Specialty Retail

7453 Ryohin Keikaku (MUJI)

Revenue is led by Domestic (60%) and East Asia (28%), with 2 more segments behind.

Owner earnings 2017–2025 ¥40.9B¥16.8B¥7.6B(¥6.7B)¥53.0B¥15.3B¥40.0B¥35.9B¥50.0B

Retained capital Retained ¥121.5B of earnings over 2017–2025; annual owner earnings grew ¥20.2B, ¥0.17 per ¥1 retained.

Balance sheet Net cash, +¥33.2B · dividend paid 9 of 9 yrs, cut at least once

9843 Nitori Holdings

Revenue is NITORI (89%) and SHIMACHU (12%).

Owner earnings 2017–2024 ¥65.6B¥63.8B¥67.4B¥81.9B¥133.7B¥61.8B¥65.2B¥120.1B

Retained capital Retained ¥532.1B of earnings over 2017–2024; annual owner earnings grew ¥16.7B, ¥0.03 per ¥1 retained.

Balance sheet Modest net debt, ¥15.5B · dividend paid 8 of 8 yrs, never cut

9983 Fast Retailing

Fast Retailing is a Japanese apparel company that designs, sources, and sells its own private-label clothing, chiefly through its UNIQLO chain and a few sister brands such as GU. It owns the whole line, from factory order to shop floor and online store, selling everyday basics directly to ordinary shoppers in Japan and abroad. It earns the spread between what a garment costs to make and what a customer pays for it, multiplied across a wide base of stores.

Owner earnings 2018–2025 ¥144.4B¥258.9B¥218.4B¥372.5B¥379.5B¥401.5B¥577.8B¥445.1B

Retained capital Retained ¥1.39T of earnings over 2018–2025; annual owner earnings grew ¥267.5B, ¥0.19 per ¥1 retained.

Balance sheet Net cash, +¥564.7B · dividend paid 8 of 8 yrs, never cut

AEO American Eagle

American Eagle is a leading global specialty retailer with a portfolio of beloved apparel brands.

Owner earnings 2017–2026 $204M$225M$268M$205M$75M$133M$146M$406M$254M$195M

Retained capital Retained $428M of earnings over 2017–2026; annual owner earnings grew $53M, $0.12 per $1 retained.

Balance sheet Net cash, debt-free, +$239M · dividend paid 10 of 10 yrs, cut at least once

ANF Abercrombie & Fitch

Abercrombie & Fitch offers a broad assortment of apparel, personal care products and accessories for men, women and kids, which are sold primarily through its Company-owned stores and digital channels, as well as through various third-party arrangements.

Owner earnings 2018–2026 $181M$201M$98M$303M$181M($167M)$496M$527M$464M

Retained capital Retained $170M of earnings over 2018–2026; annual owner earnings grew $336M, $1.97 per $1 retained.

Balance sheet Net cash, +$485M · buybacks at an average near $1.00 · dividend paid 4 of 9 yrs, cut at least once

ARHS Arhaus Inc.

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2019–2025 $10M$135M$116M$53M$139M$108M$90M

Retained capital Retained $300M of earnings over 2019–2025; annual owner earnings grew $25M, $0.08 per $1 retained.

Balance sheet Net cash, debt-free, +$253M · dividend paid 3 of 7 yrs, cut at least once

ASO Academy Sports and Outdoors

We sit in a sweet-spot of consumer demand, offering a broad, value-based assortment of sporting goods and outdoor recreation products, so our customers can participate and have fun, no matter their budget.

Owner earnings 2019–2026 $91M$201M$970M$597M$444M$425M$410M$312M

Retained capital Retained $1.3B of earnings over 2019–2026; annual owner earnings fell $38M, $-0.03 per $1 retained.

Balance sheet Modest net debt, $153M · buybacks at an average near $45.57 · dividend paid 4 of 8 yrs, never cut

BBW Build-A-Bear Workshop Inc.

Revenue is Direct to Consumer (92%) and Commercial (7%).

Owner earnings 2016–2026 ($157K)$3M($2M)$9M$8M$20M$34M$51M$32M$50M

Retained capital Retained $40M of earnings over 2016–2026; annual owner earnings grew $44M, $1.10 per $1 retained.

Balance sheet Net cash, debt-free, +$27M · buybacks at an average near $21.20 · dividend paid 5 of 10 yrs, cut at least once

BBWI Bath & Body Works

Bath & Body Works is a global leader in personal care and home fragrance, driven by the belief that everybody deserves to feel good.

Owner earnings 2018–2026 $699M$748M$778M$1.8B$1.2B$923M$656M$660M$865M

Retained capital Paid out $906M more than it earned over 2018–2026; annual owner earnings fell $15M.

Balance sheet Meaningful net debt, $2.9B · buybacks at an average near $60.63 · dividend paid 9 of 9 yrs, cut at least once

BBY Best Buy Co. Inc.

Best Buy is a big-box retailer of consumer electronics. It sells televisions, computers, phones, appliances and the cables and accessories around them, both in large stores and online, and it fixes and installs that gear through its Geek Squad service arm. It earns the markup between what it pays manufacturers and what customers pay, plus fees for delivery, installation, repair and the memberships that bundle those services.

Owner earnings 2017–2026 $2.0B$1.5B$1.6B$1.8B$4.2B$2.5B$894M$675M$1.4B$1.3B

Retained capital Paid out $3.4B more than it earned over 2017–2026; annual owner earnings fell $565M.

Balance sheet Net cash, +$373M · buybacks at an average near $79.25 · dividend paid 10 of 10 yrs, cut at least once

BKE Buckle

Buckle is a retailer of medium to better-priced casual apparel, footwear, and accessories for fashion-conscious men, women, and kids.

Owner earnings 2017–2026 $117M$106M$99M$123M$220M$293M$224M$234M$219M$226M

Retained capital Paid out $76M more than it earned over 2017–2026; annual owner earnings grew $119M.

Balance sheet Net cash, debt-free, +$274M · dividend paid 10 of 10 yrs, cut at least once

BLDR Builders FirstSource

We deliver integrated homebuilding solutions by manufacturing, supplying, and installing a full range of structural and related building products.

Owner earnings 2016–2025 $116M$116M$181M$391M$148M$1.5B$3.3B$1.8B$1.5B$853M

Retained capital Retained $378M of earnings over 2016–2025; annual owner earnings grew $1.3B.

Balance sheet Heavy net debt, $4.3B · buybacks at an average near $80.61

BNED Barnes & Noble Education Inc

Barnes & Noble Education Inc is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States.

Owner earnings 2017–2026 $33M$17M$75M($45M)$5M($32M)$67M($19M)($98M)$34M

Retained capital Paid out $764M more than it earned over 2017–2026; annual owner earnings fell $70M.

Balance sheet Heavy net debt, $188M · buybacks at an average near $27.30

BOOT Boot Barn Holdings

We are the largest lifestyle retail chain devoted to western and work-related footwear, apparel and accessories in the United States.

Owner earnings 2017–2026 $27M$28M$45M$4M$127M$62M$53M$187M$85M$226M

Retained capital Retained $1.1B of earnings over 2017–2026; annual owner earnings grew $133M, $0.13 per $1 retained.

Balance sheet Modest net debt, $106M

CTRN Citi Trends Inc.

Citi Trends Inc. is a highly differentiated off-price value retailer known for trendy fashions, great brands and amazing prices.

Owner earnings 2017–2026 $16M$21M$17M$18M$94M$45M($17M)($24M)($14M)$624K

Retained capital Paid out $118M more than it earned over 2017–2026; annual owner earnings fell $31M.

Balance sheet Net cash, debt-free, +$66M · buybacks at an average near $45.12 · dividend paid 5 of 10 yrs, cut at least once

DBI Designer Brands Inc.

Designer Brands Inc., originally founded as DSW Inc., is one of the world's largest designers, producers, and retailers of footwear and accessories.

Owner earnings 2017–2026 $125M$135M$110M$119M($185M)$138M$146M$107M$31M$78M

Retained capital Paid out $797M more than it earned over 2017–2026; annual owner earnings fell $51M.

Balance sheet Heavy net debt, $384M · buybacks at an average near $12.47 · dividend paid 9 of 10 yrs, cut at least once

DKS Dick's Sporting Goods

Dick's Sporting Goods is a leading global sports retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories.

Owner earnings 2017–2026 $535M$509M$515M$187M$1.3B$1.3B$558M$1.1B$911M$1.0B

Retained capital Retained $1.0B of earnings over 2017–2026; annual owner earnings grew $512M, $0.49 per $1 retained.

Balance sheet Modest net debt, $586M · buybacks at an average near $71.88 · dividend paid 10 of 10 yrs, cut at least once

ELA Envela Corporation

Envela is a leading provider of recommerce and recycling services at the forefront of the circular economy.

Owner earnings 2017–2025 ($129K)$250K($646K)$6M$2M$10M$4M$9M$1M

Retained capital Retained $63M of earnings over 2017–2025; annual owner earnings grew $5M, $0.08 per $1 retained.

Balance sheet Net cash, +$5M · buybacks at an average near $4.77

EYE National Vision Holdings Inc.

We are one of the largest optical retailers in the United States and a leader in the value segment of the U.S. optical retail industry.

Owner earnings 2016–2025 $45M$28M$32M$64M$158M$163M$31M$83M$38M$73M

Retained capital Paid out $137M more than it earned over 2016–2025; annual owner earnings grew $30M.

Balance sheet Meaningful net debt, $198M · buybacks at an average near $35.79 · dividend paid 1 of 10 yrs, cut at least once

FL Foot Locker

Foot Locker, Inc. is a leading footwear and apparel retailer that unlocks the "inner sneakerhead" in all of us.

Owner earnings 2017–2025 $578M$539M$594M$509M$903M$457M($112M)($151M)$105M

Retained capital Retained $34M of earnings over 2017–2025; annual owner earnings fell $623M.

Balance sheet Modest net debt, $45M · dividend paid 8 of 9 yrs, cut at least once

FND Floor & Decor

Floor & Decor is a high-growth, differentiated, multi-channel specialty retailer of hard surface flooring and related accessories and seller of commercial surfaces.

Owner earnings 2016–2025 $61M$71M$134M$131M$315M$183M($43M)$602M$371M$141M

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $282M, $0.17 per $1 retained.

Balance sheet Net cash, +$53M · dividend paid 1 of 10 yrs, never cut

GAP Gap Inc. (The)

Gap Inc. (The) is a house of iconic American brands offering apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands.

Owner earnings 2017–2026 $1.2B$649M$676M$709M($155M)$115M($78M)$1.1B$1.0B$823M

Retained capital Retained $357M of earnings over 2017–2026; annual owner earnings grew $151M.

Balance sheet Net cash, +$1.5B · buybacks at an average near $18.47 · dividend paid 9 of 10 yrs, cut at least once

GCO Genesco Inc.

Revenue is led by Journeys Group (61%) and Schuh Group (21%), with 2 more segments behind.

Owner earnings 2017–2026 $71M$86M$180M$87M$134M$197M($208M)$34M$47M$84M

Retained capital Paid out $499M more than it earned over 2017–2026; annual owner earnings fell $58M.

Balance sheet Net cash, +$102M · buybacks at an average near $46.39

GME GameStop Corp.

GameStop Corp. offers games, collectibles, and entertainment products through its stores and ecommerce platforms.

Owner earnings 2017–2026 $394M$322M$231M($493M)$64M($496M)$52M($239M)$130M$597M

Retained capital Paid out $1.9B more than it earned over 2017–2026; annual owner earnings fell $153M.

Balance sheet Net cash, +$4.8B · buybacks at an average near $2.12 · dividend paid 5 of 10 yrs, cut at least once

HBI Hanesbrands

Hanesbrands is a socially responsible global leader in everyday iconic apparel with a mission to create a more comfortable world for everybody.

Owner earnings 2016–2024 $522M$569M$557M$702M$395M$554M($471M)$518M$226M

Retained capital Paid out $1.2B more than it earned over 2016–2024; annual owner earnings fell $458M.

Balance sheet Heavy net debt, $2.1B · dividend paid 7 of 9 yrs, cut at least once

HD Home Depot Inc.

Home Depot runs large warehouse-style stores that sell the things people and contractors need to build, fix, and tend a home: building materials, tools and hardware, lawn and garden goods, décor, and the maintenance, repair, and operations supplies that keep a building running. It makes money the way any retailer does — buying these goods and selling them at a markup, store by store, to do-it-yourselfers and to the professional tradespeople who shop on their behalf. The bulk of the take comes from this core selling; a smaller slice comes from related services around it.

Owner earnings 2017–2026 $8.2B$10.1B$10.7B$11.0B$16.4B$14.0B$11.5B$17.9B$16.3B$12.6B

Retained capital Retained $788M of earnings over 2017–2026; annual owner earnings grew $6.0B.

Balance sheet Meaningful net debt, $49.9B · buybacks at an average near $219 · dividend paid 10 of 10 yrs, never cut

HERE Here Group Limited

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2021–2025 CN¥74MCN¥268MCN¥230MCN¥279MCN¥181M

Retained capital Retained CN¥6M of earnings over 2021–2025; annual owner earnings grew CN¥39M.

Balance sheet Net cash, debt-free, +CN¥1.0B · dividend paid 1 of 5 yrs, never cut

HITI High Tide Inc.

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2020–2025 C$7M(C$13M)(C$3M)C$15MC$27MC$14M

Retained capital Paid out C$212M more than it earned over 2020–2025; annual owner earnings grew C$22M.

Balance sheet Net cash, +C$20M · dividend paid 5 of 6 yrs, cut at least once

HTLM HomesToLife Ltd

Revenue is Export Sales (93%), Leather Trading (5%) and Retail Sales (2%).

Owner earnings 2022–2025 $2M$19M$176K$13M

Retained capital Retained $24M of earnings over 2022–2025; annual owner earnings grew $4M, $0.15 per $1 retained.

Balance sheet Net cash, debt-free, +$27M · dividend paid 1 of 4 yrs, never cut

HVT Haverty Furniture Companies Inc.

Havertys is a specialty retailer of residential furniture and accessories.

Owner earnings 2016–2025 $30M$28M$49M$47M$119M$63M$23M$44M$27M$33M

Retained capital Paid out $47M more than it earned over 2016–2025; annual owner earnings fell $1M.

Balance sheet Net cash, debt-free, +$125M · dividend paid 10 of 10 yrs

JD JD.com Inc.

JD.com is one of China's large online retailers. It buys goods from suppliers — electronics and a wide range of other merchandise — holds them in warehouses it largely owns, and sells them directly to Chinese consumers over its website and app, much as a store would, earning the spread between what it pays and what it charges. It also lets other merchants sell on its platform for a fee, and it carries the parcels to the customer's door through a delivery network it largely owns.

Owner earnings 2016–2025 CN¥6.9BCN¥23.6BCN¥15.3BCN¥22.2BCN¥39.2BCN¥36.7BCN¥52.3BCN¥55.5BCN¥52.7BCN¥11.2B

Retained capital Retained CN¥49.9B of earnings over 2016–2025; annual owner earnings grew CN¥24.5B, CN¥0.49 per CN¥1 retained.

Balance sheet Net cash, +CN¥206.9B · dividend paid 4 of 10 yrs, cut at least once

JL J-Long Group Limited

We offer a wide range of services to cater to our customers' needs in reflective and non-reflective garment trims, including market trend analysis, product design and development, and production and quality control.

Owner earnings 2022–2025 $6M$2M($2M)$6M

Retained capital Retained $12M of earnings over 2022–2025; annual owner earnings grew $208K, $0.02 per $1 retained.

Balance sheet Net cash, +$9M · dividend paid 2 of 4 yrs, cut at least once

JWN Nordstrom

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2016–2025 $1.4B$812M$669M$642M$301M($733M)$199M$473M$52M$751M

Retained capital Paid out $2.6B more than it earned over 2016–2025; annual owner earnings fell $531M.

Balance sheet Meaningful net debt, $1.8B · buybacks at an average near $51.76 · dividend paid 9 of 10 yrs, cut at least once

LE Lands' End Inc.

Lands' End is a classic American lifestyle brand that creates solutions for life's every journey.

Owner earnings 2017–2026 ($9M)($10M)$3M($12M)$61M$45M($68M)$96M$15M$20M

Retained capital Paid out $158M more than it earned over 2017–2026; annual owner earnings grew $49M.

Balance sheet Heavy net debt, $210M · no dividend paid

LESL Leslie's

We are the direct-to-consumer market leader in the aftermarket pool and spa care industry, with close proximity to U.S. pool and spa installations.

Owner earnings 2019–2025 $30M$82M$140M$35M($23M)$78M($17M)

Retained capital Paid out $42M more than it earned over 2019–2025; annual owner earnings fell $71M.

Balance sheet Net debt against an operating loss, $688M · dividend paid 1 of 7 yrs, never cut

LOW Lowe's Cos Inc.

Lowe's runs a chain of large home-improvement stores, backed by a website, that sells building materials, appliances, tools, hardware, and the rest of what goes into fixing or remodeling a house. Its customers are do-it-yourself homeowners and the professional contractors and tradespeople who serve them. The economics are a retailer's: buying goods in volume and reselling them across a broad store fleet at a markup.

Owner earnings 2017–2026 $4.5B$3.9B$5.0B$2.8B$9.3B$8.3B$6.8B$6.2B$7.7B$7.7B

Retained capital Paid out $20.7B more than it earned over 2017–2026; annual owner earnings grew $2.7B.

Balance sheet Meaningful net debt, $38.6B · buybacks at an average near $151 · dividend paid 10 of 10 yrs, never cut

NAAS NaaS Technology Inc.

Revenue is led by Charging Services Member (84%) and Energy Solution Member (13%), with 2 more lines behind.

Owner earnings 2015–2023 CN¥129MCN¥206MCN¥300MCN¥315M(CN¥91M)(CN¥81M)(CN¥219M)(CN¥586M)(CN¥569M)

Retained capital not read

Balance sheet Net debt against an operating loss, CN¥367M

NEGG Newegg Commerce Inc.

We have developed a powerful online marketplace that delivers value to consumers, brands and sellers in the technology products sector.

Owner earnings 2016–2025 ($3M)($5M)($4M)($20M)$78M($64M)$11M($17M)($4M)($30M)

Retained capital not read

Balance sheet Net cash, +$106M

RCT RedCloud Holdings plc

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2023–2025 ($22M)($35M)($37M)

Retained capital not read

Balance sheet Net cash, debt-free, +$479K

RERE ATRenew Inc.

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2019–2025 (CN¥514M)(CN¥451M)(CN¥1.1B)CN¥820MCN¥159MCN¥583M(CN¥559M)

Retained capital not read

Balance sheet Net cash, +CN¥1.8B

RH RH

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2017–2026 $24M$406M$170M$246M$390M$566M$295M$83M($113M)$304M

Retained capital Paid out $1.6B more than it earned over 2017–2026; annual owner earnings fell $108M.

Balance sheet Heavy net debt, $2.4B · buybacks at an average near $269

ROST Ross Stores Inc.

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2017–2026 $1.3B$1.3B$1.7B$1.8B$1.8B$1.4B$1.3B$2.1B$1.9B$2.5B

Retained capital Retained $2.9B of earnings over 2017–2026; annual owner earnings grew $738M, $0.26 per $1 retained.

Balance sheet Net cash, +$3.1B · buybacks at an average near $97.07 · dividend paid 10 of 10 yrs, cut at least once

SBH Sally Beauty Holdings

Sally Beauty Holdings, Inc. is a leading international specialty retailer and distributor of professional beauty supplies.

Owner earnings 2016–2025 $203M$254M$286M$213M$316M$308M$57M$159M$145M$173M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings fell $89M, $-0.09 per $1 retained.

Balance sheet Heavy net debt, $1.6B · buybacks at an average near $14.58

SCVL Shoe Carnival

Shoe Carnival, Inc. is one of the nation's largest omnichannel retailers of footwear and accessories for the family.

Owner earnings 2017–2026 $42M$21M$67M$48M$51M$129M$27M$94M$69M$37M

Retained capital Retained $317M of earnings over 2017–2026; annual owner earnings grew $24M, $0.07 per $1 retained.

Balance sheet Net cash, debt-free, +$131M · buybacks at an average near $16.71 · dividend paid 10 of 10 yrs, never cut

SGU Star Group L.P.

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2016–2025 $92M$9M$44M$86M$162M$54M$15M$115M$100M$56M

Retained capital Retained $220M of earnings over 2016–2025; annual owner earnings grew $42M, $0.19 per $1 retained.

Balance sheet Modest net debt, $163M · dividend paid 10 of 10 yrs, never cut

SHOE Shoe Station Group Inc.

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2017–2026 $42M$21M$67M$48M$51M$129M$27M$94M$69M$37M

Retained capital Retained $317M of earnings over 2017–2026; annual owner earnings grew $24M, $0.07 per $1 retained.

Balance sheet Net cash, debt-free, +$131M · buybacks at an average near $16.71 · dividend paid 10 of 10 yrs, never cut

SIG Signet Jewelers

Revenue is North America (93%) and International (6%).

Owner earnings 2017–2026 $400M$1.7B$564M$419M$1.3B$1.1B$659M$421M$438M$525M

Retained capital Paid out $831M more than it earned over 2017–2026; annual owner earnings fell $428M.

Balance sheet Net cash, +$141M · buybacks at an average near $69.22 · dividend paid 10 of 10 yrs, cut at least once

SPH Suburban Propane Partners L.P.

Suburban Propane Partners L.P. is a nationwide marketer and distributor of a diverse array of products meeting the energy needs of our customers.

Owner earnings 2016–2025 $119M$136M$178M$192M$177M$197M$176M$180M$101M$114M

Retained capital Paid out $440M more than it earned over 2016–2025; annual owner earnings fell $12M.

Balance sheet Heavy net debt, $1.2B · dividend paid 10 of 10 yrs, cut at least once

SVV Savers Value Village Inc.

Savers Value Village Inc. is the largest for-profit thrift operator in the United States and Canada based on number of stores.

Owner earnings 2021–2025 $135M$114M$114M$65M$87M

Retained capital Paid out $211M more than it earned over 2021–2025; annual owner earnings fell $32M.

Balance sheet Heavy net debt, $630M · buybacks at an average near $12.60 · dividend paid 3 of 5 yrs, cut at least once

TITN Titan Machinery Inc.

Revenue is led by Agriculture (64%) and International (16%), with 2 more segments behind.

Owner earnings 2017–2024 $132M$82M$40M($10M)$166M$144M$822K($43M)

Retained capital Retained $305M of earnings over 2017–2024; annual owner earnings fell $51M, $-0.17 per $1 retained.

Balance sheet Net debt against an operating loss, $152M

TJX TJX Companies Inc. (The)

TJX is an off-price retailer. It buys brand-name and designer apparel and home fashions — overstock, closeouts, and merchandise other sellers can't move — and resells it in its stores and online below department-store prices. It runs the T.J. Maxx, Marshalls, and HomeGoods chains across the United States and abroad, and earns the spread between what it pays for the goods and what shoppers will pay.

Owner earnings 2017–2026 $3.0B$2.3B$3.3B$3.2B$4.0B$2.0B$3.2B$5.1B$5.0B$5.6B

Retained capital Retained $2.2B of earnings over 2017–2026; annual owner earnings grew $2.4B.

Balance sheet Net cash, +$3.4B · buybacks at an average near $63.46 · dividend paid 10 of 10 yrs, cut at least once

ULTA Ulta Beauty Inc.

Ulta Beauty Inc. is an international specialty beauty retailer and a premier beauty destination for cosmetics, fragrance, skin care products, wellness products, hair care products, and salon services.

Owner earnings 2017–2026 $424M$527M$637M$803M$658M$887M$1.2B$1.2B$1.1B$1.2B

Retained capital Retained $933M of earnings over 2017–2026; annual owner earnings grew $640M, $0.69 per $1 retained.

Balance sheet Net cash, debt-free, +$494M · buybacks at an average near $357

URBN Urban Outfitters

We are a leading lifestyle products and services company which operates a portfolio of global consumer brands including the Anthropologie, Free People, FP Movement, Urban Outfitters and Nuuly brands.

Owner earnings 2017–2026 $272M$219M$332M$162M$182M$254M$40M$407M$387M$447M

Retained capital Retained $1.5B of earnings over 2017–2026; annual owner earnings grew $140M, $0.09 per $1 retained.

Balance sheet Net cash, +$219M

VSCO Victoria's Secret

Victoria's Secret is a specialty retailer of women's intimates and other apparel and beauty products marketed under the Victoria's Secret, PINK and Adore Me brand names.

Owner earnings 2020–2026 $90M$547M$682M$273M$133M$247M$312M

Retained capital Paid out $165M more than it earned over 2020–2026; annual owner earnings fell $209M.

Balance sheet Modest net debt, $457M

VSXY Victorias Secret & Co. Common Stock

Victorias Secret & Co. Common Stock is a specialty retailer of women's intimates and other apparel and beauty products marketed under the Victoria's Secret, PINK and Adore Me brand names.

Owner earnings 2020–2026 $90M$547M$682M$273M$133M$247M$312M

Retained capital Paid out $165M more than it earned over 2020–2026; annual owner earnings fell $209M.

Balance sheet Modest net debt, $457M

WINA Winmark Corporation

Winmark the Resale Company, is a nationally recognized franchisor focused on sustainability and small business formation.

Owner earnings 2016–2025 $26M$25M$35M$50M$43M$48M$44M$44M$42M$45M

Retained capital Paid out $89M more than it earned over 2016–2025; annual owner earnings grew $15M.

Balance sheet Modest net debt, $37M · dividend paid 10 of 10 yrs, cut at least once

WOOF Petco Health and Wellness

Petco is a leading pet specialty retailer focused on improving the lives of pets, pet parents, and our own Petco partners.

Owner earnings 2020–2026 ($47M)$109M$186M$152M($10M)$50M$187M

Retained capital Paid out $1.2B more than it earned over 2020–2026; annual owner earnings fell $7M.

Balance sheet Heavy net debt, $1.2B

WSHP WeShop Holdings Limited

WeShop operates a social commerce platform designed to connect product discovery, user-generated content, affiliate commerce and equity-linked rewards.

Owner earnings 2024–2025 (£2M)(£4M)

Retained capital not read

Balance sheet net position not read

WSM Williams-Sonoma

Revenue is led by Pottery Barn (38%) and West Elm (24%), with 3 more segments behind.

Owner earnings 2017–2026 $327M$310M$396M$421M$1.1B$1.1B$839M$1.5B$1.1B$1.1B

Retained capital Retained $707M of earnings over 2017–2026; annual owner earnings grew $884M.

Balance sheet Net cash, +$720M · buybacks at an average near $65.77 · dividend paid 10 of 10 yrs, never cut

ZUMZ Zumiez

Zumiez Inc. is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear and other unique lifestyles.

Owner earnings 2017–2026 $28M$41M$44M$87M$129M$119M($26M)($6M)$6M$42M

Retained capital Paid out $50M more than it earned over 2017–2026; annual owner earnings fell $24M.

Balance sheet Net cash, +$126M · buybacks at an average near $31.04