SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES FEBRUARY 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
Feb Prior Year Feb Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb Prior Year Feb Prior Year
A  BUCKLE INC,THE  24.30  4.50  49.60  37.70  32
B+  AEROPOSTALE INC  7.00  2.30  89.70  75.50  19
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  6.00  -5.70  77.60  89.80  -14
C  CHILDRENS PLACE RETAIL STORES  5.00  5.00  151.70  133.80  13
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  4.80  -4.70  45.70  43.90  4
B-  ROSS STORES INC  4.00  1.00  444.00  395.00  12
B-  CACHE INC  4.00  1.00  21.50  19.90  8
C+  TJX COMPANIES INC  3.00  2.00  1300.00  1200.00  8
B+  CATO CORP  3.00  0.00  67.20  64.90  4
C  FREDS INC  3.00  3.90  148.50  143.90  3
B-  ANNTAYLOR STORES CORP  -1.70  -2.90  141.40  136.10  4
A-  ABERCROMBIE & FITCH CO  -2.00  -6.00  228.90  206.60  11
C+  HOT TOPIC INC  -2.30  -2.70  50.40  49.80  1
NR  GAP INC  -3.00  -5.00  0.00  0.00  0
A  AMERICAN EAGLE OUTFITTERS INC  -4.00  6.00  175.10  166.30  5
NR  BANANA REPUBLIC INC/THE GAP INC  -5.00  0.00  0.00  0.00  0
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  -5.00  -13.00  29.50  35.00  -16
B  GAP INC,THE  -6.00  -4.00  907.00  910.00  -0
NR  OLD NAVY/THE GAP INC  -8.00  -6.00  0.00  0.00  0
C  WET SEAL INC  -8.20  5.00  42.20  41.20  2
C+  LIMITED BRANDS INC  -9.00  3.00  614.40  730.50  -16
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -10.00  2.00  0.00  0.00  0
C-  STEIN MART INC  -10.40  -1.90  96.10  104.30  -8

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb Prior Year Feb Prior Year
C-  SAKS INC/FKA PROFFITTS INC  3.40  24.70  227.60  220.00  3
D  DILLARDS INC-HQ  -2.00  -9.00  581.60  594.10  -2
B-  STAGE STORES INC  -2.50  1.40  105.90  104.60  1
A-  KOHLS CORP  -3.80  4.40  971.60  929.30  5
B-  NORDSTROM INC  -5.80  9.10  529.00  546.60  -3
B-  JC PENNEY CO INC  -6.70  -0.20  1256.00  1314.00  -4
E+  BON TON STORES INC  -7.20  9.80  217.00  237.60  -9
E  GOTTSCHALKS INC  -9.50  -3.60  37.70  42.60  -12

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb Prior Year Feb Prior Year
B  WALGREEN COMPANY INC  8.30  8.60  4930.00  4302.30  15
E+  RITE AID CORP  2.20  2.20  2613.00  1733.00  51

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb Prior Year Feb Prior Year
NR  SAMS CLUB  5.20  3.90  3363.00  3159.00  6
B-  WAL MART STORES INC  3.00  0.90  29188.00  26794.00  9
B-  FAMILY DOLLAR STORES INC  1.30  -0.50  533.70  511.40  4
B-  TARGET CORP  0.50  5.70  4373.00  4128.00  6
D  DUCKWALL ALCO STORES INC  -6.80  1.50  33.20  33.50  -1

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb Prior Year Feb Prior Year
0  ZUMIEZ INC  -2.60  12.40  23.10  20.70  12

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb Prior Year Feb Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -10.00  2.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    A BUCKLE INC,THE 24.3 
DR    B WALGREEN COMPANY INC 8.3 
APP    B+ AEROPOSTALE INC 7.0 
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC 6.0 
MM    NR SAMS CLUB 5.2 
APP    C CHILDRENS PLACE RETAIL STORES 5.0 
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY 4.8 
APP    B- ROSS STORES INC 4.0 
APP    B- CACHE INC 4.0 
DEP    C- SAKS INC/FKA PROFFITTS INC 3.4 


Rising Stars - Most Improved

Industry Credit
Rating
Company TY LY
APP    A BUCKLE INC,THE 24.3 4.5
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC 6.0 - 5.7
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY 4.8 - 4.7
APP    B+ CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS - 5.0 - 13.0
DEP    D DILLARDS INC-HQ - 2.0 - 9.0
APP    B+ AEROPOSTALE INC 7.0 2.3
APP    A- ABERCROMBIE & FITCH CO - 2.0 - 6.0
APP    B- ROSS STORES INC 4.0 1.0
APP    B- CACHE INC 4.0 1.0
APP    B+ CATO CORP 3.0 0.0


Bottom 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    C- STEIN MART INC - 10.4 
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 10.0 
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 10.0 
DEP    E GOTTSCHALKS INC - 9.5 
APP    C+ LIMITED BRANDS INC - 9.0 
APP    C WET SEAL INC - 8.2 
APP    NR OLD NAVY/THE GAP INC - 8.0 
DEP    E+ BON TON STORES INC - 7.2 
MM    D DUCKWALL ALCO STORES INC - 6.8 
DEP    B- JC PENNEY CO INC - 6.7 


Falling Stars - Sharpest Decline

Industry Credit
Rating
Company TY LY
DEP    C- SAKS INC/FKA PROFFITTS INC 3.4 24.7
DEP    E+ BON TON STORES INC - 7.2 9.8
SG    0 ZUMIEZ INC - 2.6 12.4
DEP    B- NORDSTROM INC - 5.8 9.1
APP    C WET SEAL INC - 8.2 5.0
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 10.0 2.0
APP    C+ LIMITED BRANDS INC - 9.0 3.0
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 10.0 2.0
APP    A AMERICAN EAGLE OUTFITTERS INC - 4.0 6.0
APP    C- STEIN MART INC - 10.4 - 1.9


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
24.3  - 1.1  - 10.4 
APP Apparel Stores 24.3  - 0.5  - 10.4 
DEP Dept Stores & Catalogs 3.4  - 4.3  - 9.5 
DR Drug Stores 8.3  5.3  2.2 
MM Mass Merchandisers-Retail 5.2  0.6  - 6.8 
SR Specialty Retail - 10.0  - 10.0  - 10.0 
SG Sporting Goods Retail - 2.6  - 2.6  - 2.6 


Industry Performance

Not so bad... That was the overwhelming sentiment of February's same store sales reports. Consumers went back to the stores and malls, but this time it was to look for big discounts, especially as retailers cleared out winter goods. Discounters and warehouse clubs fared the best, while apparel continues its uphill battle. Consumers are still struggling with high gas and food prices and a slumping housing market. Thus they aren't splurging and are focused on necessities, like groceries, and low prices. Despite the better than expected results, retailers still have to contend with consumers being more frugal with their dollars. With the Easter holiday coming very early this year, March 23rd, retailers should not expect overwhelming results, as early Easters are not typically good for retailers. The combined results of March and April will be telling of what is really going on in consumers' minds, as the results of these combined months is typically a bellwether for the year.



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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