美国零售行业研究：花旗零售客流追踪：7月第3周与第2周持平，7月月初同比6月整体略有放缓，二季度至今同比2026年一季度略有放缓

US Retail Citi Retail Traffic Tracker: July Wk 3 Similar to July Wk 2; July MTD SlightDecel vs June Overall; 2QTD Decel vs 1Q26 Paul Lejuez, CFA, CPAAC+1-212-816-6462paul.lejuez@citi.com CITI'S TAKE In July wk 3 (week ended 7/25) Placer traffic for the retailers we track was+2.1% vs +2.1% in July wk 2 (week ended 7/18). Ex-WMT, traffic was +2.3%in July wk 3 vs +2.3% in July wk 2. July MTD is +2.2% (+2.4% ex-WMT) vsJune overall of +2.5% (+2.8% ex-WMT). 2QTD is +1.9% (+2.1% ex-WMT) vs1Q26 of +3.3% (+3.4% ex-WMT). Steven Zaccone, CFA+1-212-816-7089steven.zaccone@citi.com Brandon Cheatham, CFA+1-212-816-7113brandon.cheatham@citi.com Placer store traffic data:In conjunction with our Research Innovation Labcolleagues, we use Placer traffic data (which tracks consumer’s locations throughtheir cell phone) as a proxy for traffic at many of the retailers we cover. These trafficdata are ideal for free standing and/or strip mall locations. Therefore, our TrafficTracker captures mostly those that operate big box off-mall locations (and very fewof those that operate within enclosed malls). Kimberly Hong+1-212-816-6682kimberly.hong@citi.com July Wk 3 vs July Wk 2:Compared to LY, total traffic across all companies for whichwe use Placer data was +2.1% in July wk 3 vs +2.1% in July wk 2. If we exclude WMT,which accounts for ~30% of total foot traffic in our analysis (given their status as thelargest U.S. food retailer), traffic was +2.3% in July wk 3 vs +2.3% in July wk 2. Tracy Kogan+1-212-816-2793tracy.kogan@citi.com Ariana H Warden+1-212-816-9450ariana.warden@citi.com Traffic accel/decel:In July wk 3 vs July wk 2, we saw the largest acceleration in trafficat KSS (+660bps), BBY (+380bps), BOOT (+250bps), ASO (+230bps), and VVV(+170bps). We saw the largest deceleration at RL (-590bps), URBN (-560bps), VFC(-540bps), RH (-490bps), and CRI (-400bps). Strongest and weakest absolute store traffic:For July wk 3, we saw the largestabsolute increases at WRBY (+15.8%), ROST (+13.5%), FIVE (+11.4%), OLLI (+10.0%),and TGT (+6.9%).We saw the largest absolute declines at LEVI (-11.4%), COLM (-9.7%), VFC (-9.5%), RH (-9.0%), and CPRI (-8.9%). Call-outs in July MTD vs June: (1) TGTaccelerated 110bps to +6.3% in July MTD vs+5.2% in June; (2) WMTwas flat at +1.9% in July MTD vs +1.9% in June;(3)RLaccelerated 740bps to -4.7% in July MTD vs -12.1% in June;(4)Within optical,WRBYdecelerated 680bps to +18.7% in July MTD vs +25.6% in June;EYEdecelerated240bps to -2.1% in July MTD vs +0.3% in June; (5)FIVEdecelerated 510bps to+13.5% in July MTD vs +18.6% in June; (6)URBNaccelerated 510bps to +4.7% in JulyMTD vs -0.4% in June, driven primarily by a 820bps accel at Anthro;(7) DKSdecelerated 500bps to -3.1% in July MTD vs +1.9% in June;(8) BBWIdecelerated410bps to -5.1% in July MTD vs -1.0% in June;(9) OLLIaccelerated 510bps to +mid-teens from +HSD in June;(10) BOOTdecelerated 550bps to +LSD from +MSD inJune;(11)WOOFaccelerated 450bps to +LSD from down -LSD last month;(12) HDandLOWturned slightly negative,FNDbecame less positive See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Traffic Tracker for US Retail –July Wk3 Placer is a data company that tracks consumer locations through their cell phones,which helps them estimate store level traffic. Placer data is very useful for freestanding and/or strip mall locations (and can help estimate traffic at someenclosed mall locations). Therefore, our Traffic Tracker captures mostly those thatoperate big box off-mall locations (and very few of those that operate withinenclosed malls). We believe our Traffic Tracker is another tool that can be used as part of aninvestment mosaic for many retailers. While conversion and average ticket size arealso important pieces of the sales equation (as well as Ecom sales), store traffic isan important metric. Importantly, we place more weight onacceleration/deceleration (and changes in direction) in our traffic data rather thantreat the data as absolute perfect measures of traffic. We separate our traffic data into sub-sectors, where we show both the individualcompanies within that sub-sector and an average for each sub-sector. Importantly these data include all stores run by each retailer, which means thosethat are opening new stores are biased to have increasing traffic than those that arenot opening new stores. Below we show the biggest changes in July Wk 3 vs July Wk 2. In the Figure below we show all the companies we track in terms of best to worstabsolute performance in July Wk 3 on a year-over-year basis. If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author