SGB 1608

VO LU M E 4 9 I I S S U E 4

2016

RETAIL TOP

SGB Ranks The 100 Top U.S. Active Lifestyle Retailers in 2015

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2016 Retail Top 100

Volume 49 Issue 4

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$3 Billion Up For Grabs With Sports Authority, Sport Chalet and City Sports in bankruptcy, who will fill the gap in active lifestyle retail in 2016?

By Charles Lunan

O

ne of the most obvious qualities of this year's SGB Retail Top 100 is that it will look a lot different a year from now.

Sports Authority (No. 8) and Sport Chalet (No. 66) won't make the list next year — along with City Sports, which fell off this year’s list — not because they were acquired, but because they failed through bankruptcy and liquidation. Their demise throws more than $3 billion in annual retail sales up for grabs and has prompted a lot of navel gazing across the active lifestyle retail landscape.

How much will going-out-of-business sales at 463 Sports Authority, 47 Sport Chalet and 26 City Sports stores cannibalize back-to-school and fourth quarter sales? Can manufacturers recover all those sales given the loss of 20 million square feet of retail space? Will the bankruptcies accelerate the migration of sales online? Where will those consumers go?

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Near-Term Pain In May, Dick's Sporting Goods lowered its outlook for fiscal 2016 after concluding that liquidation activity this summer would drag down prices and earnings. On June 1, Under Armour lowered its 2015 revenue forecast by $70 million after realizing it would only be able to recognize $43 million of the $163 million in revenue it expected to collect from retail this year.

Snow sports retailers in the eastern half of the United States, who were forced to cut prices earlier and deeper than planned last season due to an especially warm November and December, will feel the impact most. And because of the industry’s long manufacturing lead times, there’s no stopping the extra inventory; it’s on a boat and on its way.

It could take 28 months for the industry to sell the snow sports gear being liquidated through the bankruptcy process, estimates Peter Messana, president

and CEO of Summit Sports LLC. The company, which sells snow sports gear at Skis.com and Snowboards.com, as well as four stores in Michigan, has been loading up on deeply discounted inventory.

"The manufacturers will get mauled by this," Messana predicted. "Even if they got paid by Sports Authority, the market is flooded with their product from last year that retailers like us are picking up, which will put pressure on forward-year buying."

A Race To Fill The Vacuum Thanks to the casual work wear and athleisure trends, the outlook is less dreary for apparel and footwear, according to Andy Annunziata, vice president and senior softlines analyst for SSI Data, powered by SportsOneSource, which collects and analyzes sales data from more than 15,000 retail stores that sell active lifestyle products. He anticipates the family footwear channel, and retailers such as Eastbay and Kohl's, will expand into the vacuum created by the spate of bankruptcies. In some aspects, they already have — perhaps contributing to a portion of the downfall of the industry’s specialty retailers.

Dick's Sporting Goods and Modell's Sporting Goods are both betting they can land some of that business, too. Dick's Sporting Goods bid $8 million to take over leases for 31 Sports Authority stores, while Modell's acquired three former City Sports locations in Philadelphia, Boston and Washington, D.C. in December 2015. Dick's Sporting Goods also bid $15 million for the Sports Authority brand name, 28.5-million-member loyalty program, URL and other intellectual property, in part to block competition from potentially restarting the business or getting its foot in the market.

A study released by the mobile data analysis and marketing firm NinthDecimal in July noted that Big 5 Sporting Goods and Walmart Stores Inc. might be positioned best to acquire Sports Authority's customers. The firm said an analysis of mobile phone check-in data found Big 5 Sporting Goods shared significantly more customers with Sports Authority than Dick's Sporting Goods, Modell's Sporting Goods, REI and Play It Again Sports within the sports specialty channel. Walmart, on the other hand, had the biggest overlap in the discount channel, ahead of Target, Marshalls, Kohl's and Kmart. The same report found that physical visitation to Sports Authority stores declined 39 percent during that period, indicating that a significant number of its customers had already moved on.

Honing Omni-Channel Given how much mall traffic dropped and e-commerce sales growth accelerated during the 2015 holiday shopping season, big-box retailers will have to make fast work to avoid losing those shoppers to Amazon.com and other pure-play online retailers and marketplaces. In the five months since Sports Authority filed for bankruptcy, Amazon.com has announced plans to open six fulfillment centers, including one in Edgerton, KS that will specialize in shipping large items such as kayaks and other sports gear.

"Sport Chalet and Sports Authority did a really good job of displacing specialty, so that will create specialty retail deserts, which will habituate consumers to buy even more online," noted Brad Werntz, a former sales rep for several outdoor brands who is now a partner at New Normal Consulting.

Eric Greene, who oversees the Kelty, Sierra Designs and Ultimate Direction brands as GM of Exxel Outdoor’s Outdoor Performance Group, said that

leading specialty sporting goods retailers are very focused on converting Sports Authority and Sport Chalet customers. Much of their focus is on beefing up their online presence with enhanced instructional content such as videos to reach consumers earlier in their shopping journey.

"I've done most of my major line reviews and every single leading retailer I've spoken to has the mentality of, 'how can we outthink the competition and grab market share,'" Greene told SGB in mid-July. "I see them thinking about this harder."

As far as big-box retailers’ online evolution, they remain in the early stages of integrating their brick-and-mortar and e-commerce channels, according to a report released this spring by the National Retail Federation and FitforCommerce. The Omni-channel Retail Index Report found just 28 percent of retailers surveyed offered a buy-online, pick-up-in-store option in the fourth quarter of 2015. Only 44 percent of brick-and-mortar retailers let shoppers view store availability of specific products on their e-commerce site, compared with 42 percent six months earlier. Meanwhile, more online-only stores, or the vendors themselves, are opening up physical stores to approach the omni-channel business from the opposite direction.

The Concierge Model The trends, noted Werntz, do not favor some big-box retailers stuck in the middle — either unable to match the breadth of inventory available online or unable to provide the very hands-on, authentic experiences millennials are flocking to at local specialty retailers.

"People are still buying," Werntz said. "They are just doing it differently. The big box store does not have everything and is not special. It takes up a lot of retail space, rent and overhead and at the end of the day, they are a place you've got to drive to for products you can get online."

Werntz foresees independent specialty retailers moving toward a concierge service model in which they focus more on helping consumers prepare for races, local outings, trips and other events, and then rely on manufacturers, distributors and other suppliers to fulfill customer orders in exchange for half the profits on the sale.

Quality Bicycle Parts is pioneering this model using an e-commerce platform that allows independent bicycle dealers to show and sell inventory in its warehouses under their own branded online stores. And pet-product brand Ruffwear created a new program called Latitudes, which, similar to Amazon Prime, costs $99 a year for retailers to get same-day shipments and free commercial ground shipping, with no pre-season orders required. “The goal of the program is to encourage smaller, more frequent orders that align with true customer demand,” officials told SGB. The emphasis on providing experiences, meanwhile, can be seen in REI's growing emphasis on offering instruction in everything from mountain biking to camp stove cooking via its Outdoor School. This fall, the retailer will launch the REI Outessa Summit, which offers a weekend of adventure experiences for women led by professional athletes and guides. Many manufacturers are thinking about how they will need to prepare for that future, according to Exxel's Greene.

"The whole system needs to be more nimble," he said. "That's the way you survive. We are thinking really hard about our drop-shipping strategy and how we can support our partners."

By the time the year ends, the industry will have taken a giant step toward consolidation and reshuffling of the SGB Retail Top 100.

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Run Specialty Slows its Pace Retailers adapt to more moderate growth amid omni-channel and wide-distribution challenges.

By Thomas J. Ryan

S

upported by a second running boom, the run-specialty channel enjoyed a period of oversized growth that lasted nearly two decades.

In 2014, however, the channel hit its own proverbial “wall” akin to a marathoner suddenly running out of gas at the 20-mile mark. While some stores still managed gains, sales for the overall run specialty channel have generally been flat over the last two years, with some suffering rare declines.

“I don't think it's an overstatement to say that specialty run is facing its biggest challenges ever,” said John Benedict, president of Playmakers Sports in Michigan. “It is the most competitive, oversaturated market we've seen.”

Kris Hartner, owner of Naperville Running Company in Illinois, felt the industry was heading for a slowdown around the start of this decade, but two factors artificially inflated growth in ensuing years. The first was the minimalist craze that was

6 2016 RETAIL TOP 100

followed by the maximalist trend, and both caused some runners to purchase a second pair of shoes.

The second was a strong fashion trend toward running shoes that has since shifted to basketball, and more recently to classic athletic footwear. But Hartner said expectations for continual doubledigit growth rates were “unrealistic” with the periodic ups and downs more of the norm for the run specialty business.

“I think what we’re going through right now is natural and to be expected,” agreed Fleet Feet CEO Jeff Phillips. “The running industry went through a 20-year growth cycle, which is unprecedented. It was due for a reset.”

Phillips also felt the industry could have seen a reset in 2010 if minimal “hadn’t fallen out of the sky” to propel growth for a few more years. He added, “So I think we were overdue for a reset because categories always cycle and performance running as a category had undergone an unprecedented

cycle. And you need resets to gather yourself and figure out how you need to evolve and change for the next push upward.”

Fallout From Growth The industry faces a bit of a hangover following the years of exuberant growth. Terry Schalow, executive director of the Independent Running Retailers Association (IRRA), said one major, newer challenge isn’t so much the many run specialty stores that opened in recent years, but that running product is widely distributed.

“The top-selling products that the channel championed twenty years ago — when no other channel really cared — are now so heavily distributed that they have become, in effect, commodities,” lamented Schalow. “These products are sold almost everywhere, and even worse, this almost always leads to discounting and a dilution of the premium nature of the product.”

Schalow is not blaming the vendor community, believing consumers are looking for more choices in where to purchase product. But strong partnerships have become more critical, with many vendors understanding the importance of a healthy run specialty channel.

“The challenge is to find a solution within the framework of how the market has evolved, and we’re seeing interesting new trends,” Schalow said.

“For example, the leading market share vendors are working to provide unique product solutions for specialty retailers, and retailers are exposing their customers to some amazing new products from vendors who aren’t widely distributed. This isn’t an overnight solution, but we’re already seeing movement in this direction, and this is a good sign for the future health of the channel. “ David Durkin, senior associate at Karnan Associates, a consultancy specializing in the running, cycling, and outdoor industries, agreed that run specialty faces bigger hurdles when attempting to stand out since they’re “much less distinct and isolated” than before. Beyond running shoes, apparel and accessories are readily found in other retail channels, the athleisure trend has driven a huge influx of retailers into the athletic category.

“There's also a diversification of activities,” added Durkin. “We don't track cumulative

participation in training programs or beginner programs, but there are many more options for activity and accomplishment beyond a 5K or marathon, such as CrossFit, obstacle runs, mud runs, relays, virtual runs and now Pokemon Go.” Schalow believes stores have to adapt to a new mindset around running.

“Simply put, we’re seeing fewer people identify themselves as ‘runners,’” he said. “In fact, they eschew labels altogether and instead view running as a part of their overall fitness regimen.”

Moreover, the popularity of mud runs and color runs point to a yearning for new experiences and a social component from the sport that needs to be addressed.

“Running stores did a great job twenty years ago shifting their service model from the hardcore 70-mile-per-week runner to the 10 to 15-mile-per-week runner,” said Schalow. “Now it’s time to figure out how to attract these new running customers and convince them to come shop in what they view as a traditional running store. This requires a shift in thinking and strategy that many stores have struggled to resolve.”

Finally, the growing omni-channel market is another new challenge that has proven to be a difficult transition for many run-specialty stores.

“To stay competitive, the specialty retail channel clearly needs omni-channel platforms,” Schalow said. “What is really tough in these days of searchengine optimization is that it’s virtually impossible for the small retailer (or even chain stores) to compete with Amazon and some of the larger running e-tailers that invest heavily to get their stores in the front of the Google queue.”

A Digital Focus Many local retailers have shifted their focus to online engagement. Hartner said Naperville Running attempted to launch an e-commerce platform several years ago but found it to be timeconsuming since the business had to be run as a separate entity. Like many other stores, Naperville Running has since partnered with Locally.com, which enables online customers to see what inventory is available at nearby stores. Merchandise can be reserved or bought online for pickup, or consumers may just head to their local store, knowing their size is available. Like other retailers, Naperville Running invested more in online outreach, dedicating a staff associate to focus their attention on social media and e-mails.

Playmakers’ Benedict also works with Locally. com to support its omni-channel reach, but has not embraced online selling. Said Benedict,

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“Our in-store experience will be our focus and remains the only card we have to play. We will try to be more convenient for our customers and let them shop how they want to, but for us it will be a minimal part of our business.”

Fleet Feet sees strong online growth since it launched its e-commerce site tied to local franchises’ inventory a year-and-a-half ago. But local inventory visibility was also recently launched and buy-online, pick-up in-store will be introduced before the holiday selling to fully support their customer’s purchasing needs.

Said Phillips, “For us it’s more about how we can keep customers in our ecosystem by eliminating dead ends. If a customer goes into a store and the product they want, in the color they want, is not there on that day, we can direct them online and get the product to them quickly. Using our stores as fulfillment centers gives us an endless aisle of product because we’re able to leverage inventory across the entire system.”

Durkin said providing an online purchasing option may be necessary at some point for all run-specialty stores, particularly with the technology hurdles easing every year. But he also believes stores could be doing a better job overcoming the perception of convenience, ease and price-beating that most consumers have when online shopping. With stringent vendor MAP policies, prices in-store are the same or close to online in most cases. But Dunkin still believes many stores have to raise their game with the overall heightened competition.

“It is not a hobbyist industry by any stretch at this point,” Durkin said. “Look at a store like Red Coyote, last year's Competitor Group Store of the Year. They are the definition of running retail professionals. They built their business from day one as a professional operation and continue to try to hone in and evolve. They have unique partnerships that contribute to their brand with car companies and breweries. There are a number of businesses like that across the country, and I think that's the standard now. Those are the ones that survive.

We also expect that there will continue to be new businesses that come in and thrive.”

In the near term, the run-specialty channel, like the whole-sports channel, will be challenged to sell full-price merchandise amid the widespread liquidation sales at Sports Authority.

Most of the players in the industry remain upbeat about the prospects for run specialty to capitalize on the trend toward active lifestyles. Hartner pointed to Naperville Running’s plans to open a third store in Wheaton as a sign of “bullishness” about run specialty. He further believes the business challenges at Finish Line’s Running Specialty Group prove the advantages of the localownership model in run specialty. At the same time, he also believes the competitive pressures require a higher level of professionalization for industry players. Said Hartner, “Stores have to adapt and look for ways to become more efficient and increase profitability as opposed to looking to grow.”

While most observers expect to see some contraction with weaker stores closing, Schalow feels it may be the “perfect time” to open a run specialty store. He noted how more communities in the U.S. are realizing the benefits of creating ‘main street’ shopping and dining experiences.

Said Schalow, “The community-health benefits supported by specialty running stores, along with the premium product and shopping experience that these stores provide, are a natural fit within the ‘main street’ focus. What this all pivots on, however, is the ability of individual stores to create a unique and engaging experience for their local customers. How that experience is provided is one of the channel’s ongoing challenges, but the stores that figure it out will remain healthy and experience growth.”

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Anchors Away Department stores sold billions of dollars in athletic and outdoor apparel and footwear last year, but their future is far from certain.

By Charlie Lunan

10 2016 RETAIL TOP 100

O

f the major retail channels that sell athletic and outdoor apparel, footwear and accessories, no future is more uncertain than that of department stores.

While overlooked by many in the sporting goods industry, department stores are a significant outlet for larger brands such as Adidas, Columbia, Nike, Patagonia, The North Face, Timberland, Ugg and Under Armour. This year's SGB Retail Top 100 includes Macy's (No. 25), JCPenney (No. 28), Nordstrom (No. 33), Sears (No. T-46), Dillard's (No. 69), and Belk (No. 88). We estimate the group's sales of active-lifestyle products probably dropped to the low-single digits last year, to around $3.60 billion.

But that's not for lack of trying.

In a bid to adapt to the athleisure trend, Macy's partnered with Finish Line to expand its assortment of athletic footwear and started carrying Fitbit at 650 of its retail stores last summer. Kohl's made a big push into fitness in late 2014 as part of a five-pronged strategy to win back customers who defected to the off-price and online channels in recent years. Kohl's "Make Your Move" initiative expanded assortments from Nike, Fitbit, Adidas, Fila Sport, Asics,

Gaia and Coleman at most of the company's more than 1,000 stores in a bid to offer consumers "an inspirational experience.

Besieged On All Sides Despite such major commitments, the department-store business model presents challenges for all but the largest specialty brands. Obstacles include a reliance on coupons, an aging and overwhelmingly female customer base and a preponderance of locations in underperforming malls. These traits, along with high fixed costs, have made mid- and lower-tier department stores vulnerable to online and off-price retailers. One recent report estimated shoppers who patronize off-price retailers such as Marshalls, Ross Stores and TJMaxx accounted for three-quarters of all apparel purchases made in the United States.

Department stores' business practices put them at a disadvantage when it comes to attracting the smaller or emerging brands resonating with the 25- to 30-year-old millennial generation. The Patagonias, Yetis and Kohls of the world are unable or unwilling to meet department store demands; which usually requires vendors pay markdown money or take back unsold product.

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"Department stores are feeling lost because customers are not dressing up as frequently as they used to," said Andy Annunziata, vice president and senior softlines analyst for SSI Data, powered by SportsOneSource, that collects and analyzes retail point-of-sale data from more than 15,000 stores that carry active-lifestyle products. "Big box retailers don't seem to have the wherewithal to carry athletic apparel and footwear, which is why Macy's partners with Finish Line. And the retailers have very little presence with millennials."

A Plethora Of Initiatives While some department stores have responded to these challenges by closing stores, better operators and their landlords are also investing in diverse initiatives to defend their market share and become more relevant to the more value- and convenience-oriented millennials. Macy's, for instance, partnered with Finish Line to run its athletic footwear business. In the fiscal quarter that ended May 30, Finish Line said its Macy's sales rose 22.8 percent, thanks in large part to the rollout of an expanded children's footwear assortment to 165 of the 392 Macy's shops it operates.

Macy's is making a big push in bridal salons, where it can offer experiences online retailers can't match by offering more in-store clinics to help consumers stay informed of fashion trends. Nordstrom and Macy's are also opening more

off-price Nordstrom Rack and Macy's Backstage outlets, even as they invest alongside mall operators in sophisticated mobile marketing platforms that will enable them to push customized offers to people's smartphone the moment they enter the mall or store.

Anchor Status in Jeopardy Mall developers have made it clear: department stores that fail to up their game put their anchor status at risk.

"The conversion of former anchors and department stores into more productive retail, dining and entertainment spaces is an ongoing theme in which we are very focused," Simon Properties told shareholders in its 2015 annual report.

As an example, Simon cited Florida Mall in Orlando, which reopened after a major remodeling last year that involved removing two department stores. Simon divided space that had been occupied by a single retailer among multiple stores, restaurants and a food pavilion. It knocked down the other — a former Nordstrom store — to make way for Dick's Sporting Goods and Crayola Experience, where families can spend hours working on craft projects.

"I think you will see a major consolidation of department stores," said Stuart Kessler, president of Clear Thinking Group LLC, a consulting firm that has advised several bankrupt sporting goods retailers. "You are already seeing mall developers force them out. Some say they don't see them as a big part of their future."

The fate of America's malls, of course, is far from uniform, according to Kessler, whose 35-year career in retail included stints as president of Foot Locker's outlet division and chief operating officer at both Champs Sports and Herman's Sporting Goods.

"The A-rated malls will do well no matter what," Kessler said. "The problem is the B, C, D and we-should-have-never-opened malls."

Expanding Online Department stores are also expanding their offerings online, where they can leverage their buying power and traffic, as well as vendors' growing drop-ship capabilities, to gain incremental sales with less inventory risk. As impressive as Kohl's expanded active-lifestyle assortments are in its stores, they pale in comparison with its offering online, where consumers can find everything from football pads and mouth guards from Riddell, Rawlings and Mueller to Head snorkeling gear, Schwinn bicycles and even stand-up paddle boards and trampolines.

Consider ShopMyWay.com, an online marketplace that Sears Holdings Corp. said is key to its "transition from an asset intensive, historically 'storeonly' based retailer to a more asset light, integrated membership-focused company." The site offers loyalty points for shopping at more than 100 retail sites, including dozens run by sporting goods retailers and brands, for instance: Backcountry.com, Campmor.com, ChampsSports.com, Footlocker.com, Golfsmith.com and Models.com to brands such as Oakley, Nike, Quiksilver, REI, The North Face and Under Armour.

Kessler can't see department stores getting much traction in sporting goods equipment because they offer neither the higher-end product sought by athletes and enthusiasts nor the values the remaining 80 percent of consumers can find at off-price retailers such as Sierra Trading Post.

"Don't confuse value with cheap," Kessler said. "The consumer is much more attuned to competitive shopping and the web has made them that way."

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SGB 2016 RETAIL TOP 100 A CHANGING LANDSCAPE

SGB Ranks the 100 Top U.S. Active Lifestyle Retailers in 2015

By David Clucas

N

o one ever said retailing was easy.

Despite an improving economy, active-lifestyle retail sales gains, and continued strength of the athleisure trend in fashion, numerous industry retailers began to falter in 2015, in what we now know led to several major bankruptcies and liquidations in 2016.

The mismatch between sales and retail health suggests that shifting consumer-buying habits — particularly toward mobile, direct-to-consumer and omni-channel shopping — moved rapidly during the year, catching more than few retailers out of step. Throw in the transition of the millennial shopper beginning to overtake baby boomers as the primary purchaser in the economy and there was a lot for the industry to adapt to.

The fast-changing landscape is evident in our SGB Retail Top 100 list, ranking active-lifestyle retailers for their U.S. sales in 2015, with some drops among the biggest names and rising stars and in particular, in the direct-to-consumer category. The biggest or most notable moves: • While news of Sports Authority and Sport Chalet’s bankruptcies and subsequent liquidations didn’t come until 2016, it could be said the writing was on the wall in 2015, with Sports Authority dropping from No. 5 to No. 8 and Sport Chalet falling from No. 56 to No. 66. City Sports, which liquidated in 2015, fell off the list entirely.

• In the fitness retail category, the biggest news of the of year was fitness equipment manufacturer Johnson Health Tech Retail entering the U.S. market by acquiring several of the nation’s largest specialty fitness retailers.

The combination summersaulted Johnson Health Tech onto our list at No. 63.

• Some significant movers in the sporting goods industry included BSN Sports with aggressive moves to consolidate the team dealer channel, up seven spots to No. 38. And continuing its rapid growth in recent years, up five spots in our rankings to No. T-36, Foot Locker Inc.’s directto-consumer segment delivered strong comp growth.

• Finally, several house-keeping notes to our index that adjusted some of the 2015 rankings: we are now reporting Adidas and Reebok as a combined company, moving the group up 20 spots to No. 30. We also added directto-consumer businesses such as Columbia Sportswear (No. 50) and Timberland (No. 81), as vendors continue to play a larger role in active lifestyle retail.

Our coverage includes retailer rankings and looking at the year's bankruptcies, the health of the specialty running channel, and what role department stores will play in the active lifestyle market in 2016 and far forward.

Editor’s Note: Figures reported in SGB Retail Top 100 are for retail sales volume in the U.S. and come from a variety of sources inside and outside the respective companies. Some figures represent estimates. Unless otherwise noted, figures include sales from brick-and-mortar, direct-to-consumer and online operations within the U.S.

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1. WALMART With many retailers struggling in 2015, Wal-Mart surprised Wall Street in the first quarter with better-than-expected earnings, helped by expense controls and a one percent gain in comps in the U.S. At the store level, reducing outof-stock items, increasing wages for store associates to improve its customerservice levels and another round of price cuts on key items all helped to boost retail sales. The discount giant also benefited from the strength of lowerincome customers and broad shifts in retail away from products such as apparel. Walmart receives more than half of its U.S. revenue from food and groceries, a category that has been slow to shift online. The company has also made significant investments in ecommerce to close the gap with Amazon, although online underperformed in the latest period. The discount giant’s activewear labels include And1, Russell, Fruit of the Loom, Hanes and Starter.

Total 2015 Sales: $9.80 billion (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $9.60 billion (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: +1.0% (U.S., Chain-wide) 2015 Sales Online: n/a 2015 Number of Stores: 4,574 U.S. (3,465 Supercenters, 442 Discount, 667 Neighborhood Markets) 2015 Store Openings: 216 (Closed 158) 2015 Square Footage: 689.6 million (U.S.) Employees: 1.33 million (U.S.) Key Executives: Doug McMillon, President & CEO, Walmart Stores Inc.; Neil M. Ashe, President & CEO, Global E-commerce and Technology; Greg Foran, President & CEO, Walmart U.S.; Andy Barron, EVP, Softlines & General Merchandise, Walmart U.S.; Judith McKenna, COO, Walmart U.S.; Michael Moore, EVP, Supercenters – Walmart U.S. Contact Information: 702 S.W. 8th Street, Bentonville, AK 72716; 800.925.6278; walmart.com

2. DICK’S SPORTING GOODS Dick’s Sporting Goods was able to foresee a challenging year ahead as the liquidations of Sports Authority and Sport Chalet were expected to put pressure on the company’s margins at least through the back-to-school selling season. With over 20 million square feet being removed from the sporting goods channel due to the exit of the two retailers, Dick’s Sporting Goods is poised to benefit in the long run. Prior to the liquidation announcements, the retailer had already given a soft outlook for the year due to the impact of approximately $50 million to $55 million in investments to expand its full-service footwear departments at its stores, fund its partnership with the U.S. Olympic Committee and Team U.S.A. and the transition of its current third-party e-commerce business to its own platform. Dick’s Sporting Goods continued to improve both its online and in-store experience with increased investments from key vendor partners such as Nike, Under Armour, Adidas and The North Face. Calia, launched in spring 2015 in partnership with singer Carrie Underwood, is on track to become the number three women's athletic brand in the company by the end of 2016. Approximately 36 new Dick's Sporting Goods stores are expected to open in 2016, with nine relocations.

Total 2015 Sales: $6.90 billion (SGB Estimate, Dick’s Sporting Goods chain) Total 2014 Sales: $6.50 billion (SGB Estimate, Dick’s Sporting Goods chain) Comparable Store Sales Change: +0.1% (Dick’s Sporting Goods chain)

2015 Sales Online: $700 million 2015 Number of Stores: 644 2015 Store Openings: 44 stores (Relocated 7, Closed 3) 2015 Square Footage: 34.4 million Employees: 37,200 (13,100 full-time; 24,100 part-time, companywide) Key Executives: Ed Stack, Chairman & CEO; André Hawaux, EVP & COO; Lauren Hobart, EVP & CMO; Teri List-Stoll, EVP & CFO; Lee J. Belitsky, EVP, Product Development and Planning, Allocations and Replenishment; Michele B. Willoughby, EVP, E-Commerce and Supply Chain; Ronald Baime, SVP & GMM; Alexander Tomey, SVP & GMM Contact Information: 345 Court Street, Coraopolis, PA15108; 724.273.3400; dickssportinggoods.com

3. ACADEMY SPORTS + OUTDOORS Academy Sports + Outdoors set a new record for store openings in 2015 with 20 new locations. The company entered the Orlando, FL market with four stores while opening its 200th store in Tupelo, MS. In November 2015, Academy named J.K. Symancyk, formerly president of Meijer Inc., as its President and CEO. He succeeded Rodney Faldyn, who took over just after the firm’s 2011 acquisition by Kohlberg Kravis Roberts and grew the retailer’s store count by 50 percent during his tenure. In early 2016, the company opened its third distribution center in Cookeville, TN, and hired Thomas Lamb, formerly at Lowe's Companies Inc., as EVP and CMO. In total, the retailer plans to open approximately 19 new stores this year.

Total 2015 Sales: $4.60 billion Total 2014 Sales: $4.10 billion Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 209 2015 Store Openings: 20 2015 Square Footage: 65,000 Employees: 23,000+ Key Executives: J.K. Symancyk, President & CEO; Ken Attaway, EVP & COO; Michael Arnett EVP & CFO; Tom Lamb, EVP & CMO Contact Information: 1800 N. Mason Road, Katy, TX 77449; 281.646.5200; academy.com

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4. TARGET

5. BASS PRO GROUP

Target saw a bounce-back year in 2015 after being hurt by a data breach during the 2014 holiday season as well as a failed expansion into Canada. The gains were driven by robust sales in its signature categories (Style, Baby, Kids and Wellness), a 30 percent jump in digital sales and a restructuring at its U.S. headquarters. This year, Target has focused on revamping its food business by adding organic and fresh food. Other initiatives for the current year include investing in digital capabilities, creating locally relevant experiences in focus markets like Chicago and delivering more personalized promotions and experiences for its Cartwheel and REDcard Rewards loyalty members. The retailer continues to test and to roll out urban formats to serve consumers in rapidly growing, densely populated areas with its CityTarget and TargetExpress store formats.

Bass Pro Group continued to open new stores last year even as it let go 60 corporate and approximately 500 retail positions. The company announced plans to open Bass Pro Shops Outdoor World stores this year in East Ridge (Chattanooga, TN), Vancouver, B.C. (Canada) and Gainesville, FL. Bass Pro Group also owns Tracker Marine Group, which manufactures and operates dealerships for Tracker, Nitro, Mako, Sun Tracker and Tahoe boats, and has since gone on to acquire Fishing Holdings LLC, which manufactures Ranger, Stratos and Triton boats. The company also owns several fishing gear brands, restaurants, museum and the Big Cedar Lodge Resort in the Ozark Mountains. Bass Pro Group, which is controlled by Johnny Morris, has not publicly commented on reports that earlier this year it considered partnering with a private equity firm, possibly to bid on rival company Cabela's Inc.

Total 2015 Sales: $4.40 billion (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $4.30 billion (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: +2.1% 2015 Sales Online: n/a 2015 Number of Stores: 1,792 2015 Store Openings: 15 (Closed 13) 2015 Square Footage: 240 million Employees: 341,000 Key Executives: Brian Cornell, Chairman & CEO; Kathryn Tesija, EVP Merchandising & Supply Chain; John Mulligan, EVP & CFO; John J. Mulligan, EVP & COO; Mark Tritton, CMO; Casey Carl, Chief Strategy & Innovation Officer; Jeffrey J. Jones II, EVP Marketing; Patricia Adams, EVP, Merchandising Product Group; Scott Nygaard, SVP, Merchandising, Hardlines; Stephanie Lucy, SVP, Merchandise Planning, Apparel and Accessories Contact Information: 1000 Nicollet Mall, Minneapolis, MN, 55403; 612.304.6073; target.com

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Total 2015 Sales: $4.30 billion (SGB Estimate) Total 2014 Sales: $4.00 billion (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 98 (including 20 free-standing Tracker Marine stores) 2015 Store Openings: 8 2015 Square Footage: n/a Employees: 21,150 Key Executives: Johnny Morris, Owner & Founder Contact information: 2500 E. Kearney, Springfield, MO 65898; 417.873.5000; basspro.com

6. NIKE On a currency-neutral basis, Nike's direct-to-consumer (DTC) revenue in North America grew 17 percent in fiscal 2015, fueled by comparable store sales growth of eight percent, strong online sales growth and the addition of new stores.

Worldwide DTC sales jumped 29 percent in fiscal 2015, boosted by a16 percent comp gain. Global Online sales at Nike.com surged 56 percent in fiscal 2015 over a 42 percent increase in fiscal 2014. At its investor meeting last October, Nike officials predicted DTC sales would grow globally to $16 billion worldwide by the end of fiscal year 2020, up from $6.6 billion in its 2015 fiscal year. The bulk of Nike stores continues to be outlets, but Nike retains several flagships in major cities and opened a number of Nike Running locations in recent years. A newer format is community stores in urban centers such as Flatbush in Brooklyn, Nova America in Rio, Detroit and East LA, where Nike aims to hire 80 percent of its store employees from within a five-mile radius of each store location. Not surprisingly, online sales are expected to grow much faster, reaching $7 billion in fiscal year 2020, up from $1.2 billion in 2015. Accelerated momentum online was attributed to improvements to the Nike mobile experience with elevated imagery, the addition of style guides, broader assortments and increased site performance.

New apps for sneaker-heads also saw wide appeal. Another differentiator is Nike ID, which gives customers the added benefit to personalize their shoes and the program is available to Nike customers in 24 countries.

Total 2015 Sales: $3.50 billion (U.S., fiscal year ended May 31,2015) Total 2014 Sales: $3.00 billion (U.S., fiscal year ended May 31, 2014) Comparable Store Sales Change: +8% (North America) 2015 Sales Online: $630 million (North America) 2015 Number of Stores: 218 (185 Nike Brand Factory; 33 Nike Brand In-Line) 2015 Store Openings: 16 2015 Square Footage: n/a Employees: 62,600 Key Executives: Mark Parker, President & CEO, Nike Inc.; Trevor Edwards, President; Elliott Hill, President, Geographies and Integrated Marketplace, Nike Inc.; Heidi O’Neill, President, DTC, Nike Inc. Contact Information: 1 Bowerman Drive, Beaverton, OR 97005; 503.671.6453; nike.com

7. CABELA'S Merger and acquisition rumors swirled around Cabela's since late 2015, when the company announced it had launched a major cost-cutting program to finance a stock buyback and had hired an investment bank to review its strategic options. It has since divested its adventure travel subsidiary, eliminated two executive officer positions and reassigned responsibility for retail operations and the title of president from CEO Tommy Millner to Scott K. William. The company plans to open eight stores and expand its retail square footage by more than seven percent in 2016, but is reviewing its long-range expansion plans, which once called for opening 225 stores in North America, and has announced two stores in 2017. In late February, Founder and Chairman James W. Cabela, 76, remained the company's largest shareholder with 23.2 percent of the company's shares.

Total 2015 Sales: $3.48 billion Total 2014 Sales: $3.20 billion Comparable Store Sales Change: -3.4%

2015 Sales Online: $821 million 2015 Number of Stores: 77 (68 U.S., 9 Canada) 2015 Store Openings: 13 2015 Square Footage: 7.9 million Employees: 19,700 Key Executives: Thomas L. Millner, CEO; Scott K. Williams, President; Ralph W. Castner, EVP and CFO Contact information: 1 Cabela Drive, Sidney, Nebraska, 69160 308.254.5505; cabelas.com

8. SPORTS AUTHORITY After failing to find a buyer, Sports Authority, once the nation's largest sporting goods retailer, filed for bankruptcy protection in March 2016 and moved to liquidate by May 2016. The company started as Gart Sports in 1928 and changed its name after merging with Sports Authority in 2003. The retailer long struggled with a heavy debt load associated from a leveraged buyout the decade prior. The bankruptcy filing was also blamed on the slowing economy, the rise of online and specialty retailers and changing consumer behaviors.

Management also said that its many mergers over the years had led to "inconsistent store formats across the chain.� Going-out-of-business sales at its remaining 323 stores began on May 27, 2016 and are expected to continue through August 2016. Soon after the filing in early March 2016, liquidation began at140 retail store locations.

Total 2015 Sales: $2.50 billion Total 2014 Sales: $2.60 billion Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 463 2015 Store Openings: 0 (Closed 7) 2015 Square Footage: 19 million Employees: 15,000+ Key Executives: Michael E. Foss, CEO; Stephen Binkley, EVP & CMO; Paul Gaudet, EVP, Store Operations; Jeremy Aguilar, EVP & CFO; Ron Stoupa, EVP & CMO Contact Information: 1050 W. Hampden Avenue, Englewood CO, 80110; 303.200.5050; sportsauthority.com

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9. AMAZON

10. REI

Last year was a pivotal year for Amazon, not because it grew its North American merchandise sales 31 percent to $25.2 billion, or added millions of Amazon Prime members and nearly 13 million square feet of fulfillment and data centers.

The year was pivotal because for the first time in its 21-year history, Amazon generated back-to-back quarters of positive cash flow net of capital spending and payments on leases. That enabled the company to report operating income of nearly $600 million, despite spending $5 billion more on shipping than it took in from shipping fees, and opening eight of its 500,000-plus-square-foot fulfillment centers. This spring, Amazon agreed to lease 20 cargo planes to ensure two-day shipping to its growing legion of Prime customers. The bottom line — Amazon. com will remain a preferred channel for specialty sporting goods brands and retailers for the foreseeable future, despite complaints that it is driving down selling prices and profits.

REI reported record sales in fiscal year ended January 2, 2016, after a second consecutive year of nearly double-digit growth. Same-store sales grew seven percent even after the retailer closed all 145 of its brick-and-mortar stores, its e-commerce site on Black Friday and urged customers to instead spend the day enjoying the outdoors. The campaign, dubbed #OptOutside, was regarded as one of the season's biggest PR coups and underscored REI's commitment to growing participation in outdoor recreation. The retailer reached 254,000 people through the REI Outdoor School, which offers classes and outings and donates more than $8.5 million to non-profit partnerships dedicated to creating the next generation of outdoor stewards. It also emerged as the biggest financial backer of the Outdoor Industries Women’s Coalition women's leadership initiative.

Total 2015 Sales: $2.31 billion (SGB Estimate, U.S. Outdoor/Athletic only – excludes Zappos) Total 2014 Sales: $2.20 billion (SGB Estimate, U.S. Outdoor/Athletic only – excludes Zappos) Comparable Store Sales Change: +5% 2015 Sales Online: 100% 2015 Number of Stores: 1 2015 Store Openings: 0 2015 Square Footage: n/a Employees: n/a Key Executives: Fouzan Mansuri, Sports’ Category Lead; Ryan Elvers, Sports Marketing Lead Contact information: 410 Terry Avenue North, Seattle, Washington 98109; 206.266.1000; amazon.com

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Total 2015 Sales: $2.20 billion Total 2014 Sales: $2.40 billion Comparable Store Sales Change: +7% 2015 Sales Online: n/a 2015 Number of Stores: 145 2015 Store Openings: 5 2015 Square Footage: n/a Employees: 12,000+ Key Executives: Jerry Stritzke, President & CEO; Tim Spangler, Senior VP, Retail; Susan Viscon, Senior VP, Merchandising; Brad Brown, Senior VP, E-Commerce and Direct Sales Contact information: 6750 S. 228th Street, Kent, WA 98032; 253.395.3780; rei.com

11. LULULEMON ATHLETICA Lululemon rebounded in 2015 after several years of leadership changes, product recalls and inventory surpluses; however, 2015 wasn't minus controversy, as its Founder, Chip Wilson, resigned from the board and continued to criticize Lululemon’s Performance from afar. Sales rose 15 percent in 2015 with a 10 percent gain in retail comps, including a four percent comp gain at stores and a 30 percent gain online on a constant-dollar basis due to strong full-price holiday sales. Company-operated stores, open for at least one year in 2015, averaged sales of $1,541-per-square-foot, and the company expects to open 11 stores in 2016 with plans to accelerate its expansion in 2017. For 2016, the company forecasts its revenue to increase in the low-double digits with compstore sales rising mid-single digits on a constant dollar basis.

Total 2015 Sales: $2.06 billion (Global, fiscal year ended February 1, 2016) Total 2014 Sales: $1.80 billion (Global, fiscal year ended February 1, 2015) Comparable Store Sales Change: +10% (+4% Stores, +30% Online/DTC) 2015 Sales Online: n/a 2015 Number of Stores: 363 (Global) 2015 Store Openings: 62 (Closed 1) 2015 Square Footage: 1,071,000 Employees: 11,000 (Global), 6,500 (U.S.) Key Executives: Laurent Potdevin, CEO; Stuart Haselden, CFO; Miguel Almeida, EVP, Digital; Gina Warren, EVP, People Potential; Duke Stump, EVP, Community & Brand; Lee Holman, EVP, Creative Director Contact Information: 1818 Cornwell Avenue, Vancouver, BC, Canada, V6J 1C7; 604.732.6124; lululemon.com

13. FINISH LINE

At its investor meeting in March 2015, Foot Locker Inc. set a sales goal of $10 billion by 2020, up from $7.2 billion in 2014. At its Foot Locker banner in the U.S., a major focus is on remodels. About one-third in the U.S. were remodeled at the end of 2015 and 45 percent are expected to be remodeled by 2017. In-store shops such as House of Hoops from Nike and A Standard from Adidas and Puma Labs are also creating differentiation for the chain. Foot Locker Kids is one of the company's core growth vehicles, and the concept’s Fly Zone shop with Nike has been a recent merchandising success. The focus for its women’s category will be on expanding 602, a more apparel-focused concept store Foot Locker has been testing for three years.

Finish Line’s performance last year was impacted by a disruption in its supply chain following the implementation of a new warehouse and order management system. After several years of focusing on digital investments, the company took steps to focus on store profitability. This included closing up to 150 stores over a four-year period, and 54 in 2015, selectively opening new stores in best-in-class malls and investing in stores to strengthen the customer experience. The focus at its flagship Finish Line stores in 2016 will be strengthening engagement with young consumers and enhancing its customer service levels as well as building out its omnichannel and supply chain capabilities. In the shops it operates inside Macy's, Finish Line has made strides to connect with the female consumer and increased its kid’s assortments. In late February, Sam Sato, who was formerly the president of Finish Line, succeeded Glenn Lyon as CEO.

Total 2015 Sales: $1.95 billion (SGB Estimate) Total 2014 Sales: $2.00 billion (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 1531 (971 Foot Locker U.S., 156 Lady Foot Locker, 30 SIX:02, 374 Foot Locker Kids).

2015 Store Openings: 50 (8 Foot Locker U.S., 15 SIX:02, 27 Foot Locker Kids); 2015 Stores Closed: 104 (52 Foot Locker U.S., 42 Lady Foot Locker, 10 Kids Foot Locker) 2015 Square Footage: 3.3 million Employees: 19,000 Key Executives: Richard Johnson, President & CEO; Foot Locker Inc.; Lauren Peters, CFO, Foot Locker Inc.; Stephen Jacobs, EVP & CEO, North America; Natalie Ellis, VP & GM, SIX:02; Andrew Gray, VP & GM, Foot Locker U.S. & Lady Foot Locker; Christopher Santaella, VP & GM, Kids Foot Locker Contact Information: 112 W. 34th Street, New York, NY 10120; 212.720.3700; footlocker.com

Total 2015 Sales: $1.80 billion (fiscal year ended February 27, 2016, excludes Running Specialty Group) Total 2014 Sales: $1.75 billion (fiscal year ended February 28, 2015, excludes Running Specialty Group) Comparable Store Sales Change: +1.8% (excludes Macy’s in-store shops) 2015 Sales Online: $293.2 million 2015 Number of Stores: 983 (591 Finish Line stores, 392 Macy’s branded shops) 2015 Store Openings: 8 Finish Line stores (Closed 54), 1 Macy's branded shop (Closed 4) 2015 Square Footage: 3.7 million Employees: 14,300 (Companywide) Key Executives: Sam Sato, CEO; Melissa Greenwell, EVP & COO; Ed Wilhelm, EVP & CFO; AJ Sutera, EVP, Chief IT Officer; Imran Jooma, EVP, Omnichannel Strategy Contact Information: 3308 N. Mitthoeffer Road, Indianapolis, IN 46235; 317.899.1022; finishline.com

12. FOOT LOCKER INC.

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14. L.L.BEAN

15. KOHL'S

The family-owned retailer marked a pivotal year in 2015. In the spring plans were revealed that the company planned to triple its U.S. store count to at least 100 doors by 2020 and it moved ahead with the opening of its first stores in Ohio and Kansas. In September, the company mourned the death of longtime former CEO and Chairman Emeritus Leon Gorman.

Three months later, for the first time in the company’s history, an outsider was appointed as CEO. L.L.Bean announced plans to open four new stores, including its first store in Rhode Island. In March 2016, for the second year in a row, the company edged out Amazon.com to receive the top ranking on Prosper Insights & Analytics annual list of Customer Service Champions.

In the first quarter, the active and wellness sectors led the gains among national brands with a mid-single-digit comp. Nike saw a comp gain in the mid-teens.

Stride Rite was launched in kid’s shoes and New Balance was relaunched in its active area. Kohl’s also continues to invest in localizing assortments by store, adding ship-from-store and buy-online/in-store pickup as part of its omnichannel push and promoting its app. Kohl’s is testing smaller format stores, including an off-price alternative store called Off/Aisle and has opened 12 Fila stores at outlet centers. The near-term focus will be on improving traffic to its stores. Said Kevin Mansell, chairman, president and CEO, on the company’s first-quarter conference call, “We are relooking at all of our marketing vehicles to see where we can drive more business to the stores as well as ensuring our value message is strong.”

Total 2015 Sales: $1.61 billion Total 2014 Sales: $1.60 billion Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 30 2015 Store Openings: 4 2015 Square Footage: 800,000 Employees: 5,000+ Key Executives: Shawn Gorman, Executive Chairman of the Board; Stephen Smith, President & CEO; Mark Fasold, SVP, CFO; Marie McCarthy, SVP & Chief HR Officer; Chris McDonough, Chief Brand Officer; Jean Wilson, CIO Contact information: 15 Casco Street, Freeport, ME 04033; 207.865.4761; llbean.com

Total 2015 Sales: $1.55 billion (SGB Estimate, Athletic only) Total 2014 Sales: $1.50 billion (SGB Estimate, Athletic only) Comparable Store Sales Change: +0.7% (Companywide) 2015 Sales Online: n/a 2015 Number of Stores: 1,164 2015 Store Openings: 2 2015 Square Footage: 83.8 million Employees: 140,000 Key Executives: Sona Chawla, COO; Michelle Gass, Chief Merchandising & Customer Officer; Wesley McDonald, CFO; Richard Schepp, Chief Administrative Officer Contact Information: 7800 N. 113th Street, Milwaukee, WI 53224; 855.564.5705; kohls.com

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16. GANDER MOUNTAIN Gander Mountain considers itself to be the largest and fastest growing network of outdoor specialty stores for hunt and fish, camping, marine and outdoor lifestyle products because of the number of locations it has and plans to open in the future. The St. Paul, MN-based company slowed store openings to eight in 2015 from 23 in 2014, and announced plans to open stores ranging from 30,000 to 60,000 square feet in Texas, Pennsylvania, Michigan and Colorado this fall. The company also owns Overtons, which receives most of its sales from catalog and online sales and operates two stores in its home state of North Carolina.

Total 2015 Sales: $1.37 billion (SGB Estimate) Total 2014 Sales: $1.30 billion (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 162 2015 Store Openings: 7, including 1 remodel 2015 Square Footage: n/a Employees: n/a Key Executives: David C. Pratt, Chairman& CEO; Derek Siddons, President; Jay Tibbets, EVP & COO; Lisa Schmidt, EVP, Store Operations, Store Design & Development Contact information: 180 E. Fifth Street, Suite 1300, Saint Paul, MN 55101; 651.325.4300; gandermountain.com

17. COSTCO The warehouse club retailer, which has a $55 annual membership fee, reported no growth in comparable sales at U.S. stores during its fiscal third

quarter ended May 8, marking the first time comps did not rise in more than six years. A pullback in spending by high-income consumers, who make up Costco's core customer base, contributed to comp pressure in the month of April, as well as the unseasonably cold weather in early spring.

Transition issues arising from the company switching from American Express to Visa for its co-branded credit cards also may have weighed on sales during the period. About a quarter of Costco items change regularly, creating a "treasure hunt" atmosphere for shoppers. These deals include a range of big-ticket sports equipment. It also continues to add new brands and its private-label, Kirkland Signature line, now represents a quarter of its global sales.

Total 2015 Sales: $1.27 billion (SGB Estimate, U.S., Athletic only, fiscal year ended August 30, 2015) Total 2014 Sales: $1.23 billion (SGB Estimate, U.S., Athletic only, fiscal year ended August 30, 2015) Comparable Store Sales Change: +3% (U.S.) 2015 Sales Online: n/a 2015 Number of Stores: 686 (480 U.S.) 2015 Store Openings: 23 (12 U.S.) 2015 Square Footage: 98.7 million (69.9 million U.S.) Employees: 205,000 (145,000 U.S.) Key Executives: Craig Jelinek, President & CEO; Richard Galanti, EVP & CFO; Douglas Schutt, EVP & COO Merchandising; John McKay, EVP & COO Northern Division; Dennis Zook, EVP & COO Southwest & Mexico Divisions; Joseph Portera, EVP & COO Eastern & Canadian Divisions Contact Information: 999 Lake Drive, Issaquah, WA 98027; 425.313.8100; costco.com

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18. JOURNEYS Journeys' sales rose six percent in 2015 and the retailer is expected to benefit from an expansion of in-store initiatives to drive conversion, including higher staffing levels during peak traffic periods and the testing of a mobile POS system in some of its space-constrained stores. Journeys’ online business, which comped up in the high teens in 2015, is expected to continue its momentum, benefit from investments in speed delivery for customers and add more webonly and vendor-direct product to its website. Journeys Kidz, which has seen 13 years of consecutive annual comp store gains, is expected to open 45 stores in 2016. The Journeys Group also completed the acquisition of Little Burgundy, a 37-location concept store based in Canada that targets 18- to 34-year-old fashion customers.

T-19. FANATICS Fanatics operates more than 300 online and brick-and-mortar stores for all major U.S. professional sports leagues, soccer, NASCAR and golf including Fanatics.com and FansEdge.com. In early 2016, it acquired U.K.-based ecommerce player Kitbag — with an estimated $100 million in annual sales — to lead its expansion into Europe and, more importantly, tap into the global football (soccer) market. Back in the U.S., Fanatics recently partnered to open the NBA flagship store in New York City and renewed a long-term deal with the NFL to continue operating NFLshop.com and 15 NFL team sites along with broader rights around “hot market” opportunities such as championship gear.

Total 2015 Sales: $1.25 billion (Americas) Total 2014 Sales: $1.18 billion (Americas) Comparable Store Sales Change: +5% (+5% Stores, +18% Online/DTC) 2015 Sales Online: n/a 2015 Number of Stores: 1,222 (842 Journeys, 200 Journeys Kidz, 46 Shi by Journeys, 36 Little Burgundy, 98 Underground by Journeys) 2015 Store Openings: 40 2015 Square Footage: 2,340,000 square feet Employees: n/a Key Executives: James Estepa, Genesco SVP & Journeys Group President; Robert Dennis, President & CEO, Genesco Contact Information: 1415 Murfreesboro Road, Nashville, TN, 37217; 615.367.7000; journeys.com

Total 2015 Sales: $1.20 billion (SGB Estimate) Total 2014 Sales: $1.10 billion (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 300+ (Global) 2015 Store Openings: n/a 2015 Square Footage: n/a Employees: n/a Key Executives: Michael Rubin, Executive Chairman & Kynetic CEO; Doug Mack, CEO; Lauren Cooks Levitan, CFO; Chris Orton, Chief Marketing and Revenue Officer; Matt Madrigal, Chief Technology and Product Officer, Robin Eletto, Chief People Officer; Gary Gertzog, EVP Business Affairs; Lonnie Phillips, SVP Operations Contact Information: 8100 Nations Way, Jacksonville, FL, 32256; 904.421.8143; fanaticsinc.com; fanatics.com; fansedge.com; kitbag.com

T-19. CHAMPS SPORTS

21. MARMAXX (T.J. MAXX/MARSHALLS)

In the first quarter, Champs led the way among Foot Locker Inc.’s U.S. divisions with a mid-single-digit comp increase. Foot Locker Inc. said its broad range of athletic footwear and apparel and sport-lifestyle inspired accessories “allows Champs Sports to differentiate itself from other mall-based stores by presenting complete head-to-toe merchandising stories representing the most powerful athletic brands, sports teams, and athletes in North America.” In June 2015, Champs opened an Eastbay Performance Zone, the first time Eastbay has had a physical presence in-store. It also continues to find success with the Nike Yardline American football format and recently opened its second Armory location, which focuses on Under Armour merchandise, at Galleria Dallas in Dallas, TX. About one-third of Champs locations were remodeled by the close of 2015, and that number is expected to climb to 45 percent by the close of 2017.

Total 2015 Sales: $1.20 billion (SGB Estimate) Total 2014 Sales: $1.20 billion (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 550 2015 Store Openings: 10 (Closed 7) 2015 Square Footage: 1.95 million Employees: 11,500 Key Executives: Richard Johnson, President & CEO; Foot Locker Inc.; Lauren Peters, CFO, Foot Locker Inc.; Bryon Milburn, SVP & CEO, Champs Sports Contact Information: 112 W. 34th Street, New York, NY 10120; 212.720.3700; champssports.com

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TJX Cos., the parent of T.J. Maxx and Marshalls, has been on fire, benefiting from what many see as a major shift. Traditional department and apparel specialty stores are losing ground to more aggressive, promotional off-price formats. Macy's and Kohl's are rolling out off-price items, while Nordstrom and Saks have been aggressively expanding their down-market concepts. TJX's comps rose seven percent in the first quarter in addition to a five percent gain in the year-ago quarter. With the mild winter debilitating results by most major retailers, TJX management indicated that it secured strong pack-aways that should strongly support its business this fall. It expects to open approximately 60 Marmaxx stores in the current year and increase selling square footage by approximately two percent.

Total 2015 Sales: $1.17 billion (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $1.10 billion (SGB Estimate U.S., Athletic only) Comparable Store Sales Change: +4% (Marmaxx) 2015 Sales Online: n/a 2015 Number of Stores: 2,163 (1,156 T.J. Maxx, 1,007 Marshalls) 2015 Store Openings: 69 (37 T.J. Maxx, 32 Marshalls) 2015 Square Footage: 50.5 million Employees: 216,000 (TJX Cos.) Key Executives: Carol Meyrowitz, Executive Chairman; Ernie Herrman, CEO; Richard Sherr, Senior EVP & Group President, The Marmaxx Group; Scott Goldenberg, Senior EVP & CFO Contact Information: 770 Cochituate Road, Framingham, MA 01701; 508.390.1000; tjx.com, tjmaxx.com, marshalls.com

22. UNDER ARMOUR Under Armour continues to aggressively expand its direct-to-consumer (DTC) business, including extending its e-commerce business to 25 global websites and expanding brick-and-mortar to nearly 200 Under Armourowned retail doors worldwide. It also has another 200 doors operated through partners internationally. At the close of 2015, DTC represented 30 percent of sales for the company. Major Brand House openings last year included a store on Chicago’s Magnificent Mile and its first flagship in Shanghai. Brand House locations in the U.S. now include three stores in Maryland (Baltimore, Annapolis and Bethesda); two in New York (White Plains and Manhattan); locations in Glendale, CA; Tysons Corner, VA; Indianapolis, IN; Orlando, FL; Lake Buena Vista, FL; and Las Vegas, NV. Total 2015 Sales: $1.10 billion Total 2014 Sales: $920 million Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 153 (143 Factory House, 10 Brand House) 2015 Store Openings: 23 (5 Brand House, 18 Factory House) 2015 Square Footage: 800,000 Employees: 13,400 (Companywide) Key Executives: Kevin Plank, Chairman & CEO; Kip Fulks, CMO; Matt Mirchin, President, NA; Michael Lee, Chief Digital Officer; Susie McCabe, SVP Global Retail Contact Information: 1020 Hull Street, Baltimore, MD 21230; 888.427.6687; ua.com

23. BIG 5 SPORTING GOODS Boosted by favorable winter weather conditions in the fourth quarter of 2015, Big 5 saw profits recover and a return to positive same-store sales; however, its first-quarter earnings came in at the low end of guidance and issued a weak outlook for the second quarter. The West Coast retailer blamed lackluster spring sales despite the arrival of warm weather, and a hyper-promotional climate tied to the financial troubles at Sports Authority and Sport Chalet. In reported first-quarter results, Big 5 President and CEO Steve Miller noted the company continued to maintain a “very healthy balance sheet” that would help the chain weather the industry’s challenges.

The retailer’s 11,000-square-foot (average) store format differentiates it from superstores that typically average over 35,000 square feet, require larger target markets, are more expensive to operate and need higher net sales per store for profitability. Since 2012, Big 5 has refined its purchase strategy for certain product categories, expanded its assortment of branded products and introduced new products, some at higher price points, in an effort to better appeal to customers who might be in a position to engage in more discretionary spending in the improving economic environment.

Total 2015 Sales: $1.03 billion Total 2014 Sales: $978.0 million Comparable Store Sales Change: +1.3% 2015 Sales Online: n/a 2015 Number of Stores: 438

2015 Store Openings: 5 (Closed 3) 2015 Square Footage: 4.8 million (11,000 on average) Employees: 9,000 Key Executives: Steven G. Miller, Chairman, President & CEO; Richard Johnson, EVP; Barry Emerson, SVP & CFO; Boyd Clark, SVP Buying; Jeffrey Fraley, SVP, Human Resources; Gary Meade, SVP, General Counsel & Secretary; Shane Starr, SVP, Operations Contact Information: 2525 E. El Segundo Blvd., El Segundo, CA 90245; 310.536.0611; big5sportinggoods.com

24. LIDS SPORTS GROUP

While Lids Sports Group grew sales eight percent and made a final push to eliminate excess inventory in 2015, the big news came from its parent company Genesco in early 2016 that it had sold its Lids Team Sports Division — BSN Sports — in January 2016, followed by the resignation of its President, Ken Kocher, in February 2016. Former Reebok sports/licensed executive David Baxter was hired as President in May 2016, and to date Lids has swung to a profit in the first quarter of 2016, reporting cleaner inventory and numerous supply-chain efficiencies.

Total 2015 Sales: $975.5 million (Americas) Total 2014 Sales: $902.7 million (Americas) Comparable Store Sales Change: +6% (3% Stores, 46% Online/DTC) 2015 Sales Online: n/a 2015 Number of Stores: 1,332 (919 Lids, 228 Lids Locker Room and Clubhouse,185 Locker Room by Lids leased departments, Americas) 2015 Store Openings: 27 (Closed 59) 2015 Square Footage: 1.57 million Employees: n/a Key Executives: David Baxter, Genesco SVP and Lids Sports Group President & CEO; Robert Dennis, President & CEO, Genesco Contact Information: 1415 Murfreesboro Road, Nashville, TN, 37217; 615.367.7000; lids.com

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T-25. MACY’S Macy’s poor first quarter, marked by a 5.6 percent drop in same-store sales, was partly due to a second consecutive year of double-digit spending reductions by international visitors in major tourist markets, where Macy’s and Bloomingdale’s have a strong presence. The largest department store operator, however, was also unable to escape the broad weakness in mall traffic and the overall apparel category. While the retailer had expected a one percent decline in same-store sales for 2016, it now projected a decline of 3.5 to 4.5 percent.

The retailer is experimenting with a new off-price chain, Macy’s Backstage, to capture the spendthrift consumer, ramping up its line of exclusive and private label merchandise to offer more differentiation from competitors and hired a senior executive to re-evaluate its highly valuable real estate portfolio. In January 2016, Macy's announced plans to lay off more than 4,000 employees across the U.S. and close 36 stores as a cost-cutting measure.

Total 2015 Sales: $950.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $990.0 million (SGB Estimate, U.S Athletic only) Comparable Store Sales Change: +3.0% 2015 Sales Online: n/a 2015 Number of Stores: 870 2015 Store Openings: 26, (Closed 41, Acquired 62 Bluemercury stores) 2015 Square Footage: 141.9 million Employees: 157,900 Key Executives: Terry Lundgren, Chairman & CEO; Jeffrey Gennette, President; Peter Sachse, Chief Growth Officer; Timothy Baxter, CMO; Jeffrey Kantor, Chief Stores Officer; Tony Spring, Chairman & CEO, Bloomingdale’s Contact Information: 7 W. 7th Street, Cincinnati, OH 45202; 513.579.7000; macysinc.com, bloomingdales.com, macys.com.

24 2016 RETAIL TOP 100

T-25. EDDIE BAUER The Seattle-based company, Eddie Bauer, continues to reclaim its heritage as an authentic outdoor brand and pioneer retailer. In October 2015, it began offering more than one million design combinations of its MicroTherm Down Jacket to launch its online customization platform.

In March 2016, it expanded its custom program to include the Sandstone Jacket. In addition to partnering with mountaineer Peter Whittaker to launch and design its First Ascent line of technical outdoor gear, Eddie Bauer has resumed sponsorships of high-profile expeditions and athletes including a summit of Mt. Everest and Melissa Arnot's 50 Peaks Challenge, which kicked off on Denali in June 2016. Eddie Bauer is owned by Golden Gate Capital, which paid $286 million to acquire the company at a bankruptcy auction in 2009. Golden Gate nearly sold the business for $825 million in 2014.

Total 2015 Sales: $950.0 million (SGB Estimate) Total 2014 Sales: $915.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 360 (330 U.S., 30 Canada) 2015 Store Openings: n/a 2015 Square Footage: n/a Employees: n/a Key Executives: Mike Egeck, CEO; Steve Hartman, SVP & CMO; Damien Huang, SVP Product & Design Contact information: 10401 N.E. 8th Street, Suite 500, Bellevue, WA 98004; 425.755.8100; eddiebauer.com

27. HIBBETT SPORTS Hibbett Sports believes its small-box strategy, with stores of approximately 5,000 square feet, remain at the core of its business model and continue to well serve the retailer. This approach allows Hibbett to be nimble as it enters smaller areas that cannot effectively support big-box competition. Even as some markets become viable for larger sporting goods retailers, Hibbett believes it differentiates itself through greater convenience, excellent customer service and a unique product focus. The company also believes it has the opportunity to grow to 1,500 stores in the 33 states that it operates and expand into additional states, largely in the western United States. Key initiatives for 2016 include increasing the volume of quick replenishment items, enhancing its digital marketing, continued implementation of its omni-channel push and preparing for entry into California.

Total 2015 Sales: $943.0 million Total 2014 Sales: $913.0 million Comparable Store Sales Change: -0.4% 2015 Sales Online: n/a 2015 Number of Stores: 1,044 2015 Store Openings: 71 (Closed 15, Expanded 16) 2015 Square Footage: 5.9 million Employees: 8,900 Key Executives: Jeff Rosenthal, President & CEO; Scott Bowman, SVP & CFO; Jared Briskin, SVP & Chief Merchant; Cathy Pryor, SVP Operations Contact Information: 451 Industrial Lane, Birmingham, AL 35211; 205.942.4292; hibbett.com

28. JC PENNEY JC Penney missed its internal expectations in the first quarter with a 0.4 percent slip in same-store sales but still outperformed its nearest competitor, Macy’s, which saw a comp drop of 5.6 percent and Kohl’s, which was down 3.9 percent.

JC Penney also adhered to its full-year guidance of same-store sales growth between three to four percent. JC Penney’s private labels, in-store experience and national brands are expected to support the gains. Popular proprietary brands include Liz Claiborne, St. John's Bay, Stafford and Arizona. Nike and Adidas in the active department. The chain recently launched an activewear collection, MSX, with Michael Strahan, the talk show host and sports analyst.

The retailer is also expanding space for appliances in an effort to diversify beyond apparel. Appliances now in about 500 store locations and will continue to rollout through fall 2016. Other plans include piloting Ashley Furniture merchandise and Empire Today flooring in test markets, adding 60 additional Sephora concepts to stores and expanding the space dedicated to window coverings by 25 percent in 500 stores.

Key Executives: Mike Ullman, Chairman; Marvin Ellison, CEO; John Tighe, EVP & Chief Merchant; Michael Amend, EVP, Omnichannel; Joe McFarland, EVP, Stores; Jodie Johnson, SVP & GMM, Footwear, Handbags & Intimate Apparel; James Starke, SVP & GMM, Men’s Apparel; Siiri Dougherty, SVP & GMM, Women’s Apparel & JCP Salon and Sephora Contact Information: 6501 Legacy Drive, Plano, TX 75024; 972.431.1000; jcpenney.com

29. GOLFSMITH INTERNATIONAL In June 2015, the world's largest specialty retailer appointed David Roussy, who formerly worked for Canada's TSC Stores and Canadian Tire, as its CEO replacing Jerry Cook, who had been acting as interim CEO since 2014 and remains on the retailer's board. The company has largely overhauled its executive team since the 2012 merger of Golfsmith and Golf Town. It operates under the Golfsmith brand in the United States and Golf Town in Canada. Many of the stores have club-fitting studios with simulators that enable customers to test drive the latest clubs and to see ball flight statistics with the same launch monitoring technology used by tour pros. Other interactive features include an indoor putting green, a technology bar with GPS units and other high-tech gadgets, GolfTec improvement center with PGA teaching professionals, and certified master club fitters.

Total 2015 Sales: $900.0 million (SGB Estimate, North America) Total 2014 Sales: $850.0 million (SGB Estimate, North America) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 161 2015 Store Openings: 10 2015 Square Footage: 21,000 (Average) Employees: n/a Key Executives: David Roussy, CEO; Dave Bushland, CFO; Eli Getson, EVP & GMM; Joseph Kester, EVP, Store Operations; Rick Hill, VP, CIO; Jamey Maki, VP, E-commerce; Kim Lewis, VP, Omnichannel Marketing Contact Information: 11000 North IH-35, Austin, TX 78753; 512.837.8810; golfsmith.com, golftown.com

Total 2015 Sales: $915.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $890.0 million (SGB Estimate, U.S, Athletic only) Comparable Store Sales Change: +4.5% 2015 Sales Online: n/a 2015 Number of Stores: 1,021 2015 Store Openings: Closed 41 2015 Square Footage: 104.7 million Employees: 105,000

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30. ADIDAS GROUP NORTH AMERICA (ADIDAS/REEBOK) Globally, Adidas Group’s retail revenues increased 11 percent in 2015 on a currency-neutral basis, mainly as a result of double-digit sales growth at Adidas Brand. Reebok’s retail revenues increased at a low-single-digit rate. E-commerce continued to lead the gains, jumping 42 percent on a currency-neutral basis. For 2016, Adidas Group’s currency-neutral retail sales are projected to grow at a double-digit rate, driven by significant increases in e-commerce, the further expansion of its own retail activities and comparable store sales growth. A total of 250 new stores are expected to open, while about 150 are expected to close. At the close of 2015, Adidas Group had 2,722 stores, including 1,484 Adidas Brand, 366 Reebok and 872 multi-branded Adidas Brand and Reebok factory outlets. As part of its “Creating the New” plan, Adidas Group intends to expand its “controlled space activities,” or its stores e-commerce and wholesale managed channels, to above 60 percent of sales worldwide by 2020, up from 50 percent currently. E-commerce sales are expected to more than quadruple from 2014 levels.

Total 2015 Sales: $867.7 million* Total 2014 Sales: $790.0 million Comparable Store Sales Change: n/a 2014 Sales Online: n/a 2015 Number of Stores: 2,722 2015 Store Openings: 30 2015 Square Footage: n/a Employees: 10,000+ (Adidas U.S. retail) Key Executives: Mark King, President, North America; Nic Vu, SVP & GM North America DTC; Dan McCauley, VP, U.S. Adidas E-commerce; Brian Kriesel, VP, U.S. Adidas Retail; Dana Klein, VP, U.S. Reebok E-Commerce; Paul Froio, U.S. Reebok Retail; John Summers, Adidas Group VP Canada DTC; Jeremy Barber, Senior Director Operations, North America Contact Information: 5055 N. Greeley Avenue, Portland, OR 97217; 971.234.2300; adidas.com, reebok.com *SGB Retail Top 100 has previously reported Adidas and Reebok as separate entities, but here we combined the numbers, as reported by the company, for exact figures.

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31. ZUMIEZ Zumiez struggled with the same factors –– all-time low levels of mall traffic and a drop in overall teen spending on apparel –– that led to the bankruptcy of the onceteen darling Aeropostale. Same-store sales dropped 7.5 percent in the first quarter as the action-sports apparel retailer posted a loss of $2.1 million, or 8 cents a share.

The negative performance caused the company to reduce its planned new-store openings for 2016 from 27 to 22, in the United States, after dramatically lowering its opening target in the fourth quarter. Zumiez held steady on its plan to open six stores in Canada and seven in Europe. Zumiez continues to invest in expanding its long-term omni-channel efforts that it expects will further react to localized trends, further its relationship with consumers through its Stash loyalty program and further drive in-store fulfillment of online orders to speed delivery.

Total 2015 Sales: $804.2 million Total 2014 Sales: $811.6 million 2015 Comparable Store Sales Change: -5.3% 2015 Sales Online: n/a 2015 Number of Stores: 658 2015 Store Openings: 57 (Closed 2) 2015 Square Footage: 1.9 million (2,941average) Employees: 7,000 Key Executives: Richard Brooks, CEO; Chris Work, CFO; Troy Brown, EVP E-Commerce & Omni-Channel Contact Information: 4001 2014th Street, Lynwood, WA 98036; 425.551.1500; zumiez.com

32. PACIFIC SUNWEAR Pacific Sunwear of California, which like many teen chain retailers has struggled recently with falling mall traffic, filed for bankruptcy protection in early April. The close of nearly 400 doors since 2007 has helped profitability in recent years, but the chain has not been able to restructure its debt outside of court proceedings. Under a debt-for-equity restructuring agreement, the company plans to be taken private by Golden Gate Capital. At the time of the filing, Pacific Sunwear’s Chief Executive, Gary H. Schoenfeld, said in a statement that the deal put the retailer “in a very promising position,” as it seeks to overhaul both its brand and its merchandising.

Total 2015 Sales: $801.0 million Total 2014 Sales: $827.0 million Comparable Store Sales Change: -2.6% 2015 Sales Online: n/a 2015 Number of Stores: 605 2015 Store Openings: 0, Closed 4 2015 Square Footage: 2.40 million Employees: n/a Key Executives: Gary Schoenfield, President & CEO Contact Information: 3450 E. Miraloma Avenue, Anaheim, CA 92806; 714.414.4000; pacificsunwear.com

33. NORDSTROM Nordstrom marked a key milestone in 2014, by opening its first international store in Calgary, Alberta, and then a second location in Vancouver, British Columbia in March 2016. The retailer also opened full-line locations in the United States in Woodlands, TX and Jacksonville, FL, with four locations featuring a new, modern design. Its luxury, full-line stores saw a 0.5 percent decrease in same-store sales last year, while Nordsrom.com grew 23.1 percent

and Nordstrom Rack advanced 3.8 percent. Expanding its selection three times since 2011 and growing its mobile shopping experience, has helped the growth of Nordstrom.com. In 2015, Nordstrom opened 27 Nordstrom Rack stores, three Nordstrom full-line stores in the United States and one full-line store in Canada.

Total 2015 Sales: $780.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $730.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: +2.7% 2015 Sales Online: n/a 2015 Number of Stores: 323 (121 Nordstrom Full-Line, 194 Nordstrom Rack, 5 Trunk Club Showrooms, 2 Jeffrey, 1 Last Chance) 2015 Store Openings: 32 (5 Nordstrom Full-Line, 27 Nordstrom Rack; Closed 1 Nordstrom Full-Line) 2015 Square Footage: 28.60 million Employees: 72,500 Key Executives: Blake Nordstrom, Co-President; Erik Nordstrom, CoPresident; Michael Koppel, EVP & CFO; Peter Nordstrom, EVP & President, Merchandising; Teri Bariquit, EVP, Nordstrom Merchandising Group; Scott Meden, EVP & GMM, Shoe Division; David Witman, EVP & GMM, Men's Apparel; Tricia Smith, EVP & GMM, Women's & Kids Apparel; Geevy Thomas, EVP & President, Nordstrom Rack Contact Information: 1617 Sixth Avenue, Seattle, WA 98101; 206.628.2111; nordstrom.com

34. SAM’S CLUB Sam's Club tried to differentiate itself from the warehouse club leader Costco by focusing on technology through investments on its website as well as its popular Club Pickup option and advances in mobile checkin capabilities. The company also provides in-store touchscreen kiosks, referred to as "endless aisles,” so customers can check for products that are not on store shelves. Last year it launched a scan-and-go checkout option.

In 2015, it made a deeper commitment to product with an extensive review of merchandise categories. It also hired Walmart’s John Furner, formerly chief merchandising and marketing officer in China, as its CMO, and planned for strong expansion of private label brand, Member's Mark, in key areas. Membership income grew 6.1 percent as a result of increased membership upgrades and Plus Member renewals, although sales were hurt from lower selling prices for fuel.

Total 2015 Sales: $755.0 million (SGB Executive, U.S., Athletic only) Total 2014 Sales: $770.0 million (SGB Executive, U.S., Athletic only) Comparable Store Sales Change: -3.2% 2015 Sales Online: n/a 2015 Number of Stores: 655 2015 Store Openings: 8 2015 Square Footage: 87.6 million Employees: 171,000 Key Executives: Rosalind Brewer, President & CEO; Don Frieson, EVP Operations; John Furner, EVP Merchandising; Jamie Iannone, President & CEO, samsclub.com Contact Information: 2101 S.E. Simple Savings Drive, Bentonville, AR 72716; 479.277.7000; samsclub.com

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35. SPORTSMAN'S WAREHOUSE

T-36. EASTBAY/FOOTLOCKER.COM

The Midvale, UT-based hook-and-bullet retailer opened nine locations in 2015 with 10 more planned in 2016 in a bid to establish dominance in the western United States ahead of national chains such as Gander Mountain, Dick's Sporting Goods, Cabela's and Bass Pro Shops. The formula, along with rebounding firearms and ammunition sales, delivered double-digit, top-line growth in 2015, but will be tested this year and next as more bigbox rivals open stores in its markets. Sportsman's Warehouse reported same-store sales declined 2.2 percent in the fiscal first quarter that ended April 30, due largely to an 11.1 percent decline at eight stores facing new competitors.

Continuing its rapid growth in recent years, and up five spots in our rankings, Foot Locker Inc.’s direct-to-consumer segment delivered a comp gain of 7.3 percent in the first quarter. The growth in e-commerce reflects the continued elevation of the connection between in-store service, banner websites and the development of features and functionality to deliver an enhanced digital experience. Sales of its banner.com businesses, including both domestic and international banners, increased more than 20 percent in the first quarter on top of last year’s almost 40 percent increase. Eastbay declined mid-single-digits, and the company believes that reflects a shift from performance-oriented to casual and lifestyle silhouettes, as well as a slightly declining rate of youth participation in sports such as football.

Eastbay is working to enhance its digital experience and expand its reach with younger athletes.

Total 2015 Sales: $729.9 million Total 2014 Sales: $660.0 million Comparable Store Sales Change: +1.1% 2015 Sales Online: n/a 2015 Number of Stores: 66 2015 Store Openings: 9 2015 Square Footage: 2.80 million Employees: 4,200 Key Executives: John V Shaefer, President, Director & CEO; Kevan P. Talbort, CFO Contact information: 7035 S. High Tech Drive, Midvale, UT 84047; 801.304.4304; sportsmanswarehouse.com

T-36. MODELL'S SPORTING GOODS Founded in 1889, America’s oldest family owned and operated retailer of sporting goods has over 150 stores on the east coast. In March 2016, it opened two premium locations in former City Sports locations in Boston, Philadelphia and Washington, DC. The retailer recently opened a third store in Jersey City, NJ. In 2015, Modell’s opened stores on Long Island City, Rocky Point and the Bronx opposite Yankee Stadium and a second location in Times Square. Stores were also added in Clark and North Bergen, NJ. Modell’s expects to open seven stores this year and remodel six to enhance its merchandise presentation.

Total 2015 Sales: $725.0 million (SGB Estimate) Total 2014 Sales: $700.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 157 2015 Store Openings: 5 2015 Square Footage: 10,000 to 30,000 (Average) Employees: 3,900 Key Executives: Mitch Modell, President & CEO; Charles Castaneda, EVP & CMO; Eric Spiel, EVP & CFO; Doug Epstein, SVP Real Estate & General Counsel; Mark Oliver, SVP, Human Resources; Cary Deleo, SVP Construction; David Strobelt, SVP & CIO; Jim Argerakis, SVP, Store Operations; Tami Mohney, SVP & CMO Contact Information: 498 7th Avenue, 20th Floor, New York, NY 10018; 212.822.1000; modells.com

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Total 2015 Sales: $725.0 million Total 2014 Sales: $650.0 million 2015 Number of Stores: n/a 2015 Store Openings: n/a 2015 Square Footage: n/a Employees: 2,000 Key Executives: Richard Johnson, President & CEO; Foot Locker Inc.; Lauren Peters, CFO, Foot Locker Inc.; Dowe Tillema, President & CEO, Footlocker. com/Eastbay Contact Information: 112 W. 34th Street, New York, NY 10120; 212.720.3700; eastbay.com

38. WEST MARINE West Marine moved up six spots on the list after posting its strongest comparable store sales growth in at least five years in 2015 as it continued to pursue its “15/50 strategy,” which calls for 15 percent of revenues to come from e-commerce and 50 percent to come from remodeled stores. The company continued pruning and remodeling its store portfolio by closing more than five times as many stores as it opened and remodeling existing stores to fit a new “Waterlife” concept that accommodates margin expansion categories such as lifestyle apparel, footwear and accessories.

Total 2015 Sales: $704.8 million Total 2014 Sales: $675.8 million Comparable Store Sales Change: +4.9% 2015 Sales Online: $67 million 2015 Number of Stores: 263 2015 Store Openings: 3 2015 Square Footage: 2.61 million Employees: 3,796 (1,882 fulltime) Key Executives: Matthew L. Hyde, CEO & President; Jeffrey L. Lasher, CFO, Executive VP, Finance & Assistant Secretary ("CFO"); Barry Kelley, Executive VP, Stores and Wholesale; Paul Rutenis, Executive VP, Merchandising, Replenishment & Logistics Contact information: 500 Westridge Drive, Watsonville, CA 95076; 831.728.2700; westmarine.com

39. BSN SPORTS With its aggressive moves to consolidate the team dealer channel, BSN Sports continues to move up the SGB Retail Top 100 list. It easily sits as the largest and fastest growing marketer and distributor of sporting goods to the team marketplace, with more than 750 salesmen across the United States. The business has more than 400,000 square feet dedicated to embellishment of team apparel. In January 2016, BSN took a big step forward when it acquired Lids Team Sports from Genesco Inc. Founded in 2009, Lids Team Sports was largely created through the merger of three of the larger regional team dealers — Anaconda Sports (Lake Katrine, NY), Brand Athletics (Tigard, OR) and Impact Sports (Madison, WI). Last year’s acquisitions included EmRoe Sporting Goods, Indianapolis, IN; B&B Athletics, Waco, TX; Milwaukee Sporting Goods, Menomonee, WI; and Ultimate Team Sales, Albuquerque, NM. So far this year, BSN has also acquired Idaho Sporting Goods, Boise, ID, and Jerry’s Sporting Goods, Wichita Falls, TX. The company, with more than 2,000 employees dedicated solely to team sports, is part of the Varsity Brands family. In 2016 BSN is expected to earn closer to $1 billion in team equipment and apparel sales.

Total 2015 Sales: $700.0 million (SGB Estimate) Total 2014 Sales: $550.0 million (SGB Estiamte) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: n/a 2015 Store Openings: n/a 2015 Square Footage: n/a Employees: 2,000 Key Executives: Adam Blumenfeld, CEO; Terry Babilla, President & COO; Kent Laber, CFO Contact Information: 1901 Diplomat Drive, Farmers Branch, TX 75234; 972.484.9484; bsnsports.com

40. ROSS STORES The off-price retailer of apparel and home fashion promises “20 percent to 60 percent off department and specialty store regular prices every day.” Its flagship, Ross Dress for Less, largely operates in the western United States but continues to add stores in Midwest markets, a trend it started in 2011. Ross Dress for Less opened its first store in Wisconsin last year and by the end of 2015 operated a total of 99 Ross locations across Illinois, Missouri, Kentucky, Indiana, Kansas and Wisconsin. In 2016, it expects to open about 70 Ross Dress for Less and 20 dd’s Discount stores. Over the long term, the company continues to believe that Ross Dress for Less can grow to at least 2,000 locations across the United States and dd’s Discount stores could expand to 500 doors.

Total 2015 Sales: $685.0 million (Athletic Only) Total 2014 Sales: $635.0 million (Athletic Only) Comparable Store Sales Change: +4% (Companywide) 2015 Sales Online: n/a 2015 Number of Stores: 1,446 (1,274 Ross Dress for Less, 172 dd’s Discounts) 2015 Store Openings: 90 (70 Ross Dress for Less, 20 dd’s Discounts, Closed 6 Ross Dress for Less) 2015 Square Footage: 31.9 million Employees: 77,800

Key Executives: Barbara Rentler, CEO; Michael O'Sullivan, Executive Chairman; Bernie Brautigan, President, Merchandising, Ross Dress for Less; James Fassio, President & Chief Development Officer; Michael O’Sullivan, President & COO; Lisa Panattoni, President, Merchandising, Ross Dress for Less; Brian Morrow, President & CMO, dd’s Discount Contact Information: 4440 Rosewood Drive, Pleasanton, CA 94588; 925.965.4400; rossstores.com

41. FAMOUS FOOTWEAR A strong trend toward lifestyle athletic footwear has boosted Famous Footwear, but it has been largely offset by negative trends in the marketplace including lackluster brick-and-mortar traffic, a shift to non-store channels and increasing demand for “buy now and wear now” merchandise. An industrywide inventory hangover from the fourth quarter due to a mild winter, followed by an unseasonably cold spring that impacted key spring categories such as sandals, put pressure on first-quarter results. Given the category’s momentum, Famous Footwear plans to double down on athletics. Said Diane Sullivan, chairman, president and CEO of Caleres Inc., the chain’s parent, on the company’s first-quarter earnings conference call with analysts, “We have a legacy position in this business that we've built over more than a decade, and we realize this landscape is getting more competitive, but we have absolutely no plans to give up any well-earned market share that we've gained.”

Total 2015 Sales: $680.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $650.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: +1.9% 2015 Sales Online: n/a 2015 Number of Stores: 1,046 2015 Store Openings: 50 (Closed 42) 2015 Square Footage: 6.9 million Employees: 11,000 (Caleres, Inc.) Key Executives: Diane Sullivan, President & CEO, Caleres Inc.; Rick Ausick, Division President, Famous Footwear Contact Information: 8300 Maryland Avenue, St. Louis, MI 63105; 314.854.4000; famousfootwear.com

42. DUNHAM'S SPORTS

44. SKECHERS

2015 was a challenging year for the Midwest’s largest sporting goods chain, but growth was found in its outdoor categories, driven by initiatives in firearms and paddle sports. A fall mid-weight outerwear initiative also showed a promising launch. Other growing categories in 2015 included fitness trackers and other electronics such as drones and Go Pro cameras. Dunham’s launched a multi-department initiative with Oakley, which fueled healthy fall backpacks and sunglasses sales. Apparel was strong in the spring, driven by men’s and kid’s sales, but faced headwinds in the fall due to unfavorable weather and weak women’s apparel sales. In 2016, Dunham’s experienced continued strength in outdoors, a recovery in baseball and softball and growth in electronics including fitness wearables. It also expects a rebound in footwear driven by casual and retro shoes, apparel, and boosted by a renewed focus on key items by the major brands.

Skechers reported record revenue for 2015 — up 32 percent to $3.147 billion.

Much of the growth came from its global expansions (international sales accounted for 41 percent of the business) as domestic sales slowed in the back half of the year. Still, its U.S. direct-to-consumer sales rose 17 percent in 2015, and the company increased its marketing presence with title sponsorships of the LA and Houston marathons and signed more sponsored athletes, like professional golfer Matt Kuchar and U.S. Olympic marathon runner Meb Keflezighi. Skechers plans to open an additional 330 to 340 stores worldwide in 2016 for a total of 1,650 by the end of the year.

Total 2015 Sales: $650.0 million (SGB Estimate) Total 2014 Sales: $625.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 226 2015 Store Openings: 10 (Relocated 4, Closed 1) 2015 Square Footage: 40,000 to 50,000 (Average) Employees: n/a Key Executives: Jeff Lynn, CEO; Ken Meehan, President; Steve Sander, Executive VP Operations; Marshall Sosne, Executive VP Supply Chain Management; John Palmer, Senior VP; Al Blazek, VP, Omni-Channel & Marketing; John Oehler, SVP Merchandising; David Lynn, SVP, Finance, Planning & Control.

Contact Information: 5000 Dixie Hwy, Waterford, MI 48329; 248.674.4991; dunhamssports.com

43. VANS VF Corp's skate brand is one of the company's best performers in direct-toconsumer (DTC), with the channel accounting for 45 percent of Van's 2015 global annual sales at $990 million. (Our U.S. sales figure is an estimate.) The brand continues to see success and moves toward providing a complete fourseason offering, including its all-weather mountain edition footwear and apparel.

Overall revenue growth for 2016 is expected to be in the high-single digit range, which we expect will translate to low-to-mid double-digit growth for DTC. Total 2015 Sales: $570.0 million (SGB Estimate, U.S.) Total 2014 Sales: 500.0 million (SGB Estimate, U.S.) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 538 (Global) 2015 Store Openings: 60 2015 Square Footage: n/a Employees: n/a Key Executives: Kevin Bailey, President; Scott Baxter, President Outdoor & Action Sports Division, VF Corp; Eric Wiseman, Chairman & CEO, VF Corp.; Steve Rendle, COO, VF Corp.

Contact Information: 6550 Katella Ave., Cypress CA, 90630; 714.889.6100; vans.com

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Total 2015 Sales: $574.5 million (U.S.) Total 2014 Sales: $490.0 million (U.S.) Comparable Store Sales Change: +10% 2015 Sales Online: $26.9 million (Global) 2015 Number of Stores: 390 (U.S.) 2015 Store Openings: 35 (Closed 7) 2015 Square Footage: n/a Employees: 9,200 (5,600 Part-time/Retail) Key Executives: Robert Greenberg, Chairman & CEO; Michael Greenberg, President; David Weinberg, EVP, COO & CFO; Mark Nason, EVP, Product Development Contact Information: 228 Manhattan Beach Blvd., Manhattan Beach, CA, 90266; 310.318.3100; skechers.com

45. TILLY'S

T-46. SEARS

Tilly's faced a long struggle with declining mall traffic that management attributed to teens spending less time mall shopping. Last October, Ed Thomas, who guided Wet Seal through Chapter 11 bankruptcy reorganization, took over as CEO and is aiming to revive store productivity by focusing on inventory management, real estate opportunities and e-commerce.

While pushing vendors to tighten assortments and speed up lead times, the action-sports retailer has fine-tuned its assortments at several test stores based on the profile of local consumers. Discussions have been held with landlords about downsizing some of its mall stores, which account for approximately half of Tilly’s retail store locations. Tilly’s also opened three new stores in 2015 while testing a new 4,500-square-foot retail store concept — about 40 percent smaller than the average size of its other retail store locations. Tilly's will further invest in expanding e-commerce, building its omnichannel infrastructure with ship-from-store and in-store pickup and increasing its online presence.

Approximately 40 percent of its retail stores are in located in California.

Sears’ recent sharp sales declines (and in SGB’s ranking in 2014) were partly driven by highly targeted promotional and market spending to better align with customer needs and a shift away from low-margin categories such as consumer electronics. Warm weather and a highly promotional environment dragged down its comparable store sales in the latter part of 2015, particularly in the apparel and softlines businesses. Sears Holdings has been selling assets to raise cash and accelerating store closures while trying to shift its focus from running a store network to a member-focused business. In April, Sears said it would close 10 stores in 2016. In reporting a larger first-quarter loss in late May, Sears’ officials said that they are looking at options for in-house brands such as Kenmore, Craftsman, DieHard and Sears Home Services. The options could include partnerships or deals that would expand their distribution and services.

Total 2015 Sales: $551.0 million Total 2014 Sales: $518.0 million Comparable Store Sales Change: +1.2% 2015 Sales Online: n/a 2015 Number of Stores: 224 2015 Store Openings: 15 (Closed 3) 2015 Square Footage: 1.7 million Employees: 4,900 Key Executives: Edmond Thomas, President & CEO; Hezy Shaked, CoFounder, Chief Strategy Officer & Executive Chairman; Mike Henry, VP & CFO; Debbie Anker-Morris, CMO Contact Information: 10 Whatney, Irvine, CA 92618; 949.609.5599; tillys.com

Total 2015 Sales: $525.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $600.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: -11.1% (Companywide, U.S.) 2015 Sales Online: n/a 2015 Number of Stores: 731 (705 Full-Line, 26 Specialty) 2015 Store Openings: 0 (Closed 12 Full-Line, 3 Specialty) 2015 Square Footage: 101million Employees: 178,000 (Sears Holdings, U.S.) Key Executives: Eddie Lampert, Chairman & CEO, Sears; Robert Schriesheim, EVP & CFO, Sears Holding; Jeff Balagna, EVP & CIO, Sears Holding; David Pastrana Benito, President, Apparel, Sears Holding Contact Information: 3333 Beverly Road, Hoffman Estates, IL 60179; 847.286.2500; searsholdings.com

T-46. PAYLESS SHOESOURCE The largest specialty family footwear retailer in the Western hemisphere continues to quietly reposition itself since going private in October 2012 with a sale to Blum Capital and Golden Gate. Globally, Payless has more than 4,400 stores in over 30 countries. In the 1980s, Payless was widely known in the United States for its Pro Wings line of discount sneakers, which often had Velcro straps instead of laces. Its athletic mix now includes Champion, American Eagle and Airwalk. Nearly one pair of kids shoes out of ten in the United States are purchased at Payless and it sells many under character licenses including Spider-Man, Disney Princess, Cars and Dora the Explorer.

Total 2015 Sales: $525.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $550.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 3,100 2015 Store Openings: 0 (Closed 100) 2015 Square Footage: 3,200 square feet (Average) Employees: n/a Key Executives: W. Paul Jones, CEO; Mike Vitelli, EVP & COO; Michael Schwindle, SVP & CFO; Steve Gish, EVP Retail Operations & Franchising; Betty Click, SVP Human Resources; Robert Bruennig, SVP & GMM, Men's, Kids & Athletics Contact Information: 3231 S.E. Sixth Avenue, Topeka, KS 66607; 785.233.5171; payless.com

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T-48. RADIAL (FORMERLY EBAY ENTERPRISE)

T-48. THE SPORTSMAN'S GUIDE

In November, eBay finalized the $925 million sale of eBay Enterprise, which helps retailers build and manage online storefronts, to a consortium of private equity investors including Permira Funds and Sterling Partners. GSI Commerce, acquired in 2011, would form the backbone of eBay Enterprise. In that same year eBay Enterprise added Magento, whose software was primarily targeted at medium-sized retailers. In a further breakup, the Enterprise Operations & Enterprise Technology Services unit was taken over by Sterling Partners, integrated with Innotrac, and in April 2016 the company was rebranded Radial. Beyond taking clients' orders and shipping products from its warehouses, Radial offers factory-to-truck ordering, tracking, scheduling, payments and protection service cv for hundreds of retailers. Clients include Adidas, Timberland, Dick's Sporting Goods, DSW, Eastern Mountain Sports, Fanatics, Orvis, Speedo and Shoe Carnival.

The Sportsman’s Guide is a direct marketer and online retailer of hunting and outdoor gear, shooting supplies, military surplus, survival gear, camping supplies and fishing gear. The first Sportsman's Guide catalog was published in 1976. Today, the company continues to produce its monthly catalog, but has expanded to include six specialty catalogs and three websites, resulting in over eight million customers and 200,000 brand names. Recently, the company streamlined its branding for SportsmansGuide.com, switching to a cleaner, simpler-to-shop design for its catalogs and redesigned its Guide Outdoors blog and community forum. It also launched a website and catalog, 365 Outdoor Wear. The company was acquired by Northern Tool + Equipment in 2012, which operates The Golf Warehouse (tgw.com). It updated TGW’s brand identity with a new website, logo and tagline: “TGW. The sweetest spot in golf.”

Total 2015 Sales: $500.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $500.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: n/a 2015 Sales Online: $500.0 million 2015 Number of Stores: n/a 2015 Store Openings: n/a 2015 Square Footage: n/a Employees: 7,500 Key Executives: Tobias Hartmann, President; Paul Cataldo, Chief Administrative Officer & Head of Sales; Mike Blumberg, Head of Client Success, NA; Stefan Weitz, Chief Product and Strategy Officer Contact Information: 935 First Avenue, King of Prussia, PA 19406; 610.491.7000; radial.com

Total 2015 Sales: $500.0 million (SGB Estimate) Total 2014 Sales: $500.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 2 2015 Store Openings: 0 2015 Square Footage: n/a Employees: 1,000 Key Executives: Jay Berlin, CEO, The Sportsman’s Guide; Tim Arland, CMO & SVP E-Commerce, The Sportsman's Guide; Donald Kotula, CEO, Northern Tool + Equipment Contact Information: 411 Farwell Avenue, South, St. Paul, MN 55075; 651.451.3030; sportsmansguide.com, TGW.com

50. COLUMBIA SPORTSWEAR CO. Columbia Sportswear Co. reported record results through 2015, as it benefitted from the 2014 acquisition of Prana as well as expanded license deals to provide outerwear to professional sports teams and the debut of golf-wear. In 2015, it looked to shore up its smaller brands lagging in performance, including naming a new president for Mountain Hardwear (John Walbrecht, formerly with Fjallraven), and integrating Montrail into its Columbia Footwear business. The company does not break out direct-to-consumer (DTC) sales by brand, but in overall revenue, Columbia represents 80 percent of the business, Sorel 9 percent, Prana 5 percent, Mountain Hardwear 5 percent and 1 percent for Other. Global DTC sales were $792.2 million. Our U.S. sales figure is an estimate.

Total 2015 Sales: $496.4 million (SGB Estimate, U.S., includes Columbia, Mountain Hardwear, Prana and Sorel brands) Total 2014 Sales: $408 million (SGB Estimate, U.S., includes Columbia, Mountain Hardwear, Prana and Sorel brands) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 109 (U.S.) 2015 Store Openings: 16 2015 Square Footage: n/a Employees: 5,978 Key Executives: Gert Boyle, Chairman; Tim Boyle, CEO; Bryan Timm, President & COO; Thomas Cusick, CFO; Scott Kerslake, CEO, Prana; Mark Nenow, President, Sorel; John Walbrecht, President, Mountain Hardwear Contact Information: 14375 NW Science Park Drive, Portland, OR 97229; 503-985-4000; columbia.com, mountainhardwear.com, prana.com, sorel.com

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T-51. SHOE CARNIVAL

53. SHOE SHOW

In the first quarter Shoe Carnival delivered its seventh straight quarterly report of comparable-store growth. The off-price shoe retailer believes it’s just starting to see the benefits from the efforts it made over the last two years to change the way it communicates and interacts with customers. These efforts include expanding its Shoe Perks loyalty program to almost nine million members, adding “ship from store” to reduce online out-of-stocks and introducing its Shoes 2U program, which allows customers to order merchandise from a store location and have it shipped directly to their door. National advertising was launched with a major cable TV buy to raise awareness of the Shoe Carnival brand. The company started using technology based on historic shopping patterns to better evaluate new store openings and its existing stores, and also introduced a smaller store concept to reach new markets. For 2016, Shoe Carnival expects to open approximately 20 stores, including six small-market concept stores.

Founded in 1960 by the Tucker family in Kannapolis, NC, Shoe Show’s success is based on a simple formula of providing quality products, service and value.

The chains success can be traced to technological advances and operating efficiencies including its standard store design, an efficient distribution center and computer links with stores and vendors. Omni-channel remains a primary focus that coincides with upgrades to its direct-to-consumer and point-of-sale system. Ship-from-store will roll out in 2016 and pickup in-store is slated for 2017. A new payroll system is also being implemented this year. The company places high value on social activities that help the local community. Stores, which also include Shoe Department, Shoe Dept. Encore and Burlington Shoes, target suburban, urban or rural areas with populations of at least 15,000.

Total 2015 Sales: $490.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $470.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: +3.0% 2015 Sales Online: n/a 2015 Number of Stores: 405 2015 Store Openings: 20 (Closed 15) 2015 Square Footage: 4.50 million Employees: 5,500 Key Executives: Cliff Sifford, President & CEO; Kerry Jackson, Senior EVP, COO, CFO & Treasurer; Carl Scibetta, EVP & GMM; Tim Baker, EVP Store Operations Contact Information: 7500 E. Columbia Street, Evansville, IN 47715; 812.867.6471; shoecarnival.com

Total 2015 Sales: $489.0 million (Athletic) Total 2014 Sales: $454.0 million (Athletic) Comparable Store Sales Change: +2.0% 2015 Sales Online: $4.0 million (Athletic) 2015 Number of Stores: 1,155 2015 Store Openings: 40 (41 expansions, 97 remodels) 2015 Square Footage: 8.2 million Employees: 10,500 Key Executives: Lisa Tucker, COO; Jack van der Poel, CFO; Kirk Krull, VP, Real Estate Contact Information: 2201 Trinity Church Road, Concord, NC 28027; 704.782.4143; shoeshow.com

T-51. ZAPPOS.COM Since being acquired by Amazon.com in 2009, Zappos.com has doubled its sales to more than $2 billion with a growing share of those revenues coming from athletic and outdoor apparel and, to a significantly lesser degree, bags, packs, eyewear and other accessories. Of 3,346 Gym & Training items listed on the site in early July, 80 percent were apparel, compared to 17 percent footwear. Only 361 equipment items were available, including water bottles, tents, sleeping bags, snowshoes, snowboards, helmets and boots.

Total 2015 Sales: $490.0 million (SGB Estimate) Total 2014 Sales: $455.0 million (SGB Estimate) Comparable Store Sales Change: 7.69% 2015 Sales Online: $490.0 million 2015 Number of Stores: 1 2015 Store Openings: 0 2015 Square Footage: n/a Employees: 1,400+ Key Executives: Tony Hsieh, CEO; Steve Hill, VP, Merchandizing; Fred Mossler, Marketing, HR & Customer Loyalty Contact Information: 400 E. Stewart Ave., Las Vegas, NV 89101; 702.943.7777; zappos.com

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T-54. FOOTACTION

T-54. ATHLETA

Footaction’s first-quarter comps declined in the high single-digits due to poor performance in the basketball footwear category, where the retailer has a higher penetration compared to the other banners of its parent, Foot Locker Inc. With more lifestyle product than its other banners, Foot Locker Inc. describes the Footaction customer as a “style-obsessed, confident, influential young male who is always dressed to impress.” A major initiative is adding branded in-store shops that include Flight 23, which focuses on Jordan product, Kicks Lounge and showcasing Nike Sportswear and Adidas Originals Collective. Remodels have not been a focus since Foot Locker Inc. acquired Footaction in 2004. Footaction has had a significant rollout of new apparel-led prototypes including flagship stores on State Street (Chicago) and Fulton Street (Brooklyn).

Athleta slowed its physical-store openings in 2015 with 19 new stores versus 37 in 2014 and 30 in 2013. It's scheduled to open 15 stores in 2016 and launch a new category, Athleta Girl, this summer, bringing "versatile, performance-based clothing" to girls 6 to 14 years old, officials said. Athleta might have more room to grow since parent company Gap Inc. closed its smaller, fashion-forward sister brand Piperlime earlier in 2015. Revenues aren't broken out individually for Athleta; rather it shares Gap's "Other" segment with Piperlime and Intermix, which pulled in $712 million in annual sales. Subtracting Piperlime, officials noted lowdouble-digit growth for the group. We estimate Athleta and Intermix earning about $700 million annually, with Athleta itself producing about $450 million in 2015.

Total 2015 Sales: $450.0 million (SGB Estimate, U.S.) Total 2014 Sales: $455.0 million (SGB Estimate, U.S.) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 268 2015 Store Openings: 13 (Closed 17) 2015 Square Footage: 800,000 Employees: 4,500 Key Executives: Richard Johnson, President & CEO; Foot Locker Inc.; Lauren Peters, CFO, Foot Locker Inc.; Stephen Jacobs, President & CEO, Foot Locker NA; Ken Sid, VP & GM, Footaction Contact Information: 112 W. 34th Street, New York, NY 10120; 212.720. 3700; footaction.com

T-54. BACKCOUNTRY.COM Under new ownership, look for this Utah-based online retailer to accelerate its expansion into yoga, running, fitness and lifestyle in the U.S. and Europe. TSG Consumer Partners LLC acquired the company, which made its mark selling specialty outdoor and cycling gear online, for $350 million in July 2015. At the time, revenues were running 20 percent ahead of a year earlier thanks in large part to its German subsidiary, Bergefruende.de and CompetitiveCyclist.com.

TSG plans call for increased investments in advertising, fulfillment and category expansion in Europe. Backcountry.com named Jonathan Nielsen, who oversaw the company's acquisition and integration of CompetitiveCyclist.com and managed MotoSport and Bergegruende, as its new CEO in March 2016.

Total 2015 Sales: $450.0 million (SGB Estimate) Total 2014 Sales: $427.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: $450.0 million 2015 Number of Stores: 6 2015 Store Openings: 0 2015 Square Footage: n/a Key Executives: Jonathan Nielsen, CEO; Pete Labore, COO; Peter Eischeid, EVP, Technology & Product Contact information: 1678 W. Redstone Center Drive, Park City, UT 84098; 800.409.4502; Backcountry.com, CompetitiveCyclist.com, Motosport.com, Bergfreunde.de, WhiskeyMilitia.com (ODAT - action sports), SteepandCheap.com (ODAT - backcountry/outdoor), Detour by Backcountry.com (Adventure Travel)

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Total 2015 Sales: $450.0 million (SGB Estimate) Total 2014 Sales: $400.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 120 (U.S.) 2015 Store Openings: 19 2015 Square Footage: 500,000 Employees: n/a Key Executives: Nancy Green, President & General Manager; Arthur Peck, CEO, Gap Inc. Contact Information: 2100 S. McDowell Boulevard, Petaluma, CA, 94954; 707.559.2200; athleta.com

57. DSW

At the start of 2016, Roger Rawlins, EVP and chief innovation officer, replaced Michael MacDonald as CEO. Feeling that the footwear off-price retailer had focused too much attention in recent years on systems and process changes to support an omnichannel push, Rawlins vowed to renew DSW's focus on being quicker to market to hit trends. Other initiatives include an increased emphasis on marketing and digital and greater efforts to differentiate its product mix. In addition, a category focus was placed on athletic, women and fashion categories.

Kids’ apparel will also launch in stores this year. While athletic has been a strong selling category, DSW's overall results last year were hurt by slowing retail traffic and challenges in the women's footwear category due in part to unseasonably warm temperatures. On its first-quarter conference call, DSW officials said one of its goals was to become an "important destination for the athleisure customer.”

DSW is expanding athletic-inspired casual product into women's non-athletic to further capitalize on the momentum in fashion and performance athletic styles.

Total 2015 Sales: $405.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $375.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: +0.8% 2015 Sales Online: n/a 2015 Number of Stores: 468 2015 Store Openings: 40 (Closed 3) 2015 Square Footage: 9.8 million Employees: 11,900 Key Executives: Roger Rawlins, CEO; Debbie Ferree, Vice Chairman & CMO; Carrie McDermott, EVP & COO Contact Information: 810 DSW Drive, Columbus, OH 43219; 614.237.7100; dsw.com

58. RACK ROOM SHOES

59. ORVIS

Founded in 1922, Rack Room Shoes is owned by Europe's largest shoe retailer, Deichmann Group of Germany, which acquired Rack Room Shoes in 1984 and Off Broadway Shoe Warehouse in January 2002. After doubling the size of the firm's Charlotte, NC-based headquarters in April 2015, the family shoe chain has focused on expanding each division's e-commerce presence and capitalizing on the top industry trends. In February 2016, Rack Room Shoes launched The Athletic Shop, an athletic-focused shop-in-shop concept in all Rack Room Shoes stores and on its e-commerce site. The company expects to add 25 to 40 new stores during each year in the foreseeable future. Geographically, Rack Room Shoes is rooted in the Southeast, but the retailer has focused heavily on expanding in the West and Northwest regions. The company continues to be an industry leader in philanthropic initiatives and in May 2016 was honored with the International Community Award.

Founded in 1856 and owned by the Perkins family since 1965, this Vermont-based company is among many mail-order retailers that have adapted well to the Internet. Though best known as the premier North American fly fishing company, Orvis also sells gear for shooting sports, a wide assortment of men’s and women’s sportswear, gifts, home furnishings, luggage, travel gear and dog accessories in over 100 stores, including 80 in the United States and 20 in the U.K. Orvis also operates fishing and shooting schools and an international sporting and eco-travel agency that will start offering fly fishing trips to Cuba this fall. In July 2015 William McGlaughlin, a former PepsiCo executive and CEO of Select Comfort Corporation, was named president — the first time in eight years a new president was hired for the post.

Total 2015 Sales: $400.0 million (U.S., Athletic only) Total 2014 Sales: $350.0 million (U.S., Athletic only) Comparable Store Sales Change: Increased mid-single-digits 2015 Sales Online: n/a 2015 Number of Stores: 500 (420 Rack Room Shoes, 80 Off Broadway Shoe Warehouse) 2015 Store Openings: 37 (29 Rack Room Shoes, 8 Off Broadway Shoe Warehouse) 2015 Square Footage: 4 million Employees: 7,500 Key Executives: Mark Lardie, CEO; Rick Brown, EVP & COO; Terry Apple, SVP & GMM, Rack Room Shoes; Andy Meyer, VP & GMM, Off Broadway Shoe Warehouse Contact Information: 8310 Technology Drive, Charlotte, NC 28262; 704.547.9200; rackroomshoes.com

Total 2015 Sales: $362.0 million (SGB Estimate) Total 2014 Sales: $354.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 81 (20 U.K.) 2015 Store Openings: n/a 2015 Square Footage: n/a Employees: 1,500-1,700 Key Executives: Leigh H. "Perk" Perkins, CEO; David D. Perkins, Vice Chairman, Retail & Sporting Traditions; William McGlaughlin, President; S. Joe Carpener, VP & GMM Contact information: 178 Conservation Way, Sunderland, VT 05250; 802.362.3622; orvis.com

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60. GOLF GALAXY

62. JIMMY JAZZ

Golf Galaxy, acquired by Dick’s Sporting Goods in February 2007, has struggled in recent years due largely in part to a reduced interest in golf among younger players. Same-store sales at Golf Galaxy fell 5.6 percent in 2015 after sliding 9.2 percent in 2014 and 7.1 percent in 2013. Dick’s Sporting Goods officials recently said margins improved in the overall golf category, with inventories in better shape across the marketplace.

More encouragingly, Golf Galaxy generated a comp gain of 1.7 percent in the first quarter with Dick’s Sporting Goods golf business performing slightly better, benefiting from excitement around product launches and the inventory rationalization. Two Golf Galaxy stores are scheduled to open this year but several other locations may soon close as leases for more than 50 percent of its stores come up for renewal in the next couple of years.

Brooklyn-born James Khezrie opened his first Jimmy Jazz on Delancy Street in New York City — named after his favorite song by The Clash, a punk rock group from the late seventies. The chain has evolved into the largest retailer of hip-hop and urban streetwear. Core brands include Nike, Jordan, Decibel, Timberland, Adidas, New Era and Puma. Jimmy Jazz continues to be one of the coveted spots where most footwear launches. In late June, Jimmy Jazz partnered with Adidas at the Apollo Theater in Harlem to celebrate Stan Smith and Superstar sneakers in a night featuring legendary DJs: Clark Kent, Stretch Armstrong D-Nice, Rich Medina and Tony Touch. Jimmyjazz.com’s online presence has grown exponentially and is now a substantial part of its growth strategy.

Total 2015 Sales: $350.0 million (SGB Estimate) Total 2014 Sales: $350.0 million (SGB Estimate) Comparable Store Sales Change: -5.6% 2015 Sales Online: $20 million 2015 Number of Stores: 73 2015 Store Openings: 0 (Closed 5) 2015 Square Footage: 1.6 million Employees: 37,600 (Total Dick’s Sporting Goods) Key Executives: Ed Stack, Chairman & CEO, Dick’s Sporting Goods; André Hawaux, EVP, COO & CFO, Dick’s Sporting Goods; Doug Wurl, President, Golf Galaxy Contact Information: 345 Court Street, Coraopolis, PA 15108; 724.273.3400; golfgalaxy.com

61. MEIJER Meijer, averaging around 190,000 square feet, carries a wide range of groceries, pharmaceuticals, consumer electronics and garden items, but stands out because it carries many national brands not available at supercenters such as Walmart and Target. Athletic brands include Fila, New Balance and Reebok.

Meijer introduced Keds to its inventory earlier this year and in March opened the largest Skechers in-store shop in the country. The 804-square-foot Skechers concept in Grand Rapids, MI features four video screens for product presentation and lifestyle news, including celebrity endorsements of Skechers shoes. In June, 2016, Meijer opened its first stores in Wisconsin. Family-owned for more than 75 years, the chain opened 10 stores in 2015 — four each in Michigan and Wisconsin, two in Illinois and one in Indiana. About half of its stores are in Michigan.

Total 2015 Sales: $335.0 million (SGB Estimate, U.S. Athletic only) Total 2014 Sales: $320.0 million (SGB Estimate, U.S. Athletic only) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 223 2015 Store Openings: 10 2015 Square Footage: 180,000 (Average) Employees: 65,000 Key Executives: Rick Keyes, President; Hank Meijer, Co-Chairman & Co-CEO Contact Information: 2929 Walker Avenue, N.W., Grand Rapids, MI 49544; 616.453.6711; meijer.com

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Total 2015 Sales: $315.0 million (SGB Estimate) Total 2014 Sales: $300.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 205 2015 Store Openings: 10 2015 Square Footage: n/a Employees: n/a Key Executives: James Khezrie, CEO; Robert Shapiro, President Contact Information: 85 Metro Way, Secaucus, NJ 07094; 201.210.5577; jimmyjazz.com

63. JOHNSON HEALTH TECH Taiwanese fitness equipment manufacturer Johnson Health Tech (home to Matrix, Vision and Horizon Fitness brands) joins our SGB 2015 Retail Top 100 as the largest specialty fitness retailer in the United States with its recent acquisitions of 2nd Wind Exercise (November 2015) and Leisure Fitness (June 2016), giving it 85 stores in the United States and 315 worldwide.

(The United States acquisition numbers were included in our 2015 estimate as if Johnson owned them for the full-year). A clearer picture of Johnson’s retail revenue for 2016 will be available when the company releases its annual sales figures. It's a story we are watching; can vendors successfully go direct-toconsumer by acquiring established specialty retailers?

Total 2015 Sales: $300.0 million (SGB Estimate, U.S.) Total 2014 Sales: n/a Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 400 (85 U.S., 315 Global) 2015 Store Openings: n/a 2015 Square Footage: n/a Employees: n/a Key Executives: Nathan Pyles, President, Johnson Health Tech NA; Bob Zande, CFO & COO Contact Information: 1600 Landmark Drive, Cottage Grove, WI, 53527; 608.839.1240; johnsonfitness.com

64. SCHEELS ALL SPORTS The employee-owned retailer continued to expand south and west from its base in Fargo, ND last year by opening its first store in Kansas and announcing plans to do the same in Colorado and Texas in 2017 and 2018 respectively. It also announced it would invest $84 million to convert its 80,000-square-foot store in Lincoln, NE to its new flagship format. That format measures at least 250,000 square feet and features a 65-foot Ferris wheel, a 16,000-gallon aquarium, an archery range, a restaurant and service shops that repair bikes, sharpen skates, wax skis and snowboards. In addition to being a major gun dealer, the company is one of the largest Trek bicycle dealers in the United States.

Total 2015 Sales: $295.0 million (SGB Estimate) Total 2014 Sales: $280.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 26 2015 Store Openings: 1 2015 Square Footage: n/a Employees: 6,000 Key Executives: Steve D. Scheel, Chairman; Steve M. Scheel, CEO; Bill Nelson, President Contact information: 1551 45th Street SW, Fargo, ND 58103; 701.298.2918; scheels.com

65. SHOPKO STORES Since joining Shopko in 2013, CEO Peter McMahon has led a restructuring that reduced overhead by 15 percent, drove a 20 percent growth in its stores and led a complete overhaul of its e-commerce business, building an infrastructure to support ship-from-store and other platforms that would increase speed and efficiency. The general merchandising’s primary growth vehicle is Shopko Hometown, about half the size of its flagship Shopko concept, reaching underserved rural areas. As part of the expansion of its active apparel line that features brands like Nike, Puma and Adidas, Shopko has built a sizeable Energy Zone department. Operating in the Midwest, Mountain, North Central and Pacific Northwest regions, Shopko was taken private in 2005 by Sun Capital Partners.

Total 2015 Sales: $280.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $240.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 360 (131 Shopko stores, 5 Shopko Express Rx, 5 Shopko Pharmacy, 219 Shopko Hometown) 2015 Store Openings: 54 (Shopko Hometown) 2015 Square Footage: n/a Employees: n/a Key Executives: Peter McMahon, CEO; Mike Bettiga, COO Contact Information: 700 Pilgrim Way, Green Bay, WI 54304; 920.429.2211; shopko.com

bankruptcy in 2016. Vestis, which acquired Sport Chalet in 2014 in hopes of turning around the business, exited bankruptcy without Sport Chalet, instead keeping its 34 Bob's Stores and 60 Eastern Mountain Sports stores. Sport Chalet’s demise cost trade vendors millions of dollars, and put more than $200 million a year in retail and team dealer sales up for grabs in California, where all but six Sport Chalet stores were located.

Total 2015 Sales: $273.3 million Total 2014 Sales: $345.1 million Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 47 2015 Store Openings: 0 2015 Square Footage: n/a Key Executives: Mark Walsh, Chairman & CEO, Susan J. Riley, CFO Contact information: 160 Corporate Court, Meriden, CT 04450; 888.463.6367; sportchalet.com

67. KMART Kmart suffered its fifth straight year of comparable store sales declines in 2015, and fell on our list as well, as declines in the consumer electronics, apparel, grocery, household and drugstore categories were only partly offset by increases in home appliance, mattress and seasonal categories. Kmart’s comps were down five percent in the first quarter. In November 2015, Kmart brought back its “Bluelight Specials” after retiring the in-store events in 1991. The specials blast sirens and turn on the blue light to alert shoppers to surprise 15-minute long deals in its stores. Core activewear labels include Hanes, Everlast, Athletech and Protégé. Athletic footwear staples include Everlast, Protégé, Dawgs and Catapult. Since merging with Sears in 2004, Kmart has closed over 1,350 stores.

Total 2015 Sales: $270.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $320.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: -7.2% (Companywide) 2015 Sales Online: n/a 2015 Number of Stores: 941 2015 Store Openings: 0 (Closed 38) 2015 Square Footage: 89 million Employees: 178,000 (Sears Holdings, U.S.) Key Executives: Eddie Lampert, Chairman & CEO, Sears Holdings; Alasdair James, President & Chief Member Officer, Kmart Contact Information: 3333 Beverly Road, Hoffman Estates, IL 60179; 847.286.2500; searsholdings.com

66. SPORT CHALET The California-based regional chain of 47 stores slid 10 spots this year as sales sharply declined, resulting in a sixth-consecutive year of losses that prompted parent company Vestis Retail Group LLC to liquidate the business through

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68. CROCS

69. DILLARDS

After closing 179 underperforming stores worldwide over the last two years, Crocs has completed the majority of its planned closings and saw its retail comps grow for the final three quarters, leading to a three percent total comp gain in 2015. This helped inch sales up 1.5 percent in the Americas.

Efforts to improve supply chain and customer service have included reducing its SKU count by 40 percent and reducing excessive direct shipments and special orders. The changes seem to have worked in early 2016, including the company's first North America retail comp gain in 10 quarters led by growth in e-commerce sales.

The Southwest department store chain’s same-store sales fell two percent in 2015, the first negative comp in six years. The company said it faced an “unusually competitive environment” in the fourth quarter, with high inventory levels following disappointing third-quarter sales for many retailers.

Stores in regions dependent on oil and other commodities have been impacted by lower commodity prices. The first-quarter performance only worsened, with comps down five percent. Dillard’s is focusing on store upgrades and select store openings. Stores opened last year in Cincinnati, OH; Slidell, LA; and Murray, UT.

Total 2015 Sales: $265.3 million (Americas) Total 2014 Sales: $261.3 million (Americas) Comparable Store Sales Change: 3.3% Total; 3.2% (Stores); 24.3% (Online) 2015 Sales Online: 68 million (Americas) 2015 Number of Stores: 196 (Americas) 2015 Store Openings: 4 (Closed 18) 2015 Square Footage: n/a Employees: 3,600 (Global, Retail) Key Executives: Gregg Ribatt, CEO; Andrew Rees, President & Principal Executive Office; Dan Hart, Chief Legal & Administrative Officer Contact Information: 7477 East Dry Creek Parkway, Niwot, CO 80503; 303.848.7000; crocs.com

Total 2015 Sales: $261.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $262.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: -2.0% (Companywide) 2015 Sales Online: n/a 2015 Number of Stores: 297 2015 Store Openings: 3 (Closed 3) 2015 Square Footage: 50.1 million Employees: 40,000 Key Executives: William Dillard, II, CEO; Alex Dillard, President; Mike Dillard, EVP; Drue Matheny, EVP Contact Information: 1600 Cantrell Road, Little Rock, AR 72201; 501.376.5200; dillards.com

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71. THE NORTH FACE The North Face was one of the hardest hit of VF Corp.’s brands from the warm winter in late 2015 as sales of insulation products fell short of expectations; however, shells, mid-weight layers and its running and training products exhibited strong growth in the same period. Global direct-to-consumer (DTC) sales ($690 million) accounted for 30 percent of its total $2.3 billion in 2015 sales. Our U.S. sales figure is an estimate. Looking ahead to 2016, company officials plan to refresh the brand and better align product categories and management with evolving consumer usage groups. Expect to see those newer category definitions and marketing language debut at DTC. Overall growth for 2016 is expected in the mid-single digits, which we project will result in lowto-mid double-digit growth at DTC. Total 2015 Sales: $252.0 million (SGB Estimate, U.S.) Total 2014 Sales: $240.0 million (SGB Estimate, U.S.) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 184 (Global) 2015 Store Openings: 30 2015 Square Footage: n/a Employees: n/a Key Executives: Todd Spaletto, President; Scott Baxter, President, Outdoor & Action Sports Division, VF Corp; Eric Wiseman, Chairman & CEO, VF Corp.; Steve Rendle, COO, VF Corp.

Contact Information: 2701 Harbor Bay Pkwy, Alameda, CA, 94502; 510.618.3500; thenorthface.com

70. WORLDWIDE GOLF Worldwide Golf, which celebrated its 50th anniversary in 2015, has been operating Roger Dunn Golf Shops since 1965 and increased in size with the January 2014 acquisition of Edwin Watts. The retailer’s portfolio ranges from Roger Dunn Golf Shops in California and Hawaii, The Golf Mart in California, Vans Golf Shops in Arizona, Golfers' Warehouse in New England, Uinta Golf Shops in Utah and Edwin Watts Golf Shops in the Southeast. It also ships six seasonal catalogs, with approximately 14 million distributed worldwide each year. Its website, worldwidegolfshops.com, displays more than 5,000 products from more than 75 manufacturers and includes individual micro sites for each store. Worldwide Golf places an emphasis on golf and guarantees the lowest prices backed by their 90-day,100 percent satisfaction guarantee.

Total 2015 Sales: $255.0 million (SGB Estimate) Total 2014 Sales: $250.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 89 (44 Edwin Watts, 5 Uinta Golf Shops, 18 Roger Dunn Golf Shops; 10 The Golf Mart, 7 Van's Golf Shops, 5 The Golfers' Warehouse) 2015 Store Openings: 3 (Closed 1) 2015 Square Footage: n/a Employees: n/a Key Executives: Al Morris, President, Worldwide Golf Contact Information: 1430 Village Way, Santa Ana, CA 92705; 714.543.8284; worldwidegolfshops.com

72. WSS WSS does business in neighborhood-based stores offering better-known brands, as well as private-label in large store formats, to showcase thousands of SKUs. Founded in Southern California in 1984 by entrepreneur Eric Alon, all WSS stores feature a retail format that displays every style and size, allowing customers to browse on their own. The success of the business model has allowed WSS to continue its rapid expansion into new markets.

Total 2015 Sales: $246.0 million Total 2014 Sales: $219.0 million Comparable Store Sales Change: 3% 2015 Sales Online: minimal 2015 Number of Stores: 73 2015 Store Openings: 7 2015 Square Footage: 725,000 (12,000 Average) Employees: 1,300 Key Executives: Eric Alon, Founder & CEO; Rick Mina, President; Dan Nuthals, Chief Merchant; Bruce Fendell, SVP, Strategic Planning, Jeffrey Porter, CFO Contact Information: 13425 South Figueroa Street, Los Angeles, CA 90061; 310.715.9300; shopwss.com

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73. BOB'S STORES Bob’s Stores is an off-price retailer of casual fashion, denim and work wear that offers a broad selection of global activewear brands including Under Armour, Nike, Carhartt, Timberland, Reebok, New Balance, Champion and Adidas and operates stores in New England and the greater New York metropolitan area, as well as online. The company was owned by Vestis Retail Group LLC, which filed bankruptcy in April, 2016 as part of a restructuring plan that shuttered all 47 of its Sport Chalet stores, eight of 68 Eastern Mountain Sports locations and one Bob's store. Vestis emerged from bankruptcy in July 2016 under the new Eastern Outfitters LLC name, operating nearly 100 stores with approximately $400 million in annual sales.

Total 2015 Sales: $240.1 million Total 2014 Sales: $242.7 million Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of stores: 35 2015 Store Openings: 0 2015 Square Footage: n/a Employees: n/a Key Executives: Mark Walsh, Chairman and CEO, Susan J. Riley, CFO Contact information: 160 Corporate Court, Meriden, CT 04450; 888.463.6367; bobsstores.com Drive, Charlotte, NC 28262; 704.547.9200; rackroomshoes.com

74. SIERRA TRADING POST The off-price retailer, which sold primarily online and via catalogs prior to being acquired by The TJX Companies in 2012, grew its retail fleet from six to eight stores in fiscal 2015. It also broke ground on a 350,000-square-foot building that will double the size of a fulfillment center at its headquarters in Cheyenne, WY and pruned its catalog operation to focus on two demographics — core users and women. TJX, which overtook Macy’s with more than $29 billion in sales in 2015, plans to more than double its pace in store openings, with five expected in the fiscal year ending January 28, 2017.

Total 2015 Sales: $240.0 million (SGB Estimate) Total 2014 Sales: $227.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: +50% 2015 Number of Stores: 8 2015 Store Openings: 2 2015 Square Footage: 159,000 Employees: 1,200 Contact information: 5025 Campstool Road, Cheyenne, WY 82007; 307.775.8050; sierratradingpost.com

75. VAIL RESORTS RETAIL This wholly-owned subsidiary of publicly traded Vail Resorts Inc. continues to open 5 to 10 new stores a year, including a growing number of

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mono-branded stores. In 2015 that included new stores dedicated to The North Face, Helly Hansen, Smartwool and Arc'teryx stores and an expanded Patagonia store. Such "partner" stores now comprise about 20 percent of its 195 stores located within a day's drive of its parent company's 11 U.S. ski resorts. The bulk of its stores operate under a variety of acquired banners, including Any Mountain Sports in the San Francisco Bay area, Aspen Sports in Colorado and Hoigaard’s in St. Louis, MN. In addition to selling and renting ski and snowboarding gear, many of the company's stores sell cycling, racquet and golf gear and outdoor furniture. Vail Resorts Retail has not sold products online since closing 02gearshop.com in 2014.

Total 2015 Sales: $230.0 million Total 2014 Sales: $220.0 million Comparable Store Sales Change: n/a 2015 Sales Online: 0 2015 Number of Stores: 195 2015 Store Openings: 7 2015 Square Footage: n/a Employees: 2,700 Key Executives: Kat Jobanputra, EVP & COO Contact information: 390 Interlocken Crescent, Suite 660, Broomfield, CO 80021; 303.399.1970; vailresortretail.com, rentskis.com, skirentals.com

76. DTLR DTLR, with stores in Maryland, Virginia, Georgia and Washington, DC, spent 2015 focused on refining its “Foundry” retail store design while refreshing and remodeling legacy stores. In 2016, DTLR will remodel 15 plus stores and open seven. The urban chain, formerly known as Downtown Locker Room, is aggressively investing in their point-ofsale and back-office systems to provide cross-channel selling between in-store and online. DTLR prides itself on its vendor partnerships always striving for “Win/Win” outcomes. Their connection with core imageconscious consumers is second to none with eight street teams, in-house radio station and an Airstream mobile radio station. Community outreach is one of DTLR’s highest priorities — giving back to the communities it serves.

Total 2015 Sales: $230.0 million Total 2014 Sales: $202.0 million Comparable Store Sales Change: +11.6% 2015 Online Sales: n/a 2015 Number of Stores: 102 2015 Number of Store Openings: 0 (Closed 2) 2015 Square Footage: 465,000 Employees: 1,700 Key Executives: Glenn Gaynor, President & CEO; Scott Collins, CMO; Todd Kirssin, VP & GMM Contact Information: 1300 Mercedes Drive, Hanover, MD 20176; 410.850.5900; dtlr.com

77. THE WALKING COMPANY This privately held specialty retailer's focus on premium comfort shoes positions it well for the country's aging population. In addition to Dansko, Ecco, Keen, Olukai and Ugg Australia, The Walking Company also sells running shoes from Asics, Brooks and Abeo, a house brand with built-in orthotics. Operating primarily from mall locations, including 33 in California, the company ended 2015 with 220 retail locations, up10 from a year earlier. The Walking Company is owned by Big Dog Holdings, which also owns Big Dog Sportswear, a casual apparel brand. Best known for its flippant and sometimes crass graphic T-shirts, Big Dog also offers a variety of polos, sweatshirts, boxer shorts and shorts for men, women and children. The two companies manage customer service from a joint distribution center in Lincolnton, NC. Total 2015 Sales: $227.0 million Total 2014 Sales: $220.0 million Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 220 2015 Store Openings: n/a 2015 Square Footage: n/a Employees: n/a Key Executives: Andrew Feshbach, CEO Contact information: 25 West Anapamu, Santa Barbara, CA 93101, 800.642.9265, thewalkingcompany.com

78. PLAY IT AGAIN SPORTS Owned by Winmark Corp., Play It Again Sports buys, sells, trades and consigns used and new sporting goods, equipment and accessories for team sports, fitness, ski and snowboard and golf, among others. Sales slipped one percent in 2015 to $225 million as the retailer's net store count dropped by four locations.

Twenty-three franchise leases are up for renewal in 2016.

Total 2015 Sales: $225.0 million Total 2014 Sales: $227.0 million Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 297 (U.S.) 2015 Store Openings: 7 (Closed 11) 2015 Square Footage: n/a Employees: 9,200 (5,600 Part-time/Retail) Key Executives: Pat Quinn, Director, Play It Again Sports; Steve Murphy, President, Franchising, Winmark Corp.; Brett Heffes, CEO, Winmark Corp.; John Morgan, Executive Chairman, Winmark Corp.

Contact Information: 605 Highway 169 N, Suite 400, Minneapolis, MN 55441; 763.520.8500; playitagainsports.com

79. VILLA Villa has continued its aggressive expansion into the Midwest (moving up five spots on our list) and has moved into Texas with the acquisition of DK shoes, a chain of 12 complementary stores in and around

Dallas-Fort Worth, TX. Villa’s real estate strategy of locating their doors in inner city neighborhoods differentiates it from mall-based competitors and also provides a valuable point of distribution for their vendor community.

In 2016, Villa will focus its efforts on opening locations in its existing footprint and aligning with the vendor community to identify future locations. The company, acquired by Goode Partners in 2013, expanded from 33 doors at the end of 2011 to 120 by the end of close of 2015. More recently, it expanded its presence into Northern Ohio and upstate New York, Chicago, Detroit, Minneapolis and Milwaukee.

Total 2015 Sales: $225.0 million Total 2014 Sales: $165.0 million Comparable Store Sales Change: +5% 2015 Sales Online: n/a 2015 Number of Stores: 120 2015 Number of Openings: 12 2015 Square Footage: n/a Employees: 1,500 Key Executives: Jason Lutz, CEO; David Rhoades, COO Contact Information: 1926 Arch Street, Philadelphia, PA 19103; 215.279.5600; ruvilla.com

80. NEW BALANCE Most of New Balance’s 150+ retail stories in the U.S. are independently owned and operated through a retail licensee of New Balance. In 2011, New Balance opened its first company-owned "Experience" store in Manhattan's Flatiron District, which includes a demonstration area where custom-designed shoes are assembled in front of customers. New Balance makes or assembles more than four million pairs of athletic shoes per year in the United States, which represents a limited portion of its United States’ sales. Additional New Balance Experience stores can be found in Copley Square, Boston, and in Center City, Philadelphia. The company recently opened its first U.S. Global Flagship store at Boston Landing, the home of its global headquarters in Brighton, MA. The brand’s first Global Flagship store opened in Gangnam, South Korea in spring 2016, and flagships are scheduled to late 2016 in San Francisco, London, Milan and Tokyo. New Balance also operates more than 30 factory outlet stores.

Total 2015 Sales: $220.0 million (SGB Estimate) Total 2014 Sales: $220.0 million (SGB Estimate) Comparable Store Sales Change: 0 2015 Sales Online: n/a 2015 Number of Stores: 200 2015 Store Openings: n/a 2015 Square Footage: n/a Employees: n/a Key Executives: Jim Davis, Chairman; Robert DeMartini, President & CEO; Stephanie Smith, VP, Retail; Chris Ladd, EVP, Direct-to-Consumer; Peter Zappala, VP, Specialty Sales Contact Information: 20 Guest Street, Brighton, MA 02135; 617.783.4000; newbalance.com

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81. TIMBERLAND Timberland faced year-end 2015 pressures with warmer winter weather leading up to the holiday season, but benefited from the positive winter boot fashion trends. Global direct-to-consumer (DTC) sales (540 million) accounted for 30 percent of total 2015 sales. Our U.S. sales figure is an estimate. Beyond boots, more casual styles also performed well at DTC and the brand made significant gains with its North American women's products.

Total 2015 Sales: $216.0 million (SGB Estimate, U.S.) Total 2014 Sales: $210.0 million (SGB Estimate, U.S.) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 253 (Global) 2015 Store Openings: 26 2015 Square Footage: n/a Employees: n/a Key Executives: Stewart Whitney, President; Scott Baxter, President, Outdoor & Action Sports Division, VF Corp; Eric Wiseman, Chairman & CEO, VF Corp.; Steve Rendle, COO, VF Corp.

Contact Information: 200 Domain Drive Stratham, NH, 03885; 603.772.9500; timberland.com

82. PUMA Globally, Puma’s sales from retail activities improved on a currency-adjusted 9.3 percent in 2015, to €726.2 million. Sales growth was achieved both on a comparable area basis and targeted expansion of the company’s retail stores. In addition to opening retail locations, the optimization of its portfolio included the introduction of new store designs in selected locations to strengthen Puma’s positioning as a sports brand. New and updated retail stores recorded increased sales in 2015 and an increased share of revenues from footwear. Puma’s online sales benefited from an expansion of products, including exclusives from the Puma Select collection.

Total 2015 Sales: $200.0 million (SGB Estimate, U.S.) Total 2014 Sales: $200.0 million (SGB Estimate, U.S.) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 112 (U.S.) 2015 Store Openings: n/a 2015 Square Footage: n/a Employees: n/a Key Executives: Bjorn Gulden, CEO, Puma SE; Jay Piccola, President, Puma NA; Cyril Hottot, CFO, Puma NA; John Trott, SVP Retail, Puma NA Contact Information: 10 Liberty Way, Westford, MA 01886; 978.698.1000; puma.com

83. OLYMPIA SPORTS This regional chain retailer focuses on underserved small- to mid-sized markets in the Northeast and Mid-Atlantic. It opened 10 stores in 2015, backfilling in existing territories while continuing to explore the mid-Atlantic and Ohio regions. The retailer has been successful with its remodeling and expansion efforts while continuing to refine the customer in-store experience.

A continued focus on premium brands helps to differentiate its stores in these

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markets and from e-commerce. Olympia Sports expects to open fewer stores in 2016 and close underperformers as it strengthens its store portfolio. The retailer’s primary initiative is to be online with an e-commerce platform by Spring 2017 — many of the necessary steps are currently in place.

Total 2015 Sales: $195.0 million Total 2014 Sales: $196.0 million Comparable Store Sales Change: n/a 2015 Sales Online: 0 2015 Number of Stores: 230 2015 Store Openings: 10 2015 Square Footage: 1 million Employees: 2000+ Key Executives: Ed D. Manganello, President; Ed P. Manganello, Chairman; Dave Osswald, Director of Merchandising; John Lesniak, CFO; Paul Fitzpatrick, Senior Director of Operations & Distribution; Bob Boland, Director of Marketing & Planning Contact Information: 5 Bradley Drive, Westbrook, ME 04092; 207.854.2794; olympiasports.net

84. MC SPORTS

85. CONVERSE

One of the few remaining privately held sporting goods chains in the industry, MC Sports, operates more than 70 stores in eight Midwestern states (Illinois, Indiana, Iowa, Kansas, Michigan, Missouri, Ohio and Wisconsin). The retailer’s recent focus has been less on expansion and more on remodeling as it strives to create a consistent customer experience. An expanded format added a complete hunting and fishing department. The company was founded in 1946 as Michigan Clothiers and changed its name to MC Sporting Goods in 1962 to reflect its stronger focus on sports equipment, footwear and apparel.

The company states the “MC” now stands for “My Community” to underscore its dedication to local teams and sports organizations. Every MC Sports store gives back to its community through team sponsorships, fund raising programs, team and group discounts and a long-standing commitment to the Children’s Miracle Network.

In May 2015, Converse opened its sixth inline store and second Boston store, next to the brand's new world headquarters. The 3,500-squarefoot location offers customers the option to customize shoes at its “Blank Canvas” workshop located at the rear of the store. In scheduled one-hour sessions, customers can speak directly with a Converse “maestro” and select materials, rubber toe caps, laces, eyelets and add-ons, to create a personal shoe. Converse then sends their design to an off-site manufacturer, with delivery to the customer within a month. Converse also operates inline stores in New York City, San Francisco, Santa Monica, CA, Boston and Paramus, NJ.

Total 2015 Sales: $190.0 million (SGB Estimate) Total 2014 Sales: $190.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 76 2015 Store Openings: 4 (Remodeled 1, Closed 4) 2015 Square Footage: 23,000 (Average) Employees: n/a Key Executives: Bruce Ullery, President & CEO; Robert Summerfield, EVP & CFO; Dan Winchester, EVP & COO; Irwin Wallach, SVP Store Operations; Ed Rix, VP Marketing & Advertising; Jerry Klein, VP Real Estate; Mark Lundvick, DMM, Softlines; Scott Schuette, DMM, Hardlines Contact Information: 3070 Shaffer South East, Grand Rapids, MI 49512; 616.942.2600; mcsports.com

Total 2015 Sales: $180.0 million (SGB Estimate; U.S.; fiscal year ended May 31, 2015) Total 2014 Sales: $163.0 million (SGB Estimate; U.S.; fiscal year ended May 31, 2014) Comparable Store Sales Change: n/a 2015 Sales Online: $35.0 million 2015 Number of Stores: 92 2015 Store Openings: 8 2015 Square Footage: 305,000 Employees: n/a Key Executives: Davide Grasso, President & CEO, Converse; David Kelsay, VP Global Retail, Converse; Mark Parker, President and CEO, Nike Inc. Contact Information: 160 North Washington Street, Boston, MA 02114; 617.377.1000; converse.com

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86. SPORTS ENDEAVORS, INC. (EUROSPORT)

88. BELK

Brothers Mike and Brendan Moylan founded Sports Endeavors, Inc. in 1984 when 1.2 million youth played in the United States. Now, participation is over 3 million and Sports Endeavors ranks as the world’s leading specialty soccer retailer. Its Eurosport division operates Soccer.com, which receives more than 2 million visitors a month, and its Eurosport catalog boasts the widest circulation of any U.S. soccer publication. Sports Endeavors also runs the Great Atlantic Lacrosse Company, which sells through its catalog and Lacrosse.com and World Rugby Shop, which sells via its website and catalog of the same name. The first Eurosport catalog was mailed in fall 1984 with just 24 pages and a mailing list of 6,000.

In December 2015, Sycamore Partners, a New York private equity firm, acquired the Charlotte, NC-based department store for $3 billion, ending 127 years of local ownership. As part of the deal, Belk’s headquarters will remain in Charlotte, NC and Tim Belk will continue as its CEO. Starting as a small shop in Monroe, NC, Belk grew into the largest family-owned department store chain in the United States with nearly 300 locations in 16 Southeastern states. The iconic Southern brand has commanded a loyal following despite competition from Dillard’s and Macy’s. The retailer has invested heavily in its online presence while cutting costs and trimming its store base. Belk peaked at 311 locations in 2007. Said Tim Belk at the time of the sale, “Our partnership with Sycamore will contribute to Belk’s continued success, and we look forward to leveraging Sycamore’s deep knowledge of the retail market to best serve our dedicated customers and to provide even greater opportunities for our valued team members.”

Total 2015 Sales: $175.0 million (SGB Estimate, U.S.) Total 2014 Sales: $170.0 million (SGB Estimate, U.S.) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 1 2015 Store Openings: 0 2015 Square Footage: n/a Employees: 700 Key Executives: Mike Moylan, CEO; Brendan Moylan, COO; Doug Williams, Business Development Director Contact Information: 431 U.S. Hwy. 70A East, Hillsborough, NC 27278; 919.644.6800; sportsendeavors.com, soccer.com, lacrosse.com, worldrugbyshop.com, worldsoccershop.com, tiendafutbolmundial.com, espanol.soccer.com

87. FLEET FEET SPORTS Fleet Feet Sports is celebrating its 40th anniversary this year. Since opening its first store in Sacramento in 1976, Fleet Feet has become one of the nation’s most successful franchisees, ramping up its expansion efforts in recent years.

The company successfully launched e-commerce in 2014. Goals for the current year include centralizing data across its network of stores, delivering consistent messaging and communications from a national standpoint and focusing on the in-store customer experience at the local level. Over the past three years, Fleet Feet has averaged 20 openings annually and plans add 14 or 15 this year.

Total 2015 Sales: $170.0 million Total 2014 Sales: $152.0 million Comparable Store Sales Change: +1.5% 2015 Sales Online: n/a 2015 Number of Stores: 157 2015 Store Openings: 19 2015 Square Footage: n/a Employees: n/a Key Executives: Jeff Phillips, President & CEO; Joey Pointer, CFO; Luke Rowe, SVP Franchise Support; Ben Cooke, VP Retail Operations; Robyn Goby, VP Franchise Development; Ellen Donahue, Director of Marketing Contact Information: 310 East Main Street, Suite 200, Carrboro, NC 27510; 919.942.3102; fleetfeetsports.com

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Total 2015 Sales: $168.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $168.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 296 2015 Store Openings: 0 (Closed 6) 2015 Square Footage: 22 million Employees: 24,000 Key Executives: Tim Belk, CEO; David Zant, President & CMO Contact Information: 2801 W. Tyvola Road, Charlotte, NC 28217; 704.357.1000; belk.com

89. BJ’S WHOLESALE CLUB In February 2016, Christopher Baldwin was promoted to President & CEO succeeding Laura Sen, who led BJ’s for the last seven years and then accepted the role of non-executive chairman. Baldwin joined BJ's in September 2015, bringing more than 30 years of experience as an executive in retail and consumer products. Previously, Baldwin was CEO of Hess Retail Corp. before it was sold to Marathon Petroleum Corp., and he held a series of executivelevel roles at Kraft Foods (Nabisco), The Hershey Co. and Procter & Gamble.

In a 2011 Leonard Green & Partners and CVC Capital Partners took BJ’s private. Bj’s remains the only U.S. club to accept all manufacturers' coupons.

Total 2015 Sales: $160.0 million (SBG Estimate, U.S., Athletic only) Total 2014 Sales: $158.0 million (SBG Estimate, U.S., Athletic only) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 208 2015 Store Openings: 2 2015 Square Footage: 23 million Employees: 25,500 Key Executives: Christopher Baldwin, President & CEO; Laura Sen, Non-Executive Chairman; Lee Delaney, EVP, Chief Growth Officer; Bari Harlam, EVP, Marketing and Membership Contact Information: 25 Research Drive, Westborough, MA 01581; 774.512.7400; bjs.com

90. EASTERN MOUNTAIN SPORTS The New England outdoor specialty chain emerged from bankruptcy court in mid-July 2016 with 61 stores — after closing 8 — along with fellow retailer Bob’s Stores under a new entity called Eastern Outfitters LLC. The name is new, but the ownership and leadership is the same, under Versa Capital Management and former Vestis Retail Group CEO Mark Walsh. Versa used the bankruptcy process to shed EMS’ sister brand, Sport Chalet, closing all 47 of its locations.

While court records show EMS’ sales declined 12.5 percent in fiscal 2015, its owners said they have stabilized the retailer since acquiring it from another private-equity group in late 2012.

Total 2015 Sales: $153.6 million Total 2014 Sales: $175.5 million Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 69 2015 Store Openings: n/a 2015 Square Footage: n/a Employees: n/a Key Executives: Mark Walsh, Chairman & CEO, Susan J. Riley, CFO Contact information: 160 Corporate Court, Meriden, CT 04450; 888.463.6367; ems.com

91. SHIEKH SHOES In March 2016, Shiekh Shoes acquired Karmaloop, the once-trendy streetwear online retailer that found itself in bankruptcy in March 2015. The acquisition helped Shiekh Shoes gain a better balance between brick & mortar and online sales. Shiekh Shoes also gained the opportunity to revive Karmaloop, which generated $127 million in annual sales as recently as 2012. Its oncelegendary stature was underscored when Kanye West and Damon Dash were rumored as interested buyers during the sales process. Since taking over as president in 2014, Matt Fine has re-merchandised the collection and updated

Shiekh Shoes to further elevate the chain’s position in the urban market.

Approximately 60 percent of its stores are in California but the retailer also has doors in metro areas such as Houston, Seattle and Chicago.

Total 2015 Sales: $143.0 million (SGB Estimate) Total 2014 Sales: $148.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 136 2015 Store Openings: 0 (Closed 5) 2015 Square Footage: 500,000 Employees: n/a Key Executives: Shiekh Ellahi, Owner; Matt Fine, President; Abdul Haleem, VP Store Operations; Mike Butka, GMM Contact Information: 4083 E. Airport Drive, Ontario, CA 91761; 909.230.6620; shiekhshoes.com

92. ROAD RUNNER SPORTS In 1983, Mike Gotfredson founded Road Runner Sports (RRS) as a mail order catalog business out of his garage, eventually moving the business online before opening a retail store in 2008. Considered the largest online retailer of running shoes in the specialty space, RRS has distribution centers in San Diego, CA and Columbus, OH. Neighborhood retail stores are located in California, Washington, Oregon, Arizona, Colorado, Maryland, New Jersey, Georgia and Virginia. Plans in 2016 call for a retail store opening in King of Prussia, PA. Total 2015 Sales: $130.0 million (SGB Estimate) Total 2014 Sales: $130.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 40 2015 Store Openings: 0 2015 Square Footage: 150,000 Employees: 925 Key Executives: Mike Gotfredson, Chief Runner; Diane Kath, COO; Dan Kelly, CIO; Scott Campbell, CFO; Debra Christle, VP Merchandising Contact Information: 5549 Copley Drive, San Diego, CA 92111; 858.974.4200; roadrunnersports.com

93. GYM SOURCE Gym Source added a new retail concept store in Reading, MA, which aims to correlate the look and feel of the retailer’s websites with an omni-channel experience. Gym Source aims to better merchandise its best-selling brands with individual spotlight sections on select vendors at this location. Future stores will incorporate the innovations found here.

Total 2015 Sales: $125.0 million (SGB Estimate) Total 2014 Sales: $115.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 32 2015 Store Openings: 1 2015 Square Footage: n/a Employees: n/a Key Executives: Richard Miller, CEO; Thomas Staub, COO Contact Information: 40 E. 52nd Street, New York, NY, 10020; 212.688.4222; gymsource.com

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94. BON-TON In Fall 2014, Bon-Ton rebranded its message with “Voice of the Customer” to focus on delivering local and relevant fashion across its channels. As part of the program, Under Armour was added to its list of popular vendors that include Michael Kors, Calvin Klein, Chaps, Levi's and Polo Ralph Lauren. The company also achieved double-digit growth in omnichannel sales, reducing its vendor and SKU count for a more meaningful merchandise presentation, and reached its goal of cutting $20 million in expenses. The chain, with stores in the Northeast, Midwest and upper Great Plains across seven nameplates, still showed its fifth straight year of losses in 2014 and expects a loss in 2015. BonTon will continue to focus on positioning itself as the fashion destination in its small- to mid-sized communities by offering localized assortments, marketing messages, shopping experiences and leveraging the strong heritage brand equity of each of its nameplates.

Total 2015 Sales: $112.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $114.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: -1.3% 2015 Sales Online: n/a 2015 Number of Stores: 268 (61Bon-Ton), (34 Elder-Beerman), (49 Younkers), (44 Herberger’s,) (53 Carson Pirie Scott), (14 Boston Store), (13 Bergner’s) 2015 Store Openings: 0 (Closed 3) 2015 Square Footage: 25 million Employees: 24,100 Key Executives: Kathryn Bufano, President & CEO; William Tracy, COO; Stephen Byers, EVP Stores, Visual & Loss Prevention; Luis Fernandez, EVP & CMO; Tim Grumbacher, Chairman & Strategic Initiatives Officer; Nancy Walsh, EVP & CFO; Jimmy Mansker, EVP, Merchandise Planning & Optimization Contact Information: 2801 E. Market Street, York, PA 17402; 717.757.7660; bonton.com

95. FRED MEYER In January 2016, The Kroger Company, parent of Fred Meyer, announced the retirement of its President, Lynn Gust, after 45 years of service. Under Gust’s leadership, Fred Meyer reached $10 billion in annual sales for the first time. During his tenure, the retailer was recognized twice by the Portland Business Journal as one of Oregon's "Best Places to Work" and twice by The Oregonian as one of the "Healthiest Places to Work.” Jeff Burt, who formerly served as president of Kroger's Central division, succeeded Gust. Known as "Freddy's" to locals, Fred Meyer superstores carry more than 225,000 SKUs, with some locations as large as 240,000 square feet.

The retailer’s activewear assortment includes Under Armour, Adidas and Columbia.

Total 2015 Sales: $110.0 million (SGB Estimate, U.S., Athletic only) Total 2014 Sales: $105.0 million (SGB Estimate, U.S., Athletic only) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 133 2015 Store Openings: 1

46 2016 RETAIL TOP 100

2015 Square Footage: 20 million; (150,000 Average) Employees: 30,000+ Key Executives: Jeff Burt, President, Fred Meyer; Rodney McMullen, Chairman & CEO, Kroger Co. Contact Information: 3800 S.E. 22nd Avenue, Portland, OR 97202; 503.232.8844; fredmeyer.com

96. SUN & SKI SPORTS From its heritage in ski, snowboard, cycling and outdoor, Sun & Ski Sports has broadened its position to encompass all outdoor lifestyle and to become a leading omnichannel retailer of apparel, footwear and hard goods, including outdoor furniture in select stores. Products and vendor mix are being altered to downplay brands that sell direct. The company’s current focus is on its online business, with plans to open one store in 2016 –– near The Woodlands, TX. The retail stores that opened in 2015 are located in San Antonio, FL and Ft. Worth, TX. Total 2015 Sales: $97.1 million Total 2014 Sales: $100.8 million Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 32 2015 Store Openings: 2 2015 Square Footage: 17,100 (Average) Employees: 650 Key Executives: Frank Stanley, Co-CEO & CFO; Steve Rath, Co-CEO & COO; Karl Salz, EVP & COO Contact Information: 10560 Bissonnet Street, Suite 100, Houston, TX 77099; 281.340.5000; sunandski.com

97. TSG ENTERPRISES The parent of Pure Hockey, Hockey Giant, ComLax and Pure Goalie is in its 22nd year of operation. With the acquisition of Hockey Giant in 2015, TSG Enterprises became the largest specialty hockey equipment retailer in the U.S., with 31 retail locations in operation across the country. The stores range in size from 5,000 to 25,000 square feet. Last year TSG Enterprises opened a store in Buffalo NY, with a new location set to open in summer 2016 in Smithtown, NY. Total 2015 Sales: $92.0 million Total 2014 Sales: $69.6 million Comparable Store Sales Change: n/a 2015 Sales Online: $24.0 million 2015 Number of Stores: 31 2015 Store Openings: 1 2015 Square Footage: 8,000 to 25,000 Employees: 500+ Key Executives: David Nectow, President & CEO Contact Information: 119 Dean Avenue, Franklin, MA 02038; 508.541.6100; purehockey.com, comlax.com, puregoalie.com

98. JACKRABBIT SPORTS

100. LUCY ACTIVEWEAR

In September 2015 The Running Specialty Group (RSG), an operating segment of The Finish Line Inc., announced a strategic, gradual rebranding initiative to evolve its entire family of specialty running destinations under one unified brand name – JackRabbit Sports. In a bid to consolidate the run specialty channel and in less than four years, RSG acquired multiple run specialty stores across the country to create the second-largest run specialty group in the United States. In late March 2015, RSG put the brakes on any further expansion while it focused on improving its profitability. While moving to change all banner nameplates to JackRabbit, the subsidiary also revealed a new logo, e-commerce site, an enhanced social presence and “Where FIT Happens” community approach. In the last two quarters of 2015, same-store sales showed improvement, although the best gains came from e-commerce. Revenues still grew strongly year-overyear due to a number of add-on acquisitions in the first quarter of 2015.

Lucy Activewear, acquired by VF Corp. in 2007, has been closing a number of stores over the last year and now operates 44. It continues to find growth at wholesale channels. Its major accounts include REI and Dick’s Sporting Goods, but it also sells to department stores such as Von Maur and Dillard’s as well as to yoga studios and specialty accounts. Focused on training, running and yoga categories, Lucy's mantra states, "Whether you're a practiced yogi, happy bootcamper or your life is a constant sprint, we're right there with you."

In July 2016, Lucy introduced extended sizing from 1X to 3X.

Total 2015 Sales: $89.9 million Total 2014 Sales: $69.9 million Comparable Store Sales Change: +0.9% 2015 Sales Online: n/a 2015 Number of Stores: 72 2015 Store Openings: 1 (Closed 4, Acquired 4) 2015 Square Footage: 262,728 (3,649 average) Employees: n/a Key Executives: Bill Kirkendall, EVP & President, JackRabbit; Sam Sato, CEO, Finish Line Inc. Contact Information: 3308 N. Mitthoeffer Road, Indianapolis, IN 46235; 317.899.1022; jackrabbit.com, boulderrunningcompany.com

Total 2015 Sales: $75.0 million (SGB Estimate, U.S.) Total 2014 Sales: $90.0 million (SGB Estimate, U.S.) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 50 2015 Store Openings: 0 (Closed 11) 2015 Square Footage: n/a Employees: n/a Key Executives: Laurie Etheridge, President, Lucy Activewear; Dawn Dzedzy, Director, Brand Marketing, Lucy Activewear; Stacey Keetell, Product Development Manager, Scott Baxter, VP, VF Corp. & Group President, Outdoor & Action Sports Americas Contact Information: 2701 Harbor Bay Pkwy, Suite 250, Alameda, CA 94502; 510.864.5400; lucy.com

99. PERFORMANCE BICYCLE Starting business with a bike catalog in 1981, Performance Bicycle is the number-one specialty bicycle retailer in the U.S. The company also operates performancebike.com and nashbar.com and distributes millions of catalogs every year. The retailer stands out for its Team Performance Buyer's Club, giving 10 percent back with every purchase, free second-day shipping upgrades and other exclusive benefits. It also offers a lifetime guarantee on every purchase, weekly group rides, free monthly clinics at store locations and free lifetime adjustments for every bike purchased through the retailer. Since being acquired

by North Castle Partners in 2007, Performance Bicycle has added 35 additional stores to cement its position as the nation’s largest independent bike retailer.

Total 2014 Sales: $89.0 million (SGB Estimate) Total 2015 Sales: $90.0 million (SGB Estimate) Comparable Store Sales Change: n/a 2015 Sales Online: n/a 2015 Number of Stores: 108 2015 Store Openings: 0; Closed 1 2014 Square Footage: n/a Employees: 1,400+ Key Executives: David Pruitt, CEO; Mark Leydecker, SVP Merchandising; Matt Magnani, Senior Director, Performance Marketing; Carol Wentworth, SVP Marketing; Tom Cross, VP Retail Stores Contact Information: 1 Performance Way, P.O. Box 2741, Chapel Hill, NC 27514; 919.933.9113; performanceinc.com

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SGB | 2016 RETAIL TOP 100

INDEX

IN ALPHABETICAL ORDER

RANK

PAGE

Academy Sports + Outdoors 3 15 Adidas Group NA (Adidas/Reebok) 30 26 Amazon 9 18 Athleta T-54 34 Backcountry.com T-54 34 Bass Pro Group 5 16 Belk 88 44 Big 5 Sporting Goods 23 23 BJ’s Wholesale Club 89 45 Bob’s Stores 73 40 Bon-Ton 94 46 BSN Sports 39 29 Cabela’s 7 17 Champs Sports T-19 22 Columbia Sportswear Co. 50 32 Converse 85 43 Costco 17 21 Crocs 68 38 Dick’s Sporting Goods 2 15 Dillard’s 69 38 DSW 57 34 DTLR 76 40 Dunham’s Sports 42 30 Eastbay/Footlocker.com T-36 28 Eastern Mountain Sports 90 45 Eddie Bauer T-25 24 Famous Footwear 41 29 Fanatics T-19 22 Finish Line 13 19 Fleet Feet Sports 87 44 Footaction T-54 34 Foot Locker Inc. 12 19 Fred Meyer 95 46 Gander Mountain 16 21 Golf Galaxy 60 36 Golfsmith International 29 25 Gym Source 93 45 Hibbett Sports 27 25 JackRabbit Sports 98 47 JC Penney 28 25 Jimmy Jazz 62 36 Johnson Health Tech 63 36 Journeys 18 22 Kmart 67 37 Kohl’s 15 20 L.L.Bean 14 20 Lids Sports Group 24 23 Lucy Activewear 100 47 Lululemon Athletica 11 19 Macy’s T-25 24

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RANK

PAGE

Marmaxx (T.J. Maxx/Marshalls) 21 22 MC Sports 84 43 Meijer 61 36 Modell’s Sporting Goods T-36 28 New Balance 80 41 Nike 6 17 Nordstrom 33 27 Olympia Sports 83 42 Orvis 59 35 Pacific Sunwear 32 27 Payless Shoesource T-46 31 Performance Bicycle 99 47 Play It Again Sports 78 41 Puma 82 42 Rack Room Shoes 58 35 Radial (Formerly Ebay Enterprise) T-48 32 REI 10 18 Road Runner Sports 92 45 Ross Stores 40 29 Sam’s Club 34 27 Scheels All Sports 64 37 Sears T-46 31 Shiekh Shoes 91 45 Shoe Carnival T-51 33 Shoe Show 53 33 Shopko Stores 65 37 Sierra Trading Post 74 40 Skechers 44 30 Sport Chalet 66 37 Sports Authority 8 17 Sports Endeavors, Inc. (Eurosport) 86 44 Sportsman’s Warehouse 35 28 Sun & Ski Sports 96 46 Target 4 16 The North Face 71 39 The Sportsman’s Guide T-48 32 The Walking Company 77 41 Tilly’s 45 31 Timberland 81 42 TSG Enterprises 97 46 Under Armour 22 23 Vail Resorts Retail 75 40 Vans 43 30 Villa 79 41 Walmart 1 15 West Marine 38 28 Worldwide Golf 70 39 WSS 72 39 Zappos.com T-51 33 Zumiez 31 26

INDUSTRY CALENDAR

TRADE ASSOCIATIONS BUYING GROUPS

AUGUST 2-4 FFANY

14-16

NBS Fall Athletic Show Fort Worth, TX

2

Outdoor Retailer Summer Market Open Air Demo | Salt Lake City, UT

3-6

Outdoor Retailer Summer Market Salt Lake City, UT

17-19

Athletic Business Conference & Expo Orlando, FL

11-13

Sports Inc. Outdoor Show Minneapolis, MN

15-17

EORA Greenville Summer Show Greenville, SC

15-17

MAGIC Show | Las Vegas, NV

15-17

Agenda Las Vegas | Las Vegas, NV

23-25 EORA Summer Market

Killington, VT 28-1

30-2

Worldwide Fall Show | Reno, NV

30-4

Eurobike | Friedrichshafen, Germany

NBS Fall Semi-Annual Market

20-22 Sports Inc. Fall Team

Dealers Show

Las Vegas, NV 29-2

30

The Running Event | Orlando, FL FFANY | New York, NY

DECEMBER 1-2 FFANY | New York, NY 1-2

The Running Event | Orlando, FL

6-8

MRA December Lansing Market Lansing, MI

13-14

MRA December Market Cincinnati, OH

SEPTEMBER 1 Worldwide Fall Show | Reno, NV

JANUARY 5-8 CES | Las Vegas, NV

8-10

Imprinted Sportswear Show Orlando, FL

9-11

8-10

Surf Expo | Orlando, FL

14-15

SFIA Industry Leaders Summit Denver, CO

10-12 Outdoor Retailer Winter Market

Salt Lake City, UT

21-23

Interbike | Las Vegas, NV

MRA January Novi Market Novi, MI

10-12

Archery Trade Association (ATA) Show | Indianapolis, IN

26-28 OIA Rendezvous | Denver, CO

15-17

NRF Retail's BIG Show New York City, NY

26-28 Shop.org Digital Summit 2016

Dallas, TX

17-19

Sports Licensing and Tailgate Show | Las Vegas, NV

OCTOBER 6-8 Imprinted Sportswear Show

Fort Worth, TX

17-20

NBS 2017 Winter Market Fort Worth, TX

17-20

NSSF SHOT Show | Las Vegas, NV

13-14

The Retailing Summit | Dallas, TX

25-28 NASGW Annual Meeting & Expo

Kansas City, MO

20-22 Imprinted Sportswear

Shows (ISS)

Long Beach, CA

27-30 ADA Fall Buying Show

Glendale, AZ

24-27 PGA Merchandise Show

Orlando, FL

NOVEMBER 7-11 Grassroots Fall Summit & Connect

Knoxville, TN

26-28 Surf Expo | Orlando, FL 25-29 SIA Snow Show | Denver, CO

Athletic Dealers of America 1395 Highland Avenue Melbourne, FL 32935 t 321.254.0091 athleticdealersofamerica.com National Shooting Sports Foundation Flintlock Ridge Office Center 11 Mile Hill Road Newtown, CT 06470 t 203.426.1320 nssf.org National Sporting Goods Association 1601 Feehanville Drive I Suite 300 Mount Prospect, IL 60056 t 847.296.6742 nsga.org Nation’s Best Sports 4216 Hahn Blvd.

Ft. Worth, TX 76117 t 817.788.0034 nbs.com Outdoor Industry Association 4909 Pearl East Circle I Suite 300 Boulder, CO 80301 t 303.444.3353 outdoorindustry.org Sports & Fitness Industry Association 8505 Fenton Street I Suite 211 Silver Spring, MD 20910 t 301.495.6321 sfia.org Snow Sports Industries America 8377-B Greensboro Drive McLean, VA 22102 t 703.556.9020 snowsports.org Snowsports Merchandising Corp.

235 Cadwell Drive Springfield, MA 01104 t 413.739.7331 Snowsportsmerchandising.com Sports, Inc. 333 2nd Avenue North Lewistown, MT 59457 t 406.538.3496 sportsinc.com Sports Specialists Ltd. 590 Fishers Station Drive I Suite 110 Victor, NY 14564 t 585.742.1010 sportsspecialistsltd.com Tennis Industry Association 1 Corpus Christi Place I Suite 117 Hilton Head Island, SC 29928 t 843.686.3036 tennisindustry.org Worldwide 8211 South 194th Kent, WA 98032 t 253.872.8746 wdi-wdi.com

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MEDIA

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