piper sandler companies _spring _2016...american eagle spr 2002 spr 2003 spr 2004 spr 2005 spr 2006...

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$0

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$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

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Fall

2014

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Up

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d Upper-Income Total Spend Upper-Income Fashion Spend

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

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Fall

2011

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Average-Income Total Spend Average-Income Fashion Spend

20.2%

9.1%

14.1%

0%

5%

10%

15%

20%

25%

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Fall

2010

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6

Denim Abercrombie & Fitch American Eagle

Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 %

1 Leggings/lululemon 33% 1 Leggings/lululemon 24% 1 Leggings/lululemon 23%

2 Victoria's Secret 5% 2 Nike 5% 2 Victoria's Secret 7%

3 Boots 4% 3 Birkenstock 5% 3 Converse 6%

4 UGG Australia 4% 4 Converse 4% 4 Nike 6%

5 Nike 4% 5 Victoria's Secret 4% 5 Boots 3%

6 Crop Tops 3% 6 Crop Tops 3% 6 Crop Tops 3%

7 Converse 2% 7 Short Shorts 2% 7 Athletic Wear 2%

8 High-Waist Pants/Skirts 2% 8 Rompers 2% 8 Jeans 2%

9 Birkenstock 2% Vineyard Vines 2% 9 Michael Kors 2%

Dresses 2% 10 Dresses 2% 10 Adidas 2%

-800 bps

-600 bps

-400 bps

-200 bps

0 bps

200 bps

400 bps

600 bps

800 bps

-35%

-25%

-15%

-5%

5%

15%

25%

35%

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Fall

2007

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Fall

2011

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Ho

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Y/Y

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Hollister Comp Hollister Change in Mindshare Y/Y

Rank Fall 2015 % Rank Spring 2016 %

1 Nike 23% 1 Nike 19%

2 Forever 21 8% 2 Forever 21 6%

3 Ralph Lauren 5% 3 Ralph Lauren 6%

4 American Eagle 5% 4 American Eagle 6%

5 Urban Outfitters 3% 5 PacSun 4%

6 Nordstrom 3% 6 Urban Outfitters 3%

7 PacSun 3% 7 Victoria's Secret 3%

8 Free People 2% 8 Hollister 3%

9 Hollister 2% 9 Adidas 2%

10 H&M 2% H&M 2%

Kohl's 2%

1.2% 1.0%1.5% 1.3%

3.9%

2.2%3.0%

3.3%

2.4%

4.4%

2.6%

3.5%

1.7%

3.4%

Spring 2013 Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016

Victoria's Secret PINK

3.5%4.2%

3.6%

8.3%

14.4%

15.6%

17.1%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

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Fall

2010

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Fashion Athletic

Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016

A&F 1st (13%) 1st (12%) 1st (13%) 2nd (10%) 4th (9%) 4th (8%) 4th (5%) 6th (4%) 7th (3%) 12th (2%) 10th (2%) 10th (2%) 10th (2%) 31st (1%) 11th (2%)

Hollister NM 5th (5%) 4th (5%) 1st (12%) 1st (16%) 1st (13%) 1st (13%) 2nd (12%) 5th (7%) 7th (3%) 6th (5%) 5th (4%) 5th (3%) 7th (2%) 5th (3%)

Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015

A&F 1st (18%) 1st (15%) 1st (13%) 2nd (10%) 3rd (8%) 4th (8%) 5th (4%) 6th (4%) 10th (2%) 10th (2%) 9th (2%) 9th (2%) 23rd (1%) 12th (2%)

Hollister 22nd (1%) 5th (5%) 3rd (9%) 1st (13%) 1st (14%) 1st (14%) 2nd (10%) 3rd (8%) 5th (7%) 7th (4%) 7th (3%) 8th (2%) 7th (2%) 11th (2%)


A&F 2nd (10%) 2nd (12%) 1st (12%) 2nd (12%) 2nd (11%) 5th (8%) 5th (5%) 6th (4%) 11th (3%) 12th (2%) 9th (2%) 9th (3%) 11th (2%) 28th (1%) 12th (2%)

Hollister NM 6th (7%) 3rd (8%) 1st (14%) 1st (18%) 1st (13%) 1st (14%) 1st (14%) 2nd (7%) 7th (3%) 3rd (6%) 3rd (6%) 6th (5%) 8th (3%) 6th (5%)

Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015A&F 1st (19%) 1st (18%) 1st (14%) 2nd (12%) 2nd (10%) 3rd (8%) 7th (5%) 6th (4%) 9th (2%) 10th (2%) 7th (3%) 15th (2%) 23rd (1%) 14th (2%)

Hollister 25th (1%) 3rd (8%) 2nd (10%) 1st (16%) 1st (17%) 1st (15%) 2nd (10%) 2nd (8%) 4th (8%) 5th (5%) 5th (4%) 5th (4%) 9th (4%) 10th (3%)

Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016A&F 1st (16%) 2nd (12%) 1st (13%) 4th (8%) 4th (6%) 3rd (9%) 5th (6%) 5th (4%) 7th (3%) 9th (2%) 7th (2%) 9th (2%) 13th (1%) 20th (1%) 7th (2%)

Hollister NM 10th (2%) 10th (3%) 3rd (9%) 2nd (14%) 2nd (13%) 2nd (13%) 3rd (10%) 4th (7%) 8th (2%) 5th (4%) 5th (3%) 4th (2%) 10th (2%) 6th (2%)

Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015A&F 1st (16%) 3rd (9%) 2nd (10%) 3rd (8%) 4th (7%) 4th (7%) 5th (3%) 6th (3%) 8th (2%) 8th (2%) 7th (2%) 6th (2%) 19th (1%) 8th (2%)

Hollister 17th (1%) 11th (2%) 3rd (8%) 2nd (10%) 2nd (11%) 3rd (12%) 2nd (11%) 4th (8%) 4th (5%) 6th (2%) 5th (2%) 9th (1%) 9th (1%) 10th (1%)

Top Clothing Brands (Upper-Income, All)

Top Clothing Brands (Upper-Income, Females)

Top Clothing Brands (Upper-Income, Males)

American Eagle Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016

Upper-Income 3rd (6%) 4th (9%) 2nd (6%) 4th (8%) 2nd (10%) 2nd (11%) 3rd (9%) 5th (5%) 4th (7%) 3rd (9%) 4th (8%) 2nd (9%) 3rd (8%) 3rd (6%) 2nd (8%)

Average-Income 1st (13%) 1st (12%) 1st (14%) 1st (13%) 1st (10%) 1st (11%) 1st (10%) 4th (8%) 2nd (10%) 3rd (7%) 3rd (7%) 2nd (9%)

American Eagle Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015

Upper-Income 4th (6%) 2nd (8%) 4th (6%) 4th (9%) 4th (8%) 3rd (10%) 4th (7%) 5th (8%) 3rd (10%) 4th (7%) 5th (8%) 3rd (7%) 2nd (8%) 3rd (6%)

Average-Income 1st (13%) 1st (14%) 1st (16%) 1st (11%) 2nd (10%) 1st (12%) 2nd (10%) 3rd (9%) 3rd (8%) 2nd (8%) 2nd (8%)


Upper-Income 5th (5%) 3rd (8%) 4th (7%) 3rd (8%) 3rd (10%) 1st (13%) 3rd (8%) 4th (5%) 3rd (6%) 2nd (10%) 2nd (12%) 2nd (12%) 2nd (9%) 3rd (7%) 2nd (11%)

Average-Income 1st (13%) 1st (11%) 1st (16%) 1st (13%) 1st (11%) 1st (11%) 2nd (10%) 2nd (9%) 2nd (11%) 2nd (8%) 2nd (8%) 2nd (11%)


Upper-Income 4th (6%) 4th (7%) 3rd (6%) 3rd (9%) 3rd (7%) 4th (8%) 4th (7%) 3rd (8%) 3rd (8%) 3rd (9%) 2nd (10%) 2nd (9%) 2nd (10%) 2nd (10%)

Average-Income 1st (13%) 1st (15%) 1st (17%) 2nd (12%) 2nd (10%) 1st (12%) 2nd (10%) 2nd (9%) 2nd (9%) 2nd (9%) 2nd (10%)


Upper-Income 4th (6%) 3rd (9%) 3rd (5%) 5th (7%) 3rd (11%) 3rd (9%) 3rd (10%) 4th (5%) 3rd (10%) 4th (7%) 4th (5%) 3rd (7%) 3rd (7%) 3rd (4%) 3rd (5%)

Average-Income 1st (12%) 1st (12%) 2nd (12%) 2nd (13%) 3rd (10%) 3rd (10%) 3rd (11%) 4th (7%) 2nd (10%) 3rd (6%) 3rd (6%) 3rd (7%)


Upper-Income 4th (6%) 2nd (10%) 5th (5%) 3rd (8%) 3rd (9%) 2nd (13%) 3rd (8%) 3rd (7%) 2nd (11%) 4th (6%) 4th (6%) 3rd (6%) 3rd (6%) 3rd (4%)

Average-Income 1st (12%) 1st (12%) 1st (16%) 3rd (10%) 3rd (10%) 2nd (12%) 4th (9%) 4th (9%) 2nd (8%) 3rd (7%) 3rd (7%)

Top Clothing Brands (All)

Top Clothing Brands (Females)

Top Clothing Brands (Males)

1.2% 1.0%1.5% 1.3%

3.9%

2.2%3.0%

3.3%

2.4%

4.4%

2.6%

3.5%

1.7%

3.4%


Victoria's Secret PINK


Nordstrom 14th (1%) 19th (1%) 12th (2%) 11th (2%) 5th (7%) 4th (9%) 4th (8%) 5th (5%) 9th (3%) 3rd (7%) 5th (5%) 4th (5%) 7th (4%) 6th (4%) 9th (3%)

Free People 31st (

Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016

Urban Outfitters 34th (1%) 19th (1%) 7th (3%) 14th (2%) 10th (2%) 10th (2%) 8th (3%) 10th (2%) 9th (2%) 7th (3%) 7th (3%) 6th (3%) 6th (3%) 7th (3%)

Free People 45th (

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

Apparel Multi-Year Average

Avg. $1,011

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Apparel Multi-Year Average

Avg. $486

$100

$150

$200

$250

$300

$350

$400

Shoes Multi-Year Average

Avg. $266

$100

$120

$140

$160

$180

$200

$220

$240

$260

$280

$300

Shoes Multi-Year Average

Avg. $226

28%

32%

26%

0%

5%

10%

15%

20%

25%

30%

35%

Sp

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Fall

2013

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6

Average = 19%

0%

5%

10%

15%

20%

25%

Fall

2009

Sprin

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Fall

2011

Sprin

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Fall

2012

Sprin

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Fall

2013

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Fall

2014

Sprin

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Fall

2015

Sprin

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016

Fashion Athletic Denim

Rank Fall 2014 % Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 %

1 Nike 81% 1 Nike 81% 1 Nike 83% 1 Nike 81%

2 Adidas 4% 2 Adidas 4% 2 Adidas 4% 2 Adidas 6%

3 ASICS 2% 3 New Balance 2% 3 ASICS 2% 3 ASICS 2%

4 Jordan 1% 4 ASICS 1% 4 New Balance 2% 4 New Balance 1%

5 Under Armour 1% 5 Under Armour 1% 5 Under Armour 1% 5 Under Armour 1%



2 Under Armour 8% 2 Under Armour 7% 2 lululemon 7% 2 Adidas 7%

3 lululemon 6% 3 lululemon 4% 3 Under Armour 6% 3 Under Armour 5%

4 Adidas 4% 4 Adidas 4% 4 Adidas 4% 4 lululemon 5%

5 The North Face 1% 5 The North Face 1% 5 The North Face 1% 5 The North Face 1%

0%

2%

4%

6%

8%

10%

12%

14%

% M

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Adidas UI Footwear Mindshare Adidas Multi-Year Average

Multi-Year Average: 5.3%

0%

1%

1%

2%

2%

3%

3%

4%

4%

5%

Spring2005

Fall2005

Spring2006

Fall2006

Spring2007

Fall2007

Spring2008

Fall2008

Spring2009

Fall2009

Spring2010

Fall2010

Spring2011

Fall2011

Spring2012

Fall2012

Spring2013

Fall2013

Spring2014

Fall2014

Spring2015

Fall2015

Spring2016

% M

ind

shar

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Adidas UI Women's Footwear Mindshare Adidas Multi-Year Average


0%

10%

20%

30%

40%

50%

60%

70%

Consolid

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Nike Converse Vans Adidas Puma


1 Nike/Jordans 20% 1 Nike/Jordans 17% 1 Nike/Jordans 18% 1 Nike/Jordans 20%

2 Preppy 11% 2 Jogger Pants 10% 2 Preppy 8% 2 Jogger Pants 12%

3 Ralph Lauren 10% 3 Ralph Lauren 9% Ralph Lauren 8% 3 Ralph Lauren 6%

4 Tall Socks 8% 4 Preppy 8% 4 Vineyard Vines 8% 4 Preppy 6%

5 Vineyard Vines 8% 5 Vineyard Vines 7% 5 Jogger Pants 7% 5 Athletic Wear 5%

6 Boat Shoes 8% 6 Khakis/Chinos 5% 6 Boat Shoes 5% 6 Hair / Man Buns 5%

7 Athletic Wear 4% 7 Athletic Wear 4% Khakis/Chinos 5% Khakis/Chinos 5%

8 Khakis/Chinos 3% 8 Timberland 4% 8 Athletic Wear 4% 8 Vineyard Vines 4%

9 Chubbies Shorts 2% 9 Boat Shoes 3% 9 Tall Socks 4% 9 Boat Shoes 3%

10 Jogger Pants 2% Tall Socks 3% 10 Shoes 3% 10 Tall Socks 2%


1 Leggings/lululemon 26% 1 Leggings/lululemon 33% 1 Leggings/lululemon 24% 1 Leggings/lululemon 23%

2 Crop Tops 6% 2 Victoria's Secret 5% 2 Nike 5% 2 Victoria's Secret 7%

3 High-Waist Pants/Skirts 6% 3 Boots 4% 3 Birkenstock 5% 3 Converse 6%

4 Nike 4% 4 UGG Australia 4% 4 Converse 4% 4 Nike 6%

5 Boots 3% 5 Nike 4% 5 Victoria's Secret 4% 5 Boots 3%

6 Victoria's Secret 3% 6 Crop Tops 3% 6 Crop Tops 3% 6 Crop Tops 3%

7 Preppy 2% 7 Converse 2% 7 Short Shorts 2% 7 Athletic Wear 2%

8 UGG Australia 2% 8 High-Waist Pants/Skirts 2% 8 Rompers 2% 8 Jeans 2%

9 Converse 2% 9 Birkenstock 2% Vineyard Vines 2% 9 Michael Kors 2%

Dresses 2% Dresses 2% 10 Dresses 2% 10 Adidas 2%

18%

15%

18%

17%

14% 14%

16% 16%

17%

19%

17%

14%

18%17%

16%16%

18%

12%

13%

14%

15%

16%

17%

18%

19%

20%

% M

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Basketball % Share of Fav Sport - Men's Upper-Income Multi-Year Average


$0

$50

$100

$150

$200

$250

$300

$350

Fall

2002

Sprin

g 2

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Fall

2003

Sprin

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Fall

2004

Sprin

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005

Fall

2005

Sprin

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006

Fall

2006

Sprin

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Fall

2007

Sprin

g 2

008

Fall

2008

Sprin

g 2

009

Fall

2009

Sprin

g 2

010

Fall

2010

Sprin

g 2

011

Fall

2011

Sprin

g 2

012

Fall

2012

Sprin

g 2

013

Fall

2013

Sprin

g 2

014

Fall

2014

Sprin

g 2

015

Fall

2015

Sprin

g 2

016

Accessories Multi-Year Average

Average: $195

$0

$50

$100

$150

$200

$250

$300

Accessories Multi-Year Average

Avg. $96


1 Michael Kors 30% 1 Michael Kors 39% 1 Michael Kors 31% 1 Michael Kors 38%

2 Coach 18% 2 Coach 14% 2 Kate Spade 15% 2 Kate Spade 16%

3 Kate Spade 10% 3 Kate Spade 10% 3 Coach 10% 3 Coach 12%

4 Louis Vuitton 4% 4 Louis Vuitton 5% 4 Louis Vuitton 6% 4 Louis Vuitton 4%

5 Longchamp 4% 5 Vera Bradley 5% 5 Vera Bradley 5% 5 Gucci 4%

6 Vera Bradley 4% 6 Tory Burch 4% 6 Tory Burch 4% 6 Chanel 3%

7 Chanel 3% 7 Chanel 2% 7 Gucci 3% 7 Tory Burch 3%

Tory Burch 3% 8 Target 2% 8 Longchamp 3% 8 Longchamp 2%

9 Marc Jacobs 3% 9 Longchamp 1% 9 Chanel 2% 9 Vera Bradley 2%

10 Gucci 2% 10 Gucci 1% 10 Marc Jacobs 2% 10 Fossil 2%

Marc Jacobs 1%



2 Coach 20% 2 Coach 17% 2 Coach 15% 2 Coach 12%

3 Vera Bradley 5% 3 Kate Spade 6% 3 Kate Spade 6% 3 Kate Spade 8%

4 Louis Vuitton 4% 4 Louis Vuitton 4% 4 Vera Bradley 5% 4 Vera Bradley 4%

5 Gucci 3% 5 Vera Bradley 3% 5 Louis Vuitton 3% 5 Louis Vuitton 3%

6 Kate Spade 3% 6 Gucci 2% 6 Gucci 2% 6 Fossil 2%

7 Fossil 2% 7 Chanel 2% 7 Chanel 2% 7 Gucci 2%

8 Chanel 2% Tory Burch 2% 8 Fossil 1% 8 Chanel 2%

9 Tory Burch 2% 9 Fossil 2% 9 Steve Madden 1% 9 Tory Burch 1%

10 Steve Madden 1% 10 Steve Madden 1% 10 Target 1% 10 Steve Madden 1%

Target 1% Guess 1%

38% 36%30%

26% 29%

18%14%

10% 12%

7% 9% 18%21%

26%

30% 39%

31%

38%

6%

10%

10%

15%

16%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Spring 2012 Fall 2012 Spring 2013 Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016

Consolid

ate

d M

indshare

Coach Michael Kors Kate Spade Tory Burch Marc Jacobs


Yes 52% 48% 43% 43% 45% 39% 42%

No 48% 52% 57% 57% 55% 61% 58%

All Customers: Intent To Spend On Handbag In Next Six Months

1.2%

2.7%

4.8%

5.3%

0%

1%

2%

3%

4%

5%

6%

Fall 2014 Spring 2015 Fall 2015 Spring 2016


1 Rolex 30% 1 Rolex 31% 1 Rolex 34% 1 Rolex 29%


3 Casio 9% 3 Casio 8% 3 Casio 7% 3 Fossil 8%

4 Fossil 5% 4 Fossil 7% 4 Fossil 5% 4 Casio 6%

5 Nike 4% 5 Nike 4% 5 Apple 5% 5 Apple 5%

6 Nixon 2% 6 Apple 3% 6 Nike 4% 6 Nixon 3%

7 Swatch 2% 7 Nixon 1% 7 Nixon 4% 7 Nike 3%

8 Timex 2% 8 Swatch 1% 8 Gucci 2% 8 Invicta 1%

9 Marc Jacobs 2% 9 Timex 1% 9 Timex 2% 9 Kate Spade 1%

10 Gucci 1% 10 Gucci 1% 10 Swatch 1% 10 Citizen 1%

Kate Spade 1% Gucci 1%

Rank Fall 2015 % Rank Spring 2016 %

1 Fitbit 53% 1 Fitbit 72%

2 Nike 24% 2 Nike 12%

3 Apple 7% 3 Apple 6%

4 Garmin 5% 4 Garmin 3%

5 Jawbone 5% 5 Jawbone 3%

6 Misfit 2% 6 Misfit 1%

7 Adidas 1% 7 Under Armour 1%

8 Under Armour 1% 8 Samsung 0%

9 Samsung 1% 9 Microsoft 0%

10 iFit 0% 10 iFit 0%

13.1%

12.2%

18.0%

13.2% 13.6%

22.0%

10%

12%

14%

16%

18%

20%

22%

24%

Spring 2015 Fall 2015 Spring 2016

Fitness Band Ownership (Male) Fitness Band Ownership (Female)

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•

6.4%

9.8%

9.3%

10.5%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

$93

$155

$72

$50

$70

$90

$110

$130

$150

$170

Sprin

g-0

6

Fall-

06

Sprin

g-0

7

Fall-

07

Sprin

g-0

8

Fall-

08

Sprin

g-0

9

Fall-

09

Sprin

g-1

0

Fall-

10

Sprin

g-1

1

Fall-

11

Sprin

g-1

2

Fall-

12

Sprin

g-1

3

Fall-

13

Sprin

g-1

4

Fall-

14

Sprin

g-1

5

Fall-

15

Sprin

g-1

6

Skin Care Cosmetics Fragrance


1 Maybelline 14% 1 MAC 15% 1 MAC 19% 1 MAC 19%

2 CoverGirl 13% 2 Maybelline 12% 2 CoverGirl 12% 2 CoverGirl 11%

3 MAC 13% 3 CoverGirl 10% 3 Maybelline 12% 3 Urban Decay 11%

4 Sephora 7% 4 Sephora 7% 4 Urban Decay 9% 4 Maybelline 11%

5 Urban Decay 6% 5 Urban Decay 7% 5 Sephora 5% 5 Sephora 5%

6 L'Oreal 5% 6 L'Oreal 6% 6 Bare Escentuals 5% 6 Bare Escentuals 4%

7 Bare Escentuals 4% 7 Bare Escentuals 4% 7 L'Oreal 4% 7 e.l.f. 4%

8 Mary-Kay 4% 8 Revlon 3% 8 Mary Kay 3% 8 Clinique 3%

9 Clinique 3% 9 Clinique 3% 9 e.l.f. 3% 9 L'Oreal 3%

10 Revlon 3% 10 Mary Kay 3% 10 Clinique 3% 10 Too Faced 3%


1 Maybelline 13% 1 MAC 13% 1 MAC 16% 1 MAC 17%

2 CoverGirl 10% 2 Maybelline 13% 2 Maybelline 12% 2 Maybelline 12%

3 MAC 10% 3 CoverGirl 9% 3 Urban Decay 10% 3 Urban Decay 11%

4 Urban Decay 7% 4 Urban Decay 9% 4 CoverGirl 9% 4 Sephora 7%

5 Sephora 7% 5 Sephora 7% 5 Bare Escentuals 6% 5 CoverGirl 7%

6 Bare Escentuals 5% 6 Bare Escentuals 5% 6 Sephora 5% 6 Bare Escentuals 5%

7 L'Oreal 5% 7 L'Oreal 5% 7 Benefit 5% 7 Benefit 4%

8 Clinique 4% 8 Clinique 3% 8 L'Oreal 3% 8 L'Oreal 4%

9 Benefit 4% 9 Benefit 3% 9 Clinique 3% 9 Too Faced 3%

10 Neutrogena 3% 10 Revlon 2% 10 NARS 3% 10 Anastasia 3%


1 Walmart 24% 1 Walmart 21% 1 Sephora 24% 1 Ulta 27%

2 Target 16% 2 Target 16% 2 Ulta 23% 2 Sephora 24%

3 Ulta 13% 3 Ulta 15% 3 Walmart 14% 3 Walmart 13%

4 Sephora 12% 4 Sephora 14% 4 Target 10% 4 Target 9%

5 Walgreens 5% 5 Walgreens 6% 5 MAC 6% 5 MAC 4%

6 CVS 4% 6 MAC 4% 6 Walgreens 4% 6 Walgreens 3%

7 MAC 3% 7 CVS 3% 7 Macy's 2% 7 CVS 3%

8 Macy's 2% 8 Macy's 2% 8 CVS 2% 8 Macy's 2%

9 Bath & Body Works 2% 9 Online 2% 9 Sally Beauty Supply 2% 9 Sally Beauty 1%

10 Mall 2% 10 Bath & Body Works 2% 10 Dillard's 1% 10 Bath & Body Works 1%


1 Sephora 22% 1 Target 19% 1 Sephora 38% 1 Sephora 38%

2 Target 21% 2 Sephora 19% 2 Ulta 19% 2 Ulta 21%

3 CVS 13% 3 Ulta 18% 3 Target 14% 3 Target 12%

4 Ulta 13% 4 CVS 14% 4 CVS 6% 4 CVS 7%

5 Walmart 7% 5 Walmart 9% 5 MAC 3% 5 MAC 5%

6 Walgreens 3% 6 Walgreens 5% 6 Walmart 3% 6 Walmart 3%

7 Macy's 2% 7 MAC 2% 7 Macy's 3% 7 Macy's 3%

8 Nordstrom 2% 8 Macy's 2% 8 Nordstrom 2% 8 Walgreens 2%

Online 2% Nordstrom 2% 9 Walgreens 2% 9 Nordstrom 2%

10 MAC 2% 10 Mall 1% 10 Rite-Aid 1% 10 Bare Escentuals 1%

Online 1% Online 1%

Sally Beauty 1%

32%

64%

54%

29%

0%

10%

20%

30%

40%

50%

60%

70%

Fall 2013 Spring2014



Specialty Mass, Dept & Drug Stores

Channel Reversal:

Specialty stores outpace legacy

formats

(15.0%)

(10.0%)

(5.0%)

0.0%

5.0%

10.0%

15.0%

30.0%

20.0%

10.0%

0.0%

10.0%

20.0%

30.0%

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fa

ll

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

Fall

Sprin

g

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Food Spend Clothing Spend Net Food Spend

Clo

thin

gS

pend

|

Food S

pend

Net F

ood S

pend

43% 44% 41%

48% 50%52% 54% 54%

57%60% 59% 62% 61% 62% 60%

57% 56% 59%

52% 50%48% 46% 46%

43%40% 41% 38% 39% 38% 40%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Spring Fall Spring Fall Spring Fall Spring Fall Spring Fall Spring Fall Spring Fall Spring

2009 2010 2011 2012 2013 2014 2015 2016

Full Service

LimitedService

1 2 3 4 5

Spring Starbucks Chipotle Chick-fil-A Panera McDonald's

Fall Starbucks Chipotle Chick-fil-A McDonald's Panera

Spring Chipotle Starbucks Chick-fil-A Panera Olive Garden

Fall Starbucks Chipotle Chick-fil-A McDonald's Dunkin Donuts

Spring Starbucks Chipotle Chick-fil-A McDonald's Panera

Fall Starbucks Chipotle McDonald's Chick-fil-A Panera

Spring Starbucks Chipotle Panera Chick-fil-A McDonald's

Fall Starbucks Chipotle McDonald's Olive Garden Chick-fil-A

Spring Starbucks Chipotle McDonald's Olive Garden Chick-fil-A

Fall Starbucks Chipotle McDonald's Olive Garden Dunkin Donuts

Spring Starbucks Chipotle McDonald's Olive Garden Chick-fil-A

Fall Chipotle Starbucks McDonald's Olive Garden Chili's

Spring Starbucks Chipotle Olive Garden T.G.I. Friday's Chili's

$5.62Est. Average Check For

Latest Survey Cycle$4.29 $10.93 ~$6.00 $10.94

2011

2010

2016

2015

2014

2013

2012

1 2 3 4 5

Spring Starbucks McDonald's Chick-fil-A Olive Garden Buffalo Wild Wings

Fall Starbucks McDonald's Chipotle Chick-fil-A Olive Garden

Spring Starbucks McDonald's Chipotle Chick-fil-A Olive Garden

Fall Starbucks McDonald's Chipotle Chick-fil-A Taco Bell

Spring Starbucks McDonald's Chipotle Olive Garden Taco Bell

Fall Starbucks McDonald's Olive Garden Taco Bell Chipotle

Spring Starbucks McDonald's Olive Garden Taco Bell Buffalo Wild Wings

Fall Starbucks McDonald's Olive Garden Red Lobster Taco Bell

Spring Starbucks McDonald's Olive Garden Taco Bell Red Lobster

Fall Starbucks McDonald's Olive Garden Taco Bell Applebee's

Spring Starbucks McDonald's Olive Garden Taco Bell Applebee's

Fall McDonalds Starbucks Olive Garden Taco Bell Apple Bee's

Spring Starbucks Olive Garden McDonald's Applebee's Chili's

$16.95Est. Average Check For Latest

Survey Cycle$4.91 $5.62 ~$6.00 $16.75

2010

2016

2015

2014

2013

2012

2011

Females

Rank Spring 2016 % Rank Fall 2015 % Rank Spring 2015 % Rank Fall 2014 %

1 Amazon 29% 1 Amazon 28% 1 Amazon 23% 1 Amazon 21%

2 Forever 21 11% 2 Forever 21 9% 2 Forever 21 11% 2 Forever 21 10%

3 Victoria's Secret 6% 3 Urban Outfitters 6% 3 Victoria's Secret 8% 3 Victoria's Secret 5%

4 American Eagle 5% 4 American Eagle 5% 4 eBay 4% 4 Nordstrom 4%

5 Urban Outfitters 5% 5 Victoria's Secret 4% 5 American Eagle 4% 5 Brandy Melville 4%

6 Nike 2% 6 Nordstrom 4% 6 Urban Outfitters 3% 6 Urban Outfitters 4%

Sephora 2% 7 Brandy Melville 3% 7 Brandy Melville 3% 7 American Eagle 3%

8 Hollister 2% 8 Hollister 3% 8 Wanelo 3% 8 Wanelo 3%

lululemon 2% 9 Free People 3% 9 Charlotte Russe 2% 9 eBay 2%

10 PacSun 2% 10 Nike 2% 10 Nordstrom 2% 10 Hollister 2%

Males




3 eBay 5% 3 eBay 6% 3 eBay 5% 3 eBay 7%

4 Eastbay 3% 4 Eastbay 3% 4 Eastbay 2% 4 Eastbay 3%

5 Dick's Sporting Goods 2% 5 Dick's Sporting Goods 2% 5 Steam 2% 5 PacSun 2%

6 Foot Locker 2% 6 Foot Locker 2% 6 American Eagle 1% 6 Dick's Sporting Goods 2%

7 Zumiez 2% 7 PacSun 1% Dick's Sporting Goods 1% 7 Foot Locker 1%

8 Supreme 1% 8 Vineyard Vines 1% 8 Foot Locker 1% 8 Ralph Lauren 1%

9 Ralph Lauren 1% 9 Ralph Lauren 1% 9 Zappos 1% 9 Vineyard Vines 1%

10 Three Sites Tied 1% 10 Tilly's 1% 10 PacSun 1% 10 Karmaloop 1%

Ralph Lauren 1% Urban Outfitters 1%




3 Forever 21 5% 3 eBay 4% 3 Forever 21 5% 3 eBay 5%

4 eBay 3% 4 Forever 21 3% 4 eBay 5% 4 Forever 21 5%

5 American Eagle 3% 5 Urban Outfitters 3% 5 Victoria's Secret 3% 5 Urban Outfitters 2%

Victoria's Secret 3% 6 American Eagle 2% 6 American Eagle 2% 6 Victoria's Secret 2%

7 Urban Outfitters 3% 7 Eastbay 2% 7 Urban Outfitters 2% 7 American Eagle 2%

8 Eastbay 2% 8 Victoria's Secret 2% 8 Eastbay 1% 8 Nordstrom 2%

9 Dick's Sporting Goods 1% 9 Nordstrom 2% 9 Brandy Melville 1% PacSun 2%

10 PacSun 1% 10 PacSun 1% 10 Wanelo 1% 10 Brandy Melville 2%

Eastbay 2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

$21K-$41K $41K-$68K $68K-$112K $112K+ Total

Spring 2014 Fall 2014

Spring 2015 Fall 2015

Spring 2016

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

S-16F-15S-15F-14S-14F-13S-13

$112K+

$68K-$112K

$41K-$68K

$21K-$41K

$0K-$21K

0%

5%

10%

15%

20%

25%

30%

35%

Most Important Social Network

Fall-15

Spring-16

PJC Teen Survey - Social Networking Spring-14 Spring-15 Fall-15 Spring-16 Change

Most Important Social Network?

Snapchat 13% 19% 28% 9pp

Instagram 30% 32% 33% 27% -6pp

Twitter 27% 24% 20% 18% -2pp

Facebook 23% 14% 15% 17% 2pp

Tumblr 5% 4% 3% 2% -1pp

Google+ 4% 1% 1% 1% -

Pinterest 2% 2% 1% 2% 1pp

Other 4% 8% 8% 5% -3pp

0%

10%

20%

30%

40%

50%

60%

70%

80%

iPhone Ownership

Own an iPhone

Expect Next Phone AniPhone

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Spring-14 Fall-14 Spring-15 Fall-15 Spring-16

Apple Watch Intention

Own A Smartwatch

Plan to buy Apple Watch

% of

Students

Spring

2013

% of

Students

Fall 2013

% of

Students

Spring

2014

% of

Students

Fall 2014

% of

Students

Spring

2015

% of

Students

Fall 2015

% of

Students

Spring

2016

Yes 83% 81% 85% 80% 81% 79% 81%

No 17% 19% 15% 20% 19% 21% 19%

% of

Students

Spring

2013

% of

Students

Fall 2013

% of

Students

Spring

2014

% of

Students

Fall 2014

% of

Students

Spring

2015

% of

Students

Fall 2015

% of

Students

Spring

2016

Yes 16% 18% 18% 22% 21% 24% 26%

No 84% 82% 82% 78% 79% 76% 74%

% of Students % of Students % of Students % of Students % of Students % of Students

Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016

Download/Streaming 49% 55% 57% 61% 61% 61%

Retail Store 28% 23% 21% 20% 20% 21%

Kiosks 18% 17% 18% 15% 15% 13%

DVD-By-Mail 5% 5% 4% 4% 4% 4%

% of Students % of Students % of Students % of Students % of Students % of Students

Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016*

Netflix 59% 65% 67% 69% 71% 67%

Other 12% 10% 8% 8% 8% 12%

Redbox 17% 14% 13% 10% 10% 8%

Amazon 5% 6% 7% 7% 6% 6%

Hulu 4% 3% 4% 5% 4% 5%

Rental Store 3% 2% 2% 2% 1% 2%

*Data from Fall-15 to Spring-16 was not comparable due to a change in survey methodology. Assuming similar methodology, we believe Netflix would

have been essentially unchanged.

ALL TEENS Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013 Fall 2012

Teens Surveyed 6,500 9,400 6,200 7,200 7,500 8,650 5,200 7,750

Gender - Female 44% 44% 49% 47% 47% 47% 47% 47%

Gender - Male 56% 56% 51% 53% 53% 53% 53% 53%

Average Age 16.5 16.0 16.3 16.0 16.4 16.2 16.3 16.1

Percentage Of Teens Part-Time Employed 39% 36% 35% 35% 33% 35% 36% 36%

Average Household Income $62,500 $68,000 $67,000 $73,000 $63,000 $67,000 $69,000 $65,000

UPPER-INCOME TEEN SURVEY Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013 Fall 2012

Teens Surveyed - Upper Income 1,300 2,700 1,400 2,200 1,300 2,400 1,600 1,850

Gender - Female 46% 41% 46% 46% 43% 44% 45% 42%

Gender - Male 54% 59% 54% 54% 57% 56% 55% 58%

Average Age 16.5 15.9 16.2 16.1 16.2 16.1 16.1 16.0



AVERAGE-INCOME TEEN SURVEY Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013 Fall 2012

Teens Surveyed - Average Income 5,200 6,700 4,800 5,000 6,200 6,250 3,600 5,900

Gender - Female 44% 45% 49% 48% 48% 49% 47% 49%

Gender - Male 56% 55% 51% 52% 52% 51% 53% 51%

Average Age 16.4 16.1 16.4 16.0 16.4 16.2 16.5 16.1



West, 11%

Midwest, 29%

Northeast, 7%

South, 52%

0%

10%

20%

30%

40%

50%

60%

2011 2012 2013 2014 2015 2016

Vie

ws O

n T

he E

conom

y

Getting Better Staying the Same Getting Worse

Spending by Category - All Teens Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013 Fall 2012Video Games / Systems 7% 7% 8% 7% 7% 7% 6% 6%Music / Movies (DVD/CD) 5% 6% 6% 6% 6% 6% 7% 7%Electronics / Gadgets 8% 8% 8% 8% 8% 7% 8% 7%Clothing 20% 20% 20% 21% 21% 21% 21% 22%Accessories / Personal Care / Cosmetics 10% 9% 10% 10% 9% 9% 10% 10%Shoes 8% 9% 7% 8% 9% 9% 8% 8%Food 22% 22% 23% 20% 21% 20% 18% 19%Concerts / Movies / Sporting Events 5% 6% 6% 6% 6% 6% 6% 6%Car 9% 7% 8% 9% 9% 9% 8% 9%Books / Magazines 2% 2% 2% 2% 2% 2% 2% 2%Furniture / Room Accessories 1% 1% 1% 2% 1% 2% 2% 1%

Other 3% 3% 4% 3% 3% 3% 3% 3%

Total Fashion (Clothing, Access & Footwear) 38% 38% 36% 39% 38% 39% 40% 40%

Spending by Category - All Teens Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013 Fall 2012

Video games / systems 8% 7% 7% 7% 7% 7% 6% 6%

Music / movies (DVD/CD) 6% 6% 6% 6% 7% 6% 7% 7%

Electronics / gadgets 8% 8% 8% 8% 8% 8% 8% 7%

Clothing 18% 20% 20% 20% 21% 21% 20% 22%

Accessories/personal care/cosmetics 11% 10% 11% 10% 11% 11% 10% 11%

Shoes 9% 10% 9% 9% 10% 10% 8% 9%

Food 20% 19% 21% 17% 18% 16% 18% 15%

Concerts/Movies/Sporting events 5% 5% 5% 5% 5% 5% 6% 5%

Car 9% 9% 8% 9% 9% 10% 10% 10%

Books/magazines 2% 2% 2% 2% 2% 2% 2% 2%

Furniture / room accessories 2% 2% 2% 2% 2% 2% 2% 2%

Other 4% 4% 3% 3% 3% 3% 3% 3%

Total Fashion (Clothing, Access & Footwear) 38% 39% 40% 40% 41% 42% 39% 43%

Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013 Fall 2012

Specialty 27% 27% 26% 26% 27% 27% 26% 27%

Major Chain / Dept Store / Off Price 29% 29% 31% 31% 28% 30% 20% 23%

Discount 13% 12% 12% 14% 13% 12% 15% 15%

Outlet 12% 13% 12% 13% 13% 14% 15% 16%

Mail order 6% 6% 6% 6% 7% 6% 4% 4%

Online Only eTailers 14% 14% 13% 11% 13% 10% 18% 15%

Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013 Fall 2012

Specialty 31% 33% 30% 28% 33% 31% 33% 34%

Major Chain / Dept Store / Off Price 29% 31% 33% 33% 29% 32% 20% 24%

Discount 14% 13% 13% 14% 14% 13% 17% 15%

Outlet 11% 10% 11% 12% 11% 12% 14% 14%

Mail order 6% 6% 6% 6% 6% 6% 4% 3%

Online Only eTailers 9% 8% 9% 7% 8% 7% 13% 9%

0%

20%

40%

60%

80%

100%


Female Male

0%

20%

40%

60%

80%

100%


Female Male


1 Nike/Jordans 20% 1 Nike/Jordans 17% 1 Nike/Jordans 18% 1 Nike/Jordans 20%

2 Preppy 11% 2 Jogger Pants 10% 2 Preppy 8% 2 Jogger Pants 12%

3 Ralph Lauren 10% 3 Ralph Lauren 9% Ralph Lauren 8% 3 Ralph Lauren 6%

4 Tall Socks 8% 4 Preppy 8% 4 Vineyard Vines 8% 4 Preppy 6%

5 Vineyard Vines 8% 5 Vineyard Vines 7% 5 Jogger Pants 7% 5 Athletic Wear 5%

6 Boat Shoes 8% 6 Khakis/Chinos 5% 6 Boat Shoes 5% 6 Hair / Man Buns 5%

7 Athletic Wear 4% 7 Athletic Wear 4% Khakis/Chinos 5% Khakis/Chinos 5%

8 Khakis/Chinos 3% 8 Timberland 4% 8 Athletic Wear 4% 8 Vineyard Vines 4%

9 Chubbies Shorts 2% 9 Boat Shoes 3% 9 Tall Socks 4% 9 Boat Shoes 3%

10 Jogger Pants 2% Tall Socks 3% 10 Shoes 3% 10 Tall Socks 2%


1 Leggings/lululemon 26% 1 Leggings/lululemon 33% 1 Leggings/lululemon 24% 1 Leggings/lululemon 23%

2 Crop Tops 6% 2 Victoria's Secret 5% 2 Nike 5% 2 Victoria's Secret 7%

3 High-Waist Pants/Skirts 6% 3 Boots 4% 3 Birkenstock 5% 3 Converse 6%

4 Nike 4% 4 UGG Australia 4% 4 Converse 4% 4 Nike 6%

5 Boots 3% 5 Nike 4% 5 Victoria's Secret 4% 5 Boots 3%

6 Victoria's Secret 3% 6 Crop Tops 3% 6 Crop Tops 3% 6 Crop Tops 3%

7 Preppy 2% 7 Converse 2% 7 Short Shorts 2% 7 Athletic Wear 2%

8 UGG Australia 2% 8 High-Waist Pants/Skirts 2% 8 Rompers 2% 8 Jeans 2%

9 Converse 2% 9 Birkenstock 2% Vineyard Vines 2% 9 Michael Kors 2%

Dresses 2% Dresses 2% 10 Dresses 2% 10 Adidas 2%


1 Brandy Melville 6% 1 lululemon 6% 1 Free People 7% 1 American Eagle 7%

2 American Eagle 6% 2 Nike 6% 2 Brandy Melville 5% 2 Nike 6%

3 Free People 5% 3 Victoria's Secret 5% 3 lululemon 5% 3 Forever 21 5%

4 PacSun 5% 4 Forever 21 5% 4 Forever 21 4% 4 H&M 4%

5 Urban Outfitters 4% 5 H&M 5% 5 American Eagle 4% 5 Victoria's Secret 4%

6 H&M 4% 6 American Eagle 4% 6 PacSun 4% 6 Express 4%

7 Forever 21 4% 7 Urban Outfitters 3% 7 Victoria's Secret 4% 7 Adidas 3%

Nike 4% 8 Free People 3% 8 Urban Outfitters 3% Free People 3%

9 Hollister 4% 9 PacSun 3% 9 Nike 3% Hollister 3%

10 Vineyard Vines 3% 10 Express 3% 10 H&M 3% lululemon 3%



2 Ralph Lauren 12% 2 Ralph Lauren 9% 2 Ralph Lauren 11% 2 Ralph Lauren 10%

3 Under Armour 5% 3 Under Armour 6% 3 Adidas 6% 3 Adidas 7%

4 American Eagle 5% 4 Vineyard Vines 5% 4 Vineyard Vines 6% 4 American Eagle 4%

5 Vineyard Vines 5% 5 American Eagle 4% 5 Under Armour 4% 5 Vineyard Vines 3%

6 Adidas 3% 6 Adidas 3% 6 American Eagle 4% 6 Under Armour 3%

7 Vans 3% 7 Vans 3% 7 Vans 3% 7 Vans 3%

8 Sperry Top-Sider 2% 8 Sperry Top-Sider 2% 8 H&M 2% 8 Hollister 2%

9 RVCA 2% 9 Express 2% 9 Tommy Hilfiger 2% 9 New Balance 2%

10 H&M 2% Hollister 2% 10 RVCA 2% 10 Four Brands Tied 2%

J. Crew 2%


1 Aeropostale 28% 1 Aeropostale 28% 1 Aeropostale 22% 1 Aeropostale 26%

2 Abercrombie & Fitch 21% 2 Abercrombie & Fitch 19% 2 Justice 20% 2 Justice 20%

3 Justice 11% 3 Justice 14% 3 Abercrombie & Fitch 18% 3 Abercrombie & Fitch 12%

4 Hollister 10% 4 Hollister 11% 4 Hollister 8% 4 Hollister 9%

5 Gap 6% 5 Gap 5% 5 Gap 7% 5 Gap 5%

6 American Eagle 2% 6 Forever 21 2% 6 Old Navy 2% 6 Old Navy 3%

7 Forever 21 2% 7 Old Navy 2% 7 American Eagle 2% 7 Forever 21 2%

Old Navy 2% 8 American Eagle 2% 8 Forever 21 2% 8 American Eagle 2%

9 Miss Me Jeans 1% 9 dELiA*s 1% 9 dELiA*s 2% 9 Nike 2%

10 Three Brands Tied 1% Miss Me Jeans 1% 10 Target 1% 10 Target 1%


1 Gap 14% 1 Gap 14% 1 Gap 13% 1 Gap 13%


3 Abercrombie & Fitch 9% 3 Abercrombie & Fitch 8% 3 Abercrombie & Fitch 8% 3 Abercrombie & Fitch 7%

4 Aeropostale 7% 4 Aeropostale 6% 4 Under Armour 6% 4 Nike 7%

5 Hollister 6% 5 Hollister 5% 5 Nike 5% 5 Under Armour 6%

6 Under Armour 4% 6 Nike 5% 6 Aeropostale 4% 6 Hollister 5%

7 Nike 4% 7 American Eagle 4% 7 Hollister 4% 7 Reebok 5%

8 American Eagle 3% Under Armour 4% 8 Reebok 4% 8 Aeropostale 4%

9 Reebok 3% 9 Reebok 3% 9 Skechers 4% 9 American Eagle 4%

10 Skechers 3% 10 DC Shoes 3% 10 Ralph Lauren 3% 10 Skechers 3%

Puma 3%



2 American Eagle 8% 2 Forever 21 8% 2 Forever 21 7% 2 American Eagle 8%

3 Forever 21 7% 3 American Eagle 6% 3 American Eagle 6% 3 Forever 21 7%


5 Urban Outfitters 4% 5 Victoria's Secret 4% 5 Urban Outfitters 3% 5 Hollister 4%

6 PacSun 4% 6 Urban Outfitters 3% 6 PacSun 2% 6 PacSun 3%

7 Hollister 2% 7 Hollister 2% 7 Free People 2% 7 Urban Outfitters 3%

8 Nordstrom 2% 8 Nordstrom 2% 8 H&M 2% Victoria's Secret 3%

9 T.J. Maxx 2% 9 Free People 2% 9 Vineyard Vines 2% 9 H&M 3%

10 Victoria's Secret 2% PacSun 2% 10 Nordstrom 2% 10 Adidas 2%

Rank Fall 2014 % Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016

1 Forever 21 14% 1 Forever 21 16% 1 Forever 21 15% 1 Forever 21

2 American Eagle 10% 2 Victoria's Secret 7% 2 American Eagle 10% 2 American Eagle

3 Urban Outfitters 7% 3 American Eagle 7% 3 Urban Outfitters 7% 3 Nike

4 PacSun 5% 4 Nike 6% 4 Nike 6% 4 Victoria's Secret

5 Nordstrom 5% 5 Urban Outfitters 5% 5 Free People 6% 5 Urban Outfitters

6 Victoria's Secret 4% 6 Nordstrom 4% 6 Nordstrom 4% 6 Hollister

7 Nike 4% 7 Free People 4% 7 Victoria's Secret 4% 7 PacSun

8 Free People 4% 8 Hollister 3% 8 PacSun 4% 8 H&M

9 Hollister 4% 9 PacSun 3% 9 lululemon 3% 9 Nordstrom

10 T.J. Maxx 3% 10 Four Brands Tied 2% 10 Hollister 3% 10 Charlotte Russe




3 American Eagle 6% 3 American Eagle 4% 3 American Eagle 4% 3 American Eagle 5%

4 PacSun 2% 4 Vineyard Vines 3% 4 Vineyard Vines 3% 4 Adidas 3%

5 Vineyard Vines 2% 5 Vans 2% 5 Adidas 2% 5 PacSun 3%

6 Vans 2% 6 Adidas 2% 6 H&M 2% 6 Hollister 2%

7 Adidas 2% Kohl's 2% 7 PacSun 2% 7 Abercrombie & Fitch 2%

8 Under Armour 2% 8 J.Crew 2% 8 Abercrombie & Fitch 2% 8 Vans 2%

9 Hollister 1% Under Armour 2% 9 Kohl's 1% 9 Supreme 2%

Kohl's 1% 10 Hollister 2% 10 Hollister 1% 10 Vineyard Vines 2%

Vans 1%



2 American Eagle 8% 2 Forever 21 7% 2 American Eagle 8% 2 American Eagle 9%

3 Forever 21 7% 3 American Eagle 7% 3 Forever 21 6% 3 Forever 21 5%


5 Hollister 4% 5 Hollister 4% 5 Hollister 4% 5 Victoria's Secret 4%

6 PacSun 3% 6 Victoria's Secret 4% 6 Victoria's Secret 4% 6 Hollister 4%

7 Victoria's Secret 2% 7 PacSun 3% 7 PacSun 2% 7 H&M 2%

8 Aeropostale 2% 8 H&M 2% 8 H&M 2% 8 Under Armour 2%

9 Charlotte Russe 2% 9 Kohl's 2% 9 Hot Topic 2% 9 PacSun 2%

rue21 2% 10 Three Brands Tied 10 Aeropostale 2% 10 Aeropostale 2%





4 Hollister 4% 4 PacSun 3% 4 Hollister 3% 4 Under Armour 3%

5 PacSun 3% 5 Hollister 3% 5 Under Armour 3% 5 Hollister 3%

6 Aeropostale 2% 6 H&M 2% 6 PacSun 2% 6 PacSun 2%

7 Levi's 2% 7 Kohl's 2% 7 Adidas 2% 7 H&M 2%

Under Armour 2% 8 Adidas 2% 8 Vans 2% 8 Adidas 2%

Vans 2% Vans 2% 9 Levi's 2% 9 Aeropostale 2%

10 Adidas 1% 10 Aeropostale 2% 10 H&M 2% 10 Vans 2%


1 Forever 21 14% 1 Forever 21 14% 1 Forever 21 12% 1 Forever 21 11%


3 Nike 5% 3 Victoria's Secret 8% 3 Victoria's Secret 8% 3 Nike 10%

4 Hollister 5% 4 Nike 6% 4 Nike 7% 4 Victoria's Secret 10%

5 Victoria's Secret 5% 5 Hollister 5% 5 Hollister 6% 5 Hollister 4%

6 Charlotte Russe 4% 6 Charlotte Russe 4% 6 PacSun 3% 6 rue21 3%

7 rue21 3% 7 Urban Outfitters 3% 7 rue21 3% 7 H&M 2%

8 PacSun 3% 8 PacSun 3% 8 H&M 3% 8 Hot Topic 2%

9 Aeropostale 2% 9 H&M 3% 9 Hot Topic 3% 9 Charlotte Russe 2%

10 Ralph Lauren 2% 10 rue21 2% 10 Aeropostale 2% 10 Aeropostale 2%




3 Converse 6% 3 Converse 5% 3 Converse 7% 3 Converse 7%

4 Sperry Top-Sider 5% 4 DSW 3% 4 Sperry Top-Sider 4% 4 Adidas 4%

5 Steve Madden 5% Steve Madden 3% 5 Steve Madden 3% 5 Sperry Top-Sider 3%

6 DSW 4% 6 Sperry Top-Sider 3% 6 DSW 3% 6 DSW 3%

7 Nordstrom 2% 7 UGG Australia 2% 7 Adidas 2% 7 Steve Madden 3%

8 Adidas 2% 8 Adidas 2% 8 Foot Locker 1% 8 Foot Locker 2%

9 UGG Australia 1% 9 Nordstrom 1% 9 Birkenstock 1% 9 UGG Australia 1%

10 Payless ShoeSource 1% 10 Payless ShoeSource 1% Nordstrom 1% 10 TOMS 1%




3 Steve Madden 10% 3 Vans 9% 3 Vans 10% 3 Vans 9%

4 Vans 10% 4 DSW 7% 4 Steve Madden 8% 4 DSW 7%

5 DSW 8% Steve Madden 7% 5 DSW 7% 5 Steve Madden 5%

6 Nordstrom 5% 6 UGG Australia 4% 6 Birkenstock 3% 6 Adidas 3%

7 Sperry Top-Sider 4% 7 Nordstrom 3% 7 Nordstrom 3% 7 UGG Australia 3%

8 UGG Australia 3% 8 Payless ShoeSource 3% 8 Tory Burch 3% 8 Sperry Top-Sider 2%

9 Payless ShoeSource 2% 9 Sperry Top-Sider 2% 9 UGG Australia 2% 9 TOMS 2%

10 Rainbow 2% 10 Famous Footwear 2% 10 Sperry Top-Sider 2% 10 Foot Locker 2%

Payless ShoeSource 2%




3 Sperry Top-Sider 5% 3 Sperry Top-Sider 3% 3 Sperry Top-Sider 5% 3 Adidas 6%

4 Adidas 3% 4 Adidas 3% 4 Adidas 3% 4 Sperry Top-Sider 4%


6 Ralph Lauren 1% Foot Locker 2% 6 Foot Locker 2% 6 Foot Locker 2%

7 Foot Locker 1% 7 New Balance 1% 7 New Balance 1% 7 Asics 1%

8 New Balance 1% 8 Asics 1% 8 Ralph Lauren 1% 8 Champs Sports 1%

9 Dick's Sporting Goods 1% Ralph Lauren 1% 9 Under Armour 1% 9 Clarks 1%

Skechers 1% 10 Clarks 1% 10 Champs Sports 0% 10 Under Armour 0%

Under Armour 1% Timberland 1% Puma 0% New Balance 0%



2 Vans 13% 2 Vans 12% 2 Converse 12% 2 Converse 11%

3 Converse 8% 3 Converse 10% 3 Vans 11% 3 Vans 8%

4 Steve Madden 5% 4 Steve Madden 4% 4 Steve Madden 3% 4 Steve Madden 3%

5 UGG Australia 3% 5 Payless ShoeSource 3% 5 Sperry Top-Sider 2% 5 Adidas 3%

6 Sperry Top-Sider 3% 6 Sperry Top-Sider 3% 6 DSW 2% 6 DSW 2%

7 Payless ShoeSource 2% 7 UGG Australia 2% 7 Payless ShoeSource 2% 7 UGG Australia 2%

8 TOMS 2% 8 Tory Burch 2% 8 Birkenstock 2% 8 Payless ShoeSource 2%

9 DSW 2% 9 DSW 2% 9 Journeys 2% 9 Birkenstock 2%

10 Jack Rogers 2% 10 TOMS 2% 10 UGG Australia 2% 10 Foot Locker 2%

Journeys 2%





4 Sperry Top-Sider 4% 4 Sperry Top-Sider 3% 4 Sperry Top-Sider 3% 4 Adidas 4%

5 Steve Madden 3% 5 Adidas 2% 5 Adidas 2% 5 Sperry Top-Sider 2%

6 Adidas 2% 6 Steve Madden 2% 6 Foot Locker 2% 6 Foot Locker 2%

7 Foot Locker 2% 7 Foot Locker 2% 7 Steve Madden 1% 7 Steve Madden 1%

8 UGG Australia 2% 8 Payless ShoeSource 1% 8 Payless ShoeSource 1% 8 DSW 1%

9 Payless ShoeSource 1% 9 UGG Australia 1% 9 DSW 1% 9 Under Armour 1%

10 TOMS 1% 10 Three Brands Tied 1% 10 Birkenstock 1% 10 Journeys 1%




3 Sperry Top-Sider 4% 3 Sperry Top-Sider 4% 3 Adidas 4% 3 Adidas 4%

4 Adidas 3% 4 Adidas 3% 4 Sperry Top-Sider 3% 4 Converse 2%

5 Converse 2% 5 Converse 3% 5 Converse 2% 5 Sperry Top-Sider 2%

6 Foot Locker 2% 6 Foot Locker 2% 6 Foot Locker 2% 6 Foot Locker 2%

7 DC Shoes 1% 7 New Balance 1% 7 Ralph Lauren 1% 7 Under Armour 1%

8 Finish Line 1% 8 Ralph Lauren 1% 8 Under Armour 1% 8 Ariat 1%

Ralph Lauren 1% 9 DC Shoes 1% 9 Ariat 1% 9 Asics 1%

10 Under Armour 1% 10 Champs Sports 1% 10 DC Shoes 1% 10 Ralph Lauren 1%

Skechers 1%



2 Under Armour 8% 2 Under Armour 7% 2 lululemon 7% 2 Adidas 7%

3 lululemon 6% 3 lululemon 4% 3 Under Armour 6% 3 Under Armour 5%

4 Adidas 4% 4 Adidas 4% 4 Adidas 4% 4 lululemon 5%




2 lululemon 13% 2 lululemon 8% 2 lululemon 15% 2 lululemon 9%

3 Under Armour 7% 3 Under Armour 5% 3 Under Armour 5% 3 Adidas 5%

4 Adidas 3% 4 Adidas 3% 4 Adidas 3% 4 Under Armour 4%

5 The North Face 2% 5 The North Face 1% 5 The North Face 1% 5 Athleta 2%



2 Under Armour 9% 2 Under Armour 8% 2 Under Armour 6% 2 Adidas 8%

3 Adidas 5% 3 Adidas 4% 3 Adidas 5% 3 Under Armour 7%

4 Bauer 1% 4 The North Face 1% 4 Bauer 1% 4 The North Face 2%

5 Jordan 1% 5 Bauer 1% 5 The North Face 1% 5 Bauer 1%

Puma 1% Patagonia 1%





4 lululemon 1% 4 lululemon 2% 4 lululemon 2% 4 lululemon 2%





3 Adidas 3% 3 Adidas 5% 3 lululemon 4% 3 Adidas 4%

4 lululemon 2% 4 lululemon 4% 4 Adidas 4% 4 lululemon 4%

5 The North Face 1% 5 The North Face 1% 5 The North Face 1% 5 Victoria's Secret 1%





4 Columbia 1% 4 Puma 1% 4 The North Face 1% 4 The North Face 1%

5 The North Face 1% The North Face 1% 5 Mossy Oak 0% 5 Columbia 0%




3 ASICS 2% 3 New Balance 2% 3 ASICS 2% 3 ASICS 2%

4 Jordan 1% 4 ASICS 1% 4 New Balance 2% 4 New Balance 1%




2 ASICS 3% 2 Adidas 3% 2 Adidas 3% 2 Adidas 4%

3 Adidas 2% 3 ASICS 2% 3 ASICS 2% 3 Asics 2%

4 Mizuno 1% 4 Mizuno 2% 4 Mizuno 1% 4 Brooks 1%

Saucony 1% New Balance 2% 5 New Balance 1% 5 Mizuno 1%




3 Jordan 2% 3 Under Armour 2% 3 New Balance 2% 3 New Balance 2%

4 ASICS 2% 4 New Balance 2% 4 Under Armour 2% 4 Under Armour 2%

5 New Balance 1% 5 ASICS 1% 5 ASICS 2% 5 ASICS 1%

Under Armour 1%





4 Jordan 2% 4 ASICS 1% 4 ASICS 2% 4 ASICS 1%

5 ASICS 2% 5 New Balance 1% 5 New Balance 1% 5 New Balance 1%




3 ASICS 2% 3 ASICS 1% 3 ASICS 2% 3 Under Armour 1%

4 Under Armour 1% 4 Under Armour 1% 4 Under Armour 1% 4 ASICS 1%

5 Brooks 1% 5 Mizuno 1% 5 Mizuno 1% 5 Mizuno 1%

Jordan 1%





4 Jordan 2% 4 ASICS 1% 4 ASICS 1% 4 New Balance 1%

5 ASICS 1% 5 New Balance 1% 5 New Balance 1% 5 ASICS 1%


1 Soccer 16% 1 Soccer 14% 1 Soccer 16% 1 Soccer 16%

2 Basketball 12% 2 Basketball 11% 2 Basketball 12% 2 Basketball 13%

3 Football 9% 3 Running 10% 3 Football 10% 3 Running 10%

4 Running 8% 4 Football 8% 4 Running 8% 4 Football 9%

5 Baseball 6% 5 Baseball 6% 5 Baseball 6% 5 Baseball 6%



2 Running 12% 2 Running 14% 2 Running 12% 2 Running 15%

3 Volleyball 8% 3 Volleyball 8% 3 Volleyball 9% 3 Volleyball 7%

4 Dance 6% 4 Swimming 8% 4 Camping 6% 4 Basketball 7%

Swimming 6% 5 Cheerleading 7% 5 Basketball 6% 5 Swimming 6%


1 Basketball 17% 1 Basketball 16% 1 Football 16% 1 Basketball 18%

2 Football 15% 2 Football 14% 2 Basketball 16% 2 Football 15%



5 Lacrosse 5% 5 Lacrosse 6% 5 Lacrosse 5% 5 Running 5%


1 Football 14% 1 Soccer 15% 1 Football 14% 1 Basketball 14%

2 Soccer 13% 2 Basketball 13% 2 Basketball 14% 2 Soccer 14%

3 Basketball 13% 3 Football 11% 3 Soccer 14% 3 Football 13%


5 Volleyball 6% 5 Volleyball 6% 5 Volleyball 6% 5 Baseball 6%



2 Volleyball 11% 2 Running 14% 2 Volleyball 13% 2 Running 11%

3 Running 10% 3 Volleyball 12% 3 Running 10% 3 Volleyball 11%


5 Cheerleading 7% 5 Swimming 7% 5 Swimming 6% 5 Camping 7%


1 Football 23% 1 Football 19% 1 Football 23% 1 Football 20%





Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 %

1 Canon 27% 1 Canon 28% 1 Canon 33%

2 GoPro 24% 2 GoPro 24% 2 GoPro 23%

3 Nikon 20% 3 Nikon 19% 3 Nikon 19%

4 Sony 9% 4 Sony 8% 4 Sony 7%

5 Kodak 4% 5 Apple 5% 5 Kodak 6%

6 Apple 4% 6 Samsung 4% 6 Apple 4%

7 Samsung 3% 7 Kodak 3% 7 Samsung 2%

8 Polaroid 2% 8 Polaroid 2% 8 Polaroid 2%

9 Nokia 2% 9 Nokia 1% 9 Fujifilm 1%

10 Fujifilm 1% 10 Fujifilm 1% 10 Logitech 1%

Rank Spring 2015 Rank Fall 2015 % Rank Spring 2016 %

1 Canon 27% 1 Canon 26% 1 Canon 29%

2 Nikon 21% 2 GoPro 21% 2 GoPro 22%

3 GoPro 15% 3 Nikon 20% 3 Nikon 21%

4 Sony 11% 4 Sony 13% 4 Sony 9%

5 Kodak 7% 5 Apple 5% 5 Apple 5%

6 Samsung 5% 6 Samsung 4% 6 Kodak 5%

7 Apple 4% 7 Kodak 4% 7 Samsung 3%

8 Flip 2% 8 Flip 1% 8 Flip 1%

9 Nokia 2% 9 Panasonic 1% 9 Fujifilm 1%

10 Fujifilm 1% 10 Nokia 1% 10 Polaroid 1%

•

•

•

9.3%

12.6%

17.2% 17.9%19.8%

21.1%

Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016

44.7%42.2%

38.8%36.2%

31.0%28.9% 28.3%

0%

10%

20%

30%

40%

50%


•

0.0% 0.0%0.1% 0.0%

0.2%

0.4%

0.3%

0.6%

1.3%

1.6%

1.0%

0.9%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

Tra

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on

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http://www.piperjaffray.com/researchdisclosures

piper sandler companies _spring _2016...american eagle spr 2002 spr 2003 spr 2004 spr 2005 spr 2006...

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