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North America Equity Research 04 April 2019 Broadlines Hardlines Re l 7th Annual Share of Wallet Analysis - 2018 Started with a Bang, Ended with a W himper; 2019 Implications In our seventh annual Share of Wallet analysis, we examine services and Re ling — Hardlines re l spending shifts while also digging into the consumer slowdown that AC Christopher Horvers, CFA occurred at the end of last year. Key takeaways include (1) 2017 and most of (1-212) 622-1316 2018 were robust times evidenced by accelerating spending, share dynamics, christopher.horvers@jpmorgan. category shifts, and a narrowing growth gap vs. e merce. However, the Bloomberg JPMA HORVERS GO deceleration/increased volatility since last summer suggest sales softness goes C. Jerry Sullivan beyond one-time factors. One- and two-year growth trends inflected positively at (1-212) 622-5928 the start of 2017, the peak one-year pace occurred in holiday 2017, the peak two- jerry.sullivan@jpmorgan. year trend happened in Nov 2018, and both h e been deteriorating since (core Tami Zakaria, CFA sales had been growing ~5-6% b