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WALMART OVERVIEW

Current Environment / Direction

Walmart Consumer

Walmart Focus Areas Review(2015 Seattle)

-Improve Top Line Sales-Store Traffic-Improving Customer Service and Execution-Inventory Levels / GRS-Lowering guidance and 3 Year Expectations

TOP LINE - TRAFFIC

2016 Continues the Momentum – Traffic and Comps

2 Year Stacked Comp / Traffic

YTD Share Gains / Losses

Traffic and Basket Continue to Diverge

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

Walmart U.S. Traffic vs. Basket

Traffic Basket

Apparel Continues Above Average Growth

…..apparel mix smaller over time

21%

11%

8%

0%

5%

10%

15%

20%

25%

Walmart U.S. Apparel MixAs percentage of total sales

2015: In Store Execution improving; Stores

appear to be cleaner and properly merchandised

2016 Continues Momentum

Customer Service Continues to Improve

Statement: The customer service at Walmart is helpful:

-Walmart University Training Centers rolling out across US-Store conditions also continue to improve

OSA – Progress Being Made

Has Walmart been out of stock on the items you were looking to purchase over the last 3 months?

2015 Update: Inventory levels too highGRS: New replenishment system rolled out in Apparel. Inventory levels began dropping

2016 Continues to see inventory levels decline-Orders Below Sales-Comps Positive-Intentional and GRS

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

Walmart U.S. Est. Comp Inventory vs. Comp SalesEst. Comp Inventory Comp Sales

2015 Investor Meeting Headlines• Accelerating investments in people, tech, e-comm.• Multi Year Strategy• $1.5B Investment in wages • $2b+ Investment in price• 6%-12% EPS decline in 2016 • Stock Cratered

2015 Update: Money invested in store employees, technology, price and e-commerce

2016 • Investments paying more dividends than expected

• Improved sales momentum• Market share gains

• Comps outpacing initial guidance• EPS Q2: $1.07 • Stock Price ($71.46 v 2015: $59.70)

Conclusions• Focus continues to be on the right areas of the business• Investments yielding results faster than expectations• Comps projected to stay in positive ranges• Refocusing on EDLP / Less Promotions• Inventories to continue running leaner

WALMART / DICKIES OVERVIEW

Dickies Performance in Wal-Mart

• Scorecard

TOTAL BRAND KPI's YTD v PY

Sales 10.70%

Comp Store Sales 9.58%

Retail Dollar Inventory 9.34%

Repl Instock % -0.50%

Retail Turns 0.23%

Net Maintained Margin $ 10.23%

Net Maintained Margin % -0.42%

GMROII -0.58%

Total DICKIES Retail Sales at Wal*Mart US

$0

$50,000,000

$100,000,000

$150,000,000

$200,000,000

$250,000,000

$300,000,000

$350,000,000

$400,000,000

$450,000,000

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

Biggest Talking Points

Strategy / Focus Areas1. Expand performance and innovation2. Improve and drive productivity 3. Onboard new programs

Business Categories

Men’s: 4,000 DoorsWomen’s 1,200 DoorsBoy’s 1,300 Doors

• Tailwinds • Comping Positive• Performance driving growth• Productivity Flip Outs improving performance and

shipments• Gaining new programs• Expanding Doors

• Headwinds • POS on legacy items challenged• Inventory / GRS tight across all categories• Space at a premium• Retail price points

Key Performers / Business • Performance

• T-shirt franchise• Fits/Flex

• End Cap• Color Adds (VG / DS)• Shirt Section Re-Vamp / Assortment Additions• Transitional / Year Round Stores• Test and Roll• Productivity Moves / Analytics

Walmart eCommerce Update

Walmart.com Slipping

Underperforming Competition

• Still experiencing issues with the site but it has improved• Comps positive to PY, flat to 2014• Marketing efforts driving results• Adding Rich Content• Contractor a value add• Search a focus• Continued Pressure from WM for sku growth• Marketplace growing and being touted by WM internally

Dickies Business

Where do we go from here?

Innovation and Newness

Productivity Wins / Analysis

E-Commerce?

Discussion / Q&A

Test Scalable Initiatives