SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES JANUARY 2008


Welcome to the new Global Credit Services "Interactive Graph Interface". This new graph enables the user to plot a company's performance against the best and worst performers in retail over the last two years. The Best of Breed may be a different company each month from those retailers who report monthly comparable store sales. This Interactive Graphing product allows the user to click on any company in the report and that company's results gets charted against the best and worst performers over this time period.

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



Companies Ranked by Industry

Credit
Rating		 Apparel Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jan Prior Year Jan Prior Year
A  BUCKLE INC,THE  19.10  7.80  39.20  40.10  -2
E  WILSONS THE LEATHER EXPERTS INC  10.40  -20.00  21.90  25.70  -15
B-  CACHE INC  7.00  10.00  16.60  15.30  8
C  CHILDRENS PLACE RETAIL STORES  6.00  3.00  121.70  127.20  -4
NR  BANANA REPUBLIC INC/THE GAP INC  5.00  14.00  0.00  0.00  0
B+  AEROPOSTALE INC  4.70  5.30  78.00  90.40  -14
C+  TJX COMPANIES INC  3.00  4.00  1130.00  1000.00  13
B-  ROSS STORES INC  1.00  2.00  350.00  399.00  -12
A-  ABERCROMBIE & FITCH CO  0.00  -6.00  219.70  252.30  -13
B-  ANNTAYLOR STORES CORP  0.00  -10.20  127.90  149.90  -15
C+  LIMITED BRANDS INC  0.00  5.00  625.80  1060.00  -41
C  FREDS INC  -1.20  2.40  133.50  163.90  -19
B+  JOS A BANK CLOTHIERS INC /DE/  -1.20  -4.70  34.30  0.00  0
B  GAP INC,THE  -2.00  0.01  932.00  1190.00  -22
B+  CATO CORP  -2.00  -7.00  56.40  69.30  -19
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  -2.10  -6.00  38.70  40.80  -5
C-  STEIN MART INC  -2.50  -1.90  81.00  100.10  -19
NR  OLD NAVY/THE GAP INC  -3.00  -1.00  0.00  0.00  0
C+  HOT TOPIC INC  -3.60  -6.60  41.20  53.90  -24
NR  GAP INC  -4.00  -1.00  0.00  0.00  0
C  WET SEAL INC  -5.70  3.80  38.80  43.90  -12
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  -6.00  -4.00  33.90  39.00  -13
A  AMERICAN EAGLE OUTFITTERS INC  -7.00  17.00  163.90  207.10  -21
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  -8.00  11.00  0.00  0.00  0
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -8.00  7.00  0.00  0.00  0
A-  CHICOS FAS INC  -22.10  -3.50  94.10  446.00  -79

Credit
Rating		 Consumer Electronics Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jan Prior Year Jan Prior Year
F  SHARPER IMAGE CORP  -11.00  -25.00  15.30  17.80  -14

Credit
Rating		 Dept Stores & Catalogs Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jan Prior Year Jan Prior Year
C-  SAKS INC/FKA PROFFITTS INC  4.10  11.40  190.30  182.20  4
C-  NEIMAN MARCUS INC  3.30    290.00    0
E+  BON TON STORES INC  2.40  6.40  187.60  240.60  -22
B-  STAGE STORES INC  1.00  7.50  82.10  99.50  -17
B-  JC PENNEY CO INC  -1.90  3.60  1163.00  0.00  0
B-  NORDSTROM INC  -6.60  11.10  486.30  431.20  13
C-  MACYS INC (FKA FEDERATED DPT STORES)  -7.10  8.60  1275.00  1780.00  -28
E  GOTTSCHALKS INC  -7.40  -1.00  30.10  34.80  -14
A-  KOHLS CORP  -8.30  8.70  800.00  991.00  -19
D  DILLARDS INC-HQ  -12.00  -3.00  435.30  623.60  -30

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jan Prior Year Jan Prior Year
B  WALGREEN COMPANY INC  3.80  10.80  4956.00  4530.00  9
E+  RITE AID CORP  2.00  4.50  1999.60  1315.00  52

Credit
Rating		 Home Furnishings Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jan Prior Year Jan Prior Year
C-  HAVERTY FURNITURE COMPANIES  -8.40  -8.40  61.30  64.90  -6

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jan Prior Year Jan Prior Year
D  DUCKWALL ALCO STORES INC  21.20  5.20  37.10  29.10  27
C+  BJS WHOLESALE CLUB  7.80  3.50  652.00  742.20  -12
B-  COSTCO WHOLESALE CORP  7.00  2.00  5110.00  5570.00  -8
NR  SAMS CLUB  4.90  3.40  3156.00  3671.00  -14
B-  WAL MART STORES INC  0.90  2.20  27280.00  31690.00  -14
B-  FAMILY DOLLAR STORES INC  -0.10  0.10  482.30  447.00  8
B-  TARGET CORP  -1.10  5.10  4106.00  4896.00  -16

Credit
Rating		 Sporting Goods Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jan Prior Year Jan Prior Year
0  ZUMIEZ INC  1.70  0.00  20.70  0.00  0

Credit
Rating		 Specialty Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jan Prior Year Jan Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -10.00  19.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating		 Company Comp %
MM    D DUCKWALL ALCO STORES INC 21.2 
APP    A BUCKLE INC,THE 19.1 
APP    E WILSONS THE LEATHER EXPERTS INC 10.4 
MM    C+ BJS WHOLESALE CLUB 7.8 
APP    B- CACHE INC 7.0 
MM    B- COSTCO WHOLESALE CORP 7.0 
APP    C CHILDRENS PLACE RETAIL STORES 6.0 
APP    NR BANANA REPUBLIC INC/THE GAP INC 5.0 
MM    NR SAMS CLUB 4.9 
APP    B+ AEROPOSTALE INC 4.7 


Rising Stars - Most Improved

Industry Credit
Rating		 Company TY LY
APP    E WILSONS THE LEATHER EXPERTS INC 10.4 - 20.0
MM    D DUCKWALL ALCO STORES INC 21.2 5.2
CE    F SHARPER IMAGE CORP - 11.0 - 25.0
APP    A BUCKLE INC,THE 19.1 7.8
APP    B- ANNTAYLOR STORES CORP 0.0 - 10.2
APP    A- ABERCROMBIE & FITCH CO 0.0 - 6.0
APP    B+ CATO CORP - 2.0 - 7.0
MM    B- COSTCO WHOLESALE CORP 7.0 2.0
MM    C+ BJS WHOLESALE CLUB 7.8 3.5
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY - 2.1 - 6.0


Bottom 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    A- CHICOS FAS INC - 22.1 
DEP    D DILLARDS INC-HQ - 12.0 
CE    F SHARPER IMAGE CORP - 11.0 
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 10.0 
HF    C- HAVERTY FURNITURE COMPANIES - 8.4 
DEP    A- KOHLS CORP - 8.3 
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS - 8.0 
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 8.0 
DEP    E GOTTSCHALKS INC - 7.4 
DEP    C- MACYS INC (FKA FEDERATED DPT STORES) - 7.1 


Falling Stars - Sharpest Decline

Industry Credit
Rating		 Company TY LY
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 10.0 19.0
APP    A AMERICAN EAGLE OUTFITTERS INC - 7.0 17.0
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS - 8.0 11.0
APP    A- CHICOS FAS INC - 22.1 - 3.5
DEP    B- NORDSTROM INC - 6.6 11.1
DEP    A- KOHLS CORP - 8.3 8.7
DEP    C- MACYS INC (FKA FEDERATED DPT STORES) - 7.1 8.6
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 8.0 7.0
APP    C WET SEAL INC - 5.7 3.8
DEP    D DILLARDS INC-HQ - 12.0 - 3.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
 21.2  - 0.7  - 22.1 
APP Apparel Stores 19.1  - 0.9  - 22.1 
CE Consumer Electronics - 11.0  - 11.0  - 11.0 
DEP Dept Stores & Catalogs 4.1  - 3.3  - 12.0 
DR Drug Stores 3.8  2.9  2.0 
HF Home Furnishings - 8.4  - 8.4  - 8.4 
MM Mass Merchandisers-Retail 21.2  5.8  - 1.1 
SR Specialty Retail - 10.0  - 10.0  - 10.0 
SG Sporting Goods Retail 1.7  1.7  1.7 


Industry Performance

January continued in a similar vein as previous months, with most retailers reporting worse than already poor results. Results were the weakest in nearly four decades, an indication that this is not just a passing phase, nor can retailers continue to blame the weather. The shopping slowdown during the holidays continued throughout January, as the economy (and the stock market) took a dip. Even Wal-Mart, who usually comes through despite the economic climate, reported a measly 0.9% increase in same store sales. It seems that most people are going for bulk, as Costco announced a 7% increase in comps. The sales figures made it clear that consumers wrestling with high gas and food prices, a slumping housing market, an escalating credit crisis and a weakening job market retrenched further, buying mostly necessities even when redeeming their holiday gift cards. And as of now, it looks as February will bring more of the same....



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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