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Risks

• Our business has been and may continue to be materially and adversely affected by the impact of the ongoing COVID-19 pandemic.
• Failure to execute our opportunistic buying strategy and successfully manage our inventory could adversely affect our results.
• If we fail to successfully implement our various marketing efforts or if our competitors’ programs are more effective than ours, our revenue or results of operations may be adversely affected.
• Failure to identify consumer trends and preferences, or to otherwise meet customer demand or expectations, in new or existing markets or channels could negatively impact our performance.
• We operate in highly competitive markets, and we may not be able to compete effectively.
• Failure to continue to expand our business successfully could adversely affect our financial results
• Failure to effectively manage the large size and scale of our operations may adversely affect our financial results.
• We source our merchandise globally, which subjects us to risks, including when moving merchandise internationally.
• Our results and profitability could be adversely affected by labor costs, including wage, pension and healthcare costs, or other challenges from our large workforce.
• Failure to employ quality Associates in appropriate numbers and to retain key Associates and management could adversely affect our performance.
• Compromises of our data security, disruptions in our information technology systems, or failure to satisfy the information technology needs of our business could result in material loss or liability, materially impact our operating results or materially harm our reputation.
• Damage to our corporate reputation or those of our retail banners could adversely affect our sales and operating results.
• We depend upon strong cash flows from our operations to supply capital to fund our operations, growth, stock repurchases and dividends and interest and debt repayment.
• Further expansion of our international operations could expose us to risks inherent in operating in new countries.
• Our quarterly operating results fluctuate and may fall short of prior periods, our projections or the expectations of securities analysts or investors, which could adversely affect our stock price.
• If we engage in mergers or acquisitions or investments in new businesses, or divest, close or consolidate any of our current businesses, our business could be subject to additional risks.
• Our real estate leases generally obligate us for long periods, which subjects us to financial risks.
• Failure to protect our inventory or other assets from loss and theft may impact our financial results.
• Economic conditions on a global level or in particular markets, geopolitical uncertainty, and other factors creating uncertainty and instability may adversely affect consumer confidence and discretionary spending, which could affect our financial performance.
• Instability in financial markets or other factors may adversely affect economic conditions, on a global level or in particular markets, impacting our sources of liquidity and costs of capital and increasing our financial exposure, and our strategies for managing these financial risks may not be effective or sufficient.
• Our results may be adversely affected by serious disruptions, catastrophic events or public health crises.
• Our results may be adversely affected by increased utility, transportation or logistics costs; reduced availability or increased cost of oil or other fuels; or increased costs of other commodities.
• Adverse or unseasonable weather may adversely affect our sales and operating results.
• Fluctuations in currency exchange rates may lead to lower revenues and earnings.
• Failure to comply with laws, rules, regulations and orders and applicable accounting principles and interpretations could negatively affect our business operations and financial performance.
• Our results may be materially adversely affected by the outcomes of litigation, legal proceedings and other legal or regulatory matters.
• Quality, safety, or other issues with merchandise we buy and sell could impact our reputation, sales, and financial results.
• Tax matters could adversely affect our results of operations and financial condition.