Decisions & Reports

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FF Footw ootw ootwear ear ear
Industry Industry Industry
RR Report eport eport
FIR
29-Nov-2022 29-Nov-2022 29-Nov-2022
Industry 45 Industry 45 Industry 45
BST BST BST.91 – Saud T .91 – Saud T .91 – Saud Taj – aj – aj –
(2209) (2209) (2209)
YY Year 15 ear 15 ear 15
© GLO-BUS Software, Inc.
Year 15 Scoreboard
Rank Company Name
Investor
Expectation
Score
Best-InIndustry
Score
Weighted
Average
Score
Change
from Y14
1 A Ludo 118 98 108 +21
2 I Running and shinni 116 95 106 +3
3 F Gravity Footwear 117 86 102 -4
4 B Diverse Footware 114 84 99 +4
4 C Shoesio 113 84 99 +4
6 D Sport Class 115 77 96 +4
7 G HAPPY FEET LTD 114 75 95 +4
8 HOT SHOEROOM 106 67 87 -19
9 E POROS 54 37 46 -17
10 J Company 11 9 10 -1
10 K Company 11 9 10 -1
10 L Company 11 9 10 -1
Game-To-Date Scoreboard
Rank Company Name
Investor
Expectation
Score
Best-InIndustry
Score
Weighted
Average
Score
Bonus
Points
Overall
G-T-D
Score
1 I Running and shinni 118 96 107 3 110
2 F Gravity Footwear 119 90 105 1 106
3 A Ludo 114 88 101 4 105
4 HOT SHOEROOM 116 87 102 1 103
5 B Diverse Footware 116 88 102 0 102
6 D Sport Class 116 81 99 2 101
7 G HAPPY FEET LTD 115 79 97 0 97
8 C Shoesio 111 81 96 0 96
9 E POROS 65 46 56 0 56
10 J Company 12 9 11 0 11
10 K Company 12 9 11 0 11
10 L Company 12 9 11 0 11
Investor
Expectation
Score (I.E.)
Investors and company boards of directors have established targets for the five
scoring measures that appear on pages 2 and 3 of this report. The I.E. score
ranges from 0 to 120 (if all targets are exceeded by 40% or more). Click the
Help button (upper-right) for more information.
Best-InIndustry
Score (B-I-I)
The B-I-I score measures each company’s performance relative to the best
performing company on each of the five scoring measure. The B-I-I score
ranges from 0 to 100. To score 100 a company must be the best performing
company in the industry on all five scoring measures.
Weighted
Average
Score
The weighted average score combines the Investor Expectation Score and the
Best-In-Industry Score using a 50%-50% weighting as specified by the course
instructor. Detailed explanations of scoring are provided in the Help documents
asociated with pages 1, 2, and 3 of this report.
Page 1
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Industry 45 Sඋ඗කඑඖඏ Mඍඉඛඝකඍඛ Year 15
Earnings Per Share
($ per share)
Earnings Per Share scores are based on a 20% (20-point) weighting. A bolded number indicates achievement of
the investor expected EPS shown below each yearly column head. A highlighted number indicates best-in-industry
performance. Game-To-Date EPS scores are based on a weighted average of the annual EPS performances.
Y11
(2.50)
Y12
(3.00)
Y13
(3.50)
Y14
(4.00)
Y15
(4.50)
Y16
(5.25)
Y17
(6.00)
Y18
(7.00)
Y19
(8.50)
Y20
(10.00)
Wgt. Avg.
(3.50) I.E. B-I-I
Y15 Score
I.E. B-I-I
G-T-D Score
A 2.54 3.43 2.92 6.21 10.46 5.04 24 19 24 13 A
B 3.72 5.84 5.51 7.17 9.46 6.33 24 17 24 16 B
C 2.01 3.45 5.04 6.64 8.88 5.13 24 16 24 13 C
D 3.07 4.28 5.79 5.79 7.18 5.20 24 13 24 13 D
E 1.99 1.54 2.59 3.40 2.08 2.32 9 4 13 6 E
F 2.86 3.37 4.88 9.62 8.88 5.86 24 16 24 15 F
G 2.24 3.76 5.72 5.50 6.67 4.74 24 12 24 12 G
H 4.77 8.30 8.48 11.35 6.72 7.93 24 12 24 20 H
I 1.85 4.26 7.87 9.85 10.91 6.91 24 20 24 17 I
J 1.48 0.82 -0.06 -0.79 -2.50 -0.21 0 0 0 0 J
K 1.48 0.83 -0.07 -0.79 -2.50 -0.21 0 0 0 0 K
L 1.48 0.82 -0.07 -0.79 -2.50 -0.21 0 0 0 0 L
Return On Equity
(%)
Return On Equity scores are based on a 20% (20-point) weighting. A bolded number indicates achievement of the
investor expected ROE shown below each yearly column head. A highlighted number indicates best-in-industry
performance. Game-To-Date ROE scores are based on a weighted average of the annual ROE performances.
Y11
(21.0)
Y12
(22.0)
Y13
(23.0)
Y14
(24.0)
Y15
(25.0)
Y16
(26.0)
Y17
(27.0)
Y18
(28.0)
Y19
(29.0)
Y20
(30.0)
Wgt. Avg.
(23.0) I.E. B-I-I
Y15 Score
I.E. B-I-I
G-T-D Score
A 21.5 23.3 16.7 28.4 36.5 26.9 24 20 22 18 A
B 30.2 34.8 24.8 25.2 26.0 27.3 20 14 22 19 B
C 17.1 21.4 25.8 27.7 30.0 25.6 22 16 21 17 C
D 25.5 27.5 29.4 23.8 23.6 25.6 19 13 21 17 D
E 17.8 11.7 17.1 18.7 10.0 14.9 8 5 13 10 E
F 24.1 22.6 26.3 39.5 27.5 29.0 21 15 23 20 F
G 20.2 28.0 32.0 25.4 28.0 27.2 21 15 22 19 G
H 37.0 42.7 30.4 30.0 16.0 28.3 13 9 22 19 H
I 15.8 26.2 35.6 33.0 28.5 29.4 21 16 23 20 I
J 13.7 7.2 -0.5 -7.0 -25.8 -1.9 0 0 0 0 J
K 13.7 7.3 -0.6 -6.9 -25.7 -1.9 0 0 0 0 K
L 13.7 7.2 -0.6 -7.0 -25.8 -1.9 0 0 0 0 L
Stock Price
($ per share)
Stock Price scores are based on a 20% (20-point) weighting. A bolded number indicates achievement of the
investor expected stock price shown below each yearly column head. A highlighted number indicates best-inindustry performance. Game-To-Date scores are based solely on the most recent year’s stock price.
Y11
(40.00)
Y12
(50.00)
Y13
(65.00)
Y14
(80.00)
Y15
(100.00)
Y16
(125.00)
Y17
(150.00)
Y18
(180.00)
Y19
(215.00)
Y20
(250.00) I.E. B-I-I
Y15 Score
I.E. B-I-I
G-T-D Score

A
32.48
63.67
29.54 121.90 272.53

B
89.99 137.28 104.73 158.17 213.30

C
D
17.24
53.70
24.32
51.94
24.76
52.44 116.39 142.85 204.59
94.71 133.51 119.17 147.52

E
10.23
26.48
43.54
17.68

F
G
66.50 102.68 255.11 209.63
69.94 123.72 110.11 136.77

H 130.40 239.58 225.60 291.41 141.14

I
12.33
11.94
12.24
11.77
86.16 206.67 253.19 276.70

J
K
L
5.53
6.46
5.64
5.21
5.21
5.21
5.16
5.16
5.16
5.11
5.11
5.11

24 20 24 20 A
24 15 24 15 B
24 15 24 15 C
24 11 24 11 D
4 1 4 1 E
24 15 24 15 F
24 10 24 10 G
24 10 24 10 H
24 20 24 20 I
1 0 1 0 J
1 0 1 0 K
1 0 1 0 L
Footwear Industry Report Copyright © GLO-BUS Software, Inc. Page 2
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Industry 45 Sඋ඗කඑඖඏ Mඍඉඛඝකඍඛ Year 15
(concluded)
Credit Rating
Credit Rating scores are based on a 20% (20-point) weighting. A bolded credit rating indicates achievement of the
investor expected credit rating shown below each yearly column head. Game-To-Date credit rating scores are
based solely on the most recent year’s credit rating performance.
Y11
(B+)
Y12
(B+)
Y13
(B+)
Y14
(A–)
Y15
(A–)
Y16
(A–)
Y17
(A)
Y18
(A)
Y19
(A)
Y20
(A) I.E. B-I-I
Y15 Score
I.E. B-I-I
G-T-D Score
A A A B B A 22 19 22 19 A
B A B+ A– A+ A+ 24 20 24 20 B
C A– A+ A+ A+ A– 20 18 20 18 C
D A A A A A+ 24 20 24 20 D
E B+ B– B B B 15 14 15 14 E
F A A A– A A+ 24 20 24 20 F
G A– B B+ A A 22 19 22 19 G
H A A A+ A+ A+ 24 20 24 20 H
I A– B+ A A A+ 24 20 24 20 I
J B B– C– C– C– 0 1 0 1 J
K B B– C– C– C– 0 1 0 1 K
L B B– C– C– C– 0 1 0 1 L
Image Rating
Image Rating scores are based on a 20% (20-point) weighting. A bolded number indicates achievement of the
investor expected image rating shown below each yearly column head. A highlighted number indicates best-inindustry performance. Game-To-Date scores are based on an average of the most recent three years.
Y11
(70)
Y12
(72)
Y13
(72)
Y14
(75)
Y15
(75)
Y16
(77)
Y17
(77)
Y18
(80)
Y19
(80)
Y20
(80)

Y13-Y15
Average
I.E. B-I-I
Y15 Score

I.E. B-I-I
G-T-D Score
A 65 70 72 95 100 89 24 20 22 18 A
B 84 83 82 91 92 88 22 18 22 18 B
C 70 73 83 90 94 89 23 19 22 18 C
D 80 88 95 100 100 98 24 20 23 20 D
E 75 71 79 76 66 74 18 13 20 15 E
F 86 81 100 100 100 100 24 20 24 20 F
G 67 82 91 92 96 93 23 19 23 19 G
H 96 100 95 93 82 90 21 16 22 18 H
I 67 81 88 94 96 93 23 19 23 19 I
J 60 51 43 41 39 41 10 8 11 8 J
K 60 51 43 41 39 41 10 8 11 8 K
L 60 51 43 41 39 41 10 8 11 8 L
High Average Low
Total Dollars ($000s)
High Average Low
Per Unit Sold ($/unit)
Industry 45 Cash Outlays for Corporate
Social Responsibility and Citizenship
High Average Low
Image Rating Points
Generated from
CSRC Expenditures
Year 11 19,578 10,117 0 2.19 1.13 0.00 5 3 0
Year 12

16,096
6,185

22,060
8,021

26,450
9,649

22,950
7,214

0 1.39 0.57 0.00 8 4 0
Year 13 0 1.73 0.63 0.00 12 6 0
Year 14 0 1.85 0.67 0.00 15 7 0
Year 15 0 1.44 0.48 0.00 17 8 0
Year 16
Year 17
Year 18
Year 19
Year 20
Corporate Social Responsibility and Citizenship
Beginning in Year 14, the World Council for Exemplary
Corporate Citizenship presents a distinguished award
to the company making the highest cash outlays as a
percentage of revenues for corporate social responsibility and citizenship initiatives.

Award Winner
Y14 A Ludo
2nd Place
B Diverse Footware

Y15 A Ludo
B Diverse Footware

Y16
Y17
Y18
Y19
Y20
Corporate Responsibility Award
for Exemplary Corporate Citizenship
Footwear Industry Report Copyright © GLO-BUS Software, Inc. Page 3
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Industry 45 B඗ඖඝඛ P඗එඖග Aඟඉකඌඛ Year 15
BULL’S EYE AWARD
for Accurately Forecasting Total Revenues,
Earnings Per Share, and Image Rating
One bonus point added to any company’s game-to-date score when actual
performance on Total Revenues AND Earnings Per Share vary by no more
than 5% from projected performance AND when Image Rating varies by no
more than 4 points from the projected image rating.
Year 15
Forecast
Year 15
Actual
Percent
Variance
Revenues (within ± 5%)
Year 15
Forecast
Year 15
Actual
Percent
Variance
EPS (within ± 5% or ± 10¢)

Year 15
Year 15
Point

Forecast
Actual
Variance

Image Rating (within ± 4 points)
Year 15
Bull’s Eye
Award

Cumulative
Awards
A 1,176,845 1,167,429

-0.8 %
-19.1 %
+3.1 %
-4.7 %
-23.9 %
+3.2 %
-4.9 %
-42.2 %
-5.7 %
0.0 %
10.44
13.99
8.36
7.92
5.05
8.05
7.23
19.28
11.90
0.00
10.46
9.46
8.88
7.18
2.08
8.88
6.67
6.72
10.91
-2.50
+0.2 %
-32.4 %
+6.3 %
-9.4 %
-58.8 %
+10.3 %
-7.7 %
-65.1 %
-8.3 %
0.0 %
100
100
93
100
77
100
99
100
100
0
100
92
94
100
66
100
96
82
96
39
0 pts.
-8 pts.
+1 pts.
0 pts.
-11 pts.
0 pts.
-3 pts.
-18 pts.
-4 pts.
0 pts.

Yes 2 A
B 1,364,587 1,104,294 No 0 B
C 1,088,096 1,121,523 No 0 C
D 1,229,246 1,170,889 No 2 D
E 837,529 637,001 No 0 E
F 1,052,798 1,086,830 No 1 F
G 1,033,325 983,042 No 0 G
H 1,374,761 794,745 No 1 H
I 1,290,406 1,217,417 No 1 I
J 0 247,923 No 0 J
K 0 247,923 0.0 % 0.00 -2.50 0.0 % 0 39 0 pts. No 0 K
L 0 247,923 0.0 % 0.00 -2.50 0.0 % 0 39 0 pts. No 0 L
Trends in Variances Between Projected and Actual Performance
(company and industry variances between projected and actual revenues, EPS, and image rating)
Industry 45
Variance
Largest
Average
Smallest
Company H Variance
Year 11
+9.4 %
-11.3 %
-37.6 %
0.0 %
Year 12
+5.2 %
-6.0 %
-25.1 %
+1.0 %
Year 13
+15.4 %
-3.2 %
-18.8 %
-8.3 %
Year 14
+10.3 %
-5.1 %
-23.0 %
-22.1 %
Year 15
+4.9 %
-8.5 %
-41.8 %
-41.8 %
Year 16 Year 17 Year 18 Year 19 Year 20

Y11
Y12
Y13
Y14
Y15
Y16
Y17
Y18
Y19
Y20

Score Δ
Score Δ
Score Δ
Score Δ
Score Δ
Score Δ
Score Δ
Score Δ
Score Δ
Score

80
+2
82 -20
62 +25
87 +21 108

Current-Year Scores and Net Changes Cumulative
Awards
A 2 A
B 100 -6 94 -3 91 +4 95 +4 99 0 B
C 68 +13 81 +13 94 +1 95 +4 99 0 C
D 91 +1 92 +7 99 -7 92 +4 96 0 D
E 70 -24 46 +16 62 +1 63 -17 46 0 E
F 90 -6 84 +11 95 +11 106 -4 102 0 F
G 73 +10 83 +13 96 -5 91 +4 95 0 G
H 109 0 109 -2 107 -1 106 -19 87 0 H
I 64 +22 86 +20 106 -3 103 +3 106 2 I
J 53 -20 33 -21 12 -1 11 -1 10 0 J
K 53 -18 35 -23 12 -1 11 -1 10 0 K
L 53 -20 33 -21 12 -1 11 -1 10 0 L
Δ = net change in score between years Highlighted figure = Leap Frog Award winner
Footwear Industry Report Copyright © GLO-BUS Software, Inc. Page 3b

for Most Improved Overall Score
(current year to current year)
LEAP FROG AWARD
Beginning in Year 12, one bonus point is added to the game-to-date overall
score of the company whose current-year overall score is most improved
over the prior year. If all companies fail to improve their scores from one
year to the next, then no Leap Frog bonus is awarded.

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Industry 45 Iඖඌඝඛගකඡ Oඞඍකඞඑඍඟ Year 15
Materials Prices
Price
Adjustments
Materials Usage
Facilities Utilization
Base Prices of Materials ($ per pair)
Materials Prices in Year 15 ($ per pair)
$6.00
-0.16
+0.06
$5.90
Standard
$12.00
+1.27
+0.12
$13.39
Superior
High industry-wide superior materials usage (45.3%) lead to superior materials
prices that were 10.6% above the base and standard materials prices that were
2.7% below the base. Industry-wide utilization of production capability was above
110% and resulted in materials price increases of 1.0%.
Notes
Footwear Production and Sales
Branded
Demand
(000s of pairs)
Forecast
Actual
Stockouts No. of Companies
Unfilled Orders (000s)
Pairs Available (000s)
Pairs Sold (internet + wholesale)
Private
Label
Demand Forecast (000s of pairs)
Pairs Offered (000s)
Pairs Sold (000s)
Superior Materials Usage
Utilization of Production Capability
North
America
43%
111.1%
59,223
39,803
38,748
38,748
21
4,032
6,280
4,032
Europe
Africa
49%
114.2%
49,898
33,618
33,216
33,214
20
4,032
6,130
4,032
Asia
Pacific
45%
107.9%
42,861
30,338
30,240
30,241
10
4,404
6,815
4,404
Latin
America
48%
116.1%
39,874
30,063
30,084
30,082
31
4,404
6,553
4,404
Average
or Total
45%
111.0%
191,856
133,822
132,288
132,285
2
16,872
25,778
16,872
⇦ % usage down 2.8 points from Year 14.
⇦ % usage down 1.2 points from Year 14.
⇦ 45.0% higher than Year 15 demand.
⇦ From page 4 of FIR for Year 14.
⇦ Actual branded demand was 1.1% lower
than forecast branded demand due to
decreased competitive intensity.
⇦
Extent to which orders for branded pairs
went unfilled due to inventory shortages at
one or more companies.
⇦ From page 4 of FIR for Year 14.
⇦ Private-label pairs offered was higher than
actual private-label demand by 34.5%.
Notes
Demand Forecast
Branded Demand
(internet + wholesale)
Year 16
Year 17
Year 18
Private-Label Demand Year 16
Year 17
Year 18
North
America
39,887
41,485
43,144
4,392
4,788
5,220
Europe
Africa
34,327
35,695
37,126
4,392
4,788
5,220
Asia
Pacific
32,463
35,063
37,874
4,884
5,424
6,024
Latin
America
32,338
34,927
37,728
4,884
5,424
6,024
Global
Total
139,015
147,170
155,872
18,552
20,424
22,488
Global demand for Y11-Y15 is expected to grow
by 7%-9% annually, slowing to 5%-7% during
Y16-Y20. The projected growth rates are not
the same for all regions, as shown in the table
on page 5 of the Player’s Guide. Actual demand
growth may vary from the forecast due to
stronger or weaker competitive efforts on the
part of rival companies.
Notes
Supply / Demand Analysis
Beginning Year 16 Inventory
Potential Y16 Production (with OT)
Potential Global Supply
59,571
192,600
252,171
Potential Footwear Suppy in Year 16
Branded Demand Forecast
Private-Label Demand Forecast
Expected Global Demand
139,015
18,552
157,567
Expected Footwear Demand in Year 16
Potential global supply (at max OT) in the upcoming
year is 60.0% greater than projected global demand.
Such excess production capability will result in
FIERCE competition for the next several years.
Companies with underutilized production capability
are advised to sell unneeded production equipment.
Analysis
Facility Space Production Equipment

N.A.
5,000
E-A
A-P
6,000
L.A.
7,000
A
0

B
5,000
2,000
7,000
4,000

C
8,000
0
9,000
0

D
E
F
G
H
I
5,000
6,000
6,000
6,000
7,000
5,000
4,000
1,000
3,000
1,000
4,000
4,000
6,000
7,000
6,000
7,000
8,000
6,000
5,000
1,000
3,000
4,000
4,000
4,000

J
5,000
0
6,000
0

K
5,000
0
6,000
0

L
5,000
0
6,000
0

Year 15 Facility Space
(000s of pairs available for prod. equipmernt)
N.A. E-A A-P L.A.
Construction of New Space
(initiated in Y15 and available in Y16)
Total
Space
Available
in Y16

N.A.
E-A
A-P
L.A.
Total

5,000
0
6,000
7,000 18,000
4,000 18,000
A

5,000
2,000
7,000
B

6,250
0
9,000
0 15,250
C

4,750
4,000
3,500
3,250 15,500
D

3,000
0
7,000
0 10,000
E

4,750
3,000
5,000
3,000 15,750
4,000 13,250
3,000 14,250
4,000 16,500
F

2,250
0
7,000
G

4,750
5,000
2,500
3,500
4,000
4,000
H
I

4,000
0
4,000
0
8,000
J

4,000
0
4,000
0
8,000
K

4,000
0
4,000
0
8,000
L

Year 15 Production Equipment
(000s of pairs available for production)
1,000 0 1,000 2,000 22,000 A 0 0 0 0 18,000 B 0 0 0 0 17,000 C 0 0 0 0 20,000 D 0 0 0 0 15,000 E 0 1,000 0 0 19,000 F 0 0 2,000 2,000 22,000 G 0 0 0 0 23,000 H 0 0 0 0 19,000 I 0 0 0 0 11,000 J 0 0 0 0 11,000 K 0 0 0 0 11,000 L 68,000 19,000 80,000 32,000 1,000 1,000 3,000 4,000 208,000 52,750 15,000 64,500 28,250 160,500
Footwear Industry Report Copyright © GLO-BUS Software, Inc. Page 4
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Industry 45 Fඑඖඉඖඋඑඉඔ Pඍකඎ඗කඕඉඖඋඍ Sඝඕඕඉකඡ Year 15
Income Statement Data
($000s)

Internet Wholesale P-label
Net Sales Revenues
Total
Cost of
Pairs Sold

Warehouse
Expenses
Marketing
Expenses
Admin
Expenses
Operating
Profit
Interest
Exp (Inc)
Income
Taxes
Net
Profit
A 339,109 690,162 95,332 1,167,429 541,925 95,754 193,677 30,546 305,527 18,366 83,148 194,013 A
B 301,452 696,792 93,476 1,104,294 479,249 86,825 243,294 28,893 266,033 1,435 79,379 185,219 B
C 318,779 639,462 125,824 1,121,523 510,460 93,488 225,585 24,545 267,445 7,202 78,073 182,170 C
D 273,204 823,260 44,647 1,170,889 608,343 84,859 236,385 29,796 211,506 12,603 59,371 138,532 D
E 212,856 416,307 0 637,001 332,383 62,840 149,049 22,334 70,395 10,843 17,866 41,686 E
F 248,641 641,093 126,753 1,086,830 520,214 85,875 196,143 30,047 254,551 11,100 72,305 168,711 F
G 261,173 526,858 118,083 983,042 433,819 82,706 253,530 24,864 188,123 14,278 52,154 121,691 G
H 187,669 594,449 0 794,745 325,783 61,789 183,912 25,547 197,714 4,725 57,597 134,392 H
I 350,199 748,397 118,821 1,217,417 527,820 89,096 218,544 27,396 354,561 13,919 102,193 238,449 I
J 39,506 208,417 0 247,923 145,936 35,827 72,412 15,795 -22,047 27,935 0 -49,982 J
K 39,506 208,417 0 247,923 145,941 35,796 72,535 15,795 -22,144 27,773 0 -49,917 K
L 39,506 208,417 0 247,923 145,950 35,815 72,528 15,795 -22,165 27,871 0 -50,036 L
217,633 533,503 60,245 835,578 393,152 70,889 176,466 24,279 170,792 14,838 50,174 104,577
Selected Balance Sheet Data
($000s)

Cash
Current
Fixed
Total

On Hand
Assets
Assets
Assets

Assets

Current
Long-Term
Total

Liabilities
Loans
Liabilities

Liabilities

Beginning
StockSale
Earnings
Ending

Equity
(Purchase)
Retained
Equity

Shareholder Equity
A 173,113 431,413 722,970 1,154,383 133,953 429,700 563,653 472,221 -75,504 194,013 590,730 A
B 0 344,276

631,194
975,470

531,556
865,814

574,499
856,069

362,250
542,035

554,754
865,745

572,387
807,446

634,007
978,735

638,762 1,272,322

209,500
588,151

209,500
587,339

209,500
587,727

487,573
840,103

169,993 0 169,993 620,258 0 185,219 805,477 B
C 62,766 334,258 61,869 164,700 226,569 576,333 -111,053 173,965 639,245 C
D 2,158 281,570 74,111 125,700 199,811 517,726 0 138,532 656,258 D
E 0 179,785 78,693 49,700 128,393 417,676 -45,720 41,686 413,642 E
F 75,435 310,991 56,447 112,000 168,447 529,537 0 167,761 697,298 F
G 33,126 235,059 85,972 328,700 414,672 477,268 -197,056 112,562 392,774 G
H 0 344,728 118,861 54,700 173,561 870,782 0 -65,608 805,174 H
I 324,659 633,560 88,638 260,700 349,338 748,558 -64,023 238,449 922,984 I
J 0 378,651 389,733 29,700 419,433 218,700 0 -49,982 168,718 J
K 0 377,839 388,475 29,700 418,175 219,081 0 -49,917 169,164 K
L 0 378,227 389,301 29,700 419,001 218,762 0 -50,036 168,726 L
55,938 352,530 169,671 134,583 304,254 490,575 -41,113 86,387 535,849
Selected Financial Statistics
Gross
Profit
Margin
Operating
Profit
Margin
Net
Profit
Margin
Profitability Measures
Div. Per
Share
($/share)
Total Div.
Payment
($000s)
Payout
(percent of
net profit)
Dividend Data Credit Rating Measures

Interest
Debt to
Default
Risk
of

Coverage
Assets
Risk

Ratio
Ratio
Ratio
Default

Current
Ratio
Days of
Inventory
Shares
of Stock
Outstanding
(000sofshares)

A
B
C
D
E
F
G
H
I
53.6%
56.6%
54.5%
48.0%
47.8%
52.1%
55.9%
59.0%
56.6%
41.1%
41.1%
41.1%
52.9%
26.2%
24.1%
23.8%
18.1%
11.1%
23.4%
19.1%
24.9%
29.1%
16.6%
16.8%
16.2%
11.8%
6.5%
15.5%
12.4%
16.9%
19.6%

J
K
L
-8.9% -20.2%
-8.9% -20.1%
-8.9% -20.2%

20.4%
12.5%

0.00 0 0.0% 16.64 0.49 7.14 Low 3.22 50 days

18,550
A

19,575
B

20,513
C

19,300
D

20,000
E

19,000
F

18,258
G

20,000
H

21,850
I

20,000
J

20,000
K

20,000
L

19,754

0.00 0 0.0% 185.39 0.17 14.30 Low 2.03 132 days 0.40 8,205 4.5% 37.13 0.26 2.87 Medium 5.40 78 days 0.00 0 0.0% 16.78 0.23 6.92 Low 3.80 41 days 0.00 0 0.0% 6.49 0.24 1.27 High 2.28 87 days 0.05

950
9,129
200,000
0.6%
7.5%
148.8%
22.93
13.18
41.84
0.19
0.51
0.18
8.16
5.90
7.16

Low 5.51 38 days 0.50 Low 2.73 44 days 10.00 Low 2.90 229 days 0.00 0 0.0% 25.47 0.27 6.84 Low 7.15 73 days 0.00 0 0.0% -0.79 0.71 0.00 N/A 0.97 820 days 0.00 0 0.0% -0.80 0.71 0.00 N/A 0.97 818 days 0.00 0 0.0% -0.80 0.71 0.00 N/A 0.97 819 days 0.91 18,190 13.5% 30.29 0.39 5.05 3.16 269 days Footwear Industry Report Copyright © GLO-BUS Software, Inc. Page 5
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Industry 45 Pඍකඎ඗කඕඉඖඋඍ Bඍඖඋඐඕඉකඓඛ Year 15
Production Benchmarks
North America
Low Average High
Industry 45 Company
H
Labor
Statistics
Total Regular Compensation ($ / worker / year)
Workforce Productivity (pairs / worker / year)
Production Labor Cost ($ per pair after rejects)
Supervisory Compensation ($ / supervisor / year)
Branded
Production TQM/6-Sigma Spending Current ($/pair produced)
Cumulative ($000s)
Superior Materials Usage
Total Production Cost ($ per pair produced)
Reject Rate
Percentage of New Production Equipment
Cost Per S/Q Star (total production cost per pair ÷ S/Q rating)
0%
35,734
4,442
7.33
62,436
10%
1.00
20,595
26.20
1.9%
3.39
68%
39,877
4,833
8.60
63,107
45%
2.75
75,957
29.85
5.5%
5.03
100%
45,669
5,137
9.50
68,000
72%
5.00
135,490
36.28
8.8%
7.49
100%
35,734
5,012
7.33
63,685
60%
3.30
124,858
29.27
1.9%
3.66
Europe-Africa
Low Average High
Industry 45 Company
H
Labor
Statistics
Total Regular Compensation ($ / worker / year)
Workforce Productivity (pairs / worker / year)
Production Labor Cost ($ per pair after rejects)
Supervisory Compensation ($ / supervisor / year)
Branded
Production TQM/6-Sigma Spending Current ($/pair produced)
Cumulative ($000s)
Superior Materials Usage
Total Production Cost ($ per pair produced)
Reject Rate
Percentage of New Production Equipment
Cost Per S/Q Star (total production cost per pair ÷ S/Q rating)
100%
21,228
3,959
5.20
37,462
38%
2.90
7,199
24.41
1.8%
2.81
100%
23,932
4,103
6.17
38,361
54%
3.85
17,305
29.99
4.3%
4.12
100%
28,700
4,289
7.30
41,208
72%
5.00
42,867
35.17
7.5%
5.40
100%
21,440
4,119
5.20
37,837
62%
3.13
7,199
28.22
2.5%
3.81
Asia-Pacific
Low Average High
Industry 45 Company
H
Labor
Statistics
Total Regular Compensation ($ / worker / year)
Workforce Productivity (pairs / worker / year)
Production Labor Cost ($ per pair after rejects)
Supervisory Compensation ($ / supervisor / year)
Branded
Production TQM/6-Sigma Spending Current ($/pair produced)
Cumulative ($000s)
Superior Materials Usage
Total Production Cost ($ per pair produced)
Reject Rate
Percentage of New Production Equipment
Cost Per S/Q Star (total production cost per pair ÷ S/Q rating)
0%
12,612
3,353
3.29
26,016
16%
0.90
19,520
19.69
3.1%
2.95
46%
14,929
3,676
4.21
26,554
51%
2.44
78,589
26.10
6.3%
4.28
100%
20,165
4,169
4.97
30,652
70%
5.00
168,300
35.48
10.0%
5.65
81%
12,612
3,864
3.29
26,798
56%
2.40
138,211
26.09
3.1%
3.57
Latin America
Low Average High
Industry 45 Company
H
Labor
Statistics
Total Regular Compensation ($ / worker / year)
Workforce Productivity (pairs / worker / year)
Production Labor Cost ($ per pair after rejects)
Supervisory Compensation ($ / supervisor / year)
Branded
Production TQM/6-Sigma Spending Current ($/pair produced)
Cumulative ($000s)
Superior Materials Usage
Total Production Cost ($ per pair produced)
Reject Rate
Percentage of New Production Equipment
Cost Per S/Q Star (total production cost per pair ÷ S/Q rating)
69%
12,612
3,748
3.15
26,016
12%
1.90
18,441
20.30
2.1%
2.39
96%
14,586
4,079
3.78
26,685
51%
3.45
35,028
25.69
4.4%
3.38
100%
19,789
4,237
4.94
28,618
68%
5.00
55,200
34.47
7.7%
4.36
100%
12,612
4,007
3.15
26,798
58%
3.06
36,767
26.57
2.1%
3.64
Note: To protect individual companies from having competitively sensitive data revealed to rival companies, only the industry averages are reported
for regions with 2 or 3 production facilities. Industry low and high numbers are reported only for regions with 4 or more production facilities. No
benchmark data is reported for regions with only 1 production facility.
Footwear Industry Report Copyright © GLO-BUS Software, Inc. Page 6
06/12/2022, 08:42 BSG Decisions & Reports
https://www.bsg-online.com/users/program/v3/fir/page1 8/9
Industry 45 Pඍකඎ඗කඕඉඖඋඍ Bඍඖඋඐඕඉකඓඛ Year 15
(concluded)
Branded Operating Benchmarks
North America
Low Average High
Industry 45 Company
H
Internet Segment Marketing Expenses ($ per pair sold)
Operating Profit ($ per pair sold)
Operating Profit Margin
Wholesale Segment Marketing Expenses ($ per pair sold)
Operating Profit ($ per pair sold)
Operating Profit Margin
Distribution and Warehouse Costs ($ per pair available for sale)
Cost of Branded Pairs Sold (production, freight, x-rate cost adjustment)
2.37
26.62
11.50
-20.15
-25.4%
10.55
0.47
1.0%
4.87
30.30
33.57
14.89
13.4%
12.94
11.10
17.0%
7.12
37.35
54.43
36.19
36.7%
18.17
19.27
29.2%
4.19
30.42
34.75
30.91
27.7%
16.06
17.27
24.7%
Europe-Africa
Low Average High
Industry 45 Company
H
Internet Segment Marketing Expenses ($ per pair sold)
Operating Profit ($ per pair sold)
Operating Profit Margin
Wholesale Segment Marketing Expenses ($ per pair sold)
Operating Profit ($ per pair sold)
Operating Profit Margin
Distribution and Warehouse Costs ($ per pair available for sale)
Cost of Branded Pairs Sold (production, freight, x-rate cost adjustment)
4.83
25.98
11.34
-19.07
-22.7%
8.20
-1.87
-3.5%
8.00
31.97
35.29
16.48
14.7%
12.43
11.82
17.4%
13.05
36.91
51.80
43.58
45.2%
17.06
21.69
30.7%
4.83
30.37
47.71
17.56
15.8%
11.73
21.69
30.7%
Asia-Pacific
Low Average High
Industry 45 Company
H
Internet Segment Marketing Expenses ($ per pair sold)
Operating Profit ($ per pair sold)
Operating Profit Margin
Wholesale Segment Marketing Expenses ($ per pair sold)
Operating Profit ($ per pair sold)
Operating Profit Margin
Distribution and Warehouse Costs ($ per pair available for sale)
Cost of Branded Pairs Sold (production, freight, x-rate cost adjustment)
3.26
20.87
13.23
-16.88
-21.9%
10.14
3.19
6.9%
5.11
27.14
36.30
12.97
12.0%
12.78
11.67
19.1%
7.46
36.48
52.49
31.05
31.5%
19.43
22.12
32.3%
4.27
26.88
38.68
27.25
25.1%
12.81
22.12
32.3%
Latin America
Low Average High
Industry 45 Company
H
Internet Segment Marketing Expenses ($ per pair sold)
Operating Profit ($ per pair sold)
Operating Profit Margin
Wholesale Segment Marketing Expenses ($ per pair sold)
Operating Profit ($ per pair sold)
Operating Profit Margin
Distribution and Warehouse Costs ($ per pair available for sale)
Cost of Branded Pairs Sold (production, freight, x-rate cost adjustment)
5.90
21.92
12.20
-28.04
-39.6%
6.90
-13.08
-30.5%
9.77
31.99
31.34
3.34
2.1%
11.46
1.92
1.7%
19.86
43.41
44.07
27.50
34.6%
19.67
11.69
21.2%
6.01
29.77
34.96
13.17
14.1%
10.43
10.74
18.7%
Private-Label Operating Benchmarks

Low
Average
Industry 45
High
Company
H

North America Cost Per Pair Sold (production, freight, tariffs, x-rates)
Margin Over Direct Cost ($ per pair sold)
23.77
+9.67
29.90
+14.42
38.18
+19.23
0.00
0.00
Europe-Africa Cost Per Pair Sold (production, freight, tariffs, x-rates)
Margin Over Direct Cost ($ per pair sold)
23.94
+10.95
28.25
+16.77
35.75
+20.77
0.00
0.00
Asia-Pacific Cost Per Pair Sold (production, freight, tariffs, x-rates)
Margin Over Direct Cost ($ per pair sold)
19.44
+15.60
23.60
+19.09
30.63
+24.97
0.00
0.00
Latin America Cost Per Pair Sold (production, freight, tariffs, x-rates)
Margin Over Direct Cost ($ per pair sold)
20.90
+2.78
24.83
+11.92
35.10
+15.79
0.00
0.00
Footwear Industry Report © 2018 GLO-BUS Software, Inc. Page 7
06/12/2022, 08:42 BSG Decisions & Reports
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Industry 45 Cඍඔඍඊකඑගඡ Eඖඌ඗කඛඍඕඍඖගඛ ඉඖඌ Iඖඌඝඛගකඡ Tකඍඖඌඛ Year 15
Celebrity Endorsements
Celebrity
Year 16
Contract Holder

No. of
Offers
Highest
Offer
2nd
Highest
3rd
Highest

Most Recent Contract Offers
(letter in parens indicates company that made offer)
Judy Judge E POROS 4

10,000 (E)
8,000 (G)
6,100 (F)

13,000 (H) 13,000 (E) 12,200 (F)
12,299 (A) 12,200 (F) 12,000 (G)

7,100 (F)
11,000 (A)
11,000 (I)
7,000 (I)
7,099 (I)
12,000 (I)
6,000 (D)
7,000 (I)
7,000 (G)
5,199 (C)
5,100 (F)
7,000 (G)
5,000 (G)
7,000 (B)
6,199 (C)
5,100 (F)
5,001 (D)
6,499 (C)

13,099 (A) 13,000 (H) 10,000 (E)

5,100 (F)
7,100 (F)
9,009 (A)
6,100 (F)
5,000 (I)
6,000 (D)
7,000 (B)
6,000 (D)
4,199 (C)
6,000 (G)
6,500 (G)
5,000 (G)
9,199 (C)
3,500 (C)

13,000 (I) 12,199 (A)

7,600 (F)
6,000 (D)

Kimmie Jimmel E POROS 5 Bud Birkenstock A Ludo 5 Jose Montana F Gravity Footwear 4 Samuelle Jackson B Diverse Footware 8 Bronko Mars G HAPPY FEET LTD 6 Steff Caraway C Shoesio 6 Jay XYZ F Gravity Footwear 6 Nunchuck Norris I Running and shinni 7 Roger Federation HOT SHOEROOM 6 Nick Shavan I Running and shinni 6 Anderson Blooper F Gravity Footwear 4 Mic Jagermeister A Ludo 8 Jim Hardball D Sport Class 4 LaBron Game I Running and shinni 9 Flint Westwood F Gravity Footwear 4

Co. N.A. E-A
A-P
145
60
95
70
125
245
100
65
255
0
0
0
97
L.A.
130
100
60
70
115
335
65
100
205
0
0
0
98

A
B
C
D
E
F
G
H
I
J
K
L
Avg.
150
40
75
65
185
250
60
75
260
0
0
0
97
200
85
80
45
135
255
45
85
235
0
0
0
97

Year 16 Consumer Appeal
(sum of consumer appeal indexes for
each company in the upcoming year)
Pricing and S/Q Rating Trends
N඗කගඐ Aඕඍකඑඋඉ Eඝක඗඘ඍ-Aඎකඑඋඉ
Aඛඑඉ-Pඉඋඑඎඑඋ Lඉගඑඖ Aඕඍකඑඋඉ
Footwear Industry Report Copyright © GLO-BUS Software, Inc. Page 8
Internet Price Wholesale Price S/Q Rating
10 11 12 13 14 15 16 17 18 19 20
$40
$50
$60
$70
$80
$90
4.0★
4.5★
5.0★
5.5★
6.0★
6.5★
Year
Price
S/Q Rating
Internet Price Wholesale Price S/Q Rating
10 11 12 13 14 15 16 17 18 19 20
$50
$60
$70
$80
$90
4.0★
4.5★
5.0★
5.5★
6.0★
6.5★
Year
Price
S/Q Rating
Internet Price Wholesale Price S/Q Rating
10 11 12 13 14 15 16 17 18 19 20
$40
$50
$60
$70
$80
$90
4.0★
4.5★
5.0★
5.5★
6.0★
6.5★
Year
Price
S/Q Rating
Internet Price Wholesale Price S/Q Rating
10 11 12 13 14 15 16 17 18 19 20
$50
$60
$70
$80
$90
4.0★
4.5★
5.0★
5.5★
6.0★
6.5★
Year
Price
S/Q Rating