SECTOR MONTHLY SAME STORE SALES

COMPARABLE STORE SALES FEBRUARY 2007

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
Industry	Credit Rating	Company	YTD	Feb	Prior Year	Feb	Prior Year	Sales % Change

Companies Ranked by Industry

Credit Rating	Apparel Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Apparel Stores	Feb	Prior Year	Feb	Prior Year	Sales % Change
NR	EXPRESS INC/LIMITED BRANDS	8.00	9.00	0.00	0.00	0
A	AMERICAN EAGLE OUTFITTERS INC	6.00	8.00	166.30	143.10	16
C	CHILDRENS PLACE RETAIL STORES	5.00	1.00	133.80	113.80	18
C	WET SEAL INC	5.00	29.30	41.20	36.10	14
A	BUCKLE INC,THE	4.50	-0.40	37.70	34.10	11
C	FREDS INC	3.90	0.30	143.90	133.80	8
C+	LIMITED BRANDS INC	3.00	5.00	730.50	635.80	15
NR	MAURICES INC/AMERICAN RETAIL GROUP	3.00	2.00	0.00	0.00	0
NR	DRESS BARN	3.00	7.00	0.00	0.00	0
B+	JOS A BANK CLOTHIERS INC /DE/	2.80	3.30	38.30	33.80	13
B+	AEROPOSTALE INC	2.30	-5.40	75.50	67.80	11
NR	VICTORIAS SECRET STORES INC/LIMITED BRANDS	2.00	5.00	0.00	0.00	0
C+	TJX COMPANIES INC	2.00	1.00	1200.00	1100.00	9
B-	ROSS STORES INC	1.00	6.00	395.00	356.00	11
B+	GYMBOREE CORP	1.00	18.00	62.00	53.50	16
B-	CACHE INC	1.00	-3.00	19.90	20.00	-1
NR	LIMITED STORES INC ,THE/LIMITED BRANDS	1.00	-7.00	0.00	0.00	0
NR	BANANA REPUBLIC INC/THE GAP INC	0.00	-11.00	0.00	0.00	0
B+	CATO CORP	0.00	-7.00	64.90	64.20	1
B	DRESS BARN INC	0.00	5.00	79.70	77.40	3
C-	STEIN MART INC	-1.90	-8.50	104.30	97.20	7
A-	DEB SHOPS INC	-2.00	5.10	25.60	25.30	1
A-	BEBE STORES INC	-2.20	1.60	43.00	40.20	7
C+	HOT TOPIC INC	-2.70	-8.40	49.80	48.40	3
B-	ANNTAYLOR STORES CORP	-2.90	5.60	136.10	130.10	5
B	GAP INC,THE	-4.00	-11.00	910.00	865.00	5
C-	UNITED RETAIL GROUP INC/DE	-4.00	-1.00	28.60	29.30	-2
A-	CHICOS FAS INC	-4.30	5.70	113.00	98.70	14
E+	MOTHERS WORK INC / MOTHERHOOD MATERNITY	-4.70	-2.20	43.90	45.70	-4
NR	GAP INC	-5.00	-7.00	0.00	0.00	0
C+	PACIFIC SUNWEAR OF CALIFORNIA INC	-5.70	3.10	89.80	89.00	1
A-	ABERCROMBIE & FITCH CO	-6.00	5.00	206.60	192.70	7
NR	OLD NAVY/THE GAP INC	-6.00	-14.00	0.00	0.00	0
B+	CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS	-13.00	-6.00	35.00	28.90	21
E	WILSONS THE LEATHER EXPERTS INC	-24.70	-9.30	22.40	29.70	-25

Credit Rating	Consumer Electronics	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Consumer Electronics	Feb	Prior Year	Feb	Prior Year	Sales % Change
F	SHARPER IMAGE CORP	-24.00	-31.00	22.10	30.50	-28

Credit Rating	Dept Stores & Catalogs	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Dept Stores & Catalogs	Feb	Prior Year	Feb	Prior Year	Sales % Change
C-	SAKS INC/FKA PROFFITTS INC	24.70	-6.40	220.00	173.90	27
NR	BON TON,THE	14.60	-1.60	0.00	0.00	0
E+	BON TON STORES INC	9.80	-1.60	237.60	72.20	229
B-	NORDSTROM INC	9.10	4.90	546.60	499.00	10
A-	KOHLS CORP	4.40	3.40	929.30	818.60	14
B-	STAGE STORES INC	1.40	-0.90	104.60	93.10	12
C-	MACYS INC (FKA FEDERATED DPT STORES)	1.20	1.00	1802.00	1800.00	0
B-	JC PENNEY CO INC	-0.20	2.30	1314.00	1302.00	1
E	GOTTSCHALKS INC	-3.60	2.70	42.60	44.30	-4
D	DILLARDS INC-HQ	-9.00	-2.00	594.10	644.30	-8

Credit Rating	Drug Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Drug Stores	Feb	Prior Year	Feb	Prior Year	Sales % Change
B	WALGREEN COMPANY INC	8.60	5.70	4302.30	3797.90	13
B-	CVS/CAREMARK CORPORATION	7.00	5.90	3800.00	3100.00	23
C-	LONGS DRUG STORES CORP	2.70	1.90	367.50	387.70	-5
E+	RITE AID CORP	2.20	2.30	1733.00	1689.00	3

Credit Rating	Home Furnishings	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Home Furnishings	Feb	Prior Year	Feb	Prior Year	Sales % Change
E	PIER 1 IMPORTS INC	-8.40	-10.80	120.50	109.70	10

Credit Rating	Mass Merchandisers-Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Mass Merchandisers-Retail	Feb	Prior Year	Feb	Prior Year	Sales % Change
B-	PRICESMART INC	20.60	15.90	63.30	52.40	21
B-	TARGET CORP	5.70	3.60	4128.00	3731.00	11
D	DOLLAR GENERAL CORP	4.90	-0.50	695.60	645.70	8
B-	COSTCO WHOLESALE CORP	4.00	8.00	4600.00	4210.00	9
NR	SAMS CLUB	3.90	4.60	3159.00	3032.00	4
C-	COST U LESS INC	3.00	3.70	17.40	16.90	3
C+	BJS WHOLESALE CLUB	3.00	1.60	601.70	567.80	6
D	DUCKWALL ALCO STORES INC	1.50	5.20	33.50	32.50	3
B-	WAL MART STORES INC	0.90	3.20	26794.00	25034.00	7
B-	FAMILY DOLLAR STORES INC	-0.50	4.40	511.40	507.40	1

Credit Rating	Other Retail Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Other Retail Stores	Feb	Prior Year	Feb	Prior Year	Sales % Change
D-	FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS	-7.40	-0.70	16.90	18.80	-10

Credit Rating	Sporting Goods Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Sporting Goods Retail	Feb	Prior Year	Feb	Prior Year	Sales % Change
0	ZUMIEZ INC	12.40	28.00	20.70	14.40	44

Credit Rating	Specialty Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Specialty Retail	Feb	Prior Year	Feb	Prior Year	Sales % Change
NR	BATH & BODY WORKS/LIMITED BRANDS	2.00	4.00	0.00	0.00	0

Performance Insight

Top 10 Retail Performers

Industry	Credit Rating	Company	Comp %
DEP	C-	SAKS INC/FKA PROFFITTS INC	24.7
MM	B-	PRICESMART INC	20.6
DEP	NR	BON TON,THE	14.6
SG	0	ZUMIEZ INC	12.4
DEP	E+	BON TON STORES INC	9.8
DEP	B-	NORDSTROM INC	9.1
DR	B	WALGREEN COMPANY INC	8.6
APP	NR	EXPRESS INC/LIMITED BRANDS	8.0
DR	B-	CVS/CAREMARK CORPORATION	7.0
APP	A	AMERICAN EAGLE OUTFITTERS INC	6.0

Rising Stars - Most Improved

Industry	Credit Rating	Company	TY	LY
DEP	C-	SAKS INC/FKA PROFFITTS INC	24.7	- 6.4
DEP	NR	BON TON,THE	14.6	- 1.6
DEP	E+	BON TON STORES INC	9.8	- 1.6
APP	NR	BANANA REPUBLIC INC/THE GAP INC	0.0	- 11.0
APP	NR	OLD NAVY/THE GAP INC	- 6.0	- 14.0
APP	NR	LIMITED STORES INC ,THE/LIMITED BRANDS	1.0	- 7.0
APP	B+	AEROPOSTALE INC	2.3	- 5.4
APP	B+	CATO CORP	0.0	- 7.0
APP	B	GAP INC,THE	- 4.0	- 11.0
CE	F	SHARPER IMAGE CORP	- 24.0	- 31.0

Bottom 10 Retail Performers

Industry	Credit Rating	Company	Comp %
APP	E	WILSONS THE LEATHER EXPERTS INC	- 24.7
CE	F	SHARPER IMAGE CORP	- 24.0
APP	B+	CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS	- 13.0
DEP	D	DILLARDS INC-HQ	- 9.0
HF	E	PIER 1 IMPORTS INC	- 8.4
RET	D-	FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS	- 7.4
APP	NR	OLD NAVY/THE GAP INC	- 6.0
APP	A-	ABERCROMBIE & FITCH CO	- 6.0
APP	C+	PACIFIC SUNWEAR OF CALIFORNIA INC	- 5.7
APP	NR	GAP INC	- 5.0

Falling Stars - Sharpest Decline

Industry	Credit Rating	Company	TY	LY
APP	C	WET SEAL INC	5.0	29.3
APP	B+	GYMBOREE CORP	1.0	18.0
SG	0	ZUMIEZ INC	12.4	28.0
APP	E	WILSONS THE LEATHER EXPERTS INC	- 24.7	- 9.3
APP	A-	ABERCROMBIE & FITCH CO	- 6.0	5.0
APP	A-	CHICOS FAS INC	- 4.3	5.7
APP	C+	PACIFIC SUNWEAR OF CALIFORNIA INC	- 5.7	3.1
APP	B-	ANNTAYLOR STORES CORP	- 2.9	5.6
APP	A-	DEB SHOPS INC	- 2.0	5.1
DEP	D	DILLARDS INC-HQ	- 9.0	- 2.0

Industry Performance

Industry	Industry	Highest	Median	Lowest
RETAIL SECTOR		24.7	0.9	- 24.7

APP	Apparel Stores	8.0	- 1.0	- 24.7
CE	Consumer Electronics	- 24.0	- 24.0	- 24.0
DEP	Dept Stores & Catalogs	24.7	5.2	- 9.0
DR	Drug Stores	8.6	5.1	2.2
HF	Home Furnishings	- 8.4	- 8.4	- 8.4
MM	Mass Merchandisers-Retail	20.6	4.7	- 0.5
RET	Other Retail Stores	- 7.4	- 7.4	- 7.4
SR	Specialty Retail	2.0	2.0	2.0
SG	Sporting Goods Retail	12.4	12.4	12.4

Industry Performance

Does weather really affect sales and comps? Well, according to many retailers, particularly apparel shops, it does. The harsh fact is, though, that clothing is always being sold a season ahead (bathing suits in January...can you say brrrrrrr), while season appropriate clothing is on sale. Then again, as a short month and to many retailers an insignificant one that is stuck between the main winter chill and before the spring frost, it appears that most are not worried about February results. But with retail sales in the US rising less than forecasted and the coldest February in recent history, concerns regarding an economic slowdown increases. Then again, it seems this is the conversation every year at this time. Thus, as always, it will be March and April that will set the trend for the spring season and economic confidence.

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.