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QUARTERLY RESULTS

PRESENTATION

THIRD QUARTER 2023

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FORWARD-LOOKING STATEMENTS

Certain statements in this presentation are forward-

looking statements within the meaning of the

Private Securities Litigation Reform Act of 1995, and

such statements are intended to qualify for the

looking statements. Similarly, descriptions of our

objectives, strategies, plans, goals or targets are

also forward-looking statements. Forward-looking

statements relate to the expectations of

management as to future occurrences and trends,

including statements expressing optimism or

pessimism about future operating results or events

and projected sales, earnings, capital expenditures

and business strategy. Forward-looking statements

are based upon a number of assumptions

current views and assumptions regarding future

events and operating performance, and are

applicable only as of the dates of such statements.

Although we believe the expectations expressed in

operations or liquidity.

Forward-looking statements that we make herein

and in other reports and releases are not

guarantees of future performance and actual results

may differ materially from those discussed in such

forward-looking statements as a result of various

factors, including, but not limited to, the current

economic and credit conditions, inflation, the cost

of goods, our inability to successfully execute

trade restrictions, freight costs, the risks discussed in

the Risk Factors section of our most recent Annual

Report on Form 10-K, and other factors discussed

from time to time in our other filings with the SEC,

You are cautioned not to place undue reliance on

forward-looking statements, which speak only as of

the date they are made. We undertake no

obligation to publicly update forward-looking

statements, whether as a result of new information,

future events or otherwise. You are advised,

however, to consult any further disclosures we make

on related subjects in our public announcements

and SEC filings.

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APPENDIX

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Ahead of Guidance,

Up 240bps vs. LY

$1.18B

Inventory at the

end of Q2

Inline with Guidance,

Managed Down Similar

Adjusted Operating Expenses are comprised of adjusted Selling and Administrative Expenses and Adjusted Depreciation Expense. Adjusted 2023 results

are non-GAAP financial measures. A reconciliation of reported GAAP results to the adjusted non-GAAP results is included in the appendix.

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Q3 2023 COMP SALES BY CATEGORY

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INVENTORY MANAGED DOWN IN LINE WITH Q3 SALES

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(2)

(2)

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APPENDIX

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Q3 | 2023 | 18Q3 | 2023 | 18

APPENDIX

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Q3 | 2023 | 19

termination costs

and related expenses

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The above adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating loss, adjusted operating loss rate, adjusted income tax benefit,

adjusted effective income tax rate, adjusted net loss, and adjusted diluted earnings (loss) per share are “non-GAAP financial measures” as that term is defined by Rule 101 of Regulation G (17

CFR Part 244) and Item 10 of Regulation S-K (17 CFR Part 229). These non-GAAP financial measures exclude from the most directly comparable financial measures calculated and presented in

accordance with GAAP store asset impairment charges of $21,723 ($16,348, net of tax).

exclude store

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The above adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted depreciation expense, adjusted depreciation expense rate, adjusted gain on sale of real estate, adjusted gain on sale of real

estate rate, adjusted operating loss, adjusted operating loss rate, adjusted income tax expense (benefit), adjusted effective income tax rate, adjusted net loss, and adjusted diluted earnings (loss) per share are “non-GAAP financial measures” as

that term is defined by Rule 101 of Regulation G (17 CFR Part 244) and Item 10 of Regulation S-K (17 CFR Part 229). These non-GAAP financial measures exclude from the most directly comparable financial measures calculated and presented

in accordance with GAAP synthetic lease exit costs and related expenses of $53,610 ($39,780, net of tax), FDC contract termination costs and related expenses of $21,399 ($16,589, net of tax), store asset impairment charges net of liability

extinguishment for terminated leases of previously impaired stores of $136,871 ($116,661, net of tax), a gain on sale of real estate and related expenses of $211,912 ($209,330, net of tax), fees related to a cost reduction and productivity

initiative which we refer to as “Project Springboard” of $19,864 ($18,592, net of tax), and an initial valuation allowance on deferred tax assets of $147,850 recorded in second quarter of 2023.

Adjustment to

charges

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The above adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating loss, adjusted operating loss rate, adjusted income tax benefit,

adjusted effective income tax rate, adjusted net loss, and adjusted diluted earnings (loss) per share are “non-GAAP financial measures” as that term is defined by Rule 101 of Regulation G (17

CFR Part 244) and Item 10 of Regulation S-K (17 CFR Part 229). These non-GAAP financial measures exclude from the most directly comparable financial measures calculated and presented in

accordance with GAAP store asset impairment charges of $48,828 ($34,497, net of tax).