% | Dec 2023 1.4% | Mar 2024 2.6% | Jun 2024 0.4% | Sep 2024 1.5% | Dec 2024 0.9% | Mar 2025 1.2% | Jun 2025 0.6% | Sep 2025 2.6% | Dec 2025 0.7% | Mar 2026 2.0% | Jun 2026 0.4%

### 20-quarter ROCE change history
- DDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.1 pp | Mar 2023 −3.9 pp | Jun 2023 −2.9 pp | Sep 2023 −2.0 pp | Dec 2023 −2.6 pp | Mar 2024 −2.4 pp | Jun 2024 −2.1 pp | Sep 2024 −3.7 pp | Dec 2024 −1.8 pp | Mar 2025 −2.2 pp | Jun 2025 −1.0 pp | Sep 2025 −0.3 pp | Dec 2025 0.0 pp | Mar 2026 −1.2 pp | Jun 2026 +0.3 pp
- M: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.6 pp | Mar 2023 −3.0 pp | Jun 2023 −1.8 pp | Sep 2023 −2.4 pp | Dec 2023 −1.0 pp | Mar 2024 +1.9 pp | Jun 2024 −1.1 pp | Sep 2024 +0.9 pp | Dec 2024 −0.2 pp | Mar 2025 −1.5 pp | Jun 2025 −0.2 pp | Sep 2025 −0.6 pp | Dec 2025 −0.1 pp | Mar 2026 −0.5 pp | Jun 2026 +0.2 pp
- PLBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −56.3 pp | Dec 2023 −56.3 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −2.3 pp | Dec 2024 −2.3 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +58.6 pp | Dec 2025 +58.6 pp | Mar 2026 — | Jun 2026 —
- KSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.6 pp | Mar 2023 −6.3 pp | Jun 2023 +0.2 pp | Sep 2023 −0.8 pp | Dec 2023 −0.3 pp | Mar 2024 +5.2 pp | Jun 2024 −0.5 pp | Sep 2024 +0.1 pp | Dec 2024 −0.5 pp | Mar 2025 −1.4 pp | Jun 2025 +0.2 pp | Sep 2025 +1.1 pp | Dec 2025 −0.2 pp | Mar 2026 +0.8 pp | Jun 2026 −0.2 pp

## Valuation Against Growth & Quality

What the numbers say: Macy's, Inc. has the lowest comparable Guarded PEG at 0.36×, 56.6% below Dillard's, Inc.. Only 2 of 4 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: Macy's, Inc. · 0.36× | 56.6% versus #2 · Dillard's, Inc. | 0/8 recent comparable periods | 2/4 companies · 3 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. Macy's, Inc. (M): 0.4
2. Dillard's, Inc. (DDS): 0.8

### P/E — lowest P/E
1. Kohl's Corporation (KSS): 6.2
2. Macy's, Inc. (M): 8.1
3. Dillard's, Inc. (DDS): 13.4

### 20-quarter Guarded PEG history
- DDS: 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 — | Jun 2026 0.8
- M: 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 0.7 | Jun 2026 0.4

### 20-quarter P/E history
- DDS: Sep 2021 — | Dec 2021 8.0 | Mar 2022 6.0 | Jun 2022 6.2 | Sep 2022 4.6 | Dec 2022 6.4 | Mar 2023 7.5 | Jun 2023 6.1 | Sep 2023 6.9 | Dec 2023 6.7 | Mar 2024 8.8 | Jun 2024 9.9 | Sep 2024 8.9 | Dec 2024 9.5 | Mar 2025 12.7 | Jun 2025 10.0 | Sep 2025 12.9 | Dec 2025 16.3 | Mar 2026 16.7 | Jun 2026 13.5
- M: Sep 2021 — | Dec 2021 10.0 | Mar 2022 5.6 | Jun 2022 4.6 | Sep 2022 3.4 | Dec 2022 4.4 | Mar 2023 5.7 | Jun 2023 4.3 | Sep 2023 6.0 | Dec 2023 4.8 | Mar 2024 116.4 | Jun 2024 — | Sep 2024 37.1 | Dec 2024 40.2 | Mar 2025 7.5 | Jun 2025 6.1 | Sep 2025 7.1 | Dec 2025 11.5 | Mar 2026 8.6 | Jun 2026 8.1
- KSS: Sep 2021 — | Dec 2021 7.6 | Mar 2022 9.5 | Jun 2022 9.0 | Sep 2022 5.8 | Dec 2022 7.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 9.3 | Jun 2024 9.8 | Sep 2024 7.9 | Dec 2024 8.2 | Mar 2025 13.5 | Jun 2025 6.9 | Sep 2025 5.8 | Dec 2025 9.5 | Mar 2026 7.3 | Jun 2026 6.2

## Enterprise Value & Book Value

What the numbers say: Kohl's Corporation leads both ev/ebitda at 5.93× and p/bv at 0.41×.

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: Kohl's Corporation · 5.93× | 29.2% versus #2 · Macy's, Inc. | 0/8 recent comparable periods | 3/4 companies · 57 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. Kohl's Corporation (KSS): 5.9
2. Macy's, Inc. (M): 8.4
3. Dillard's, Inc. (DDS): 9.1

### P/BV — lowest P/BV
1. Kohl's Corporation (KSS): 0.4
2. Macy's, Inc. (M): 1.1
3. Dillard's, Inc. (DDS): 4.4

### 20-quarter EV/EBITDA history
- DDS: Sep 2021 — | Dec 2021 4.5 | Mar 2022 3.5 | Jun 2022 3.7 | Sep 2022 2.8 | Dec 2022 3.9 | Mar 2023 4.8 | Jun 2023 3.8 | Sep 2023 4.2 | Dec 2023 4.1 | Mar 2024 5.4 | Jun 2024 6.0 | Sep 2024 5.4 | Dec 2024 5.6 | Mar 2025 7.6 | Jun 2025 5.8 | Sep 2025 7.5 | Dec 2025 9.6 | Mar 2026 10.3 | Jun 2026 9.1
- M: Sep 2021 — | Dec 2021 11.0 | Mar 2022 3.8 | Jun 2022 3.6 | Sep 2022 3.2 | Dec 2022 4.0 | Mar 2023 4.5 | Jun 2023 4.2 | Sep 2023 4.8 | Dec 2023 4.6 | Mar 2024 6.1 | Jun 2024 8.6 | Sep 2024 7.4 | Dec 2024 7.5 | Mar 2025 4.0 | Jun 2025 6.9 | Sep 2025 7.3 | Dec 2025 9.2 | Mar 2026 4.4 | Jun 2026 8.4
- KSS: Sep 2021 — | Dec 2021 4.9 | Mar 2022 5.2 | Jun 2022 6.0 | Sep 2022 5.5 | Dec 2022 6.4 | Mar 2023 10.4 | Jun 2023 9.7 | Sep 2023 11.7 | Dec 2023 11.7 | Mar 2024 6.9 | Jun 2024 7.1 | Sep 2024 6.7 | Dec 2024 6.9 | Mar 2025 7.2 | Jun 2025 6.8 | Sep 2025 6.2 | Dec 2025 7.1 | Mar 2026 6.0 | Jun 2026 5.9

### 20-quarter P/BV history
- DDS: Sep 2021 — | Dec 2021 3.1 | Mar 2022 3.3 | Jun 2022 3.7 | Sep 2022 2.8 | Dec 2022 3.5 | Mar 2023 4.1 | Jun 2023 3.0 | Sep 2023 3.2 | Dec 2023 2.8 | Mar 2024 3.7 | Jun 2024 3.8 | Sep 2024 3.0 | Dec 2024 3.1 | Mar 2025 4.2 | Jun 2025 3.1 | Sep 2025 3.8 | Dec 2025 4.6 | Mar 2026 5.3 | Jun 2026 4.4
- M: Sep 2021 — | Dec 2021 2.7 | Mar 2022 2.1 | Jun 2022 2.2 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 0.8 | Mar 2024 1.3 | Jun 2024 1.3 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 1.2 | Mar 2026 1.1 | Jun 2026 1.1
- PLBL: 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 -72.6 | Dec 2025 -88.4 | Mar 2026 — | Jun 2026 —
- KSS: Sep 2021 — | Dec 2021 1.4 | Mar 2022 1.7 | Jun 2022 1.7 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 0.9 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.6 | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.2 | Sep 2025 0.3 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 0.4

## Market action

Macy's, Inc. has the strongest one-year price move in Department Stores at +103.5%. It also leads on Mansfield relative strength against the S&P 500 at +16.9%. 2 of 4 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Macy's, Inc. (M): 104%
2. Kohl's Corporation (KSS): 78%
3. Dillard's, Inc. (DDS): 26%
4. Polibeli Group Ltd (PLBL): -33%

### Strongest relative strength versus NIFTY 500
1. Macy's, Inc. (M): 17%
2. Kohl's Corporation (KSS): 6.5%
3. Dillard's, Inc. (DDS): -8.3%
4. Polibeli Group Ltd (PLBL): -29%

## 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.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Dillard's, Inc. (DDS) — market value ₹9.2K Cr; latest fundamentals Jun 2026
- Macy's, Inc. (M) — market value ₹6.6K Cr; latest fundamentals Jun 2026
- Polibeli Group Ltd (PLBL) — market value ₹2.5K Cr; latest fundamentals Dec 2025
- Kohl's Corporation (KSS) — market value ₹2.2K 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 Department Stores company is the biggest?

Macy's, Inc. is the largest, with trailing-twelve-month revenue of $22,720 million, ahead of Kohl's Corporation at $15,461 million. That covers 3 of 4 companies with comparable reporting through Jun 2026.

### Which Department Stores company is growing fastest?

Dillard's, Inc. has the fastest revenue growth at 0.6% year on year, across 3 of 4 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 Department Stores company has the best profit margins?

Dillard's, Inc. has the highest operating margin at 14.3%, from 3 of 4 comparable companies. Macy's, Inc. shows the biggest recent improvement, at +0.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Department Stores company makes the most profit?

Dillard's, Inc. earns the most, at $658 million of trailing-twelve-month net profit, from 3 of 4 comparable companies. Dillard's, Inc. has the fastest profit growth at 14%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Department Stores company earns the highest return on capital?

Dillard's, Inc. leads on return on capital employed at 8.1%, across 4 of 4 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 Department Stores stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Macy's, Inc. screens cheapest at 0.36×. Only 2 of 4 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 Department Stores company has the strongest balance sheet?

Dillard's, Inc. carries the lowest comparable gross debt at $555 million, from 3 of 4 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 Department Stores company is investing most in new capacity?

Macy's, Inc. reports the largest capital spending at $88 million, across 4 of 4 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 Department Stores sector beating the market?

Department Stores has outperformed S&P 500 by 22.4% over the last 52 weeks and 14.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Department Stores stock has the strongest price momentum?

Macy's, Inc. 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 Department Stores company scores highest for research priority?

Macy's, Inc. scores 52.1 out of 100 with 83.2% evidence confidence, from 10.4 points on growth and earnings, 7.8 on capital efficiency, 15 on valuation and 18.9 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 Department Stores companies does this comparison cover, and over what period?

It compares 4 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 Department Stores sector?

The 4 Department Stores companies on this page carry $20,452 million of combined market value. Dillard's, Inc. is the largest at $9,199 million, about 45% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### How is the Department Stores sector performing?

2 of the 4 covered Department Stores companies are beating S&P 500 on Mansfield relative strength. The sector itself is 22.4% 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 Department Stores stocks are listed in the US?

This comparison covers 4 listed Department Stores 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/department-stores