Specialty 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 › SPECIALTY RETAIL

Company Records, Not the Sector Trend, Are Setting the Price

This update covers specialty retail movers, company news and the transaction record 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

Specialty 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 › SPECIALTY RETAIL

   This cover page introduces the Specialty Retail bi-weekly industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on Specialty Retail, covering the period September 14–28, 2026. Over the next pages we walk through what changed, who moved and why, what transacted, and what it means for owners, acquirers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › SPECIALTY RETAIL Company Records, Not the Sector Trend, Are Setting the Price This update covers specialty retail movers, company news and the transaction record 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 Specialty Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Individual Company Stories Decided the Period While the Group Barely Moved

   This slide summarizes the two-week period across the eight covered names, close-to-close, through September 28, 2026.

   Across the eight names we track, five rose over the two-week period and the median move came in at +0.9%, just ahead of the S&P 500's +0.8%. That closeness masks real dispersion beneath the surface, which we unpack on the next page. So what: the group's center held steady, but company-specific stories are where the value moved.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Individual Company Stories Decided the Period While the Group Barely Moved The two-week period in one page · 8 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. Specialty Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 5 of 8 Covered Names Rose; The Median Move Was +0.9% That median sits just ahead of the S&P 500's +0.8% over the same two-week period. The middle of the set held steady; the edges did the moving. 2 The Distance Between the Best and Worst Name Was the Real Story GameStop Corp. (GME) gained +10.8% while Bath & Body Works, Inc. (BBWI) fell -9.6%. NeuraCap read: the window supports our standing view that these category-killer chains do not price as one group — the valuation lens still spans a 12.3x Premium median and a 5.4x Discount median around a 7.6x sector median. 3 Investor Litigation Dominated the Period's News Flow Seven of the eight curated items concern a securities class action against DICK'S Sporting Goods, Inc. (DKS), with a November 3, 2026 lead plaintiff deadline and allegations tied to inventory and promotional exposure following a share decline of more than 30%. 4 No New Transactions; The Existing Record Still Frames Pricing No material sector transactions were announced during the period. The trailing record of 40 precedent transactions carries a median of 7.9x EV / EBITDA. +10.8% Best mover — GameStop Corp. (GME) worst: BBWI -9.6% · 5 up / 3 down of 8 covered +0.9% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   One Name Runs, One Name Slips: This Set Is Not Trading as a Block

   This slide charts each covered name's close-to-close price move for the period against a sector median of +0.9% and a materiality bar of ±8.2%.

   GameStop (GME) gained +10.8% while Bath & Body Works (BBWI) fell -9.6%, a spread that crosses our ±8.2% materiality bar in both directions. The sector median of +0.9% sat just above the S&P 500's +0.8%, showing the group as a whole was roughly in line with the market. So what: this set is not trading as a block — company-specific evidence, not sector sentiment, is driving the extremes.

   Everything on this page

   PUBLIC MARKET MOVERS One Name Runs, One Name Slips: This Set Is Not Trading as a Block Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +0.9% · S&P 500 +0.8% · materiality bar ±8.2% (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. Specialty 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 +0.9% GameStop Corp. (GME) +10.8% The move appears to reflect disclosed insider buying: coverage on Sep 22 and Sep 23 reported a second seven-figure open-market purchase by the chairman and chief executive inside two weeks, with three directors buying in the same week. Insider conviction can carry a name even when its biggest single day in the window was -6.5%. COMPANY-SPECIFIC Bath & Body Works, Inc. (BBWI) -9.6% No notable in-window news was identified that clearly explains the move. The -9.6% return sits well below the set's median move of +0.9%. NeuraCap read: inside the Core tier, expectations on ticket and markdown cadence can reset between reporting dates. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Litigation Risk Moves to the Front of the Sector's News Flow

   This slide lists the two-week period's highest-impact company news events, each linked to its source filing or article.

   Seven of the eight curated items in this window concern a securities class action tied to DICK'S Sporting Goods (DKS), following a share decline of more than 30%. The allegations reference inventory and promotional exposure, and a lead plaintiff deadline is on record for November 3, 2026. So what: litigation risk has moved to the front of this sector's news flow and warrants direct diligence attention.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Litigation Risk Moves to the Front of the Sector's News Flow 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. Specialty Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · NEWS · Business Wire Tractor Supply advances the next phase of its rural connectivity initiative for youth programmes Tractor Supply Company (TSCO) is spending on the customer relationship in its trade areas, not only on the assortment. For a rural big-box format, that is how the destination trip is defended. Category authority is built in the trade area, and rural operators are investing there. Sep 15 · NEWS · Newsfile Corp A securities class action against DICK'S Sporting Goods sets a November 3, 2026 lead plaintiff deadline Investor litigation keeps the quality of the comp base and the inventory position in front of the market for months rather than days. For a Core-tier operator, that becomes a live diligence item. How inventory and promotions are described is now part of how this sector is judged. Sep 15 · NEWS · GlobeNewsWire Class action allegations centre on undisclosed inventory and promotional exposure at DICK'S The claim ties a share decline of more than 30% to inventory and promotional exposure — the two variables that decide merchandise margin against occupancy. Promotional depth and aged inventory are the first numbers a buyer tests. Sep 14 · NEWS · GlobeNewsWire A further investor recovery notice is issued ahead of the DICK'S class action deadline Repeat notices across the period indicate the matter is gathering claimants rather than fading. The sector signal is sustained attention on inventory ageing and integration progress. Contested disclosure travels slowly and stays in view through the next reporting cycle. Sep 14 · NEWS · GlobeNewsWire The complaint names the DICK'S chief financial officer as an individual defendant over inventory comments Naming a sitting finance chief raises the stakes on how comps, inventory cleanliness and integration progress are characterised. The theme is the credibility of the operating story behind a large in-category acquisition. Integration claims get checked against store-level results, not commentary. Sep 14 · NEWS · Newsfile Corp An investigation opens into claims DICK'S misled investors on growth and profitability after integration Integrating an acquired banner is where four-wall economics and vendor allocation are proved out. The period shows a large in-category acquisition carries public accountability well after closing. In-category consolidation is underwritten on store contribution and judged the same way.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Transactions; The Reference Set Holds at the Trailing Marks

   This slide confirms no new transactions were announced in the period and restates the trailing precedent set at a median 7.9x EV/LTM EBITDA.

   No new transactions were announced across the sector during this window, so the reference set holds at its trailing marks: a precedent record with a median of 7.9x EV/LTM EBITDA. So what: acquirers can keep using this benchmark for diligence today, while watching for the next data point that could move it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Transactions; The Reference Set Holds at the Trailing Marks September 14–28, 2026 · precedent transactions: 40 recorded deals · median 7.9x EV/LTM EBITDA 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. Specialty 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 trailing record of 40 precedent transactions still frames pricing at a median of 7.9x EV / EBITDA. 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. 40 Recorded precedent transactions the reference set buyers and sellers price against 7.9x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Two-Week Window of Company-Level News Changes for You

   This slide translates the two-week period's evidence into observations for owners, acquirers and advisors.

   For owners and operators, the middle held while operating numbers decided the edges — five of eight names rose and the median move was +0.9%. For acquirers, the reference set is unchanged, with the trailing median still at 7.9x, so the diligence list, not the benchmark, is what shifted. For advisors, the story to lead with is dispersion: GameStop (GME) at +10.8% against Bath & Body Works (BBWI) at -9.6%. So what: company-level evidence, not the group average, is what clients need briefed on this cycle.

   Everything on this page

   WHAT IT MEANS What a Two-Week Window of Company-Level News Changes for You 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. Specialty Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 7.6x 8 companies in the study 3 valuation tiers Standing thesis: Specialty Retail’s Category-Killer Chains Do Not Price as One Group FOR OWNERS & OPERATORS The Middle Held; The Operating Numbers Decided the Edges Companies in the space traded higher on balance — 5 of 8 covered names rose and the median move was +0.9%. FOR ACQUIRERS The Reference Set Is Unchanged; The Diligence List Is Not Nothing was added to the transaction record during the period, so the benchmark stays where it was: 40 precedent transactions at a trailing median of 7.9x EV / EBITDA, against a 7.6x sector median on the CY2027E lens. What moved is emphasis. FOR ADVISORS Lead with Dispersion and the Company-Level Evidence Behind It GameStop Corp. (GME) rose +10.8% and Bath & Body Works, Inc. (BBWI) fell -9.6% inside a set whose median move was +0.9%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide lists the sources and methodology behind the update's figures and the period covered.

   Every figure in this update links back to the filing, press release or market data point it was drawn from. We rely on a fixed reliability order — SEC filings, press releases, and established outlets — and never use video or social platforms as sources. So what: readers can trace any figure in this deck to its underlying record 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. Specialty 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_20260929T125619Z_484_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: businesswire.com · newsfilecorp.com · globenewswire.com

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