MARCH 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
Mar 2003 Mar 2002 Mar 2003 Mar 2002
APP    A  ABERCROMBIE & FITCH CO -3.7   -10.0   2.0   144.1   133.9   7.6     
APP    D  AEROPOSTALE INC 0.5   0.1   35.1   46.5   36.0   29.2     
APP    B  AMERICAN EAGLE OUTFITTERS INC -4.1   -8.5   -1.3   119.3   117.4   1.6     
APP    C  ANNTAYLOR STORES CORP/HC -9.0   -8.2   3.5   138.2   138.5   -0.2     
APP    A  BEBE STORES INC -7.2   -10.5   -3.5   24.9   26.1   -4.6     
MM    D  BIG LOTS INC /FKA CONSOLIDATED STORES IN -1.0   -1.4   24.0   351.9   283.8   24.0     
MM    B  BJS WHOLESALE CLUB 6.1   5.9   4.8   554.0   483.5   14.6     
SG    E  BOBS STORES INC -17.3   -22.5   21.0   27.9   0.0   0.0     
HF    B  BOMBAY CO INC 27.7   30.0   -11.0   47.9   35.2   36.1     
DEP    E  BON TON STORES INC -1.1   -8.4   2.8   54.3   59.7   -9.0     
FW    D  BROWN SHOE COMPANY INC -4.9   -1.0   5.7   11.9   14.6   -18.5     
APP    B  BUCKLE INC,THE 0.6   -3.1   -1.2   32.2   32.3   -0.3     
APP    D  CACHE INC     -7.0   7.0   21.1   22.3   -5.4     
APP    B  CATO CORP -7.7   -12.0   14.0   73.1   78.3   -6.6     
APP    D  CHARMING SHOPPES INC -5.3   -6.0   5.0   224.0   249.1   -10.1     
APP    A  CHICOS FAS INC 8.5   12.4   11.7   67.9   50.3   35.0     
APP    D  CHILDRENS PLACE RETAIL STORES  SAUNDERS KARP & MEGRUE LP/SKM -18.3   -11.0   -7.0   77.2   73.6   4.9     
APP    D  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASH -8.3   -6.0   12.0   26.8   23.3   15.0     
APP    D  CLAIRES STORES INC 5.7   3.0   3.0   90.8   83.6   8.6     
MM    B  COSTCO WHOLESALE CORP 6.3   8.0   8.0   3880.0   3460.0   12.1     
DR    B  CVS CORP 4.0   2.3   12.5   2420.0   2320.0   4.3     
APP    A  DEB SHOPS INC -11.2   -15.2   8.9   24.8   27.8   -10.8     
DEP    D  DILLARDS INC -4.7   -12.0   5.0   667.1   763.4   -12.6     
MM    B  DOLLAR GENERAL CORP 3.5   4.2   6.9   602.5   533.7   12.9     
APP    B  DRESS BARN INC -8.7   -11.0   12.0   63.7   70.9   -10.2     
FW    A  DSW SHOE WAREHOUSE  SCHOTTENSTEIN STORES CORP -6.6   2.7   3.5   75.3   60.6   24.3     
MM    D  DUCKWALL ALCO STORES INC -0.5   -5.5   8.9   36.2   37.3   -2.9     
DR    D  ECKERD DRUG CO/DIV OF JC PENNEY  JC PENNEY COMPANY INC -0.1   -3.0   10.2   1434.0   1439.0   -0.3     
APP    11  EDDIE BAUER INC/CASE#03-11547  SPIEGEL INC/CASE #03-11540 -9.0   -14.0   -12.0   0.0   0.0   0.0     
DEP    E  ELDER BEERMAN STORES CORP,THE -4.2   -2.9   -6.4   50.8   53.0   -4.2     
APP    F  FACTORY 2 U STORES INC/ FKA FAMILY BARGA  THREE CITIES RESEARCH INC -9.2   -15.3   -7.9   40.3   48.5   -16.9     
MM    B  FAMILY DOLLAR STORES INC 3.7   3.5   10.3   446.7   390.6   14.4     
APP    B  FAMOUS FOOTWEAR  BROWN SHOE COMPANY INC -8.4   -10.6   5.5   102.0   110.4   -7.6     
DEP    B  FEDERATED DEPARTMENT STORES INC/NEW -4.6   -6.5   -0.2   1233.0   1311.0   -5.9     
APP    F  FILENES BASEMENT CORP  SCHOTTENSTEIN STORES CORP -6.4   -3.0   4.1   24.6   26.8   -8.1     
MM    B  FREDS INC 6.0   6.0   16.3   117.8   98.0   20.2     
APP    D  GADZOOKS INC -11.4   -14.7   2.5   27.7   32.1   -13.7     
APP    D  GAP INC,THE 11.0   9.0   -12.0   1400.0   1210.0   15.7     
APP    D  GOODYS FAMILY CLOTHING INC -3.7   4.9   13.1   121.6   116.9   4.0     
DEP    F  GOTTSCHALKS INC -2.0   -6.4   -5.0   54.3   59.2   -8.3     
APP    D  GYMBOREE CORP 1.7   -2.0   12.0   56.8   56.1   1.2     
FN    D  HANCOCK FABRICS INC     7.9   7.9   42.2   40.5   4.2     
HF    B  HAVERTY FURNITURE COMPANIES -6.6   -7.7   0.0   58.2   0.0   0.0     
APP    A  HOT TOPIC INC 4.9   -3.1   1.2   38.3   32.4   18.2     
HF    B  INTERTAN INC -9.7   -11.0   3.0   29.2   29.3   -0.4     
DEP    D  JC PENNEY COMPANY INC -3.8   -5.5   6.8   1171.0   2970.0   -60.6     
FN    D  JO ANN STORES INC 2.3   3.1   8.3   147.2   145.5   1.2     
APP    D  JOS A BANK CLOTHIERS INC /DE/ 3.5   2.4   11.8   23.9   21.3   12.2     
DEP    A  KOHLS CORP 0.4   0.4   9.1   913.5   750.5   21.7     
APP    C  LIMITED BRANDS INC -1.0   -4.0   9.0   690.1   784.3   -12.0     
DEP    C  MARSHALL FIELDS  TARGET CORP/FKA DAYTON HUDSON -3.5   -6.1   -6.7   225.0   244.0   -7.8     
DEP    B  MAY DEPARTMENT STORES COMPANY INC -8.2   -11.4   -6.9   1059.2   1190.0   -11.0     
APP    C  MENS WEARHOUSE INC,THE -0.6   -3.0   -4.3   116.8   117.5   -0.6     
DEP    A  MERVYNS  TARGET CORP/FKA DAYTON HUDSON -7.9   -8.0   -2.0   298.0   323.0   -7.7     
HF    B  MICHAELS STORES INC -2.3   0.0   4.0   253.4   237.8   6.6     
APP    D  MOTHERS WORK INC / MOTHERHOOD MATERNITY 0.3   1.3   7.6   46.9   43.2   8.6     
FW    D  NATURALIZER RETAIL / SEE BROWN SHOE COMP  BROWN SHOE COMPANY INC -0.4   -1.0   5.7   11.9   14.6   -18.5     
DEP    A  NEIMAN MARCUS GROUP INC 1.3   -0.5   2.5   274.0   269.0   1.9     
DEP    C  NORDSTROM INC -1.1   -1.7   -1.1   518.0   503.5   2.9     
MM    D  ODD JOB STORES INC FKA MAZEL STORES INC -8.4   -6.6   0.0   17.6   0.0   0.0     
APP    F  ONE PRICE CLOTHING STORES INC -7.7   -13.7   7.9   28.5   33.6   -15.2     
APP    C  PACIFIC SUNWEAR OF CALIFORNIA INC 14.9   9.5   7.5   84.5   71.1   18.8     
MM    E  PAMIDA HOLDINGS CORP  SHOPKO STORES INC -2.2   -2.7   -0.2   65.5   67.8   -3.4     
EAT    B  PANERA BREAD CO     -1.1   0.0   0.0   0.0   0.0     
FW    C  PAYLESS SHOESOURCE INC -3.7   -10.6   -1.8   270.9   298.2   -9.2     
HF    A  PIER 1 IMPORTS INC -3.5   -5.8   10.3   150.1   145.5   3.2     
DR    E  RITE AID CORP 3.8   2.4   12.0   1218.0   1210.0   0.7     
APP    C  ROSS STORES INC -3.3   -5.0   11.0   347.0   329.0   5.5     
APP    B  S & K FAMOUS BRANDS INC -3.0   -11.0   5.0   15.5   17.4   -10.9     
DEP    D  SAKS INC/FKA PROFFITTS INC -3.3   -3.8   2.4   0.0   542.4   -100.0     
MM    A  SAMS CLUB  WAL MART STORES INC 2.0   2.6   4.1   3098.0   2879.0   7.6     
DEP    B  SEARS ROEBUCK & COMPANY -6.8   -3.1   0.0   2400.0   2455.7   -2.3     
CE    D  SHARPER IMAGE CORP 27.0   20.0   18.0   41.1   30.0   37.0     
FW    C  SHOE CARNIVAL INC -10.0   -11.2   9.8   54.6   54.8   -0.4     
MM    D  SHOPKO STORES  SHOPKO STORES INC -4.6   -10.1   10.2   202.6   225.4   -10.1     
MM    D  SHOPKO STORES INC -4.1   -8.4   7.6   268.1   293.2   -8.6     
APP    11  SPIEGEL INC/CASE #03-11540 -9.0   -14.0   -12.0   157.8   217.8   -27.5     
DEP    E  STAGE STORES INC -9.5   -15.6   14.2   73.0   83.4   -12.5     
APP    D  STEIN MART INC -11.6   -12.9   9.3   131.1   146.6   -10.6     
APP    A  TALBOTS INC -4.6   0.8   3.2   187.1   177.1   5.6     
MM    B  TARGET CORP/FKA DAYTON HUDSON -1.4   -2.3   6.8   3889.0   3721.0   4.5     
MM    B  TARGET STORES  TARGET CORP/FKA DAYTON HUDSON -0.5   -1.3   9.4   3316.0   3125.0   6.1     
APP    C  TJX COMPANIES INC -3.0   -2.0   10.0   1109.0   1059.0   4.7     
APP    E  UNITED RETAIL GROUP INC/DE -11.3   -11.0   10.0   39.6   44.6   -11.2     
DEP    E  VALUE CITY DEPARTMENT STORE  SCHOTTENSTEIN STORES CORP -8.3   -7.4   3.5   137.8   149.6   -7.9     
DEP    E  VALUE CITY DEPARTMENT STORES INC  SCHOTTENSTEIN STORES CORP -7.6   -4.4   3.6   237.7   237.0   0.3     
MM    B  WAL MART STORES  WAL MART STORES INC 1.8   0.3   10.7   14951.0   13947.0   7.2     
MM    B  WAL MART STORES INC 1.9   0.7   9.5   23175.0   21489.0   7.8     
DR    A  WALGREEN COMPANY INC 7.0   5.7   12.9   2751.0   2495.8   10.2     
SG    C  WEST MARINE INC -9.6   -10.3   7.1   55.5   47.4   17.1     
APP    B  WET SEAL INC -27.9   -27.1   10.6   49.2   63.5   -22.5     
APP    E  WILSONS THE LEATHER EXPERTS INC 0.3   -7.6   -7.6   33.2   44.6   -25.6     
FR    D  7 ELEVEN INC/FORMERLY SOUTHLAND CORP     4.7   1.4   920.7   797.3   15.5     



Companies Ranked by Industry

Credit
Rating		 APPAREL STORES Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar 2003 Mar 2002 Mar 2003 Mar 2002
A  CHICOS FAS INC  12.40  11.70  67.90  50.30  35
C  PACIFIC SUNWEAR OF CALIFORNIA INC  9.50  7.50  84.50  71.10  19
D  GAP INC,THE  9.00  -12.00  1400.00  1210.00  16
D  GOODYS FAMILY CLOTHING INC  4.90  13.10  121.60  116.90  4
D  CLAIRES STORES INC  3.00  3.00  90.80  83.58  9
D  JOS A BANK CLOTHIERS INC /DE/  2.40  11.80  23.90  21.30  12
D  MOTHERS WORK INC / MOTHERHOOD MATERNITY  1.30  7.60  46.90  43.20  9
A  TALBOTS INC  0.80  3.20  187.10  177.10  6
D  AEROPOSTALE INC  0.10  35.10  46.50  36.00  29
D  GYMBOREE CORP  -2.00  12.00  56.80  56.10  1
C  TJX COMPANIES INC  -2.00  10.00  1109.00  1059.00  5
C  MENS WEARHOUSE INC,THE  -3.00  -4.30  116.80  117.50  -1
F  FILENES BASEMENT CORP  -3.00  4.10  24.60  26.76  -8
B  BUCKLE INC,THE  -3.10  -1.20  32.20  32.30  -0
A  HOT TOPIC INC  -3.10  1.20  38.30  32.40  18
C  LIMITED BRANDS INC  -4.00  9.00  690.10  784.30  -12
C  ROSS STORES INC  -5.00  11.00  347.00  329.00  5
D  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  -6.00  12.00  26.80  23.30  15
D  CHARMING SHOPPES INC  -6.00  5.00  224.00  249.10  -10
D  CACHE INC  -7.00  7.00  21.10  22.30  -5
E  WILSONS THE LEATHER EXPERTS INC  -7.60  -7.60  33.20  44.60  -26
C  ANNTAYLOR STORES CORP/HC  -8.20  3.50  138.24  138.50  -0
B  AMERICAN EAGLE OUTFITTERS INC  -8.50  -1.30  119.30  117.40  2
A  ABERCROMBIE & FITCH CO  -10.00  2.00  144.10  133.90  8
A  BEBE STORES INC  -10.50  -3.50  24.90  26.10  -5
B  FAMOUS FOOTWEAR  -10.60  5.50  102.00  110.40  -8
B  DRESS BARN INC  -11.00  12.00  63.70  70.90  -10
E  UNITED RETAIL GROUP INC/DE  -11.00  10.00  39.60  44.60  -11
D  CHILDRENS PLACE RETAIL STORES  -11.00  -7.00  77.20  73.60  5
B  S & K FAMOUS BRANDS INC  -11.00  5.00  15.50  17.40  -11
B  CATO CORP  -12.00  14.00  73.10  78.30  -7
D  STEIN MART INC  -12.90  9.30  131.10  146.60  -11
F  ONE PRICE CLOTHING STORES INC  -13.70  7.90  28.50  33.60  -15
11  EDDIE BAUER INC/CASE#03-11547  -14.00  -12.00  0  0  0
11  SPIEGEL INC/CASE #03-11540  -14.00  -12.00  157.80  217.80  -28
D  GADZOOKS INC  -14.70  2.50  27.70  32.10  -14
A  DEB SHOPS INC  -15.20  8.90  24.80  27.80  -11
F  FACTORY 2 U STORES INC/ FKA FAMILY BARGAIN CORP  -15.30  -7.90  40.30  48.50  -17
B  WET SEAL INC  -27.10  10.60  49.20  63.50  -23

Credit
Rating		 CONSUMER ELECTRONICS Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar 2003 Mar 2002 Mar 2003 Mar 2002
D  SHARPER IMAGE CORP  20.00  18.00  41.10  30.00  37

Credit
Rating		 DEPARTMENT STORES&CATALOG Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar 2003 Mar 2002 Mar 2003 Mar 2002
A  KOHLS CORP  0.40  9.10  913.50  750.50  22
A  NEIMAN MARCUS GROUP INC  -0.50  2.50  274.00  269.00  2
C  NORDSTROM INC  -1.70  -1.10  518.00  503.50  3
E  ELDER BEERMAN STORES CORP,THE  -2.90  -6.40  50.80  53.00  -4
B  SEARS ROEBUCK & COMPANY  -3.10  0  2400.00  2455.70  -2
D  SAKS INC/FKA PROFFITTS INC  -3.80  2.40  0  542.40  -100
E  VALUE CITY DEPARTMENT STORES INC  -4.40  3.60  237.70  237.00  0
D  JC PENNEY COMPANY INC  -5.50  6.80  1171.00  2970.00  -61
C  MARSHALL FIELDS  -6.10  -6.70  225.00  244.00  -8
F  GOTTSCHALKS INC  -6.40  -5.00  54.30  59.20  -8
B  FEDERATED DEPARTMENT STORES INC/NEW  -6.50  -0.20  1233.00  1311.00  -6
E  VALUE CITY DEPARTMENT STORE  -7.40  3.50  137.80  149.61  -8
A  MERVYNS  -8.00  -2.00  298.00  323.00  -8
E  BON TON STORES INC  -8.40  2.80  54.30  59.70  -9
B  MAY DEPARTMENT STORES COMPANY INC  -11.40  -6.90  1059.20  1190.00  -11
D  DILLARDS INC  -12.00  5.00  667.10  763.39  -13
E  STAGE STORES INC  -15.60  14.20  73.00  83.40  -12

Credit
Rating		 DRUG STORE RETAILER Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar 2003 Mar 2002 Mar 2003 Mar 2002
A  WALGREEN COMPANY INC  5.70  12.90  2750.95  2495.80  10
E  RITE AID CORP  2.40  12.00  1218.00  1210.00  1
B  CVS CORP  2.30  12.50  2420.00  2320.00  4
D  ECKERD DRUG CO/DIV OF JC PENNEY  -3.00  10.20  1434.00  1439.00  -0

Credit
Rating		 EATING & DRINKING PLACES Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar 2003 Mar 2002 Mar 2003 Mar 2002
B  PANERA BREAD CO  -1.10    0    0

Credit
Rating		 FABRICS & NOTIONS Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar 2003 Mar 2002 Mar 2003 Mar 2002
D  HANCOCK FABRICS INC  7.90  7.90  42.20  40.50  4
D  JO ANN STORES INC  3.10  8.30  147.20  145.50  1

Credit
Rating		 FOOD RETAIL Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar 2003 Mar 2002 Mar 2003 Mar 2002
D  7 ELEVEN INC/FORMERLY SOUTHLAND CORP  4.70  1.40  920.70  797.30  15

Credit
Rating		 FOOTWEAR RETAILERS Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar 2003 Mar 2002 Mar 2003 Mar 2002
A  DSW SHOE WAREHOUSE  2.70  3.50  75.30  60.59  24
D  BROWN SHOE COMPANY INC  -1.00  5.70  11.90  14.60  -18
D  NATURALIZER RETAIL / SEE BROWN SHOE COMPANY  -1.00  5.70  11.90  14.60  -18
C  PAYLESS SHOESOURCE INC  -10.60  -1.80  270.90  298.20  -9
C  SHOE CARNIVAL INC  -11.20  9.80  54.60  54.80  -0

Credit
Rating		 HOME FURNISHINGS Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar 2003 Mar 2002 Mar 2003 Mar 2002
B  BOMBAY CO INC  30.00  -11.00  47.90  35.20  36
B  MICHAELS STORES INC  0.01  4.00  253.40  237.80  7
A  PIER 1 IMPORTS INC  -5.80  10.30  150.10  145.50  3
B  HAVERTY FURNITURE COMPANIES  -7.70    58.20    0
B  INTERTAN INC  -11.00  3.00  29.20  29.32  -0

Credit
Rating		 MASS MERCHANDISERS Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar 2003 Mar 2002 Mar 2003 Mar 2002
B  COSTCO WHOLESALE CORP  8.00  8.00  3880.00  3460.00  12
B  FREDS INC  6.00  16.30  117.80  98.00  20
B  BJS WHOLESALE CLUB  5.90  4.80  554.00  483.50  15
B  DOLLAR GENERAL CORP  4.20  6.90  602.50  533.70  13
B  FAMILY DOLLAR STORES INC  3.50  10.30  446.70  390.60  14
A  SAMS CLUB  2.60  4.10  3098.00  2879.00  8
B  WAL MART STORES INC  0.70  9.50  23175.00  21489.00  8
B  WAL MART STORES  0.30  10.70  14951.00  13947.00  7
B  TARGET STORES  -1.30  9.40  3316.00  3125.00  6
D  BIG LOTS INC /FKA CONSOLIDATED STORES INC  -1.40  24.00  351.90  283.80  24
B  TARGET CORP/FKA DAYTON HUDSON  -2.30  6.80  3889.00  3721.00  5
E  PAMIDA HOLDINGS CORP  -2.70  -0.20  65.50  67.80  -3
D  DUCKWALL ALCO STORES INC  -5.50  8.90  36.20  37.30  -3
D  ODD JOB STORES INC FKA MAZEL STORES INC  -6.60    17.60    0
D  SHOPKO STORES INC  -8.40  7.60  268.10  293.20  -9
D  SHOPKO STORES  -10.10  10.20  202.60  225.40  -10

Credit
Rating		 SPORTING GOODS Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar 2003 Mar 2002 Mar 2003 Mar 2002
C  WEST MARINE INC  -10.30  7.10  55.50  47.40  17
E  BOBS STORES INC  -22.50  20.96  27.90  0  0



Performance Insight


Industry Credit
Rating		 Company Comp %
HF    B  BOMBAY CO INC 30.0 
CE    D  SHARPER IMAGE CORP 20.0 
APP    A  CHICOS FAS INC 12.4 
APP    C  PACIFIC SUNWEAR OF CALIFORNIA INC 9.5 
APP    D  GAP INC,THE 9.0 
MM    B  COSTCO WHOLESALE CORP 8.0 
FN    D  HANCOCK FABRICS INC 7.9 
MM    B  FREDS INC 6.0 
MM    B  BJS WHOLESALE CLUB 5.9 
DR    A  WALGREEN COMPANY INC 5.7 


Top 10 Retail Performers

The presence of Bombay Company and Sharper Image again at the top reflects consumer's longing for comfort and home, investing their tightening discretionary income in home decor and gadgets. ... This theory is further validated by Hancock Fabrics. ... Fashion forward and favorable merchandise caught the eye of the junior market, compelling teens to "fall into the Gap" once again, and continuing Chico's and Pacific Sunwear's recent strong performances. ... Thinner wallets led shoppers to discounters Costco, BJs and Freds. ... Proving the old adage that "slow but steady wins the race", Walgreen consistently adds steady, moderate (but industry leading) comp growth.



Industry Credit
Rating		 Company TY LY
HF    B  BOMBAY CO INC 30.0 -11.0
APP    D  GAP INC,THE 9.0 -12.0
DEP    E  ELDER BEERMAN STORES CORP,THE -2.9 -6.4
FR    D  7 ELEVEN INC/FORMERLY SOUTHLAND CORP 4.7 1.4
APP    C  PACIFIC SUNWEAR OF CALIFORNIA INC 9.5 7.5
CE    D  SHARPER IMAGE CORP 20.0 18.0
APP    C  MENS WEARHOUSE INC,THE -3.0 -4.3
MM    B  BJS WHOLESALE CLUB 5.9 4.8
APP    A  CHICOS FAS INC 12.4 11.7
DEP    C  MARSHALL FIELDS -6.1 -6.7


Rising Stars - Most Improved

Proving knowing your customer is the key to sales performance explains the stats at both Bombay and the Gap, which saw improved sales of regular priced merchandise and better markdown margins. ... Many rising stars were a reflection of poor overall sector results than substantial comp improvement. ... Elder Beerman shaved its comp decline with good performances in domestics and furniture as well as ladies accessories, moderate sportswear and cosmetics. ... Also reporting smaller comp declines were the Mens Wearhouse and Marshall Fields. ... Sharper Image, Chico's and Pacific Sunwear continued the trend of steady growth for gadgets and casual fashion merchandise. ... Food and drink were the drivers that whet the appetite for improving comps at both BJs and 7 Eleven.



Industry Credit
Rating		 Company Comp %
APP    B  WET SEAL INC -27.1 
SG    E  BOBS STORES INC -22.5 
DEP    E  STAGE STORES INC -15.6 
APP    F  FACTORY 2 U STORES INC/ FKA FAMILY BARGAIN CORP -15.3 
APP    A  DEB SHOPS INC -15.2 
APP    D  GADZOOKS INC -14.7 
APP    11  EDDIE BAUER INC/CASE#03-11547 -14.0 
APP    11  SPIEGEL INC/CASE #03-11540 -14.0 
APP    F  ONE PRICE CLOTHING STORES INC -13.7 
APP    D  STEIN MART INC -12.9 


Bottom 10 Retail Performers

Gadzooks! if the fickle junior market did not find other doors to shop as the trio of Wet Seal, Deb Shops and the former appeared prominently amongst the bottom 10; despite financial conditions that warranted high ratings. ... Bobs' concentrated Northeastern footprint was blanketed by bad weather and featured early reciepts of spring merchandise that failed to appeal to those shoppers that showed up. ... Factory 2-U, in the midst of a turnaround, should see comps improve as merchandise receipts have been strong. ... Eddie Bauer/Spiegel, regular inhabitants of this list, hope to use Chapter 11 to restructure their futures, which to date have continued to be bleak. ... Stage, Stein Mart and One Price are all in various stages of modifying inventory offerings and store formats and look hopefully to the spring season.



Industry Credit
Rating		 Company TY LY
SG    E  BOBS STORES INC -22.5 21.0
APP    B  WET SEAL INC -27.1 10.6
APP    D  AEROPOSTALE INC 0.1 35.1
DEP    E  STAGE STORES INC -15.6 14.2
APP    B  CATO CORP -12.0 14.0
MM    D  BIG LOTS INC /FKA CONSOLIDATED STORES INC -1.4 24.0
APP    A  DEB SHOPS INC -15.2 8.9
APP    B  DRESS BARN INC -11.0 12.0
APP    D  STEIN MART INC -12.9 9.3
APP    F  ONE PRICE CLOTHING STORES INC -13.7 7.9


Falling Stars - Sharpest Decline

Strong comp performance in 2002 posed a "can you top this" challenge for many first time entrants to our falling stars category. Deb Shops, Dress Barn, Cato and Wet Seal, present little credit risk but balance sheets do not drive traffic. ... Aeropostale led last year's comp performance and while no one is ever satisfied with break even sales performance, in this retail environment not many complaints are coming from their corner. ... Big Lots' traffic declined in keeping with consumer's attentions in the Mid-East but the consolidated thoughts of management are positive regarding next month's performance. ... The lowest credit ratings of this group continue to present possible systemic problems that will keep them in this category, however a strong spring, including Easter in April, could provide much wanted relief.



Industry Industry Highest Median Lowest
RETAIL SECTOR
 30.0  -3.8  -27.1 
APP  APPAREL STORES 12.4  -6.1  -27.1 
CE  CONSUMER ELECTRONICS 20.0  20.0  20.0 
DEP  DEPARTMENT STORES&CATALOG 0.4  -6.1  -15.6 
DR  DRUG STORE RETAILER 5.7  1.9  -3.0 
EAT  EATING & DRINKING PLACES -1.1  -1.1  -1.1 
FN  FABRICS & NOTIONS 7.9  5.5  3.1 
FR  FOOD RETAIL 4.7  4.7  4.7 
FW  FOOTWEAR RETAILERS 2.7  -4.2  -11.2 
HF  HOME FURNISHINGS 30.0  1.1  -11.0 
MM  MASS MERCHANDISERS 8.0  -0.4  -10.1 
SG  SPORTING GOODS -10.3  -16.4  -22.5 


Industry Performance

As the economy continued its disappointing performance, consumers found refuge at home, which accounts for furnishings heading up our industry list, followed by consumer electronics, which provided much wanted entertainment as news of war dominated the media. ... When shoppers did venture out it was primarily for the "must haves" as drugstores, with a renewed focus on core front-end merchandise, performed well. ... Consumers continue to follow their value orientation, delivering better performance for mass merchandisers as department store traffic appears to have been for entertainment purposes only. ... The combination of a lack of compelling fashion and stubbornly high levels of unemployement left wallets locked when shoppers visited apparel stores. ... Sporting goods traditionally experiences poor results in this period and only spring will determine if their offerings bloom and attract discretionary income.



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.