Footwear Industry

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FF Footw ootw ootwear ear ear
Industry Industry Industry
RR Report eport eport
FIR
06-Dec-2022 06-Dec-2022 06-Dec-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 16 ear 16 ear 16
© GLO-BUS Software, Inc.
Year 16 Scoreboard
Rank Company Name
Investor
Expectation
Score
Best-InIndustry
Score
Weighted
Average
Score
Change
from Y15
1 F Gravity Footwear 118 96 107 +5
2 A Ludo 114 94 104 -4
3 G HAPPY FEET LTD 118 88 103 +8
4 C Shoesio 114 86 100 +1
4 I Running and shinni 114 86 100 -6
6 B Diverse Footware 112 84 98 -1
7 D Sport Class 114 79 97 +1
8 HOT SHOEROOM 112 80 96 +9
9 E POROS 68 47 58 +12
10 J Company 11 8 10 0
10 K Company 11 8 10 0
10 L Company 11 8 10 0
Game-To-Date Scoreboard
Rank Company Name
Investor
Expectation
Score
Best-InIndustry
Score
Weighted
Average
Score
Bonus
Points
Overall
G-T-D
Score
1 F Gravity Footwear 118 97 108 1 109
2 I Running and shinni 116 93 105 3 108
3 A Ludo 111 90 101 4 105
4 HOT SHOEROOM 115 89 102 1 103
5 D Sport Class 116 83 100 2 102
6 B Diverse Footware 113 88 101 0 101
7 G HAPPY FEET LTD 115 85 100 0 100
8 C Shoesio 113 85 99 0 99
9 E POROS 71 51 61 1 62
10 J Company 11 9 10 0 10
10 K Company 11 9 10 0 10
10 L Company 11 9 10 0 10
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.
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Industry 45 Sඋ඗කඑඖඏ Mඍඉඛඝකඍඛ Year 16
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.
(3.79) I.E. B-I-I
Y16 Score
I.E. B-I-I
G-T-D Score
A 2.54 3.43 2.92 6.21 10.46 12.94 6.28 24 20 24 15 A
B 3.72 5.84 5.51 7.17 9.46 11.09 7.11 24 17 24 17 B
C 2.01 3.45 5.04 6.64 8.88 10.40 5.94 24 16 24 14 C
D 3.07 4.28 5.79 5.79 7.18 9.05 5.81 24 14 24 14 D
E 1.99 1.54 2.59 3.40 2.08 3.22 2.49 12 5 13 6 E
F 2.86 3.37 4.88 9.62 8.88 13.00 7.01 24 20 24 17 F
G 2.24 3.76 5.72 5.50 6.67 9.71 5.51 24 15 24 13 G
H 4.77 8.30 8.48 11.35 6.72 10.01 8.27 24 15 24 20 H
I 1.85 4.26 7.87 9.85 10.91 11.76 7.70 24 18 24 19 I
J 1.48 0.82 -0.06 -0.79 -2.50 -3.43 -0.75 0 0 0 0 J
K 1.48 0.83 -0.07 -0.79 -2.50 -3.42 -0.74 0 0 0 0 K
L 1.48 0.82 -0.07 -0.79 -2.50 -3.43 -0.75 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.
(24.0) I.E. B-I-I
Y16 Score
I.E. B-I-I
G-T-D Score
A 21.5 23.3 16.7 28.4 36.5 36.3 29.3 24 19 22 20 A
B 30.2 34.8 24.8 25.2 26.0 25.7 26.9 20 13 21 18 B
C 17.1 21.4 25.8 27.7 30.0 31.8 27.0 22 17 21 18 C
D 25.5 27.5 29.4 23.8 23.6 25.2 25.5 19 13 21 17 D
E 17.8 11.7 17.1 18.7 10.0 15.6 15.0 12 8 13 10 E
F 24.1 22.6 26.3 39.5 27.5 31.5 29.7 22 16 22 20 F
G 20.2 28.0 32.0 25.4 28.0 38.4 29.5 24 20 22 20 G
H 37.0 42.7 30.4 30.0 16.0 22.1 26.8 17 12 21 18 H
I 15.8 26.2 35.6 33.0 28.5 25.5 28.3 20 13 22 19 I
J 13.7 7.2 -0.5 -7.0 -25.8 -51.0 -7.3 0 0 0 0 J
K 13.7 7.3 -0.6 -6.9 -25.7 -50.7 -7.2 0 0 0 0 K
L 13.7 7.2 -0.6 -7.0 -25.8 -51.0 -7.3 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
Y16 Score
I.E. B-I-I
G-T-D Score

A
32.48
63.67
29.54 121.90 272.53 317.89

B
89.99 137.28 104.73 158.17 213.30 261.55

C
D
17.24
53.70
24.32
51.94
24.76
52.44 116.39 142.85 204.59 239.87
94.71 133.51 119.17 147.52 195.10

E
10.23
26.48
43.54
17.68
31.24

F
G
66.50 102.68 255.11 209.63 330.23
69.94 123.72 110.11 136.77 223.95

H
130.40 239.58 225.60 291.41 141.14 210.45

I
12.33
11.94
12.24
11.77
86.16 206.67 253.19 276.70 259.38

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
5.06
5.06
5.06

Footwear Industry Report
Copyright © GLO-BUS Software, Inc.

24 19 24 19 A
24 16 24 16 B
24 15 24 15 C
24 12 24 12 D
5 2 5 2 E
24 20 24 20 F
24 14 24 14 G
24 13 24 13 H
24 16 24 16 I
1 0 1 0 J
1 0 1 0 K
1 0 1 0 L
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Industry 45 Sඋ඗කඑඖඏ Mඍඉඛඝකඍඛ Year 16
(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
Y16 Score
I.E. B-I-I
G-T-D Score
A A A B B A B+ 18 16 18 16 A
B A B+ A– A+ A+ A 22 19 22 19 B
C A– A+ A+ A+ A– A 22 19 22 19 C
D A A A A A+ A+ 24 20 24 20 D
E B+ B– B B B A 22 19 22 19 E
F A A A– A A+ A+ 24 20 24 20 F
G A– B B+ A A A 22 19 22 19 G
H A A A+ A+ A+ A+ 24 20 24 20 H
I A– B+ A A A+ A+ 24 20 24 20 I
J B B– C– C– C– C– 0 1 0 1 J
K B B– C– C– C– C– 0 1 0 1 K
L B B– C– 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)

Y14-Y16
Average
I.E. B-I-I
Y16 Score

I.E. B-I-I
G-T-D Score
A 65 70 72 95 100 100 98 24 20 23 20 A
B 84 83 82 91 92 93 92 22 19 22 18 B
C 70 73 83 90 94 95 93 22 19 22 19 C
D 80 88 95 100 100 98 99 23 20 23 20 D
E 75 71 79 76 66 66 69 17 13 18 14 E
F 86 81 100 100 100 100 100 24 20 24 20 F
G 67 82 91 92 96 100 96 24 20 23 19 G
H 96 100 95 93 82 98 91 23 20 22 18 H
I 67 81 88 94 96 93 94 22 19 22 19 I
J 60 51 43 41 39 37 39 10 7 10 8 J
K 60 51 43 41 39 37 39 10 7 10 8 K
L 60 51 43 41 39 37 39 10 7 10 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

31,906
9,039

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 0 1.62 0.53 0.00 17 9 0
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 B Diverse Footware
Y17
A Ludo

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 16
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 16
Forecast
Year 16
Actual
Percent
Variance
Revenues (within ± 5%)
Year 16
Forecast
Year 16
Actual
Percent
Variance
EPS (within ± 5% or ± 10¢)

Year 16
Year 16
Point

Forecast
Actual
Variance

Image Rating (within ± 4 points)
Year 16
Bull’s Eye
Award

Cumulative
Awards
A 1,380,336 1,324,222

-4.1 %
-4.9 %
-4.2 %
-7.1 %
-19.2 %
-16.1 %
-3.0 %
-20.6 %
-9.4 %
0.0 %
13.94
12.26
11.23
10.69
5.74
17.38
10.37
14.91
14.20
0.00
12.94
11.09
10.40
9.05
3.22
13.00
9.71
10.01
11.76
-3.43
-7.2 %
-9.5 %
-7.4 %
-15.3 %
-43.9 %
-25.2 %
-6.4 %
-32.8 %
-17.2 %
0.0 %
100
100
100
100
74
100
100
100
100
0
100
93
95
98
66
100
100
98
93
37
0 pts.
-7 pts.
-5 pts.
-2 pts.
-8 pts.
0 pts.
0 pts.
-2 pts.
-7 pts.
0 pts.

No 2 A
B 1,267,941 1,206,106 No 0 B
C 1,298,205 1,243,409 No 0 C
D 1,282,986 1,192,142 No 2 D
E 880,979 711,876 No 0 E
F 1,486,123 1,246,467 No 1 F
G 1,136,598 1,102,300 No 0 G
H 1,411,619 1,121,128 No 1 H
I 1,460,521 1,323,522 No 1 I
J 0 248,572 No 0 J
K 0 248,572 0.0 % 0.00 -3.42 0.0 % 0 37 0 pts. No 0 K
L 0 248,572 0.0 % 0.00 -3.43 0.0 % 0 37 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
0.0 %
-8.0 %
-25.1 %
-18.5 %
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
-4 104

Current-Year Scores and Net Changes Cumulative
Awards
A 2 A
B 100 -6 94 -3 91 +4 95 +4 99 -1 98 0 B
C 68 +13 81 +13 94 +1 95 +4 99 +1 100 0 C
D 91 +1 92 +7 99 -7 92 +4 96 +1 97 0 D
E 70 -24 46 +16 62 +1 63 -17 46 +12 58 1 E
F 90 -6 84 +11 95 +11 106 -4 102 +5 107 0 F
G 73 +10 83 +13 96 -5 91 +4 95 +8 103 0 G
H 109 0 109 -2 107 -1 106 -19 87 +9 96 0 H
I 64 +22 86 +20 106 -3 103 +3 106 -6 100 2 I
J 53 -20 33 -21 12 -1 11 -1 10 0 10 0 J
K 53 -18 35 -23 12 -1 11 -1 10 0 10 0 K
L 53 -20 33 -21 12 -1 11 -1 10 0 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 16
Materials Prices
Price
Adjustments
Materials Usage
Facilities Utilization
Base Prices of Materials ($ per pair)
Materials Prices in Year 16 ($ per pair)
$6.00
-0.16
0.00
$5.84
Standard
$12.00
+1.25
0.00
$13.25
Superior
High industry-wide superior materials usage (45.2%) lead to superior materials
prices that were 10.4% above the base and standard materials prices that were
2.6% below the base. Industry-wide utilization of production capability (109.5%) had
no impact on materials prices.
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
41%
106.2%
63,458
39,887
41,292
41,288
12
4,392
6,983
4,392
Europe
Africa
51%
120.0%
55,142
34,327
35,544
35,548
00
4,392
6,405
4,392
Asia
Pacific
46%
108.2%
47,373
32,463
33,024
33,024
00
4,884
7,551
4,884
Latin
America
48%
113.6%
46,278
32,338
33,216
33,212
10
4,884
7,008
4,785
Average
or Total
45%
109.5%
212,251
139,015
143,076
143,072
2
18,552
27,947
18,453
⇦ % usage down 0.1 points from Year 15.
⇦ % usage down 1.5 points from Year 15.
⇦ 48.3% higher than Year 16 demand.
⇦ From page 4 of FIR for Year 15.
⇦ Actual branded demand was 2.9% higher
than forecast branded demand due to
increased 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 15.
⇦ Private-label pairs offered was higher than
actual private-label demand by 33.6%.
Notes
Demand Forecast
Branded Demand
(internet + wholesale)
Year 17
Year 18
Year 19
Private-Label Demand Year 17
Year 18
Year 19
North
America
42,506
44,205
45,968
4,788
5,220
5,688
Europe
Africa
36,703
38,173
39,695
4,788
5,220
5,688
Asia
Pacific
35,418
38,257
41,323
5,424
6,024
6,684
Latin
America
35,638
38,495
41,580
5,424
6,024
6,684
Global
Total
150,265
159,130
168,566
20,424
22,488
24,744
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 17 Inventory
Potential Y17 Production (with OT)
Potential Global Supply
69,179
208,800
277,979
Potential Footwear Suppy in Year 17
Branded Demand Forecast
Private-Label Demand Forecast
Expected Global Demand
150,265
20,424
170,689
Expected Footwear Demand in Year 17
Potential global supply (at max OT) in the upcoming
year is 62.9% 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.
6,000
E-A
A-P
7,000
L.A.
9,000
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
4,000
1,000
4,000
4,000
6,000
7,000
6,000
9,000
8,000
6,000
5,000
1,000
3,000
6,000
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 16 Facility Space
(000s of pairs available for prod. equipmernt)
N.A. E-A A-P L.A.
Construction of New Space
(initiated in Y16 and available in Y17)
Total
Space
Available
in Y17

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

6,000
0
7,000
9,000 22,000
4,000 18,000
A

5,000
2,000
7,000
B

7,250
0
9,000
0 16,250
C

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

4,000
0
6,500
0 10,500
E

6,000
4,000
6,000
3,000 19,000
6,000 17,250
4,000 14,250
4,000 17,250
F

2,250
3,750
0
0
9,000
6,500
G
H

5,000
3,500
4,750
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 16 Production Equipment
(000s of pairs available for production)
0 0 0 0 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 0 0 0 19,000 F 0 0 0 0 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 69,000 20,000 83,000 36,000 0 0 0 0 208,000 56,000 13,500 71,250 33,250 174,000
Footwear Industry Report Copyright © GLO-BUS Software, Inc. Page 4
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Industry 45 Fඑඖඉඖඋඑඉඔ Pඍකඎ඗කඕඉඖඋඍ Sඝඕඕඉකඡ Year 16
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 390,328 762,353 120,368 1,324,222 579,287 103,121 227,871 34,721 379,222 34,669 100,366 234,187 A
B 341,364 734,316 56,201 1,206,106 477,144 117,645 240,420 29,070 341,827 9,874 91,619 213,778 B
C 370,128 751,598 121,683 1,243,409 548,975 95,873 263,944 25,719 308,898 11,443 87,437 204,018 C
D 278,722 744,971 97,329 1,192,142 603,395 83,487 228,018 29,974 247,268 10,949 70,596 164,723 D
E 249,409 462,467 0 711,876 333,497 64,385 173,209 26,414 114,371 8,584 31,736 74,051 E
F 283,238 910,830 52,399 1,246,467 515,307 85,150 264,799 30,467 350,744 5,358 103,316 241,070 F
G 320,399 593,861 138,410 1,102,300 442,920 89,017 256,481 38,568 275,314 26,110 74,761 174,443 G
H 319,113 681,560 120,455 1,121,128 478,179 92,651 221,823 30,867 297,608 10,601 85,802 200,205 H
I 370,037 708,401 149,320 1,323,522 589,061 98,261 233,617 28,319 374,264 11,859 108,722 253,683 I
J 37,977 210,595 0 248,572 140,168 37,549 72,052 15,969 -17,166 51,430 0 -68,596 J
K 37,977 210,595 0 248,572 140,172 37,518 72,042 15,969 -17,129 51,262 0 -68,391 K
L 37,977 210,595 0 248,572 140,175 37,537 72,070 15,969 -17,179 51,372 0 -68,551 L
253,056 581,845 71,347 934,741 415,690 78,516 193,862 26,836 219,837 23,626 62,863 129,552
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 159,514 463,045 769,696 1,232,741 162,812 369,800 532,612 591,632 -125,690

234,187
700,129

117,403
858,807

196,173
643,145

164,723
649,086

74,051
533,803

231,795
832,780

165,464
516,506

200,205 1,006,096

221,313 1,068,780

-68,596
100,128

-68,391
100,779

-68,551
100,182

116,648
592,518

A
B 32,988 278,039

665,376
943,415

605,945
976,303

535,547
840,751

433,903
604,492

676,390 1,061,124

618,237
889,645

638,436 1,093,110

710,556 1,380,260

250,330
711,374

250,330
710,558

250,330
710,944

533,756
929,560

39,608 45,000 84,608 806,390 -64,986 B
C 68,590 370,358 85,158 248,000 333,158 639,554 -192,582 C
D 0 305,204 91,865 99,800 191,665 656,447 -172,084 D
E 1,740 170,589 40,889 29,800 70,689 413,642 46,110 E
F 0 384,734 132,344 96,000 228,344 697,609 -96,624 F
G 52,520 271,408 91,339 281,800 373,139 392,757 -41,715 G
H 73,220 454,674 47,214 39,800 87,014 805,891 0 H
I 346,187 669,704 92,680 218,800 311,480 923,110 -75,643 I
J 0 461,044 591,446 19,800 611,246 168,724 0 J
K 0 460,228 589,979 19,800 609,779 169,170 0 K
L 0 460,614 590,962 19,800 610,762 168,733 0 L
61,230 395,803 213,025 124,017 337,041 536,138 -60,268 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
56.3%
60.4%
55.8%
49.4%
53.2%
58.7%
59.8%
57.3%
55.5%
43.6%
43.6%
43.6%
55.5%
28.6%
28.3%
24.8%
20.7%
16.1%
28.1%
25.0%
26.5%
28.3%
17.7%
17.7%
16.4%
13.8%
10.4%
19.3%
15.8%
17.9%
19.2%

J
K
L
-6.9% -27.6%
-6.9% -27.5%
-6.9% -27.6%

23.5%
13.9%

0.00

0
96,375
7,845
0.0%
45.1%
3.8%
10.94
34.62
26.99
0.43
0.09
0.34
3.55
2.01
10.28

Medium 2.84 64 days

18,100
A

19,275
B

19,613
C

18,200
D

23,000
E

18,550
F

17,958
G

20,000
H

21,580
I

20,000
J

20,000
K

20,000
L

19,690

5.00 Medium 7.02 47 days 0.40 Low 4.35 67 days 0.00 0 0.0% 22.58 0.23 7.93 Low 3.32 73 days 0.00 0 0.0% 13.32 0.12 1.79 High 4.17 59 days 0.50

9,275
8,979
0
32,370
3.8%
5.1%
0.0%
12.8%
65.46
10.54
28.07
31.56
0.22
0.42
0.08
0.23
18.37
4.81
2.91
7.43

Low 2.91 107 days 0.50 Low 2.97 38 days 0.00 Medium 9.63 162 days 1.50 Low 7.23 94 days 0.00 0 0.0% -0.33 0.86 0.00 N/A 0.78 1,063 days 0.00 0 0.0% -0.33 0.86 0.00 N/A 0.78 1,061 days 0.00 0 0.0% -0.33 0.86 0.00 N/A 0.78 1,062 days 0.66 12,904 5.9% 20.26 0.40 4.92 3.90 325 days Footwear Industry Report Copyright © GLO-BUS Software, Inc. Page 5
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Industry 45 Pඍකඎ඗කඕඉඖඋඍ Bඍඖඋඐඕඉකඓඛ Year 16
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%
36,085
4,426
7.51
63,060
0%
0.00
24,628
17.65
1.5%
2.35
68%
40,742
4,837
8.79
64,651
42%
2.64
89,760
29.25
5.4%
4.92
100%
45,622
5,362
9.58
76,160
72%
4.80
142,858
36.33
8.8%
7.47
100%
36,091
4,997
7.82
64,322
40%
4.00
142,858
31.40
2.2%
3.88
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%
21,440
4,086
4.04
37,837
26%
0.20
12,480
19.57
1.9%
2.54
100%
23,908
4,594
5.75
40,104
52%
2.95
24,993
27.48
4.4%
3.39
100%
28,652
5,743
7.42
46,153
72%
4.90
66,387
35.26
7.5%
4.35
0%
00
0.00
0
0%
0.00
7,199
0.00
0.0%
0.00
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%
12,738
3,409
3.48
26,276
24%
0.00
23,344
17.20
2.8%
2.66
70%
15,205
3,805
4.15
27,166
51%
2.32
93,772
25.12
5.8%
4.07
100%
20,306
4,155
5.11
34,330
70%
4.40
168,300
36.33
10.0%
5.64
100%
12,738
3,966
3.48
27,066
36%
3.00
161,611
22.44
2.8%
3.12
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%
12,738
3,738
3.25
26,276
22%
0.00
30,483
16.42
2.1%
2.24
96%
14,257
4,077
3.69
27,477
50%
2.96
48,973
24.84
4.6%
3.29
100%
19,918
4,352
5.01
32,052
68%
4.90
74,039
34.77
7.7%
4.29
100%
12,738
3,947
3.50
27,066
34%
4.00
55,967
25.89
3.3%
3.60
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
05/12/2022, 14:16 BSG Decisions & Reports
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Industry 45 Pඍකඎ඗කඕඉඖඋඍ Bඍඖඋඐඕඉකඓඛ Year 16
(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)
2.14
19.77
10.81
-22.58
-28.4%
11.05
-0.78
-1.6%
5.25
29.73
33.10
14.40
13.3%
12.97
10.07
15.7%
9.66
37.33
55.73
41.58
41.0%
17.40
18.46
26.6%
4.92
31.68
29.07
24.21
24.1%
14.07
10.99
17.4%
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)
4.21
24.09
10.50
-20.01
-22.5%
9.57
0.38
0.7%
7.70
31.13
34.92
21.99
19.1%
13.21
15.42
21.8%
12.11
36.26
56.83
54.51
51.7%
19.34
25.99
33.1%
9.12
29.58
29.41
31.31
29.6%
10.05
20.80
31.1%
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)
2.97
18.57
12.05
-17.91
-22.4%
10.16
4.80
9.9%
5.05
26.28
37.00
16.17
14.9%
13.25
14.39
22.9%
6.85
37.33
55.96
42.36
42.1%
18.37
24.29
35.8%
5.15
24.79
34.22
26.35
26.1%
12.11
19.85
31.3%
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)
4.97
19.19
10.92
-29.46
-39.5%
7.55
-11.29
-24.7%
9.27
32.29
31.38
6.97
6.2%
11.13
4.21
6.4%
18.70
44.46
48.72
31.02
35.2%
17.81
14.73
31.6%
4.97
27.61
25.70
19.73
22.3%
9.53
10.96
20.2%
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)
23.55
+12.19
28.34
+17.61
34.66
+21.36
30.23
+13.12
Europe-Africa Cost Per Pair Sold (production, freight, tariffs, x-rates)
Margin Over Direct Cost ($ per pair sold)
23.10
+13.41
29.53
+20.76
38.46
+28.92
26.44
+19.07
Asia-Pacific Cost Per Pair Sold (production, freight, tariffs, x-rates)
Margin Over Direct Cost ($ per pair sold)
19.33
+9.44
24.52
+21.67
39.47
+27.52
20.49
+22.63
Latin America Cost Per Pair Sold (production, freight, tariffs, x-rates)
Margin Over Direct Cost ($ per pair sold)
17.78
+6.01
24.93
+15.21
35.29
+19.84
23.37
+13.89
Footwear Industry Report © 2018 GLO-BUS Software, Inc. Page 7
05/12/2022, 14:16 BSG Decisions & Reports
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Industry 45 Cඍඔඍඊකඑගඡ Eඖඌ඗කඛඍඕඍඖගඛ ඉඖඌ Iඖඌඝඛගකඡ Tකඍඖඌඛ Year 16
Celebrity Endorsements
Celebrity
Year 17
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)
6,000 (D)
7,000 (I)
7,000 (G)
5,199 (C)
5,100 (F)
5,000 (G)
7,000 (B)
6,199 (C)
5,100 (F)
5,001 (D)
6,199 (C)

13,000 (G) 12,500 (E)

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

6,599 (C)
7,100 (F)
6,000 (G)
6,000 (D)
0
6,000 (G)
9,500 (E)
5,000 (G)

10,008 (A) 10,000 (G)

6,100 (F)
6,000 (D)

14,989 (A) 14,150 (H) 14,000 (G)

7,600 (F)
6,000 (D)
3,500 (C)

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 G HAPPY FEET LTD 3 Roger Federation HOT SHOEROOM 6 Nick Shavan C Shoesio 2 Anderson Blooper F Gravity Footwear 4 Mic Jagermeister G HAPPY FEET LTD 4 Jim Hardball D Sport Class 4 LaBron Game A Ludo 5 Flint Westwood F Gravity Footwear 4

Co. N.A. E-A
A-P
155
60
165
70
125
245
275
65
0
0
0
0
97
L.A.
140
100
115
70
115
335
205
100
0
0
0
0
98

A
B
C
D
E
F
G
H
I
J
K
L
Avg.
170
40
145
65
185
250
230
75
0
0
0
0
97
180
85
155
45
135
255
225
85
0
0
0
0
97

Year 17 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★
7.0★
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