FEBRUARY 2003 SAME STORE SALES REPORT

Industry Sector: RETAIL

Companies in alphabetical order

Industry Credit
Rating
Company Parent YTD Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb 2003 Feb 2002 Feb 2003 Feb 2002
APP    A  ABERCROMBIE & FITCH CO -0.5   -4.0   -9.0   100.0   89.0   12.4     
APP    D  AEROPOSTALE INC 0.8   -3.1   18.8   27.2   21.6   25.9     
APP    B  AMERICAN EAGLE OUTFITTERS INC -1.9   -7.0   -2.4   74.3   71.1   4.5     
APP    C  ANNTAYLOR STORES CORP/HC -9.5   -8.6   -2.1   81.3   82.0   -0.9     
APP    A  BEBE STORES INC -5.6   -15.2   -4.9   20.9   23.0   -9.1     
MM    D  BIG LOTS INC /FKA CONSOLIDATED STORES IN -0.9   -2.4   14.0   277.2   272.6   1.7     
MM    B  BJS WHOLESALE CLUB 6.2   6.7   2.9   430.5   372.7   15.5     
SG    E  BOBS STORES INC -14.7   -23.0   1.4   17.6   0.0   0.0     
HF    B  BOMBAY CO INC 26.5   26.0   -15.0   34.1   25.4   34.3     
DEP    E  BON TON STORES INC 2.6   -3.8   0.9   39.4   41.2   -4.4     
FW    D  BROWN SHOE COMPANY INC -6.9   -7.6   0.0   6.0   8.1   -25.9     
APP    B  BUCKLE INC,THE 2.4   0.5   0.0   25.5   24.7   3.2     
APP    B  CATO CORP -5.5   -6.0   1.0   55.2   54.5   1.3     
APP    D  CHARMING SHOPPES INC -5.0   -9.0   -1.0   150.3   175.1   -14.2     
APP    A  CHICOS FAS INC 6.6   5.0   10.7   41.6   33.2   25.3     
APP    D  CHILDRENS PLACE RETAIL STORES  SAUNDERS KARP & MEGRUE LP/SKM -22.0   -24.0   -8.0   44.3   48.2   -8.1     
APP    D  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASH -9.5   -10.0   2.0   21.5   19.4   10.8     
APP    D  CLAIRES STORES INC 7.0   6.0   -3.0   66.9   59.0   13.4     
MM    B  COSTCO WHOLESALE CORP 5.5   6.0   8.0   3060.0   2770.0   10.5     
DR    B  CVS CORP 4.9   4.0   9.5   1980.0   1870.0   5.9     
APP    A  DEB SHOPS INC -9.2   -13.3   10.0   20.8   22.8   -8.8     
DEP    D  DILLARDS INC -1.0   3.0   -5.0   610.3   599.1   1.9     
MM    B  DOLLAR GENERAL CORP 3.2   2.5   7.7   476.3   428.4   11.2     
APP    B  DRESS BARN INC -7.5   -13.0   -1.0   35.5   38.5   -7.8     
FW    E  DSW SHOE WAREHOUSE  SCHOTTENSTEIN STORES CORP -11.2   -14.2   0.5   40.0   36.8   8.5     
MM    D  DUCKWALL ALCO STORES INC 2.1   0.6   8.5   29.7   28.9   2.8     
DR    D  ECKERD DRUG CO/DIV OF JC PENNEY  JC PENNEY COMPANY INC 1.3   -0.4   6.7   1184.0   1158.0   2.2     
APP    F  EDDIE BAUER INC  SPIEGEL INC -6.5   -12.0   -17.0   120.1   156.6   -23.3     
DEP    E  ELDER BEERMAN STORES CORP,THE -4.9   -14.5   1.9   35.9   42.0   -14.5     
APP    F  FACTORY 2 U STORES INC/ FKA FAMILY BARGA  THREE CITIES RESEARCH INC -6.2   -7.7   -10.2   28.8   34.0   -15.3     
MM    B  FAMILY DOLLAR STORES INC 3.8   2.8   7.7   354.8   312.0   13.7     
APP    C  FAMOUS FOOTWEAR  BROWN SHOE COMPANY INC -7.3   -8.5   3.7   67.2   72.6   -7.4     
DEP    B  FEDERATED DEPARTMENT STORES INC/NEW -3.6   -6.0   -2.8   985.0   1048.0   -6.0     
APP    F  FILENES BASEMENT CORP  SCHOTTENSTEIN STORES CORP -8.2   -13.2   5.9   16.3   18.9   -13.9     
MM    B  FREDS INC 6.0   6.2   16.3   98.6   82.8   19.1     
APP    D  GADZOOKS INC -9.8   -11.9   -1.7   21.4   23.7   -9.7     
APP    D  GAP INC,THE 12.0   8.0   -17.0   818.0   720.0   13.6     
APP    D  GOODYS FAMILY CLOTHING INC -8.0   -11.2   2.0   66.3   75.3   -12.0     
DEP    F  GOTTSCHALKS INC 0.2   -1.6   1.5   43.3   44.7   -3.1     
APP    D  GYMBOREE CORP 3.5   -2.0   0.0   37.3   37.1   0.5     
HF    B  HAVERTY FURNITURE COMPANIES -6.0   -9.3   8.2   56.7   58.8   -3.6     
APP    A  HOT TOPIC INC 8.9   4.0   -1.4   29.9   23.1   29.4     
HF    B  INTERTAN INC -9.0   -9.0   3.0   25.7   25.7   0.0     
DEP    D  JC PENNEY COMPANY INC -3.0   -2.1   12.5   906.0   940.0   -3.6     
FN    D  JO ANN STORES INC 1.9   1.0   14.7   108.4   109.7   -1.2     
APP    D  JOS A BANK CLOTHIERS INC /DE/ 4.0   -1.9   1.1   15.4   14.4   6.9     
DEP    A  KOHLS CORP 0.5   -4.6   10.1   486.2   441.1   10.2     
APP    C  LIMITED BRANDS INC 0.5   -1.0   2.0   571.6   555.4   2.9     
DEP    B  MARSHALL FIELDS  TARGET CORP/FKA DAYTON HUDSON -2.2   -1.8   0.0   170.0   176.0   -3.4     
DEP    B  MAY DEPARTMENT STORES COMPANY INC -6.7   -8.9   -2.7   846.0   914.3   -7.5     
APP    C  MENS WEARHOUSE INC,THE 0.7   0.5   -7.5   87.0   84.0   3.6     
DEP    A  MERVYNS  TARGET CORP/FKA DAYTON HUDSON -7.9   -9.2   2.5   219.0   241.0   -9.1     
HF    B  MICHAELS STORES INC -3.5   -4.0   6.0   197.1   192.4   2.4     
APP    D  MOTHERS WORK INC / MOTHERHOOD MATERNITY -0.2   -5.0   5.0   33.6   33.1   1.5     
FW    D  NATURALIZER RETAIL / SEE BROWN SHOE COMP  BROWN SHOE COMPANY INC -0.2   -7.6   6.3   6.0   8.1   -25.9     
DEP    A  NEIMAN MARCUS GROUP INC 2.3   2.5   -1.0   209.0   199.0   5.0     
DEP    C  NORDSTROM INC -0.8   -2.3   -4.1   367.6   359.1   2.4     
MM    D  ODD JOB STORES INC FKA MAZEL STORES INC -9.4   -5.9   1.6   13.2   13.9   -5.0     
APP    F  ONE PRICE CLOTHING STORES INC -4.7   -7.2   -0.8   23.3   25.4   -8.3     
APP    C  PACIFIC SUNWEAR OF CALIFORNIA INC 17.6   14.8   -1.0   53.4   42.8   24.8     
MM    E  PAMIDA HOLDINGS CORP  SHOPKO STORES INC -2.0   -1.8   -2.4   52.1   53.4   -2.4     
FW    C  PAYLESS SHOESOURCE INC -0.3   -0.6   0.5   175.3   174.6   0.4     
HF    A  PIER 1 IMPORTS INC -2.4   -5.8   17.2   116.6   112.8   3.4     
DEP    E  RETAIL VENTURES INC /FKA VALUE CITY DEPA  SCHOTTENSTEIN STORES CORP -9.3   -12.1   1.7   145.0   156.2   -7.2     
APP    C  ROSS STORES INC -2.5   -3.0   13.0   243.0   227.0   7.0     
APP    B  S & K FAMOUS BRANDS INC 1.0   2.0   -4.0   11.9   11.6   2.6     
DEP    D  SAKS INC/FKA PROFFITTS INC -3.1   -4.1   -2.6   367.1   382.8   -4.1     
MM    A  SAMS CLUB  WAL MART STORES INC 1.7   2.4   6.9   2426.0   2244.0   8.1     
DEP    B  SEARS ROEBUCK & COMPANY -8.7   -9.4   -3.1   1700.0   1944.2   -12.6     
CE    D  SHARPER IMAGE CORP 30.5   24.0   5.0   36.0   26.9   33.8     
FW    C  SHOE CARNIVAL INC -9.5   -8.5   4.0   35.3   34.8   1.4     
MM    D  SHOPKO STORES  SHOPKO STORES INC -1.9   -1.0   3.7   163.5   165.1   -1.0     
MM    D  SHOPKO STORES INC -1.9   -1.2   2.2   215.6   218.5   -1.3     
APP    F  SPIEGEL INC -6.5   -12.0   -17.0   120.1   156.6   -23.3     
DEP    E  STAGE STORES INC -6.4   -7.6   6.2   59.5   62.5   -4.8     
APP    D  STEIN MART INC -11.0   -10.0   -2.7   91.0   97.6   -6.8     
APP    A  TALBOTS INC -7.3   -11.7   -17.7   76.4   84.1   -9.2     
MM    B  TARGET CORP/FKA DAYTON HUDSON -0.9   -1.4   8.5   2926.0   2753.0   6.3     
MM    A  TARGET STORES  TARGET CORP/FKA DAYTON HUDSON -0.1   -0.5   10.0   2509.0   2306.0   8.8     
APP    C  TJX COMPANIES INC -3.5   -5.0   7.0   776.0   752.0   3.2     
APP    D  UNITED RETAIL GROUP INC/DE -11.5   -13.0   7.0   27.0   31.1   -13.2     
DEP    E  VALUE CITY DEPARTMENT STORE  SCHOTTENSTEIN STORES CORP -8.8   -11.2   1.4   88.7   100.4   -11.7     
MM    C  WAL MART STORES  WAL MART STORES INC 2.6   2.6   11.0   12172.0   11106.0   9.6     
MM    B  WAL MART STORES INC 2.5   2.6   10.3   18796.0   17207.0   9.2     
DR    A  WALGREEN COMPANY INC 7.7   7.7   12.0   2597.8   2316.1   12.2     
SG    C  WEST MARINE INC -9.2   -13.9   10.5   31.1   27.6   12.7     
APP    B  WET SEAL INC -28.3   -31.5   20.5   34.4   47.2   -27.1     
APP    E  WILSONS THE LEATHER EXPERTS INC 4.3   8.0   -17.3   40.6   37.3   8.8     



Companies Ranked by Industry

Credit
Rating
APPAREL STORES Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb 2003 Feb 2002 Feb 2003 Feb 2002
C  PACIFIC SUNWEAR OF CALIFORNIA INC  14.80  -1.00  53.40  42.80  25
D  GAP INC,THE  8.00  -17.00  818.00  720.00  14
E  WILSONS THE LEATHER EXPERTS INC  8.00  -17.30  40.60  37.30  9
D  CLAIRES STORES INC  6.00  -3.00  66.90  59.00  13
A  CHICOS FAS INC  5.00  10.70  41.60  33.20  25
A  HOT TOPIC INC  4.00  -1.40  29.90  23.10  29
B  S & K FAMOUS BRANDS INC  2.00  -4.00  11.90  11.60  3
B  BUCKLE INC,THE  0.50  0.01  25.50  24.70  3
C  MENS WEARHOUSE INC,THE  0.50  -7.50  87.00  84.00  4
C  LIMITED BRANDS INC  -1.00  2.00  571.60  555.40  3
D  JOS A BANK CLOTHIERS INC /DE/  -1.90  1.10  15.40  14.40  7
D  GYMBOREE CORP  -2.00  0.01  37.30  37.10  1
C  ROSS STORES INC  -3.00  13.00  243.00  227.00  7
D  AEROPOSTALE INC  -3.10  18.80  27.20  21.60  26
A  ABERCROMBIE & FITCH CO  -4.00  -9.00  100.00  89.00  12
C  TJX COMPANIES INC  -5.00  7.00  776.00  752.00  3
D  MOTHERS WORK INC / MOTHERHOOD MATERNITY  -5.00  5.00  33.60  33.10  2
B  CATO CORP  -6.00  1.00  55.20  54.50  1
B  AMERICAN EAGLE OUTFITTERS INC  -7.00  -2.40  74.30  71.10  5
F  ONE PRICE CLOTHING STORES INC  -7.20  -0.80  23.30  25.40  -8
F  FACTORY 2 U STORES INC/ FKA FAMILY BARGAIN CORP  -7.70  -10.20  28.80  34.00  -15
C  FAMOUS FOOTWEAR  -8.50  3.70  67.20  72.60  -7
C  ANNTAYLOR STORES CORP/HC  -8.60  -2.10  81.30  82.00  -1
D  CHARMING SHOPPES INC  -9.00  -1.00  150.30  175.10  -14
D  STEIN MART INC  -10.00  -2.70  91.00  97.60  -7
D  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  -10.00  2.00  21.50  19.40  11
D  GOODYS FAMILY CLOTHING INC  -11.20  2.00  66.30  75.30  -12
A  TALBOTS INC  -11.70  -17.70  76.40  84.10  -9
D  GADZOOKS INC  -11.90  -1.70  21.40  23.70  -10
F  SPIEGEL INC  -12.00  -17.00  120.10  156.60  -23
F  EDDIE BAUER INC  -12.00  -17.00  120.10  156.60  -23
D  UNITED RETAIL GROUP INC/DE  -13.00  7.00  27.00  31.10  -13
B  DRESS BARN INC  -13.00  -1.00  35.50  38.50  -8
F  FILENES BASEMENT CORP  -13.20  5.90  16.30  18.93  -14
A  DEB SHOPS INC  -13.30  10.00  20.80  22.80  -9
A  BEBE STORES INC  -15.20  -4.90  20.90  23.00  -9
D  CHILDRENS PLACE RETAIL STORES  -24.00  -8.00  44.30  48.20  -8
B  WET SEAL INC  -31.50  20.50  34.40  47.20  -27

Credit
Rating
CONSUMER ELECTRONICS Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb 2003 Feb 2002 Feb 2003 Feb 2002
D  SHARPER IMAGE CORP  24.00  5.00  36.00  26.90  34

Credit
Rating
DEPARTMENT STORES&CATALOG Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb 2003 Feb 2002 Feb 2003 Feb 2002
D  DILLARDS INC  3.00  -5.00  610.27  599.10  2
A  NEIMAN MARCUS GROUP INC  2.50  -1.00  209.00  199.00  5
F  GOTTSCHALKS INC  -1.60  1.50  43.30  44.70  -3
B  MARSHALL FIELDS  -1.80  0.01  170.00  176.00  -3
D  JC PENNEY COMPANY INC  -2.10  12.50  906.00  940.00  -4
C  NORDSTROM INC  -2.30  -4.10  367.60  359.10  2
E  BON TON STORES INC  -3.80  0.90  39.40  41.20  -4
D  SAKS INC/FKA PROFFITTS INC  -4.10  -2.60  367.10  382.80  -4
A  KOHLS CORP  -4.60  10.10  486.20  441.10  10
B  FEDERATED DEPARTMENT STORES INC/NEW  -6.00  -2.80  985.00  1048.00  -6
E  STAGE STORES INC  -7.60  6.20  59.50  62.50  -5
B  MAY DEPARTMENT STORES COMPANY INC  -8.90  -2.70  846.00  914.30  -7
A  MERVYNS  -9.20  2.50  219.00  241.00  -9
B  SEARS ROEBUCK & COMPANY  -9.40  -3.10  1700.00  1944.20  -13
E  VALUE CITY DEPARTMENT STORE  -11.20  1.40  88.70  100.42  -12
E  RETAIL VENTURES INC /FKA VALUE CITY DEPARTMENT STORES IN  -12.10  1.70  145.00  156.20  -7
E  ELDER BEERMAN STORES CORP,THE  -14.50  1.90  35.90  42.00  -15

Credit
Rating
DRUG STORE RETAILER Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb 2003 Feb 2002 Feb 2003 Feb 2002
A  WALGREEN COMPANY INC  7.70  12.00  2597.80  2316.10  12
B  CVS CORP  4.00  9.50  1980.00  1870.00  6
D  ECKERD DRUG CO/DIV OF JC PENNEY  -0.40  6.70  1184.00  1158.00  2

Credit
Rating
FABRICS & NOTIONS Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb 2003 Feb 2002 Feb 2003 Feb 2002
D  JO ANN STORES INC  1.00  14.70  108.40  109.70  -1

Credit
Rating
FOOTWEAR RETAILERS Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb 2003 Feb 2002 Feb 2003 Feb 2002
C  PAYLESS SHOESOURCE INC  -0.60  0.50  175.30  174.60  0
D  NATURALIZER RETAIL / SEE BROWN SHOE COMPANY  -7.60  6.30  6.00  8.10  -26
D  BROWN SHOE COMPANY INC  -7.60  0  6.00  8.10  -26
C  SHOE CARNIVAL INC  -8.50  4.00  35.30  34.80  1
E  DSW SHOE WAREHOUSE  -14.20  0.50  39.98  36.84  9

Credit
Rating
HOME FURNISHINGS Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb 2003 Feb 2002 Feb 2003 Feb 2002
B  BOMBAY CO INC  26.00  -15.00  34.10  25.40  34
B  MICHAELS STORES INC  -4.00  6.00  197.10  192.40  2
A  PIER 1 IMPORTS INC  -5.80  17.20  116.60  112.80  3
B  INTERTAN INC  -9.00  3.00  25.70  25.70  0
B  HAVERTY FURNITURE COMPANIES  -9.30  8.20  56.70  58.80  -4

Credit
Rating
MASS MERCHANDISERS Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb 2003 Feb 2002 Feb 2003 Feb 2002
B  BJS WHOLESALE CLUB  6.70  2.90  430.48  372.70  16
B  FREDS INC  6.20  16.30  98.60  82.80  19
B  COSTCO WHOLESALE CORP  6.00  8.00  3060.00  2770.00  10
B  FAMILY DOLLAR STORES INC  2.80  7.70  354.80  312.00  14
B  WAL MART STORES INC  2.60  10.30  18796.00  17207.00  9
C  WAL MART STORES  2.60  11.00  12172.00  11106.00  10
B  DOLLAR GENERAL CORP  2.50  7.70  476.30  428.40  11
A  SAMS CLUB  2.40  6.90  2426.00  2244.00  8
D  DUCKWALL ALCO STORES INC  0.60  8.50  29.70  28.90  3
A  TARGET STORES  -0.50  10.00  2509.00  2306.00  9
D  SHOPKO STORES  -1.00  3.70  163.50  165.10  -1
D  SHOPKO STORES INC  -1.20  2.20  215.60  218.50  -1
B  TARGET CORP/FKA DAYTON HUDSON  -1.40  8.50  2926.00  2753.00  6
E  PAMIDA HOLDINGS CORP  -1.80  -2.40  52.10  53.40  -2
D  BIG LOTS INC /FKA CONSOLIDATED STORES INC  -2.40  14.00  277.20  272.60  2
D  ODD JOB STORES INC FKA MAZEL STORES INC  -5.90  1.60  13.20  13.90  -5

Credit
Rating
SPORTING GOODS Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Feb 2003 Feb 2002 Feb 2003 Feb 2002
C  WEST MARINE INC  -13.90  10.50  31.10  27.60  13
E  BOBS STORES INC  -23.00  1.36  17.60  0  0



Performance Insight


Industry Credit
Rating
Company Comp %
HF    B  BOMBAY CO INC 26.0 
CE    D  SHARPER IMAGE CORP 24.0 
APP    C  PACIFIC SUNWEAR OF CALIFORNIA INC 14.8 
APP    D  GAP INC,THE 8.0 
APP    E  WILSONS THE LEATHER EXPERTS INC 8.0 
DR    A  WALGREEN COMPANY INC 7.7 
MM    B  BJS WHOLESALE CLUB 6.7 
MM    B  FREDS INC 6.2 
MM    B  COSTCO WHOLESALE CORP 6.0 
APP    D  CLAIRES STORES INC 6.0 


Top 10 Retail Performers

Consumers voted with their pocketbooks and found favor with merchandise offerings at certain retailers, spurring home improvement (Bombay) and gadget sales (Sharper Image) even as discretionary income tightened. ... Wholesale clubs Costco and BJ's enjoyed accelerated traffic as consumers sought terrorist survival goods and with snow conditions, stocking up became a trend. ... The ladies liked Fred's as they shopped intimate apparel, accessories, cosmetics and fragrances. ... Claire's comps were accessorized in both North America and Europe while the "Icing" on the cake was postive as well. ... The icon of the drug scene continues to be wall to Wal-green. ... Wilson's leather, having misfired in the past, was marked by promotions that drove comps to avoid a repeat. ... Gap performance was 180 degrees from last year and may be the beginning of their long-touted turnaround. ... As winter wore on in the East, the sun shone on Pacific Sunwear as the patter of teen feet greeted cash registers.



Industry Credit
Rating
Company TY LY
HF    B  BOMBAY CO INC 26.0 -15.0
APP    E  WILSONS THE LEATHER EXPERTS INC 8.0 -17.3
APP    D  GAP INC,THE 8.0 -17.0
CE    D  SHARPER IMAGE CORP 24.0 5.0
APP    C  PACIFIC SUNWEAR OF CALIFORNIA INC 14.8 -1.0
APP    D  CLAIRES STORES INC 6.0 -3.0
DEP    D  DILLARDS INC 3.0 -5.0
APP    C  MENS WEARHOUSE INC,THE 0.5 -7.5
APP    B  S & K FAMOUS BRANDS INC 2.0 -4.0
APP    A  TALBOTS INC -11.7 -17.7


Rising Stars - Most Improved

When you wish upon a "rising star", you better have great merchandising or big promotions. ... Bombay is clearly the former and Wilson's is clearly the latter. ... Decked out in stripes, Gap merchandise was stripped from the racks. ... Gadget addict customers continue like groupies, a cult that keeps Sharper Image's registers rolling. ... What teenagers and their slightly older sisters couldn't find at Pacific Sunwear, they found or accessorized at Claire's. ... Dillards posted a modest improvement as it tried to reinvent itself. ... Both The Men's Wearhouse and S&K Famous were the favorite haunts for the male set seeking suit values and casual wear. ... The classy classic woman seems to be satisfied with her wardrobe and is not revisiting Talbots, famous for this fashion trend, as a narrowed comp decline puts them on our list of Rising Stars.



Industry Credit
Rating
Company Comp %
APP    B  WET SEAL INC -31.5 
APP    D  CHILDRENS PLACE RETAIL STORES -24.0 
SG    E  BOBS STORES INC -23.0 
APP    A  BEBE STORES INC -15.2 
DEP    E  ELDER BEERMAN STORES CORP,THE -14.5 
FW    E  DSW SHOE WAREHOUSE -14.2 
SG    C  WEST MARINE INC -13.9 
APP    A  DEB SHOPS INC -13.3 
APP    F  FILENES BASEMENT CORP -13.2 
APP    D  UNITED RETAIL GROUP INC/DE -13.0 


Bottom 10 Retail Performers

Typically, this shortest month of the year benefits from President's Day holiday sales events that drive store traffic. Not this year, as the worst blizzard in decades pummeled the South and East. This impact was particularly visible in Bobs Stores, which had planned for an almost 19% comp decline due to the absence of the Patriots as a Super Bowl contender but instead was dealt a 23% decrease. ... The fickle teen market "sealed" Wet Seal's fate, with comps again falling precipitously. ...The Children's Place's new merchandising efforts have not yet translated to positive comps. ... Merchandising is also an issue at Bebe as the shift to more sophisticated items did not bring the fast paced return of more sophisticated shoppers . ... Elder-Beerman's declines are weather related while DSW Shoe Warehouse and Filene's Basement (both part of Value City Deparment Stores-Retail Ventures) saw declines grow across the board. ... West Marine reflects more controlled discretionary spending coupled with typical off season performance. ... Deb Shops' negative performance is atypical and unfortunately twice as bad as last month. ... Customers seemingly on a "united front" are deserting this retailer's aisles as the comp slide continued.



Industry Credit
Rating
Company TY LY
APP    B  WET SEAL INC -31.5 20.5
SG    C  WEST MARINE INC -13.9 10.5
SG    E  BOBS STORES INC -23.0 1.4
APP    A  DEB SHOPS INC -13.3 10.0
HF    A  PIER 1 IMPORTS INC -5.8 17.2
APP    D  AEROPOSTALE INC -3.1 18.8
APP    D  UNITED RETAIL GROUP INC/DE -13.0 7.0
APP    F  FILENES BASEMENT CORP -13.2 5.9
HF    B  HAVERTY FURNITURE COMPANIES -9.3 8.2
DEP    E  ELDER BEERMAN STORES CORP,THE -14.5 1.9


Falling Stars - Sharpest Decline

With all of the "Bottom 10" experiencing double digit declines, it'a no surprise that many also head our list of "Falling Stars", particularly since a number of these retailers experienced a mini-resurgence last February. Wet Seal, Aeropostale and Deb Shops each previously held favor in the full range teen market. ... Pier 1 and Haverty Furniture had been reaping the benefit of the "there's no place like home" consumer mentality before geopolitical issues coupled with economic uncertainty pressured consumer spending patterns. ... A lack of a New England team in the Super Bowl hurt Bobs. ... A tough comparison and reduced discretionary spending caused West Marine's underwater performance. ... The declining comps at Filene's and United Retail are evidence of even value shoppers pulling in their horns. ... Elder-Beerman had the misfortune of the snow-belt finding their doorstep, causing intermitent closings.



Industry Industry Highest Median Lowest
RETAIL SECTOR
26.0  -4.0  -31.5 
APP  APPAREL STORES 14.8  -6.1  -31.5 
CE  CONSUMER ELECTRONICS 24.0  24.0  24.0 
DEP  DEPARTMENT STORES&CATALOG 3.0  -5.5  -14.5 
DR  DRUG STORE RETAILER 7.7  3.8  -0.4 
FN  FABRICS & NOTIONS 1.0  1.0  1.0 
FW  FOOTWEAR RETAILERS -0.6  -7.7  -14.2 
HF  HOME FURNISHINGS 26.0  -0.4  -9.3 
MM  MASS MERCHANDISERS 6.7  1.1  -5.9 
SG  SPORTING GOODS -13.9  -18.5  -23.0 


Industry Performance

February was not the month for "wearable" merchandise as the Apparel, Department Stores and Footwear industries each experienced comp declines. ... The sneaker set was hit hard with even the "best" Sporting Goods retailer reporting a double-digit drop. ... Home is clearly where the heart is and consumers flocked to hot electronic products to round out their furnishing purchases. ... Money spent on aches and pains accelerated as snow shoveling became a consumer pastime. ... "The Walmart Effect" led Mass Merchandisers to attract a mass of consumers to the primarily value oriented products for which they have become so well known.



COMPARABLE STORE SALES REPORT

Global Credit Services has created an intuitive Comparable Store Sales Report that focuses on the big picture as well as several insightful views of risk analysis. Also, we have put our proprietary credit rating A through F next to each company to provide added insight for your customer review and assessment.

The Comparable Stores Sales Report is highlighted by six sections of insight and analysis:


ACCOUNT STATUS

An artificial intelligence score that is based on several items on the company's quarterly financial statements.