Weekly Relative Value Update: Retail, Restaurant and Supermarket

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Weekly Relative Value Update: Retail, Restaurant and Supermarket

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Weekly Relative Value Update

Retail, Restaurant and Supermarket –

6/12/26

Industry Overview

Company and Industry News 12 June 2026

BAC Data: May data shows no signs of consumer spending slowing High Yield Credit

United States

Victoria’s Secret: Trading levels indicate the Secret is out; maintain Marketweight Retail and Apparel

VF Corp (VFC): 4Q was in-line ex-tariff benefits; maintain Marketweight

Petco (WOOF): Continue to bark our Overweight

RH (RH) 1Q26 EBITDA above our estimate; tweaks FY26 revenue guide William M. Reuter

Research Analyst

Guitar Center (GTRC) 1Q26 EBITDA below our estimate (excluding refund benefit) BofAS

+1 646 855 6363

Ratings william.m.reuter@bofa.comMichael DeRienzo

Exhibit 1: BofA High Yield Ratings Research Analyst

BofAS

BofA ratings on High Yield Retail issuers’ bonds +1 646 855 7973

Underweight Marketweight Overweight michael.derienzo@bofa.com

Carter’s Advantage Sales QVC Bath & Body Works Lucky Strike

7.375% Sr Notes 9% Sr Sec’d Notes 6.875%, 5.45%, 5.95% 5.25%, 7.5%, 6.625%, 7.25% Sr Notes

Kohl’s Albertsons Sr Sec’d Notes 6.875%, 6.75% Sr Notes Michaels Stores

4.625%, 5.55% Sr Notes 6.5%, 3.5%, 4.875%, Restaurant Brands (Gtd) 6.95%, 7.6% Sr Notes 8.5% 1L Sr Sec’d Notes

Leslie’s Poolmart 5.5%, 5.625%, 6.25%, 5.75%, 3.875%, 3.5% Sr Bloomin’ Brands 11% 2L Sr Sec’d Notes

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

Nordstrom Brinker 4.0%, Sr Sec'd (2L) Notes Dave & Buster’s 8.25% Sr Sec’d Notes, TL-B

4.0%, 6.95%, 4.375%, 8.25% Sr Notes Sally Beauty TL-B, TL-B Upbound Group

5.0% Sr Notes Crocs TL-B, 6.75% Sr Notes Guitar Center 6.375% Sr Notes

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