etail industry. Comoarative EBITDAR Margins • 20IS •2014 r 6S0.7S0 bps 241% 23.1% 254% 24" ;margin diSparlty: I7.6% r fits asso tan.!.• 3) Improving Unit Economics Can Supercharge Growth At current working capital levels, we estimate that the 5-year unlevered IRR for new units falls in the mid-single digits. Ho