Reported Earnings • Jul 14
Second quarter 2026 earnings released: EPS: €0.15 (vs €0.16 in 2Q 2025) Second quarter 2026 results: EPS: €0.15 (down from €0.16 in 2Q 2025). Revenue: €255.2m (up 9.6% from 2Q 2025). Net income: €6.15m (down 7.3% from 2Q 2025). Profit margin: 2.4% (down from 2.9% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Aankondiging • Mar 17
Tkm Grupp as Approves Dividend for the Year 2025, Payable on April 7, 2026 TKM Grupp AS approved dividend of EUR 0.60 per share for the year 2025. The list of shareholders entitled to receive the dividend will be fixed on 31st of March 2026 as at the end of the business day of Nasdaq CSD’s Estonian settlement system. The dividend will be paid to shareholders on 7th of April 2026 by transfer to the shareholder’s bank account. The dividend payment ex-date is 30th of March 2026. From that date the new owner of the shares is not entitled to dividends for the year 2025. Aankondiging • Mar 19
TKM Grupp AS Approves Dividend for the Year 2024, Payable on April 3, 2025 TKM Grupp AS at its Annual General Meeting of Shareholders held on March 17, 2025 approved dividend of EUR 0.65 per share for 2024. The list of shareholders entitled to receive the dividend will be fixed on 31st of March 2025 as at the end of the business day of Nasdaq CSD’s Estonian settlement system. The dividend will be paid to shareholders on 3rd of April 2025 by transfer to the shareholder’s bank account. TKM Grupp AS informs that the dividend payment ex-date is 28th of March 2025. From that date the new owner of the shares is not entitled to dividends for the year 2024. Aankondiging • Feb 21
TKM Grupp AS, Annual General Meeting, Mar 17, 2025 TKM Grupp AS, Annual General Meeting, Mar 17, 2025, at 12:00 FLE Standard Time. Location: tallinn, at viking motors dealership, at tammsaare tee 51., Estonia Aankondiging • Feb 20
TKM Grupp AS Proposes Dividend for the Year 2024, Payable on April 3, 2025 TKM Grupp AS proposed to the general meeting of shareholders to be held on March 17, 2025, to distribute dividend of EUR 0.65 per share for 2024. The list of shareholders entitled to receive the dividend will be fixed on March 31, 2025 as at the end of the business day of Nasdaq CSD’s Estonian settlement system. The dividend will be paid to shareholders on April 3, 2025 by transfer to the shareholder’s bank account. Reported Earnings • Oct 10
Third quarter 2024 earnings released: EPS: €0.21 (vs €0.27 in 3Q 2023) Third quarter 2024 results: EPS: €0.21 (down from €0.27 in 3Q 2023). Revenue: €229.8m (down 1.8% from 3Q 2023). Net income: €8.59m (down 23% from 3Q 2023). Profit margin: 3.7% (down from 4.8% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 11
Second quarter 2024 earnings released: EPS: €0.24 (vs €0.32 in 2Q 2023) Second quarter 2024 results: EPS: €0.24 (down from €0.32 in 2Q 2023). Revenue: €237.7m (down 2.0% from 2Q 2023). Net income: €9.87m (down 23% from 2Q 2023). Profit margin: 4.2% (down from 5.3% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 10
First quarter 2024 earnings released: €0.04 loss per share (vs €0.015 profit in 1Q 2023) First quarter 2024 results: €0.04 loss per share (down from €0.015 profit in 1Q 2023). Revenue: €221.7m (up 1.7% from 1Q 2023). Net loss: €1.51m (down 352% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 26
Upcoming dividend of €0.72 per share Eligible shareholders must have bought the stock before 02 April 2024. Payment date: 08 April 2024. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 6.8%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.2%). Aankondiging • Mar 21
Tallinna Kaubamaja Grupp AS Approves Dividend for the Year 2023, Payable on 8 April 2024 The Annual General Meeting of Shareholders of Tallinna Kaubamaja Grupp AS held on 18 of March 2024, approved the proposal pay a dividend of EUR 0.72 per share that is EUR 29,325,000. The list of shareholders entitled to receive the dividend will be fixed on 3 of April 2024 as at the end of the business day of Nasdaq CSD’s Estonian settlement system. The dividend will be paid to shareholders on 8 April 2024 by transfer to the shareholder’s bank account. The company informs that the dividend payment ex-date is 2nd of April 2024. From that date the new owner of the shares is not entitled to dividends for the year 2023. Declared Dividend • Feb 29
Dividend increased to €0.72 Dividend of €0.72 is 5.9% higher than last year. Ex-date: 2nd April 2024 Payment date: 8th April 2024 Dividend yield will be 7.1%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 7.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 4.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 25
Full year 2023 earnings released: EPS: €0.92 (vs €0.72 in FY 2022) Full year 2023 results: EPS: €0.92 (up from €0.72 in FY 2022). Revenue: €947.3m (up 9.8% from FY 2022). Net income: €37.4m (up 27% from FY 2022). Profit margin: 4.0% (up from 3.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 22
Tallinna Kaubamaja Grupp AS, Annual General Meeting, Mar 18, 2024 Tallinna Kaubamaja Grupp AS, Annual General Meeting, Mar 18, 2024, at 12:00 E. Europe Standard Time. Location: Viking Motors dealership at Tammsaare tee 51 Talliinn Estonia Agenda: To consider Approval of the 2023 annual report; to consider Distribution of profits; to consider Recalling members of the Supervisory Board, electing new members of the Supervisory Board and determination of the procedure for remuneration; to Change of articles of association and business name of Tallinna Kaubamaja Grupp AS; and to discuss other matters. Reported Earnings • Jan 19
Full year 2023 earnings released: EPS: €0.92 (vs €0.72 in FY 2022) Full year 2023 results: EPS: €0.92 (up from €0.72 in FY 2022). Revenue: €949.3m (up 10.0% from FY 2022). Net income: €37.4m (up 27% from FY 2022). Profit margin: 3.9% (up from 3.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 11
Third quarter 2023 earnings released: EPS: €0.27 (vs €0.19 in 3Q 2022) Third quarter 2023 results: EPS: €0.27 (up from €0.19 in 3Q 2022). Revenue: €234.4m (up 8.3% from 3Q 2022). Net income: €11.2m (up 44% from 3Q 2022). Profit margin: 4.8% (up from 3.6% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Jul 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 90% Reported Earnings • Jul 13
Second quarter 2023 earnings released: EPS: €0.32 (vs €0.26 in 2Q 2022) Second quarter 2023 results: EPS: €0.32 (up from €0.26 in 2Q 2022). Revenue: €243.0m (up 14% from 2Q 2022). Net income: €12.8m (up 21% from 2Q 2022). Profit margin: 5.3% (up from 5.0% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 13
First quarter 2023 earnings released: EPS: €0.01 (vs €0.01 in 1Q 2022) First quarter 2023 results: EPS: €0.01 (in line with 1Q 2022). Revenue: €218.4m (up 9.8% from 1Q 2022). Net income: €600.0k (up 43% from 1Q 2022). Profit margin: 0.3% (up from 0.2% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Mar 23
Upcoming dividend of €0.68 per share at 6.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 05 April 2023. Payout ratio and cash payout ratio are on the higher end at 94% and 98% respectively. Trailing yield: 6.5%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.9%). Reported Earnings • Feb 27
Full year 2022 earnings released: EPS: €0.72 (vs €0.79 in FY 2021) Full year 2022 results: EPS: €0.72 (down from €0.79 in FY 2021). Revenue: €862.8m (up 5.0% from FY 2021). Net income: €29.5m (down 7.9% from FY 2021). Profit margin: 3.4% (down from 3.9% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Aankondiging • Feb 16
Tallinna Kaubamaja Grupp AS (TLSE:TKM1T) completed the acquisition of Walde AS. Tallinna Kaubamaja Grupp AS (TLSE:TKM1T) agreed to acquire Walde AS on December 23, 2022. The business of Walde AS will continue in its current form, and there will be no changes in the composition of Walde AS’s employees in connection with the transaction. The transaction will be completed after receiving the necessary approvals from the contractual partners and carrying out additional actions.
Tallinna Kaubamaja Grupp AS (TLSE:TKM1T) completed the acquisition of Walde AS on February 15, 2023. Reported Earnings • Jan 20
Full year 2022 earnings released: EPS: €0.72 (vs €0.79 in FY 2021) Full year 2022 results: EPS: €0.72 (down from €0.79 in FY 2021). Revenue: €865.0m (up 5.3% from FY 2021). Net income: €29.5m (down 7.9% from FY 2021). Profit margin: 3.4% (down from 3.9% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Aankondiging • Jan 05
Tallinna Kaubamaja Grupp AS Announces Board Changes Tallinna Kaubamaja Grupp AS announced member of the supervisory board and the audit committee of the company, Andres Järving, has applied for resignation from his positions in the company as of 1st of January 2023. In connection to the above, following changes shall be made in the composition of supervisory boards and audit committee: Changes in the composition of Supervisory Board of Tallinna Kaubamaja Grupp AS shall be decided by the next Annual General Meeting (1st quarter of 2023). In accordance with the resolution of the Supervisory Board of Tallinna Kaubamaja Grupp AS, the Audit Committee shall continue with four members – Kaia Salumets (chairman), Jüri Käo, Gunnar Kraft, Kristo Anton. Andres Järving shall be recalled from the Supervisory Boards of subsidiaries of Tallinna Kaubamaja Grupp AS (Selver AS, Kulinaaria OÜ, Kaubamaja AS, TKM Finants AS, OÜ TKM Beauty, TKM Auto OÜ, KIA Auto AS, AS Viking Motors, SIA Forum Auto, SIA Verte Auto, UAB KIA Auto, Tallinna Kaubamaja Kinnisvara AS, OÜ Tartu Kaubamaja Kinnisvara, SIA TKM Latvija, UAB TKM Lietuva, Viking Security AS) and Kristo Anton shall replace him as of 1st of January 2023. Andres Järving shall be recalled from the Supervisory Board of affiliate Rävala Parkla AS (50% shareholding) and Peeter Kütt shall replace him as of 1st of January 2023. Kristo Anton has been working as the Investment Manager of NG Investeeringud OÜ since 2006, where his main tasks are topics related to investments, expansions and financing of subsidiaries of Tallinna Kaubamaja Group. Kristo Anton is also a member of the sustainable development working group of Tallinna Kaubamaja Group and a member of the Audit Committee. Outside the Group, Kristo Anton belongs to the Management Board of Mansum OÜ. He holds a master's degree (MBA) from Concordia International University Estonia since 2001 and a master's degree (MScEng) from Tallinn University of Technology since 2022. Kristo Anton does not own shares of Tallinna Kaubamaja Grupp AS. Peeter Kütt is a member of the management boards of all subsidiaries of the Group's real estate segment (currently Tallinna Kaubamaja Kinnisvara AS, OÜ Tartu Kaubamaja Kinnisvara, SIA TKM Latvija and UAB TKM Lietuva), where his main tasks are managing the Group's real estate projects and activities and advising the Group's companies in the field of real estate, as well he is a member of the Group's sustainable development working group. Also, Peeter Kütt has been working as the Real Estate Investment Manager of NG Investeeringud OÜ since 1998 and he is a member of the Management Board of NG Investeeringud OÜ's subsidiaries Roseni Majad OÜ and OÜ Roseni Kinnisvara and a member of Supervisory Board of Kuulsaal OÜ. Peeter Kütt does not own shares of Tallinna Kaubamaja Grupp AS. Reported Earnings • Oct 15
Third quarter 2022 earnings released: EPS: €0.19 (vs €0.31 in 3Q 2021) Third quarter 2022 results: EPS: €0.19 (down from €0.31 in 3Q 2021). Revenue: €216.5m (up 5.0% from 3Q 2021). Net income: €7.78m (down 38% from 3Q 2021). Profit margin: 3.6% (down from 6.1% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Aankondiging • Sep 16
Kia Auto as and Tallinna Kaubamaja Grupp AS Provides Update on Regional Court’s Interim Decision to Suspend the Ongoing Proceedings On 14 September 2022, the Administrative Regional Court of the Republic of Latvia decided to stay the proceedings that have been ongoing since 2014 between KIA Auto AS, Tallinna Kaubamaja Grupp AS and the Latvian Competition Council regarding the alleged conflict of competition law of the warranty conditions of KIA Auto AS that were valid in the period of 2004-2009 and the legality of the penalty in the amount of 135 thousand euros. The proceedings were stayed based on the application of the Latvian Competition Council to further evaluate the factual circumstances of the case and refer questions to the Court of Justice of the European Union. The average time to obtain a preliminary ruling is approximately one and a half years. After receiving the preliminary ruling, the proceedings will resume in the regional court in Latvia. On 22 December 2021, the Supreme Court of the Republic of Latvia returned the case to the regional court, indicating that a full review of the alleged anti-competitive behavior, including its impact on the market, needs to be carried out and that it also needs to be verified if the assessment conducted by the Latvian Competition Council has been thorough, accurate and whether a proper market analysis has been conducted. In turn, the Latvian Competition Council requested from the regional court to refer the case to the Court of Justice of the European Union for a preliminary ruling on the constituent elements of the review to find a restriction of competition “by effect” within the context of the warranty conditions of KIA Auto AS that were valid in the period of 2004-2009, and the standard of proof required of competition authority to prove the alleged violation. Reported Earnings • Jul 13
Second quarter 2022 earnings released: EPS: €0.26 (vs €0.24 in 2Q 2021) Second quarter 2022 results: EPS: €0.26 (up from €0.24 in 2Q 2021). Revenue: €213.5m (up 3.1% from 2Q 2021). Net income: €10.7m (up 7.7% from 2Q 2021). Profit margin: 5.0% (up from 4.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Apr 13
First quarter 2022 earnings released: EPS: €0.01 (vs €0.053 loss in 1Q 2021) First quarter 2022 results: EPS: €0.01 (up from €0.053 loss in 1Q 2021). Revenue: €199.3m (up 4.4% from 1Q 2021). Net income: €419.0k (up €2.59m from 1Q 2021). Profit margin: 0.2% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 24
Upcoming dividend of €0.68 per share Eligible shareholders must have bought the stock before 31 March 2022. Payment date: 06 April 2022. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 6.0%. Within top quartile of German dividend payers (3.6%). Higher than average of industry peers (4.1%). Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.79 (up from €0.48 in FY 2020). Revenue: €821.6m (up 11% from FY 2020). Net income: €32.0m (up 64% from FY 2020). Profit margin: 3.9% (up from 2.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.6%. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Jan 21
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.79 (up from €0.48 in FY 2020). Revenue: €826.0m (up 11% from FY 2020). Net income: €32.0m (up 64% from FY 2020). Profit margin: 3.9% (up from 2.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Oct 14
Third quarter 2021 earnings released: EPS €0.31 (vs €0.18 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €206.2m (up 6.2% from 3Q 2020). Net income: €12.6m (up 69% from 3Q 2020). Profit margin: 6.1% (up from 3.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Jul 16
Second quarter 2021 earnings released: EPS €0.24 (vs €0.14 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €207.2m (up 21% from 2Q 2020). Net income: €9.90m (up 70% from 2Q 2020). Profit margin: 4.8% (up from 3.4% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Apr 16
First quarter 2021 earnings released: €0.05 loss per share (vs €0.043 loss in 1Q 2020) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: €190.8m (up 8.7% from 1Q 2020). Net loss: €2.18m (loss widened 25% from 1Q 2020). Upcoming Dividend • Mar 25
Upcoming dividend of €0.60 per share Eligible shareholders must have bought the stock before 01 April 2021. Payment date: 09 April 2021. Trailing yield: 6.2%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (4.2%). Aankondiging • Mar 21
Tallinna Kaubamaja Grupp AS Approves Dividend for the Year 2020, Payable on 9 April 2021 Tallinna Kaubamaja Grupp AS announced that at its AGM held on 19 March 2021, approved to pay dividends EUR 0.60 per share. The list of shareholders entitled to receive the dividend will be fixed on 6 April 2021 as at the end of the business day of Nasdaq CSD’s Estonian settlement system. The dividend will be paid to shareholders on 9 April 2021 by transfer to the shareholder’s bank account. Tallinna Kaubamaja Grupp AS informs that the dividend payment ex-date is April 1, 2021. From that date the new owner of the shares is not entitled to dividends for the year 2020. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS €0.48 (vs €0.78 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €741.9m (up 3.4% from FY 2019). Net income: €19.5m (down 39% from FY 2019). Profit margin: 2.6% (down from 4.4% in FY 2019). The decrease in margin was driven by higher expenses. Aankondiging • Feb 23
Tallinna Kaubamaja Grupp AS, Annual General Meeting, Mar 19, 2021 Tallinna Kaubamaja Grupp AS, Annual General Meeting, Mar 19, 2021, at 11:00 E. Europe Standard Time. Location: Radisson Blu Hotel Olümpia Conference Centre, at Liivalaia 33 Tallin City Estonia Agenda: To approve the annual report for 2020; to consider distribution of profits; to consider election of members of the Supervisory board and determination of the procedure for remuneration; and to consider other matters. Reported Earnings • Jan 23
Full year 2020 earnings released: EPS €0.48 The company reported a soft full year result with weaker earnings and profit margins, although revenues were improved. Full year 2020 results: Revenue: €741.9m (up 3.4% from FY 2019). Net income: €19.5m (down 37% from FY 2019). Profit margin: 2.6% (down from 4.3% in FY 2019). The decrease in margin was driven by higher expenses. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS €0.48 The company reported a soft full year result with weaker earnings and profit margins, although revenues were improved. Full year 2020 results: Revenue: €743.2m (up 3.6% from FY 2019). Net income: €19.5m (down 37% from FY 2019). Profit margin: 2.6% (down from 4.3% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Jan 07
New 90-day high: €9.52 The company is up 15% from its price of €8.30 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: €8.88 The company is up 11% from its price of €8.00 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 2.0% over the same period. Reported Earnings • Oct 14
Third quarter earnings released Over the last 12 months the company has reported total profits of €25.6m, down 11% from the prior year. Total revenue was €733.3m over the last 12 months, up 3.7% from the prior year. Is New 90 Day High Low • Oct 13
New 90-day high: €8.38 The company is up 1.0% from its price of €8.26 on 15 July 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is up 2.0% over the same period. Is New 90 Day High Low • Sep 27
New 90-day low: €7.92 The company is down 4.0% from its price of €8.28 on 29 June 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is up 1.0% over the same period. 
