Retail MONTHLY SAME STORE SALES Preliminary   12/01/2005

COMPARABLE STORE SALES NOVEMBER 2005


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Industry Credit
Rating
Company YTD Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
F  WET SEAL INC  51.50  -19.50  41.30  33.80  22
NR  CATHERINES INC/CHARMING SHOPPES  29.00  -14.00  0.00  0.00  0
A  ABERCROMBIE & FITCH CO  23.00  2.00  251.20  188.00  34
B  GYMBOREE CORP  22.00  -10.00  65.10  52.10  25
A  ZUMIEZ INC  18.80    18.00    0
NR  MAURICES INC/AMERICAN RETAIL GROUP  16.00    0.00    0
D  GUESS? INC.  15.80  0.50  58.20  46.60  25
NR  EXPRESS INC/LIMITED BRANDS  13.00  -22.00  0.00  0.00  0
C  ANNTAYLOR STORES CORP  12.90  -8.30  182.50  146.19  25
C  CHILDRENS PLACE RETAIL STORES  12.00  9.00  166.00  118.70  40
A  CHICOS FAS INC  11.80  8.60  111.40  88.70  26
D  DRESS BARN INC  10.00  4.00  99.30  61.90  60
NR  LANE BRYANT INC  10.00  6.00  0.00  0.00  0
D  CHARMING SHOPPES INC  9.00  3.00  233.60  176.40  32
A  AEROPOSTALE INC  7.30  4.10  134.30  106.00  27
NR  DRESS BARN  7.00    0.00    0
A  MENS WEARHOUSE INC,THE  5.80  3.20  133.70  124.30  8
E  FILENES BASEMENT CORP/RETAIL VENTURES INC  5.80  2.70  37.50  37.66  -0
C  BURLINGTON COAT FACTORY WAREHOUSE CORP  5.20  3.90  0.00  876.00  -100
A  CLAIRES STORES INC  5.00  3.00  101.40  97.33  4
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  5.00  -1.00  817.70  0.00  0
B  ROSS STORES INC  5.00  -2.00  451.00  391.00  15
F  UNITED RETAIL GROUP INC/DE  5.00  11.00  35.20  33.80  4
E  RETAIL VENTURES INC/ FKA VALUE CITY DEPARTMENT STORES IN  4.70  -5.30  280.50  258.90  8
A  BEBE STORES INC  4.20  23.20  46.30  40.90  13
B  CATO CORP  4.00  3.00  62.10  57.10  9
B  MOTHERS WORK INC / MOTHERHOOD MATERNITY  4.00  -11.60  47.70  40.80  17
D  JOS A BANK CLOTHIERS INC /DE/  3.80  7.50  41.90  36.10  16
B  TALBOTS INC  3.30  -0.50  131.30  130.50  1
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  3.00  0.01  0.00  0.00  0
NR  FASHION BUG  3.00  5.00  0.00  0.00  0
A  PACIFIC SUNWEAR OF CALIFORNIA INC  3.00  2.70  107.30  95.60  12
B  AMERICAN EAGLE OUTFITTERS INC  1.70  24.30  202.40  196.90  3
B  BUCKLE INC,THE  0.30  -0.40  42.50  40.30  5
A  HOT TOPIC INC  0.00  -8.00  54.70  48.50  13
B  LIMITED BRANDS INC  0.00  -5.00  0.00  762.70  -100
B  CACHE INC  -1.00  3.00  22.10  25.60  -14
C  TJX COMPANIES INC  -1.00  2.00  1500.00  1400.00  7
NR  OLD NAVY/THE GAP INC  -2.00  -5.00  0.00  0.00  0
D  GORDMANS INC  -2.10  -3.60  0.00  0.00  0
A  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  -3.00  -3.00  44.40  42.50  4
D  STEIN MART INC  -3.60  2.00  135.40  140.30  -3
B  GAP INC,THE  -4.00  -4.00  1400.00  1400.00  0
D  GOODYS FAMILY CLOTHING INC  -4.80  -0.60  128.00  126.40  1
NR  GAP INC  -5.00  1.00  0.00  0.00  0
NR  BANANA REPUBLIC INC/THE GAP INC  -5.00  -3.00  0.00  0.00  0
F  WILSONS THE LEATHER EXPERTS INC  -13.80  -3.10  41.30  48.60  -15

Credit
Rating
Consumer Electronics Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
C  SHARPER IMAGE CORP  -18.00  -3.00  60.00  78.90  -24

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
D  STAGE STORES INC  4.60  6.00  110.60  103.80  7
A  NEIMAN MARCUS GROUP INC  4.00  8.40  328.00  308.00  6
C  JC PENNEY COMPANY INC  3.60  12.00  1856.00  1543.00  20
B  NORDSTROM INC  2.80  3.10  706.50  667.60  6
NR  TARGET STORES  2.60  0.00  0.00  0.00  0
D  DILLARDS INC  1.00  -3.00  561.00  558.26  0
NR  VALUE CITY DEPARTMENT STORE  0.80  -9.70  145.10  144.59  0
E  GOTTSCHALKS INC  0.50  -8.10  62.50  61.40  2
E  SAKS INC/FKA PROFFITTS INC  0.10  2.40  543.60  635.90  -15
B  KOHLS CORP  -0.10  0.01  1493.70  1346.50  11
E  BON TON STORES INC  -0.90  5.40  141.90  143.20  -1
NR  BON TON,THE  -0.90  3.70  0.00  0.00  0
NR  SHOPKO STORES  -2.10  -6.40  194.60  200.90  -3
B  FEDERATED DEPARTMENT STORES INC/NEW  -3.40  -1.40  2738.00  1434.00  91

Credit
Rating
Footwear Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
NR  DSW INC (FKA SHONAC)  12.80  3.10  97.90  76.70  28
C  SHOE CARNIVAL INC  12.80  -1.70  52.00  45.20  15
D  PAYLESS SHOESOURCE INC  9.00  -2.30  207.60  206.40  1

Credit
Rating
Home Furnishings Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
B  PIER 1 IMPORTS INC  1.90  -9.10  177.10  167.19  6
E  BOMBAY COMPANY INC  -12.40  -13.00  50.10  57.70  -13

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
NR  SAMS CLUB  7.00  2.90  3247.00  2993.00  8
B  COSTCO WHOLESALE CORP  6.00  5.00  4450.00  4080.00  9
C  FREDS INC  4.50  -1.00  140.30  119.10  18
B  WAL MART STORES INC  4.30  0.70  25768.00  23544.00  9
B  WAL MART STORES  3.80  0.30  17384.00  15739.00  10
D  DUCKWALL ALCO STORES INC  3.50  -1.30  37.20  36.70  1
C  FAMILY DOLLAR STORES INC  3.40  5.20  502.10  457.90  10
D  COST U LESS INC  2.70  12.30  17.00  17.20  -1
B  TARGET CORP  2.60  3.20  4583.00  4203.00  9
B  BJS WHOLESALE CLUB  1.80  1.80  621.80  591.05  5
D  BIG LOTS INC /FKA CONSOLIDATED STORES INC  0.70  -6.10  461.60  444.40  4
B  DOLLAR GENERAL CORP  -0.20  3.40  686.30  643.50  7
E  FACTORY CARD & PARTY OUTLET CORP  -1.80  -5.30  16.80  16.60  1
D  SHOPKO STORES INC  -3.90  -4.80  260.10  272.80  -5
D  PAMIDA HOLDINGS CORP  -8.90  0.01  65.50  71.90  -9

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  4.00  2.00  0.00  0.00  0
D  JO ANN STORES INC  -6.10  2.70  190.20  190.90  -0



Performance Insight


Industry Credit
Rating
Company Comp %
APP    F WET SEAL INC 51.5 
APP    NR CATHERINES INC/CHARMING SHOPPES 29.0 
APP    A ABERCROMBIE & FITCH CO 23.0 
APP    B GYMBOREE CORP 22.0 
APP    A ZUMIEZ INC 18.8 
APP    NR MAURICES INC/AMERICAN RETAIL GROUP 16.0 
APP    D GUESS? INC. 15.8 
APP    NR EXPRESS INC/LIMITED BRANDS 13.0 
APP    C ANNTAYLOR STORES CORP 12.9 
FW    NR DSW INC (FKA SHONAC) 12.8 


Top 10 Retail Performers

The Wet Seal opened no new stores in November, but it continued to entertain customers with merchandise that was "best in show"...Catherine's Plus Sizes delivered plus size comps that were better by twice what other Charming Shoppes banners reported...Abercombie & Fitch's merchandise is 'the right stuff' and fortunately there's plenty of it for shoppers that crave their styles... Gymboree customers get personal treatment that puts shoppers at ease and they spend a little more time and money...Zumiez earns a hearty welcome for joining the Top 10 list as the combination of action sports related apparel etc. for the 12-24 set made this retailer their niche destination... 'Maurice' is right at home in the Dress Barn as its comps validate the merit of this acquisiton...Guess? who else joined this list for first time? No 'guess'ing is necessary - you post 15.8% comps and you've earned a place amongst Global's Top 10...If Limited didn't run an Express it would not come close to being in this rarified company... AnnTaylor featured neutral colors, like champagne, to get that bubbly feeling usually reserved for New Year's Eve... As the song goes, 'baby needs a new pair of shoes', well in DSW's case it's the whole family, which adds up to them joining the family of Top 10 Retail Performers this month.



Industry Credit
Rating
Company TY LY
APP    F WET SEAL INC 51.5 - 19.5
APP    NR CATHERINES INC/CHARMING SHOPPES 29.0 - 14.0
APP    NR EXPRESS INC/LIMITED BRANDS 13.0 - 22.0
APP    B GYMBOREE CORP 22.0 - 10.0
APP    C ANNTAYLOR STORES CORP 12.9 - 8.3
APP    A ABERCROMBIE & FITCH CO 23.0 2.0
APP    B MOTHERS WORK INC / MOTHERHOOD MATERNITY 4.0 - 11.6
APP    D GUESS? INC. 15.8 0.5
FW    C SHOE CARNIVAL INC 12.8 - 1.7
FW    D PAYLESS SHOESOURCE INC 9.0 - 2.3


Rising Stars - Most Improved

Who knows how long Wet Seal can keep the ball balanced and hold onto first place both as a Top 10 and Rising Star... Yes, this is 2005's Catherine the Great...The 'Express' left the station and hit top speed not Limited to making stops for Victoria...Gymboree comps were minus 10% last year and this year they came in a positive 22%, which is 'gym'dandy...For AnnTaylor to have a seat on both these prestigous lists is quite an accomplishment given the promotional nature of the competitive landscape...The question of the day is; Who's got the eye for merchandise and who has the eye for location, Abercombie or Fitch?... A Mothers Work is never done; Oh Baby teamed up with Kohls and Two Hearts joined with Sears, which when coupled with their own stores compiled positive comps...You'd need not 'Guess?' how they post these impressive results, its life style contemporary apparel and accessories that go hand in hand with their demographic...Shoe Carnival and Payless brought value footwear to a foot weary and cost weary consumer, which they appreciated enough to earn both firms the recognition they richly deserve.



Industry Credit
Rating
Company Comp %
CE    C SHARPER IMAGE CORP - 18.0 
APP    F WILSONS THE LEATHER EXPERTS INC - 13.8 
HF    E BOMBAY COMPANY INC - 12.4 
MM    D PAMIDA HOLDINGS CORP - 8.9 
SR    D JO ANN STORES INC - 6.1 
APP    NR GAP INC - 5.0 
APP    NR BANANA REPUBLIC INC/THE GAP INC - 5.0 
APP    D GOODYS FAMILY CLOTHING INC - 4.8 
APP    B GAP INC,THE - 4.0 
MM    D SHOPKO STORES INC - 3.9 


Bottom 10 Retail Performers

Traffic breezed into the Sharper Image but left key products like the Ionic Breeze Air Purifers and massage chairs in inventory resulting in a contining slide in comps ...The weather is too warm to heat up sales at Wilsons and so we join the vigil to await winter's icy air and Wilsons' holiday sales...Bombay replaced its 50% off sale they ran last year with two 40% off sales this year and didn't generate enough volume to avoid making the Bottom 10 list...Pamida and Shopko are not far off forecasts as sales ebb on the eve of going private...Jo Ann posted sales not far different than those of a year ago, but comps fell 6.1% vs. last year when they rose 2.7%...Both the Gap Stores and its sister operation Banana Republic fell victim to too little traffic finding too little attractive enough to buy...Goody's domiciled in the south and midwest is finding it challenging to meet the value demands of a demographic that is watching their dollars and having to choose between shopping and filling their gas tanks and having enough left over for winter's heating bills.



Industry Credit
Rating
Company TY LY
APP    B AMERICAN EAGLE OUTFITTERS INC 1.7 24.3
APP    A BEBE STORES INC 4.2 23.2
CE    C SHARPER IMAGE CORP - 18.0 - 3.0
APP    F WILSONS THE LEATHER EXPERTS INC - 13.8 - 3.1
MM    D COST U LESS INC 2.7 12.3
MM    D PAMIDA HOLDINGS CORP - 8.9 0.0
SR    D JO ANN STORES INC - 6.1 2.7
DEP    C JC PENNEY COMPANY INC 3.6 12.0
DEP    E BON TON STORES INC - 0.9 5.4
APP    NR GAP INC - 5.0 1.0


Falling Stars - Sharpest Decline

Even an 'Eagle' has to rest its wings as it just can't keep up the torrid pace of last year...bebe also had to take a breather from the extraordinary comp posting of last year ...Sharper Image is unfortunately setting new comp lows as it trys to find the products to return them to levels reminicent of a couple of years ago...'Wilson watches to determine if holiday shopping brings cause for celebration at the Wilson house...Cost U Less had less business to business sales this year vs. last and it cost them as comps only ran flat with a year ago...Pamida's comps are in keeping with their trends and the guidance offered by management...JC Penney's comps came in at the upper range of their forecast, which without a much improved performance from their direct sales (Catalog/Internet) would have been very disappointing... Bon Ton has been constantly in the news as it pitched for Saks, although its own comp performance continues to leave a lot to be desired.



Industry Industry Highest Median Lowest
RETAIL SECTOR
51.5  4.0  - 18.0 
APP Apparel Stores 51.5  6.3  - 13.8 
CE Consumer Electronics - 18.0  - 18.0  - 18.0 
DEP Dept Stores & Catalogs 4.6  0.9  - 3.4 
FW Footwear Retail 12.8  11.5  9.0 
HF Home Furnishings 1.9  - 5.3  - 12.4 
MM Mass Merchandisers-Retail 7.0  1.7  - 8.9 
SR Specialty Retail 4.0  - 1.1  - 6.1 


Industry Performance

The season is changing and families are outfitting themselves with this year's looks plus they're adding a new pair or two of shoes - happy, dancing feet...Yes, they're worried about interest rates, heating oil and natural gas bills and appear to have become more cynical about Iraq, but with value as their rallying cry the malls are reporting traffic and sales above last years levels...Mass merchants comps reflect the hue and cry of shoppers seeking a buy...Noticable are the comps for Consumer Electronics, which after next month will define just how good 2005 has been. Early indications are that while consumers are keeping their wallets carefully tucked away absent a sale, electronics is on everyone's list. In fact, it competes with dollars traditionally devoted to toys as manufacturers effectively target a much broader age range...Certainly the effect of rising Internet sales is an evident trend that is expected to expand both in frequency and dollars.



COMPARABLE STORE SALES REPORT

Global Credit Services' Comparable Store Sales Report focuses on macro consumer economic pattern in combination with insightful commentary. We include our proprietary rating for each company as an additional criterion to aid subscribers' assessments.

The Comparable Store Sales Report is comprised of six sections:
Top 10 Retailers
Rising stars - Most Improved
Bottom 10 Retailers
Falling Stars - Sharpest Decline
Industry Comp Performance
Alphabetic list of retail sales performances and comps

Proprietary Rating Definitions:
A - Requirements
B - Low Risk
C - Moderate Risk
D - Moderately High Risk
E - High Risk
F - Distressed Company

Methodology:
Multiple operating units of a company are reported separately as well as on a consolidated basis. Each operating unit references its parent.


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