SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES SEPTEMBER 2006


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
Sep Prior Year Sep Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating		 Apparel Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Sep Prior Year Sep Prior Year
B+  GYMBOREE CORP  20.00  10.00  84.10  67.30  25
C  CHILDRENS PLACE RETAIL STORES  20.00  2.00  210.30  160.70  31
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  19.00  -6.00  0.00  0.00  0
A  AMERICAN EAGLE OUTFITTERS INC  19.00  13.00  233.40  183.80  27
A-  BEBE STORES INC  15.30  12.30  61.80  48.60  27
B  DRESS BARN INC  13.00  6.00  142.10  120.30  18
C+  LIMITED BRANDS INC  12.00  -2.00  781.30  687.30  14
C-  UNITED RETAIL GROUP INC/DE  11.00  4.00  40.10  36.90  9
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  10.60  1.90  49.50  45.50  9
A-  ABERCROMBIE & FITCH CO  10.00  21.00  295.30  228.30  29
C+  TJX COMPANIES INC  9.00  0.00  1700.00  1500.00  13
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  9.00  -1.00  42.00  35.30  19
A  BUCKLE INC,THE  8.70  -1.40  50.00  44.70  12
B+  AEROPOSTALE INC  8.50  -4.20  127.10  104.30  22
A-  CITI TRENDS INC  8.30    28.50    0
A-  DEB SHOPS INC  6.80  13.50  28.30  25.60  11
B-  ROSS STORES INC  6.00  9.00  499.00  446.00  12
B-  ANNTAYLOR STORES CORP  5.80  -2.70  232.30  204.00  14
C  WET SEAL INC  5.80  44.90  52.30  47.90  9
C  FREDS INC  5.00  -1.40  160.00  145.30  10
C-  STEIN MART INC  4.80  -3.90  131.40  125.60  5
B-  CACHE INC  4.00  6.00  25.10  24.80  1
B+  CATO CORP  3.00  1.00  67.70  62.50  8
NR  EXPRESS INC/LIMITED BRANDS  3.00  -2.00  0.00  0.00  0
NR  BANANA REPUBLIC INC/THE GAP INC  3.00  -7.00  0.00  0.00  0
B+  JOS A BANK CLOTHIERS INC /DE/  2.70  12.90  46.10  40.30  14
D+  VANITY SHOPS OF GRAND FORKS INC  2.52  29.12  0.00  9.40  -100
A-  CHICOS FAS INC  2.10  15.80  164.50  143.10  15
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  -2.00  5.00  0.00  0.00  0
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  -2.40  5.30  118.40  113.70  4
B  GAP INC,THE  -3.00  -3.00  1460.00  1410.00  4
NR  OLD NAVY/THE GAP INC  -3.00  -7.00  0.00  0.00  0
NR  GAP INC  -5.00  -6.00  0.00  0.00  0
C+  HOT TOPIC INC  -7.30    63.70    0
E  WILSONS THE LEATHER EXPERTS INC  -15.50  -6.60  23.60  27.30  -14

Credit
Rating		 Consumer Electronics Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Sep Prior Year Sep Prior Year
0  TWEETER HOME ENTERTAINMENT GROUP INC  0.00    0.00    0
F  SHARPER IMAGE CORP  -12.00  -21.00  31.90  36.60  -13

Credit
Rating		 Dept Stores & Catalogs Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Sep Prior Year Sep Prior Year
A-  KOHLS CORP  16.30  -0.20  1154.00  992.30  16
B-  NORDSTROM INC  13.40  4.10  732.40  636.70  15
B-  STAGE STORES INC  11.00  -2.60  121.00  98.50  23
C-  SAKS INC/FKA PROFFITTS INC  10.00  3.20  343.10  512.50  -33
E+  BON TON STORES INC  9.10  -7.80  329.40  105.80  211
B-  JC PENNEY CO INC  8.70  1.40  1662.00  1505.00  10
C-  NEIMAN MARCUS INC  6.70  9.60  437.00  397.00  10
C-  MACYS INC (FKA FEDERATED DPT STORES)  6.20  1.30  2303.00  2580.00  -11
D  DILLARDS INC-HQ  3.00  -1.00  687.71  670.20  3
NR  BON TON,THE  0.20    0.00    0
E  GOTTSCHALKS INC  -1.00  -0.50  57.20  57.70  -1
NR  MARSHALL FIELDS  -2.40    0.00    0

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Sep Prior Year Sep Prior Year
B-  CVS/CAREMARK CORPORATION  8.80  5.70  4400.00  3500.00  26
B  WALGREEN COMPANY INC  8.50  7.70  4028.00  3514.40  15
C-  LONGS DRUG STORES CORP  3.60  1.30  471.80  431.00  9
E+  RITE AID CORP  3.50  1.10  1306.00  1269.00  3

Credit
Rating		 Footwear Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Sep Prior Year Sep Prior Year
C-  SHOE CARNIVAL INC  6.50  6.50  51.10  51.10  0
B-  COLLECTIVE BRANDS FKA PAYLESS SHOESOURCE  -0.60  -0.60  235.70  235.70  0

Credit
Rating		 Home Furnishings Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Sep Prior Year Sep Prior Year
C-  HAVERTY FURNITURE COMPANIES  6.40  6.50  72.40  67.10  8
E  PIER 1 IMPORTS INC  -10.10  -10.60  144.30  162.20  -11

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Sep Prior Year Sep Prior Year
B-  PRICESMART INC  15.10  20.20  62.40  51.90  20
D  DUCKWALL ALCO STORES INC  7.30  1.80  41.60  37.60  11
B-  TARGET CORP  6.70  5.60  4885.00  4306.00  13
C-  COST U LESS INC  6.70  9.20  22.00  20.70  6
B-  COSTCO WHOLESALE CORP  4.00  11.00  5560.00  5140.00  8
B-  FAMILY DOLLAR STORES INC  2.20  2.60  601.20  557.90  8
B-  WAL MART STORES INC  1.30  3.80  31209.00  28242.00  11
NR  SAMS CLUB  1.10  9.80  3836.00  3789.00  1
D  DOLLAR GENERAL CORP  0.50  2.50  839.20  794.00  6
C+  BJS WHOLESALE CLUB  -0.90  3.80  751.00  735.90  2

Credit
Rating		 Other Retail Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Sep Prior Year Sep Prior Year
D-  FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS  2.10  -0.40  20.20  19.40  4

Credit
Rating		 Sporting Goods Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Sep Prior Year Sep Prior Year
0  ZUMIEZ INC  14.90    28.70    0
D  WEST MARINE INC  2.40  -1.20  195.60  188.60  4

Credit
Rating		 Specialty Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Sep Prior Year Sep Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  16.00    0.00    0
D+  JO ANN STORES INC  3.60  0.20  174.10  176.10  -1
E  HANCOCK FABRICS INC CASE NUMBER 07-10353  3.30  -6.30  36.90  37.60  -2



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    B+ GYMBOREE CORP 20.0 
APP    C CHILDRENS PLACE RETAIL STORES 20.0 
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS 19.0 
APP    A AMERICAN EAGLE OUTFITTERS INC 19.0 
DEP    A- KOHLS CORP 16.3 
SR    NR BATH & BODY WORKS/LIMITED BRANDS 16.0 
APP    A- BEBE STORES INC 15.3 
MM    B- PRICESMART INC 15.1 
SG    0 ZUMIEZ INC 14.9 
DEP    B- NORDSTROM INC 13.4 


Rising Stars - Most Improved

Industry Credit
Rating		 Company TY LY
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS 19.0 - 6.0
APP    C CHILDRENS PLACE RETAIL STORES 20.0 2.0
DEP    E+ BON TON STORES INC 9.1 - 7.8
DEP    A- KOHLS CORP 16.3 - 0.2
APP    C+ LIMITED BRANDS INC 12.0 - 2.0
DEP    B- STAGE STORES INC 11.0 - 2.6
APP    B+ AEROPOSTALE INC 8.5 - 4.2
APP    A BUCKLE INC,THE 8.7 - 1.4
APP    NR BANANA REPUBLIC INC/THE GAP INC 3.0 - 7.0
APP    B+ GYMBOREE CORP 20.0 10.0


Bottom 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    E WILSONS THE LEATHER EXPERTS INC - 15.5 
CE    F SHARPER IMAGE CORP - 12.0 
HF    E PIER 1 IMPORTS INC - 10.1 
APP    C+ HOT TOPIC INC - 7.3 
APP    NR GAP INC - 5.0 
APP    NR OLD NAVY/THE GAP INC - 3.0 
APP    B GAP INC,THE - 3.0 
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC - 2.4 
DEP    NR MARSHALL FIELDS - 2.4 
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS - 2.0 


Falling Stars - Sharpest Decline

Industry Credit
Rating		 Company TY LY
APP    C WET SEAL INC 5.8 44.9
APP    D+ VANITY SHOPS OF GRAND FORKS INC 2.5 29.1
APP    A- CHICOS FAS INC 2.1 15.8
APP    A- ABERCROMBIE & FITCH CO 10.0 21.0
APP    B+ JOS A BANK CLOTHIERS INC /DE/ 2.7 12.9
APP    E WILSONS THE LEATHER EXPERTS INC - 15.5 - 6.6
MM    NR SAMS CLUB 1.1 9.8
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC - 2.4 5.3
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS - 2.0 5.0
MM    B- COSTCO WHOLESALE CORP 4.0 11.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
 20.0  5.4  - 15.5 
APP Apparel Stores 20.0  6.0  - 15.5 
CE Consumer Electronics 0.0  - 6.0  - 12.0 
DEP Dept Stores & Catalogs 16.3  6.8  - 2.4 
DR Drug Stores 8.8  6.1  3.5 
FW Footwear Retail 6.5  3.0  - 0.6 
HF Home Furnishings 6.4  - 1.9  - 10.1 
MM Mass Merchandisers-Retail 15.1  4.4  - 0.9 
RET Other Retail Stores 2.1  2.1  2.1 
SR Specialty Retail 16.0  7.6  3.3 
SG Sporting Goods Retail 14.9  8.7  2.4 


Industry Performance

September is the time for the apparel and department store sectors to show their stuff. Its no coincidence that comps perked up the past few weeks as gasoline prices declined just in time for the back to school season. That along with the blessing of good weather against the backdrop of Katrina last year, especially the effect on the supply chain, led to better inventory positions for the retail community.



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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