Note: Total shareholder return (TSR) is the percentage change between the compounded annual growth rates of dividend adjusted close prices for each year
Sources: S&P Global Market Intelligence; S&P 500 (n=52 S&P500 retailers)
Cumulative total shareholder returns (2012–22, indexed to 0 in 2012)
600
400
0
200
2012
13
22
17
16
15
14
21
20
19
18
Enduring value
creators
Profit postponers
Profit maximizers
Value extractors
Gap starts to widen in 2018, increasing to 101 points by
2022 for enduring value creators and
profit maximizers …
… and 161
points for profit
postponers
and value extractors
From 2012 to 2018, minimal difference in cumulative
TSR between stakeholder value creators and extractors
