SECTOR MONTHLY SAME STORE SALES

COMPARABLE STORE SALES MAY 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
Industry	Credit Rating	Company	YTD	May	Prior Year	May	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	May	Prior Year	May	Prior Year	Sales % Change
A	BUCKLE INC,THE	34.70	8.80	50.80	35.30	44
D-	CHILDRENS PLACE RETAIL STORES	10.00	4.00	109.40	127.60	-14
B-	ROSS STORES INC	7.00	1.00	513.00	450.00	14
B+	AEROPOSTALE INC	6.00	1.90	102.30	88.10	16
C+	CACHE INC	5.00	-2.00	23.30	21.90	6
E+	MOTHERS WORK INC / MOTHERHOOD MATERNITY	4.30	-3.60	54.20	54.10	0
C	FREDS INC	3.40	-2.50	143.50	127.00	13
B-	CATO CORP	2.00	2.00	80.50	75.90	6
B-	TJX COMPANIES INC	2.00	5.00	1450.00	1400.00	4
B-	HOT TOPIC INC	-0.20	-6.10	47.40	45.10	5
A-	ABERCROMBIE & FITCH CO	-1.00	-5.00	233.10	215.00	8
B-	WET SEAL INC	-2.00	1.90	45.70	42.60	7
C+	PACIFIC SUNWEAR OF CALIFORNIA INC	-3.00	6.40	86.90	97.70	-11
NR	VICTORIAS SECRET STORES INC/LIMITED BRANDS	-4.00	5.00	0.00	0.00	0
NR	BANANA REPUBLIC INC/THE GAP INC	-5.00	3.00	0.00	0.00	0
C	LIMITED BRANDS INC	-6.00	2.00	661.30	774.70	-15
NR	GAP INC	-7.00	-7.00	0.00	0.00	0
A	AMERICAN EAGLE OUTFITTERS INC	-9.00	5.00	200.00	199.00	1
D	STEIN MART INC	-12.40	2.50	108.40	118.90	-9
B	GAP INC,THE	-14.00	2.00	1090.00	1190.00	-8
B+	CHICOS FAS INC	-16.90	-2.90	141.40	155.00	-9
NR	OLD NAVY/THE GAP INC	-25.00	-3.00	0.00	0.00	0

Credit Rating	Dept Stores & Catalogs	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Dept Stores & Catalogs	May	Prior Year	May	Prior Year	Sales % Change
C+	NORDSTROM INC	10.90	6.30	716.00	637.80	12
C+	STAGE STORES INC	0.10	1.70	122.60	116.60	5
NR	TARGET STORES	0.00		0.00		0
C	JC PENNEY CO INC	-4.40	-2.00	1340.00	1200.00	12
D	DILLARDS INC-HQ	-7.00	-2.00	499.70	527.90	-5
B	KOHLS CORP	-7.20	-10.50	1210.00	1190.00	2
E-	GOTTSCHALKS INC	-8.60	3.80	42.40	46.40	-9
C	SAKS INC/FKA PROFFITTS INC	-8.70	11.70	227.20	281.00	-19
E+	BON TON STORES INC	-9.90	1.20	214.30	234.70	-9

Credit Rating	Drug Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Drug Stores	May	Prior Year	May	Prior Year	Sales % Change
B-	WALGREEN COMPANY INC	3.90	6.40	5042.00	4580.00	10
E+	RITE AID CORP	1.30	1.70	2539.00	1720.00	48

Credit Rating	Home Furnishings	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Home Furnishings	May	Prior Year	May	Prior Year	Sales % Change
C-	HAVERTY FURNITURE COMPANIES	-6.30		61.60		0

Credit Rating	Mass Merchandisers-Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Mass Merchandisers-Retail	May	Prior Year	May	Prior Year	Sales % Change
C	BJS WHOLESALE CLUB	13.40	4.10	824.30	711.00	16
B-	COSTCO WHOLESALE CORP	7.00	7.00	5770.00	5140.00	12
B-	WAL MART STORES INC	3.90	1.10	31036.00	28258.00	10
NR	SAMS CLUB	3.60	5.40	3805.00	3546.00	7
B-	FAMILY DOLLAR STORES INC	1.80	2.50	545.00	522.00	4
B-	TARGET CORP	-0.70	5.80	4564.00	4330.00	5
D	DUCKWALL ALCO STORES INC	-2.00	1.90	42.80	41.50	3

Credit Rating	Other Retail Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Other Retail Stores	May	Prior Year	May	Prior Year	Sales % Change
D-	FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS	-0.60	-0.60	23.70	23.70	0

Credit Rating	Sporting Goods Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Sporting Goods Retail	May	Prior Year	May	Prior Year	Sales % Change
A	ZUMIEZ INC	0.20	11.20	26.00	22.70	15

Credit Rating	Specialty Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Specialty Retail	May	Prior Year	May	Prior Year	Sales % Change
NR	BATH & BODY WORKS/LIMITED BRANDS	-11.00	-3.00	0.00	0.00	0

Performance Insight

Top 10 Retail Performers

Industry	Credit Rating	Company	Comp %
APP	A	BUCKLE INC,THE	34.7
MM	C	BJS WHOLESALE CLUB	13.4
DEP	C+	NORDSTROM INC	10.9
APP	D-	CHILDRENS PLACE RETAIL STORES	10.0
MM	B-	COSTCO WHOLESALE CORP	7.0
APP	B-	ROSS STORES INC	7.0
APP	B+	AEROPOSTALE INC	6.0
APP	C+	CACHE INC	5.0
APP	E+	MOTHERS WORK INC / MOTHERHOOD MATERNITY	4.3
MM	B-	WAL MART STORES INC	3.9

Rising Stars - Most Improved

Industry	Credit Rating	Company	TY	LY
APP	A	BUCKLE INC,THE	34.7	8.8
MM	C	BJS WHOLESALE CLUB	13.4	4.1
APP	E+	MOTHERS WORK INC / MOTHERHOOD MATERNITY	4.3	- 3.6
APP	C+	CACHE INC	5.0	- 2.0
APP	D-	CHILDRENS PLACE RETAIL STORES	10.0	4.0
APP	B-	ROSS STORES INC	7.0	1.0
APP	C	FREDS INC	3.4	- 2.5
APP	B-	HOT TOPIC INC	- 0.2	- 6.1
DEP	C+	NORDSTROM INC	10.9	6.3
APP	B+	AEROPOSTALE INC	6.0	1.9

Bottom 10 Retail Performers

Industry	Credit Rating	Company	Comp %
APP	NR	OLD NAVY/THE GAP INC	- 25.0
APP	B+	CHICOS FAS INC	- 16.9
APP	B	GAP INC,THE	- 14.0
APP	D	STEIN MART INC	- 12.4
SR	NR	BATH & BODY WORKS/LIMITED BRANDS	- 11.0
DEP	E+	BON TON STORES INC	- 9.9
APP	A	AMERICAN EAGLE OUTFITTERS INC	- 9.0
DEP	C	SAKS INC/FKA PROFFITTS INC	- 8.7
DEP	E-	GOTTSCHALKS INC	- 8.6
DEP	B	KOHLS CORP	- 7.2

Falling Stars - Sharpest Decline

Industry	Credit Rating	Company	TY	LY
APP	NR	OLD NAVY/THE GAP INC	- 25.0	- 3.0
DEP	C	SAKS INC/FKA PROFFITTS INC	- 8.7	11.7
APP	B	GAP INC,THE	- 14.0	2.0
APP	D	STEIN MART INC	- 12.4	2.5
APP	A	AMERICAN EAGLE OUTFITTERS INC	- 9.0	5.0
APP	B+	CHICOS FAS INC	- 16.9	- 2.9
DEP	E-	GOTTSCHALKS INC	- 8.6	3.8
DEP	E+	BON TON STORES INC	- 9.9	1.2
SG	A	ZUMIEZ INC	0.2	11.2
APP	C+	PACIFIC SUNWEAR OF CALIFORNIA INC	- 3.0	6.4

Industry Performance

Industry	Industry	Highest	Median	Lowest
RETAIL SECTOR		34.7	- 1.2	- 25.0

APP	Apparel Stores	34.7	- 1.4	- 25.0
DEP	Dept Stores & Catalogs	10.9	- 3.9	- 9.9
DR	Drug Stores	3.9	2.6	1.3
HF	Home Furnishings	- 6.3	- 6.3	- 6.3
MM	Mass Merchandisers-Retail	13.4	3.9	- 2.0
RET	Other Retail Stores	- 0.6	- 0.6	- 0.6
SR	Specialty Retail	- 11.0	- 11.0	- 11.0
SG	Sporting Goods Retail	0.2	0.2	0.2

Industry Performance

Although the overall consensus back in April was that consumers were going to bank their rebate checks and pay-down debt, it appears that many went shopping, which gave retailers stronger than expected results. Despite results, many consumers were still focused on necessities such as food and gas. Discount and lower-priced stores were again among the strongest performers. It is amazing that gas did not carry off most of the rebate checks, as it went over $4 per gallon. Although retail sales improved and many beat their weak estimates, consumers are still being cautious as oil and gas prices climb and housing and employment falls.

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.