Broadline and General Merchandise Retail Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › BROADLINE AND GENERAL MERCHANDISE RETAIL

Off-Price Formats Pull Ahead as the Market Splits by Format

This update covers the movers, company news and transaction record across Broadline and General Merchandise Retail for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Broadline and General Merchandise Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › BROADLINE AND GENERAL MERCHANDISE RETAIL

   Cover slide introducing the bi-weekly Broadline and General Merchandise Retail industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on Broadline and General Merchandise Retail, covering the two weeks from September 14 to 28, 2026. Over the following pages we walk through what changed, who moved and why, what transacted, and what it means for operators, buyers and advisers.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › BROADLINE AND GENERAL MERCHANDISE RETAIL Off-Price Formats Pull Ahead as the Market Splits by Format This update covers the movers, company news and transaction record across Broadline and General Merchandise Retail for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Broadline and General Merchandise Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   The Market Paid for Off-Price Execution and Marked Down the Cheaper End of the Set

   Summarizes the two-week period on one page: 20 covered names, close-to-close moves, and the split between off-price gains and broader declines.

   This page puts the two-week period on one page: 20 covered names, measured close-to-close. Twelve of those twenty fell while the median move was -2.2%, so the group lagged the S&P 500's +0.8% return rather than tracking it down with the market. The gains concentrated at the off-price end, so what looks like a sector move is really a format story. That split is what the rest of this deck unpacks.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE The Market Paid for Off-Price Execution and Marked Down the Cheaper End of the Set The two-week period in one page · 20 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Broadline and General Merchandise Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 12 of 20 Covered Names Fell; The Median Move Was -2.2% The S&P 500 returned +0.8% over the same two-week period, so the group lagged the broad market rather than following it down. 2 Off-Price Names Earned the Period's Biggest Gains Burlington Stores, Inc. (BURL) rose +14.7%, with its strongest day +6.2% on Sep 21. Ollie's Bargain Outlet Holdings, Inc. (OLLI) rose +11.0%, with +5.1% on the same day. Both sit in the Premium tier of NeuraCap's standing sector study. 3 The Declines Clustered, but Not Perfectly by Tier Citi Trends, Inc. (CTRN) fell -15.6% and Upbound Group, Inc. (UPBD) fell -13.5%, with Bath & Body Works, Inc. (BBWI) at -9.6%. Five Below, Inc. (FIVE), a Premium-tier name, also fell -8.7%, so format alone did not decide the outcome. 4 The Transaction Record Stayed Where It Was No new transactions entered the record this window. The reference set remains the 13 trailing transactions already carried, so pricing comparisons are unchanged from the prior window. +14.7% Best mover — Burlington Stores, Inc. (BURL) worst: CTRN -15.6% · 8 up / 12 down of 20 covered -2.2% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Momentum at the Off-Price End, Pressure Everywhere Else

   Ranks the bi-weekly price moves of covered names and attributes the biggest moves to recorded filings and headlines where evidence exists.

   We rank every covered name's close-to-close move against a sector median of -2.2% and a materiality bar of ±6.0%. Burlington Stores rose +14.7%, with its strongest single day at +6.2% on September 21, and Ollie's Bargain Outlet rose +11.0%, with +5.1% on the same day. On the downside, Citi Trends fell -15.6% and Upbound Group fell -13.5%, so the spread between the best and worst performers was wide. We only attach a driver where a filing or headline in the window supports it, so what follows is calibrated, not asserted causation.

   Everything on this page

   PUBLIC MARKET MOVERS Momentum at the Off-Price End, Pressure Everywhere Else Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.2% · S&P 500 +0.8% · materiality bar ±6.0% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Broadline and General Merchandise Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.2% Citi Trends, Inc. (CTRN) -15.6% No notable in-window news was identified that clearly explains the move. At -15.6% it was the widest decline in the covered set, against a median of -2.2%. Thin news flow does not insulate smaller value formats from sharp repricing. UNEXPLAINED Burlington Stores, Inc. (BURL) +14.7% Shares moved following Sep 15 coverage of Burlington's store footprint expansion and a Sep 23 piece putting beauty and accessories at the front of its sales trends Mapped whitespace plus category mix is what the market rewarded in off-price this period. COMPANY-SPECIFIC Upbound Group, Inc. (UPBD) -13.5% Upbound named a new Chief Operating Officer on Sep 22 and declared its fourth-quarter cash dividend on Sep 24; the reaction was consistent with the market weighing an operating leadership change rather than the capital return. Leadership changes at the top of operations get priced before any results confirm them. COMPANY-SPECIFIC Ollie's Bargain Outlet Holdings, Inc. (OLLI) +11.0% No notable in-window news was identified that clearly explains the move. The +11.0% gain came against a covered-set median of -2.2%. Closeout buying capability can re-rate on positioning alone when the record is quiet. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Litigation, Not Merchandising, Carried the Period's Company News

   Lists the period's highest-impact company news and catalysts, linking each to its underlying source.

   The period's highest-impact company events centered on litigation rather than merchandising news, a pattern worth flagging for anyone tracking headline risk in this group. Each item on this page links back to its filing or article, and the 'why it matters' line is our read of that evidence, not the only possible one. So what: litigation-driven headlines can move a stock as much as an operating update, and this window shows they did.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Litigation, Not Merchandising, Carried the Period's Company News The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Broadline and General Merchandise Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 14 · NEWS · Newsfile Corp Hercules Metals Identifies Evidence for a New Porphyry Center at the Hook Target Reconnaissance Drill Hole HER-26-03 Intersects Intense Phyllic Alteration, Consistent with the Margins of a New Porphyry System, at the Edge of a 1.8-Kilometer Chargeability Anomaly Reconnaissance Hole Tests Edge of Anomaly: Drilling from the nearest existing Sep 14 · NEWS · Newsfile Corp Lavras Gold Approves Accelerated Drill Program on Expanded Caneleira Target; and Announces Completion of EIA Field Studies, Ahead of Preliminary License Permit Diamond drilling to commence immediately on a consolidated Caneleira Target located two kilometres from the Fazenda-Butia Development Project, prioritizing shallow, higher-grade mineralization. The Company has approved a focused diamond drilling program on the Sep 14 · NEWS · Business Wire NUBURU Resumes Trading on NYSE American as Shareholder Letter Details Tekne's $135.4 Million Net Order Value and October Closing Target DENVER--(BUSINESS WIRE)---- $BURU #LYOCON--NUBURU, Inc. (NYSE American: BURU), a next-generation dual-use Defense & Security integrated platform company, today resumed trading on NYSE American and issued the following letter to shareholders from Alessandro Zam Sep 14 · NEWS · GlobeNewsWire DICK'S Sporting Goods investors reminded of a November 3 lead plaintiff deadline in a class action A securities class action against DICK'S Sporting Goods, Inc. (DKS) is now running to a fixed deadline. Acquired-fleet performance is now a legal question as well as a merchandising one. Sep 14 · NEWS · GlobeNewsWire Second firm flags class action over DICK'S statements on inventory and margin at an acquired banner The allegations centre on statements about clean inventory and margin gains at an acquired banner shortly before the company reduced that banner's outlook. Inventory commentary made during an integration carries more weight than it used to. Sep 14 · NEWS · Newsfile Corp Law firm opens an investigation into DICK'S growth and profitability claims through the integration A third filing in the same window keeps the focus on how an acquirer described post-deal growth and profitability. It is a reminder that fleet conversion economics get tested after the fact, not at announcement. Buyers of store networks should expect their integration narrative to be revisited line by line.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Transactions, so the Reference Set Holds

   Confirms no new transactions entered the record this window, leaving the 13 trailing precedent transactions as the reference set.

   No new transactions entered the record over September 14–28, so the reference set holds at 13 recorded deals. We do not re-present old transactions as news, which means pricing comparisons for this window are unchanged from the prior one. So what: anyone benchmarking against this set can rely on continuity, but should watch for the next window's entries to refresh the comparison.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Transactions, so the Reference Set Holds September 14–28, 2026 · precedent transactions: 13 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Broadline and General Merchandise Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The record still carries 13 trailing transactions, and NeuraCap's standing sector study frames pricing on EV / EBITDA with a sector median of 10.3x on CY2027E. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 13 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What This Period Changes for Operators, Buyers and Advisers

   Translates the period's evidence into observations for operators, acquirers and advisers.

   For owners and operators, the period rewarded unit growth paired with held margin: BURL rose +14.7% and OLLI rose +11.0% on that combination. For acquirers, the transaction reference set stayed at 13 deals while public pricing moved, widening the spread between off-price gains and declines at names like Citi Trends and Upbound Group. For advisers, the period reinforces a three-market read of this sector — off-price, discount and everything between — so the pitch should lead with format before it leads with the sector label.

   Everything on this page

   WHAT IT MEANS What This Period Changes for Operators, Buyers and Advisers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Broadline and General Merchandise Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 10.3x 18 companies in the study 3 valuation tiers Standing thesis: Broadline and General Merchandise Retail Is Three Markets: Mass Discount, Specialty Big Box, Department Banners FOR OWNERS & OPERATORS Unit Growth Plus Margin Held Is What Got Paid The names that traded higher were the ones whose story combined new boxes with category mix, not promotion. BURL rose +14.7% and OLLI rose +11.0%. FOR ACQUIRERS The Reference Set Is Unchanged; The Equity Spread Is Not Nothing new entered the transaction record this window, so the 13 trailing transactions remain the reference set. What moved was public pricing: gains concentrated in off-price formats while CTRN fell -15.6% and UPBD fell -13.5%. FOR ADVISORS Lead with Format, Then with Inventory Evidence The period extends the standing thesis that this is three markets rather than one: off-price led, discount-tier names lagged, and 12 of 20 covered names fell with a median move of -2.2% while the S&P 500 returned +0.8%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources, methodology and limitations behind every figure in the update.

   Every figure in this update links to the record it was taken from, and this page lists the filings and publishers drawn on for the period. We use a fixed source reliability order — SEC filings, then press releases, then established outlets — and we do not draw on video or social platforms. So what: readers can verify any number here before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Broadline and General Merchandise Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T121710Z_476_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: newsfilecorp.com · businesswire.com · globenewswire.com

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