Apparel and Accessories Retail Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › APPAREL AND ACCESSORIES RETAIL

Apparel Retail: The Top of the Range Sits with the Faster-Growing Names

This report shows how growth, earnings quality and retail model shape the market’s view of value.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › APPAREL AND ACCESSORIES RETAIL

   Cover slide introducing the Apparel and Accessories Retail sector outlook as of September 2026.

   We open with the Apparel and Accessories Retail sector as it stood on September 28, 2026, valued primarily on EV/EBITDA against CY2027E consensus. This sets up the report's central finding: the higher end of the range sits with growth backed by durable retail economics.

   Everything on this page

   CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › APPAREL AND ACCESSORIES RETAIL Apparel Retail: The Top of the Range Sits with the Faster-Growing Names This report shows how growth, earnings quality and retail model shape the market’s view of value. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five sections plus the appendix.

   We walk through five sections — the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications — plus a full appendix. We put the conclusion first by design, so even a reader who stops after section one leaves with the whole story, and every section after it builds the evidence behind it.

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   CONTENTS What This Report Covers 01 The Bottom Line Apparel Retail Rewards a Broader Earnings Story 02 The Landscape Specialty Chains Anchor a Broader Retail Benchmark 03 Valuation & Situations The Forward Premium Sits with More Durable Earnings Stories 04 Precedent Transactions What Buyers Agreed to Pay Varied Widely by Asset 05 Strategic Implications A Defensible Value Case Connects Growth to Retail Economics 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Apparel and Accessories Retail Spans Specialty Chains, Footwear Retail and Adjacent Models

   Summary slide showing the sector's four headline conclusions on one page.

   This page puts the whole story on one slide, benchmarked on EV/EBITDA against CY2027E consensus across the rated companies in the set. It shows the premium tier separating from the discount tier, growth carrying the higher middle multiple, and precedent deals pricing assets individually. So what: the same forces should already be shaping how each company here is thinking about its next twelve months.

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   01 · THE BOTTOM LINE Apparel and Accessories Retail Spans Specialty Chains, Footwear Retail and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (24 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Durability Separates the Two Ends of the Forward Range The premium end of the set sits at 12.1x, versus 6.3x at the discount end. With forward earnings already credited, the spread is associated with confidence in merchandising, inventory and fleet economics. 2 Faster-Growing Names Carry the Higher Middle Multiple The 12 faster-growing names sit at 9.3x, versus 7.4x for the 11 slower-growing names. This association supports a broader operating story around comps, full-price sell-through and profitable channel mix. 3 A Broader Value Case Pairs Growth with Margin Nine names clearing both bars sit at 9.2x. On the three names clearing growth alone, the figure is 9.4x, versus 5.9x for the three clearing margin alone. 4 Whole-Company Pricing Remains Asset-Specific The transaction record includes 9 deals across strategic and financial buyers. The selected cases suggest buyers distinguish among banner reach, category adjacency and the earnings attached to the store fleet. 8.2x Sector median EV/EBITDA CY2027E consensus · 24 rated of 26 companies 12.1x Premium end EV/EBITDA vs 6.3x at the discount end top quartile (n=6) against bottom quartile (n=6) on EV/EBITDA — the spread the report explains 18 Transactions with disclosed terms 33 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market landscape section.

   This section maps the comp set — specialty chains anchor it, while footwear retail and adjacent models broaden the comparison. We use this page to reset the room before walking through where each business model sits.

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   SECTION 02 02 THE LANDSCAPE Specialty Chains Anchor a Broader Retail Benchmark The set spans store-led banners, footwear retail and adjacent models with different economics. 02 of 06 Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Specialty Chains Dominate the Set, but Adjacent Models Broaden the Benchmark

   Chart grouping the approved companies by business segment with median EV/EBITDA per group.

   We group the approved companies by business segment and compare median EV/EBITDA on the same CY2027E basis. Specialty chains dominate the set by count, but footwear retail and adjacent models sit alongside them and stretch the benchmark's range. So what: any read of 'the sector multiple' has to account for which business model is actually being priced.

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   02 · MARKET MAP Specialty Chains Dominate the Set, but Adjacent Models Broaden the Benchmark 26 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 APPAREL SPECIALTY CHAINS 19 cos median 8.2x The TJX Companies (TJX) Ross Stores (ROST) Lululemon (LULU) The Gap (GAP) Urban Outfitters (URBN) Abercrombie & (ANF) American Eagle (AEO) Boot Barn Holdings (BOOT) The Buckle (BKE) Caleres (CAL) Genesco (GCO) Torrid Holdings (CURV) Citi Trends (CTRN) The Children's (PLCE) J.Jill (JILL) a.k.a. Brands (AKA) Zumiez (ZUMZ) +2 more With 19 of 26 companies, this group anchors the read on banner relevance, merchandise execution and fleet productivity. APPAREL AND FOOTWEAR SPECIALTY RETAIL 3 cos median 8.0x Academy Sports (ASO) Winmark (WINA) Playboy (PLBY) These 3 companies test how category breadth and footwear exposure sit alongside apparel-led peers. ADJACENT MODELS 4 cos median 8.3x Ralph Lauren (RL) Kohl's (KSS) Signet Jewelers (SIG) Designer Brands (DBI) These 4 companies extend the benchmark to branded, department-store, jewellery and footwear models.

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   02 · LANDSCAPE

   The Benchmark Tests Several Retail Models Against One Earnings Standard

   Segment-level view testing several retail models against one earnings standard.

   We hold every segment to the same EV/EBITDA (CY2027E) yardstick so the different retail models can be compared directly. This shows which business types the market is crediting most today, on a like-for-like earnings basis. So what: it gives a client a clean starting point before the company-level detail in the appendix.

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   02 · LANDSCAPE The Benchmark Tests Several Retail Models Against One Earnings Standard Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Apparel specialty chains 19 73% 8.2x The TJX Companies, Inc. (TJX) · Ross Stores, Inc. (ROST) · +17 more The core benchmark group. This group represents 73% of the set and centres the comparison on comps, full-price sell-through, inventory discipline and store-level economics. Apparel and footwear specialty retail 3 12% 8.0x Academy Sports and Outdoors, Inc. (ASO) · Winmark Corporation (WINA) · +1 more Category breadth changes the mix. This group represents 12% of the set and brings different category, channel and inventory profiles into the valuation discussion. Adjacent models 4 15% 8.3x Ralph Lauren Corporation (RL) · Kohl's Corporation (KSS) · +2 more Different economics sharpen the test. This group represents 15% of the set and shows how branded, department-store and category-led models sit beside specialty chains.

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   SECTION 03

   03

   Section divider introducing the public market valuation section.

   Here we move from the landscape to valuation itself — where the forward premium sits and why. Forecast earnings already carry credit in these prices, and the spread between the top and bottom of the range is meaningful. We use this page to reset before walking through the evidence.

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   SECTION 03 03 VALUATION & SITUATIONS The Forward Premium Sits with More Durable Earnings Stories Forecast earnings already receive credit, leaving a meaningful spread between the two ends. 03 of 06 Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Forward Premium Sits with Earnings Stories the Market Expects to Endure

   Ranked chart of EV/EBITDA (CY2027E) across the rated companies against the sector median.

   We rank the rated companies on EV/EBITDA (CY2027E) against a sector median of 8.2x, with tier zones cut at the set's own quartiles. The premium tier trades at 12.1x while the discount tier sits at 6.3x — a wide spread before we even look at why. So what: that spread is the entry point into the pages that follow, where we test what's actually associated with sitting at the top versus the bottom.

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   03 · PUBLIC MARKET VALUATION The Forward Premium Sits with Earnings Stories the Market Expects to Endure EV / EBITDA (CY2027E) · all 24 rated companies, sorted descending · sector median 8.2x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (24 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 12.1x CORE · median 8.2x DISCOUNT · median 6.3x Sector median 8.2x WHAT SEPARATES THE TWO ENDS The forward spread is wide. The premium end sits at 12.1x, while the discount end sits at 6.3x. That gap remains after forecast earnings receive credit. Growth appears more often. The upper end includes more names with positive growth profiles, while the lower end includes several slower or declining names. Durability remains the test. A forward multiple puts emphasis on whether comps, merchandise margin and fleet productivity can hold through the forecast period.

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   03 · VALUATION DRIVERS

   Faster-Growing Names Carry the Higher Middle Multiple

   Comparison of median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort.

   We split the rated set at its own median for revenue growth and again for EBITDA margin, then compare median multiples across each pair of cohorts. The faster-growing companies sit at 9.3x versus 7.4x for the slower-growing companies, a wider gap than margin alone produces. So what: growth looks more closely associated with the premium end of this range than profitability does on its own.

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   03 · VALUATION DRIVERS Faster-Growing Names Carry the Higher Middle Multiple Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=12; slower n=11; higher-margin n=12; lower-margin n=11). Driver readings are NeuraCap views on the supplied data — association, not causation. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 4% · EBITDA-margin split at 11% The Growth Split Is Associated with a Valuation Spread Among 23 names with growth estimates, the 12 names at or above 4% sit at 9.3x, versus 7.4x for the 11 below. The association does not establish causality, and company mix and scale may also matter. Margin Alone Does Not Secure the Upper Range The small margin-only group sits below the small growth-only group. The observation suggests investors are testing whether current earnings can persist, rather than rewarding the margin level in isolation. Revenue Quality Remains Central to the Growth Story Comps supported by full-price sell-through, clean inventory and profitable channel economics present a broader case than revenue growth supported by promotion or markdowns.

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    03 · SITUATION MAP

    Higher Multiples Track the Faster-Growing Names; Slower Growers Compete on Profitability Instead

    Grid mapping companies by EV/EBITDA versus the sector median and revenue growth versus the covered median.

    We cut the set on EV/EBITDA against the 8.2x sector median and on revenue growth against the 4% covered median, placing every rated company into one of four situations. This characterizes where each company sits today; it is not a recommendation to buy or sell. So what: it gives each company a plain-language read on which quadrant it's arguing from before its next move.

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    03 · SITUATION MAP Higher Multiples Track the Faster-Growing Names; Slower Growers Compete on Profitability Instead Cut on EV / EBITDA vs the sector median (8.2x) (rows) and revenue growth vs the covered median (4%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Growth Above-median multiple · above-median revenue growth 7 names The TJX Companies, Inc. (TJX) · Ross Stores, Inc. (ROST) · Ralph Lauren Corporation (RL) · +4 more Seven names combine an above-middle multiple with above-middle growth. The operating test is whether comps, merchandise margin and fleet returns can sustain that position. Premium Awaiting Growth Above-median multiple · below-median revenue growth 4 names Designer Brands Inc. (DBI) · Torrid Holdings Inc. (CURV) · The Children's Place, Inc. (PLCE) · +1 more Four names hold an above-middle multiple despite below-middle growth. Their standing appears more exposed to proof of earnings durability and a credible route back to growth. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 5 names Urban Outfitters, Inc. (URBN) · Abercrombie & Fitch Co. (ANF) · Academy Sports and Outdoors, Inc. (ASO) · +2 more Five names pair above-middle growth with a below-middle multiple. The gap suggests the market may still be testing revenue quality, margin conversion or the durability of the growth profile. Recovery Case Below-median multiple · below-median revenue growth 7 names Lululemon Athletica Inc. (LULU) · The Gap, Inc. (GAP) · Kohl's Corporation (KSS) · +4 more Seven names sit below the middle on both measures. The agenda centres on merchandise relevance, inventory discipline, cost structure and fleet productivity.

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    03 · GROWTH VS PROFITABILITY

    The Three Growth-Only Names Price Above the Three Margin-Only Names

    Scatter of revenue growth versus EBITDA margin with median EV/EBITDA by quadrant.

    We plot revenue growth against EBITDA margin for the companies with both estimates, cutting at the covered medians of 4% growth and 11% margin. The names clearing growth alone price at 9.4x versus 5.9x for the names clearing margin alone, while the balanced names sit at 9.2x. So what: pairing growth with margin looks like the more durable route to the top of the range than either measure alone.

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    03 · GROWTH VS PROFITABILITY The Three Growth-Only Names Price Above the Three Margin-Only Names Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 23 companies with both estimates · cuts at the covered medians (4% growth, 11% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=9; margin-only n=3; growth-only n=3; neither n=8). CTRN plotted at the chart edge. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 10% 20% 30% 5% 10% 15% 20% MARGIN ONLY median 5.9x BALANCED median 9.2x NEITHER median 8.0x GROWTH ONLY median 9.4x LULU KSS CAL GCO DBI CURV SIG DLTH GAP ZUMZ PLCE AEO JILL ANF ASO AKA RL TJX PLBY ROST URBN BOOT CTRN x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Across 23 names with both measures, the bars are 4% growth and 11% margin. Nine names clear both bars and sit at 9.2x. The three growth-only names sit at 9.4x, versus 5.9x for the three margin-only names. The 8 names clearing neither bar sit at 8.0x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 23 names clear it (CTRN).

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    03 · THE AGENDA

    What Counts as Operating Proof Shifts with the Company's Starting Point

    Framework of questions an owner or acquirer should resolve based on where a company starts.

    We turn the cohort evidence into a set of questions, because what counts as convincing operating proof depends on where a company starts — growth-led, margin-led, or neither. This is our view, framed as the agenda a board should work through rather than a scorecard. So what: it turns the data into a concrete starting list for the next planning cycle.

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    03 · THE AGENDA What Counts as Operating Proof Shifts with the Company's Starting Point NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Defend Profitable Growth For companies already above both bars, the priority is to protect full-price sell-through, merchandise margin and store-level returns as growth scales. What changes the answer: The answer changes if growth begins to rely more heavily on promotion, markdowns or lower-return channels. Convert Growth into Earnings Quality For growth-led companies below the middle valuation, focus on mix, inventory turns, occupancy and channel economics that can broaden the earnings case. What changes the answer: The answer changes when incremental growth carries durable merchandise margin and cash conversion. Rebuild the Growth Engine For profitable companies with slower growth, test assortment, AUR, read-and-react buying and store runway before adding fixed cost. What changes the answer: The answer changes when comps improve without deeper promotion or heavier inventory. Reshape the Operating Base For companies below both bars, examine buy depth, markdown cadence, door count, lease flexibility and capital allocation as one connected plan. What changes the answer: The answer changes when inventory, occupancy and store contribution begin improving together.

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    SECTION 04

    04

    Section divider introducing the precedent transactions section.

    We now turn to what buyers have actually agreed to pay, which varies widely by asset. Precedent transactions give us a second, deal-based lens on the same question of value. We use this page to reset before walking through the cases.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay Varied Widely by Asset Precedent transactions point to asset-specific views of banners, categories and earnings. 04 of 06 Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Show Asset-Specific Views of Retail Earnings

    Case studies on a subset of precedent transactions with disclosed terms.

    We walk through a small set of transactions with disclosed terms as case studies, with multiples on LTM financials at announcement; the complete list sits in the appendix. These deals are priced on a different basis than the public CY2027E multiples shown earlier, so we don't draw a direct spread between the two. So what: across the cases, buyers appear to be paying for banner reach, category adjacency and the earnings attached to the specific store fleet, not one sector-wide price.

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    04 · DEAL CASE STUDIES Precedent Transactions Show Asset-Specific Views of Retail Earnings 3 of 18 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 55 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 May-2025 $7.1B Dick's Sporting Goods, Inc. Dick's Sporting Goods, Inc. agreed to acquire Foot Locker, Inc. in a large category combination. EV / LTM revenue 0.7x EV / LTM EBITDA 6.4x WHY THE DEAL HAPPENED The pairing suggests a broader portfolio of banners and customer relationships. The completed transaction also points to the value strategic buyers may place on category reach. HOW THE TARGET WAS VALUED The transaction was recorded at $7.1B, 0.7x revenue and 6.4x EBITDA. The EBITDA mark sits below the middle of the public peer set. Jun-2021 $6.3B Bath & Body Works, Inc. Bath & Body Works, Inc. and Victoria’s Secret & Co. formed a large specialty-retail transaction. EV / LTM revenue 0.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests the banners were assessed on their distinct customer, merchandise and channel economics. Its scale also makes it a relevant reference for established specialty retail assets. HOW THE TARGET WAS VALUED The completed transaction was recorded at $6.3B and 0.8x revenue. The revenue mark is a cross-check rather than the lead earnings benchmark used for the public peer set. Feb-2021 $495M JD Sports Fashion PLC JD Sports Fashion PLC agreed to acquire DTLR Villa LLC as a strategic banner addition. EV / LTM revenue n/a EV / LTM EBITDA 10.9x WHY THE DEAL HAPPENED The pairing suggests an effort to broaden banner coverage and customer access. The announced transaction places a strategic buyer against a focused retail asset. HOW THE TARGET WAS VALUED The transaction was recorded at $495M and 10.9x EBITDA. The EBITDA mark sits above the middle of the public peer set.

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    SECTION 05

    05

    Section divider introducing the strategic implications section.

    We close the analytical sections by connecting the comp and deal evidence to strategy. A defensible value case gets stronger when growth is backed by full-price sell-through, clean inventory and fleet returns. We use this page to reset before the final section.

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    SECTION 05 05 STRATEGIC IMPLICATIONS A Defensible Value Case Connects Growth to Retail Economics Comps carry more weight when full-price sell-through, inventory and fleet returns support them. 05 of 06 Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Value Case Strengthens When Growth and Retail Economics Reinforce Each Other

    Strategic questions for owners, operators and boards drawn from the report's findings.

    We translate the report's findings into questions for owners, operators and boards, organized around where growth and retail economics reinforce each other. This is our view of what the data puts on the table for the next twelve months, not a recommendation. So what: it gives each audience a distinct, practical starting point instead of one generic takeaway.

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    05 · STRATEGIC IMPLICATIONS The Value Case Strengthens When Growth and Retail Economics Reinforce Each Other NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Build Beyond the Headline Comp A stronger position connects growth to full-price sell-through, merchandise margin, clean inventory and profitable channel mix. That gives the market more than one reason to believe the earnings can hold. FOR OPERATORS Protect Flexibility in the Model Open-to-buy discipline, read-and-react capability and a flexible lease ladder preserve options when demand or merchandise trends change. FOR BOARDS Match Capital to Proven Returns Store growth, digital investment and portfolio moves carry more weight when tied to store-level contribution, payback and durable customer relevance.

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    SECTION 06

    06

    Section divider introducing the appendix of comparables, transactions and methodology.

    The final section carries the full comparable-company set, the complete precedent transaction list, and the basis behind every figure in the report. We use this page to reset before the reference material.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Comparable-company table, part one, grouped by valuation tier against the sector median.

    We list the comparable companies with shading against the 8.2x sector median, covering the rated names in the set. Each company here traces back to its own underlying disclosure. So what: this is the line-by-line detail a client can check behind every multiple shown earlier in the deck.

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    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.2x); amber marks below · 24 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 24 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥9.6x · median 12.1x · 6 companies Ross Stores, Inc. ROST Apparel specialty chains $76.7B 18.3x 7% 15% 22 The TJX Companies, Inc. TJX Apparel specialty chains $153B 15.9x 7% 14% 21 Ralph Lauren Corporation RL Branded apparel wholesale with owned retail $22.2B 12.3x 5% 20% 26 The Cato Corporation CATO Apparel specialty chains $126M 11.9x n/a n/a n/a Citi Trends, Inc. CTRN Apparel specialty chains $570M 10.3x 42% 6% 48 Designer Brands Inc. DBI Footwear and accessories specialty retail $1.5B 9.7x 1% 5% 7 CORE — 7.0x–9.6x · median 8.2x · 12 companies Playboy, Inc. PLBY Apparel and footwear specialty retail $267M 9.5x 7% 20% 27 a.k.a. Brands Holding Corp. AKA Apparel specialty chains $324M 9.4x 5% 5% 10 Boot Barn Holdings, Inc. BOOT Apparel specialty chains $4.5B 9.2x 12% 17% 29 Duluth Holdings Inc. DLTH Apparel specialty chains $289M 8.7x 3% 6% 9 The Children's Place, Inc. PLCE Apparel specialty chains $555M 8.5x 4% 6% 9 Torrid Holdings Inc. CURV Apparel specialty chains $641M 8.4x 2% 8% 10 Urban Outfitters, Inc. URBN Apparel specialty chains $7.2B 7.9x 7% 13% 20 Genesco Inc. GCO Apparel specialty chains $796M 7.6x 1% 4% 5 Zumiez Inc. ZUMZ Apparel specialty chains $321M 7.4x 3% 5% 8

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    06 · PUBLIC COMPARABLES (2 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Comparable-company table, part two, grouped by valuation tier against the sector median.

    This page continues the comparable-company table, completing the rated names shown against the same 8.2x sector median. So what: together with the prior page, it gives a client the complete public comp set behind this report's conclusions.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.2x); amber marks below · 24 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 24 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 CORE — CONTINUED — 7.0x–9.6x · median 8.2x · 12 companies Abercrombie & Fitch Co. ANF Apparel specialty chains $6.6B 7.3x 4% 16% 20 Caleres, Inc. CAL Apparel specialty chains $1.3B 7.3x -3% 7% 4 American Eagle Outfitters, Inc. AEO Apparel specialty chains $4.7B 7.1x 4% 11% 15 DISCOUNT — <7.0x · median 6.3x · 6 companies Kohl's Corporation KSS Moderate department stores $8.2B 6.9x -3% 8% 6 J.Jill, Inc. JILL Apparel specialty chains $544M 6.6x 4% 13% 17 Academy Sports and Outdoors, Inc. ASO Apparel and footwear specialty retail $4.7B 6.4x 5% 11% 16 The Gap, Inc. GAP Apparel specialty chains $11.4B 6.2x 3% 12% 15 Lululemon Athletica Inc. LULU Apparel specialty chains $11.6B 5.9x -4% 19% 16 Signet Jewelers Limited SIG Luxury and premium lifestyle brand retail $4.7B 5.8x 2% 12% 14

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Precedent transaction list, part one, newest first, for deals with disclosed terms.

    We list the transactions with disclosed terms, newest first, with multiples on LTM financials at announcement where disclosed. So what: this is the full deal record behind the case studies shown earlier, available for a client to trace transaction by transaction.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 18 transactions with disclosed terms in this tier (33 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 55 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2026 Zodiac Partners II, LLC → Destination XL Group, Inc. $31M 0.1x n/a The announced transaction pairs Zodiac Partners II, LLC with Destination XL Group, Inc. It was recorded at $31M and 0.1x revenue. May-2025 Dick's Sporting Goods, Inc. → Foot Locker, Inc. $7.1B 0.7x 6.4x The completed combination of Dick's Sporting Goods, Inc. and Foot Locker, Inc. suggests value in broader banner and customer coverage. Apr-2024 JD Sports → Hibbett, Inc. n/a n/a 6.2x The announced JD Sports transaction for Hibbett, Inc. was recorded at 6.2x EBITDA, providing an earnings benchmark for a category-led retailer. Feb-2024 Mithaq Capital SPC → The Children’s Place, Inc. $507M n/a n/a The announced Mithaq Capital SPC transaction for The Children’s Place, Inc. was recorded at $507M and highlights buyer interest in an established specialty banner. Sep-2023 Sycamore Partners → Chico’s FAS n/a n/a 4.9x The announced Sycamore Partners transaction for Chico’s FAS was recorded at 4.9x EBITDA, setting a lower earnings reference in the transaction record. Jun-2021 Bath & Body Works, Inc. → Victoria’s Secret & Co. $6.3B 0.8x n/a The completed transaction involving Bath & Body Works, Inc. and Victoria’s Secret & Co. offers a revenue-based reference for a large specialty banner. Feb-2021 JD Sports Fashion PLC → DTLR Villa LLC $495M n/a 10.9x The announced JD Sports Fashion PLC transaction for DTLR Villa LLC suggests interest in adding a complementary banner and customer base. Dec-2018 Pamplona Capital Management → La Senza n/a n/a 13.3x The announced Pamplona Capital Management transaction for La Senza was recorded at 13.3x EBITDA, at the upper end of the disclosed deal marks. Dec-2018 FanzzLids Holdings → Lids Sports Group $100M n/a n/a The completed FanzzLids Holdings transaction for Lids Sports Group was recorded at $100M and adds a category-focused reference to the set.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Precedent transaction list, part two, newest first, for deals with disclosed terms.

    This page completes the precedent transaction list, continuing the same newest-first ordering and LTM-at-announcement basis. So what: between the two pages, a client has the complete disclosed-terms deal record behind this report's transaction analysis.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 18 transactions with disclosed terms in this tier (33 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 55 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2018 JD Sports Fashion PLC → The Finish Line, Inc. n/a 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved. Jan-2018 Hibbett Sports → City Gear n/a n/a 6.3x May-2015 Ascena retail group, inc. → ANN INC. n/a n/a 7.7x Mar-2015 TowerBrook Capital Partners L.P. → J.Jill Group Inc. n/a n/a 6.0x Nov-2010 TPG Capital/Leonard Green & Partners, L.P. → J.Crew Group, Inc. n/a 8.6x 8.6x n/a Undisclosed buyer → The Gap, Inc. n/a 0.8x n/a Value shown as recorded in the filing; divestiture roles reassigned, status defaulted announced. n/a Undisclosed buyer → Ross Stores, Inc. n/a 2.4x n/a Value shown as recorded in the filing; divestiture roles reassigned. n/a n/a → Ross Stores, Inc. $0M 2.4x n/a Value shown as recorded in the filing; status defaulted announced. n/a n/a → The Gap, Inc. $0M 0.8x n/a Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Methodology page describing sources, exclusions and data-quality treatment behind the report.

    This page sets out how the analysis was built: the valuation basis, what was excluded and why, and where each figure's underlying source sits. So what: it lets a client trace any number in this deck back to the filing, consensus estimate or market price behind it.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (24 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Apparel and Accessories Retail and it clears the coverage gate with 24 of 26 companies (92%). EV / Revenue, P / E are carried as a cross-check. The set earns: 24 of the 24 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 19 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 1218 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (1217) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Higher Range Sits with Growth Backed by Durable Retail Economics.

    Closing slide restating that the higher valuation range sits with growth backed by durable retail economics.

    In this set, the higher range sits with growth backed by durable retail economics — the thread running through every section of this report. The companion tables carry the full universe and source index for any figure a client wants to trace.

    Everything on this page

    In This Set, the Higher Range Sits with Growth Backed by Durable Retail Economics. NeuraCap AI — Apparel and Accessories Retail Coverage September 2026 · Prepared by NeuraCap AI · Confidential Apparel and Accessories Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

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