The top ten demonstrate high performance despite the fewer shopping days over last year. These companies managed double-digit growth with varying strategies that delivered value and/or service. Are consumers forcing management's to pay attention to the value proposition of their offering.

Sharper Image has a dynamic and innovative product offering which is captivating consumer interest. The Gap saw growth across all operating units, a testament to its marketing campaigns and improved product selection over last year's debacle. Goody's Family Clothing gave thanks to the weather as the colder air chased consumers indoors in search of more seasonable items. While Wilsons The Leather Experts are also counted among the most improved, they benefited from comparable store sales falling only 8.7% versus the 23.7% decrease reported last year. Exclusive of the Thanksgiving holiday shift comps for Wilsons would have been flat for the month.

Eddie Bauer, the retail division of Spiegel, tops our list of the 10 worst performers with the decline attributed to both the calendar shift and a reduction in promotional pricing. Will Otto Versand continue to support the ailing Spiegel operation. The Children's Place saw a fairly large comparable store sales decline but this was not far off the decline reported last year with the current decline attributed to low inventory levels, delivery delays of the holiday line and over-assortment in girls apparel as well as aggressive markdowns. Even though Bebe Stores saw comps fall in excess of 15%, the decline was actually lower than was expected by analysts. Odd Job, which was also counted among our "falling stars", experienced a sharp decline in comparable store sales as a function of the change in Thanksgiving and steep turnover in its purchasing department.

Joining Odd Job on our list of sharpest decliners were some names not usually associated with sharp declines, Kohls and Michaels Stores. Michaels blamed most of the decline on the calendar shift in Thanksgiving as the week after Thanksgiving is one of the highest volume weeks of the year and also because of a tough double-digit comparison to last year. The Kohls decline is mostly a reflection of the Thanksgiving shift and tough comparisons. The late Thanksgiving was also blamed for declines at ShopKo and Stage Stores although management advised that Stage's monthly comp stores were actually better than had been anticipated.

What's fascinating is the fact that while the economy continues to sputter, each retail industry has high performers and low performers. Virtually every industry has double digit improvement with the top retailers and at the same time we see double digit declines in many of the same industries. Clearly. The message is that good companies find ways to improve while poor performing companies continue to erode until the inevitable occurs. Keep looking at the management, its the key indicator in risk analysis.