Weekly Relative Value Update: Retail, Restaurant and Supermarket – 5/14/26

Research evidence excerpt

Weekly Relative Value Update: Retail, Restaurant and Supermarket – 5/14/26

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Weekly Relative Value Update

Retail, Restaurant and Supermarket –

5/14/26

Industry Overview

Company and Industry News 14 May 2026

UA: Under Amour still struggling during home games; maintain Underweight High Yield Credit

United States

BAC Card Data: April spending data remains robust despite elevated fuel costs Retail and Apparel

Sally Beauty (SBH): Adj EBITDA declined a hair; maintain Marketweight

Victra (VICTRA) 1Q26 EBITDA above our estimate

Wolverine (WWW) 1Q26 EBITDA slightly above our estimate William M. Reuter

Research Analyst

April CPI data for non-food categories BofAS

+1 646 855 6363

william.m.reuter@bofa.com

Other recent news summary

Michael DeRienzo

Ratings ResearchBofAS Analyst

+1 646 855 7973

Exhibit 1: BofA High Yield Ratings michael.derienzo@bofa.com

BofA ratings on High Yield Retail issuers’ bonds

Underweight Marketweight Overweight

Carter’s Advantage Sales QVC Bath & Body Works Michaels Stores

7.375% Sr Notes 9% Sr Sec’d Notes 6.875%, 5.45%, 5.95% 5.25%, 7.5%, 6.625%, 8.5% 1L Sr Sec’d Notes

Kohl’s Albertsons Sr Sec’d Notes 6.875%, 6.75% Sr Notes 11% 2L Sr Sec’d Notes

4.625%, 5.55% Sr Notes 6.5%, 3.5%, 4.875%, Restaurant Brands (Gtd) 6.95%, 7.6% Sr Notes Petco

Leslie’s Poolmart 5.5%, 5.625%, 6.25%, 5.75%, 3.875%, 3.5% Sr Bloomin’ Brands 8.25% Sr Sec’d Notes, TL-B

TL-B 5.75% Sr Notes Sec'd (1L) Notes, 4.375%, 5.125% Sr Notes Upbound Group

Nordstrom Brinker 4.0%, Sr Sec'd (2L) Notes Dave & Buster’s 6.375% Sr Notes

4.0%, 6.95%, 4.375% 8.25% Sr Notes Sally Beauty TL-B, TL-B Wolverine World Wide

4.25%, 5.0% Sr Notes Crocs TL-B, 6.75% Sr Notes Guitar Center 4.0% Sr Notes

Papa John's 4.25%, 4.125% Sr Notes; Torrid 1L 8.5% Sr Sec’d Notes

3.875% Sr Notes TL-B TL-B