Owner Scorecard


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An industry chapter · Department & General Merchandise Stores

Department & General Merchandise Stores

20 members, 3086 to WMT, A to Z by ticker.

Gross profitability
median 41% — gross profit as a share of total assets, each member's median across its readable years; read on 19 of 20 members
Capital intensity
median 2.9% — capital expenditure as a share of revenue, each member's median across its readable years; read on 19 of 20 members
Net cash
8 of the 20 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

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3086 J. Front Retailing

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2019–2026 ¥5.9B¥40.3B¥41.7B¥44.0B¥56.8B¥83.7B¥71.4B¥52.8B

Retained capital Retained ¥38.3B of earnings over 2019–2026; annual owner earnings grew ¥40.0B, ¥1.04 per ¥1 retained.

Balance sheet Heavy net debt, ¥300.6B · dividend paid 8 of 8 yrs, cut at least once

3099 Isetan Mitsukoshi Holdings

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2026 ¥13.3B¥48.2B(¥23.8B)(¥11.8B)(¥23.8B)¥18.8B¥53.4B¥35.3B¥68.2B¥65.8B

Retained capital Retained ¥39.5B of earnings over 2017–2026; annual owner earnings grew ¥43.9B, ¥1.11 per ¥1 retained.

Balance sheet Net cash, +¥10.0B · dividend paid 10 of 10 yrs, cut at least once

7532 Pan Pacific International Holdings

Revenue is Japan (85%), North America (12%) and Asia (4%).

Owner earnings 2016–2025 (¥14.6B)¥17.0B(¥7.3B)¥58.1B¥33.6B¥38.7B¥48.6B¥86.3B¥64.3B¥93.3B

Retained capital Retained ¥385.5B of earnings over 2016–2025; annual owner earnings grew ¥82.9B, ¥0.22 per ¥1 retained.

Balance sheet Modest net debt, ¥266.8B · dividend paid 10 of 10 yrs, never cut

8233 Takashimaya

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥20.5B(¥32.6B)(¥25.2B)(¥3.9B)¥20.3B(¥11.9B)¥10.5B¥31.7B¥43.7B¥8.6B

Retained capital Retained ¥33.2B of earnings over 2017–2026; annual owner earnings grew ¥40.4B, ¥1.22 per ¥1 retained.

Balance sheet Heavy net debt, ¥337.0B · dividend paid 10 of 10 yrs, never cut

8252 Marui Group

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥662.7B

BJ BJ's Wholesale

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2017–2026 $183M$73M$281M$198M$701M$651M$587M$491M$639M$741M

Retained capital Retained $1.4B of earnings over 2017–2026; annual owner earnings grew $445M, $0.31 per $1 retained.

Balance sheet Modest net debt, $473M · buybacks at an average near $24.44 · dividend paid 9 of 10 yrs, cut at least once

BURL Burlington Stores

We are a nationally recognized off-price retailer of high-quality, branded merchandise at everyday low prices.

Owner earnings 2017–2026 $428M$406M$422M$681M($54M)$584M$326M$562M$516M$814M

Retained capital Retained $707M of earnings over 2017–2026; annual owner earnings grew $212M, $0.30 per $1 retained.

Balance sheet Modest net debt, $846M

COST Costco Wholesale Corp.

Costco runs a chain of membership warehouse clubs: large, no-frills stores where shoppers pay an annual fee for the right to buy. It stocks a deliberately narrow range of goods — food and household staples alongside general merchandise such as apparel, appliances and home goods, plus ancillary offerings like gasoline, pharmacy and optical — and sells them in bulk at very small markups. The merchandise moves close to cost; the membership fee is where most of the profit comes from.

Owner earnings 2016–2025 $2.0B$5.4B$4.3B$4.9B$7.2B$7.2B$5.5B$9.0B$9.1B$10.9B

Retained capital Retained $15.9B of earnings over 2016–2025; annual owner earnings grew $5.8B, $0.36 per $1 retained.

Balance sheet Net cash, +$9.5B · buybacks at an average near $325 · dividend paid 10 of 10 yrs, cut at least once

DDS Dillard's

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2017–2026 $407M$144M$230M$262M$192M$1.2B$828M$751M$610M$624M

Retained capital Retained $52M of earnings over 2017–2026; annual owner earnings grew $401M.

Balance sheet Net cash, +$496M · buybacks at an average near $113 · dividend paid 10 of 10 yrs, never cut

DDT Dillard's Capital Trust I

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2017–2026 $407M$144M$230M$262M$192M$1.2B$828M$751M$610M$624M

Retained capital Retained $52M of earnings over 2017–2026; annual owner earnings grew $401M.

Balance sheet Net cash, +$496M · buybacks at an average near $113 · dividend paid 10 of 10 yrs, never cut

DG Dollar General Corporation

Dollar General runs the largest chain of discount stores in the United States, counted by number of locations — small-format shops concentrated across the southern, midwestern and eastern parts of the country. It sells everyday goods cheaply, with consumables — the household and food items people buy and use up — making up most of the sales, and seasonal merchandise, home products and apparel behind. It carries both national brands and its own private labels priced below them, and earns its keep on the spread between what it pays for the goods and what shoppers pay at the register.

Owner earnings 2017–2026 $1.2B$1.4B$1.7B$1.7B$3.3B$2.2B$1.3B$1.5B$2.0B$2.4B

Retained capital Retained $2.3B of earnings over 2017–2026; annual owner earnings grew $549M, $0.24 per $1 retained.

Balance sheet Modest net debt, $3.4B · dividend paid 10 of 10 yrs, never cut

DLTR Dollar Tree Inc.

We are a leading operator of retail discount stores operating under the brand names of Dollar Tree and Dollar Tree Canada.

Owner earnings 2017–2026 $1.1B$878M$949M$835M$1.8B$410M$976M$1.5B$893M$1.1B

Retained capital Paid out $1.3B more than it earned over 2017–2026; annual owner earnings grew $168M.

Balance sheet Modest net debt, $1.7B

FIVE Five Below

Five Below is a specialty value retailer offering trend-right, high-quality products loved by the kid and the kid in all of us.

Owner earnings 2018–2026 $134M$129M$132M$297M$243M$209M$369M$263M$412M

Retained capital Retained $1.7B of earnings over 2018–2026; annual owner earnings grew $216M, $0.12 per $1 retained.

Balance sheet Net cash, +$932M · buybacks at an average near $144

KSS Kohl's

Kohl's is a leading omnichannel retailer operating 1,153 stores and a website (www.

Owner earnings 2017–2026 $1.4B$1.0B$1.5B$802M$1.0B$1.7B($544M)$591M$182M$1.0B

Retained capital Paid out $1.9B more than it earned over 2017–2026; annual owner earnings fell $717M.

Balance sheet Modest net debt, $1.2B · dividend paid 10 of 10 yrs, cut at least once

M Macy's

Macy's is a department-store retailer. It buys apparel, shoes, accessories, cosmetics, and fragrances at wholesale and resells them to ordinary shoppers — mostly women — through its stores and its website, with women's accessories, shoes, cosmetics, and apparel making up the bulk of the sales. It also runs the higher-end Bloomingdale's and Bluemercury banners and owns a meaningful share of the real estate its stores occupy.

Owner earnings 2017–2026 $1.2B$1.5B$1.1B$706M$311M$2.4B$727M$674M$760M$1.1B

Retained capital Paid out $742M more than it earned over 2017–2026; annual owner earnings fell $427M.

Balance sheet Modest net debt, $1.8B · buybacks at an average near $23.58 · dividend paid 10 of 10 yrs, cut at least once

MNSO MINISO Group Holding Limited

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2019–2024 CN¥922MCN¥770MCN¥736MCN¥1.1BCN¥1.5BCN¥1.4B

Retained capital Retained CN¥377M of earnings over 2019–2024; annual owner earnings grew CN¥529M, CN¥1.40 per CN¥1 retained.

Balance sheet Net cash, +CN¥5.9B · dividend paid 4 of 6 yrs, cut at least once

OLLI Ollie's Bargain

Ollie's Bargain Outlet Holdings, Inc. and subsidiaries is a leading off-price retailer of brand name household products.

Owner earnings 2017–2026 $57M$84M$112M$88M$339M$20M$86M$220M$183M$241M

Retained capital Retained $1.1B of earnings over 2017–2026; annual owner earnings grew $130M, $0.12 per $1 retained.

Balance sheet Net cash, +$55M · no dividend paid

PSMT PriceSmart Inc.

PriceSmart.com, both of which offer home delivery and curbside pickup via its Click & Go service.

Owner earnings 2016–2025 $102M$77M$67M$115M$198M$62M$54M$185M$125M$173M

Retained capital Retained $615M of earnings over 2016–2025; annual owner earnings grew $79M, $0.13 per $1 retained.

Balance sheet Net cash, +$128M · dividend paid 10 of 10 yrs, cut at least once

TGT Target Corp.

Target runs discount stores across the United States, selling general merchandise and everyday essentials to shoppers it calls guests, both in its stores and through digital channels. It buys goods, much of it imported, and resells them at a markup, leaning on design, style, value, and a curated multi-category assortment to set itself apart from other big-box sellers. The largest sales lines are food and beverage and household essentials, with several other merchandise categories behind them.

Owner earnings 2017–2026 $3.9B$4.4B$3.5B$4.1B$7.9B$6.0B$1.3B$5.8B$4.5B$2.8B

Retained capital Retained $1.3B of earnings over 2017–2026; annual owner earnings grew $444M.

Balance sheet Modest net debt, $4.6B · buybacks at an average near $119 · dividend paid 10 of 10 yrs, never cut

WMT Walmart Inc.

Walmart runs discount stores and membership warehouse clubs that sell groceries and general merchandise to everyday shoppers, both in its buildings and online. Most of the money comes from its US stores, with the rest split between markets abroad and the Sam's Club warehouses. It buys goods in enormous volume, marks them up little, and keeps a thin slice on each sale across an immense number of transactions.

Owner earnings 2017–2026 $21.1B$18.3B$17.4B$14.6B$25.8B$11.1B$17.9B$23.9B$23.5B$27.4B

Retained capital Retained $10.1B of earnings over 2017–2026; annual owner earnings grew $6.0B.

Balance sheet Modest net debt, $28.1B · buybacks at an average near $38.19 · dividend paid 10 of 10 yrs, never cut

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.