SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES JUNE 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
Jun Prior Year Jun Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jun Prior Year Jun Prior Year
A+  BUCKLE INC,THE  28.90  13.30  61.90  44.70  38
B+  AEROPOSTALE INC  12.00  0.20  136.00  111.40  22
B-  ROSS STORES INC  8.00  4.00  628.00  545.00  15
D  STEIN MART INC  7.70  -2.90  122.60  127.40  -4
C+  CACHE INC  6.00  1.00  23.30  22.00  6
B-  TJX COMPANIES INC  5.00  5.00  1800.00  1700.00  6
C  PACIFIC SUNWEAR OF CALIFORNIA INC  3.00  4.50  127.20  120.80  5
B-  WET SEAL INC  2.90  0.70  56.90  54.50  4
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  0.80  -5.40  45.90  46.90  -2
B+  ABERCROMBIE & FITCH CO  -3.00  2.00  309.70  293.20  6
NR  BANANA REPUBLIC INC/THE GAP INC  -5.00  6.00  0.00  0.00  0
NR  GAP INC  -5.00  -9.00  0.00  0.00  0
B-  GAP INC,THE  -7.00  5.00  1410.00  1450.00  -3
C  LIMITED BRANDS INC  -9.00  3.00  1022.00  1210.00  -16
NR  OLD NAVY/THE GAP INC  -10.00  -7.00  0.00  0.00  0
A-  AMERICAN EAGLE OUTFITTERS INC  -11.00  8.00  255.90  270.20  -5
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -12.00  8.00  0.00  0.00  0
B  CHICOS FAS INC  -12.90  -7.30  151.40  159.60  -5

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jun Prior Year Jun Prior Year
C+  STAGE STORES INC  6.40  1.40  142.00  133.40  6
B-  KOHLS CORP  2.30  -4.90  1490.00  1345.20  11
C  SAKS INC/FKA PROFFITTS INC  1.90  -5.60  243.80  237.60  3
C  JC PENNEY CO INC  -2.40  -1.50  1600.00  1609.00  -1
D-  DILLARDS INC-HQ  -5.00  -1.00  593.30  620.70  -4
F+  GOTTSCHALKS INC  -9.50  -4.30  51.90  57.50  -10
C-  NORDSTROM INC  -18.60  2.00  731.00  851.10  -14

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jun Prior Year Jun Prior Year
B-  WALGREEN COMPANY INC  3.40  5.10  4810.00  4380.00  10

Credit
Rating
Home Furnishings Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jun Prior Year Jun Prior Year
C-  HAVERTY FURNITURE COMPANIES  -26.20    52.90    0

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jun Prior Year Jun Prior Year
C  BJS WHOLESALE CLUB  16.50  5.30  1050.00  886.80  18
B-  COSTCO WHOLESALE CORP  9.00  5.00  7140.00  6350.00  12
NR  SAMS CLUB  8.30  7.60  4809.00  4417.00  9
C+  FAMILY DOLLAR STORES INC  8.00  1.50  715.00  645.80  11
B-  WAL MART STORES INC  6.40  2.50  39939.00  35811.00  12
D  DUCKWALL ALCO STORES INC  0.80  1.70  51.30  47.60  8
B-  TARGET CORP  0.40  3.30  5842.00  5480.00  7

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jun Prior Year Jun Prior Year
A  ZUMIEZ INC  -3.40  13.70  34.70  31.50  10

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jun Prior Year Jun Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -8.00  -4.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    A+ BUCKLE INC,THE 28.9 
MM    C BJS WHOLESALE CLUB 16.5 
APP    B+ AEROPOSTALE INC 12.0 
MM    B- COSTCO WHOLESALE CORP 9.0 
MM    NR SAMS CLUB 8.3 
APP    B- ROSS STORES INC 8.0 
MM    C+ FAMILY DOLLAR STORES INC 8.0 
APP    D STEIN MART INC 7.7 
DEP    C+ STAGE STORES INC 6.4 
MM    B- WAL MART STORES INC 6.4 


Rising Stars - Most Improved

Industry Credit
Rating
Company TY LY
APP    A+ BUCKLE INC,THE 28.9 13.3
APP    B+ AEROPOSTALE INC 12.0 0.2
MM    C BJS WHOLESALE CLUB 16.5 5.3
APP    D STEIN MART INC 7.7 - 2.9
DEP    C SAKS INC/FKA PROFFITTS INC 1.9 - 5.6
DEP    B- KOHLS CORP 2.3 - 4.9
MM    C+ FAMILY DOLLAR STORES INC 8.0 1.5
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY 0.8 - 5.4
APP    C+ CACHE INC 6.0 1.0
DEP    C+ STAGE STORES INC 6.4 1.4


Bottom 10 Retail Performers

Industry Credit
Rating
Company Comp %
HF    C- HAVERTY FURNITURE COMPANIES - 26.2 
DEP    C- NORDSTROM INC - 18.6 
APP    B CHICOS FAS INC - 12.9 
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 12.0 
APP    A- AMERICAN EAGLE OUTFITTERS INC - 11.0 
APP    NR OLD NAVY/THE GAP INC - 10.0 
DEP    F+ GOTTSCHALKS INC - 9.5 
APP    C LIMITED BRANDS INC - 9.0 
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 8.0 
APP    B- GAP INC,THE - 7.0 


Falling Stars - Sharpest Decline

Industry Credit
Rating
Company TY LY
DEP    C- NORDSTROM INC - 18.6 2.0
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 12.0 8.0
APP    A- AMERICAN EAGLE OUTFITTERS INC - 11.0 8.0
SG    A ZUMIEZ INC - 3.4 13.7
APP    C LIMITED BRANDS INC - 9.0 3.0
APP    B- GAP INC,THE - 7.0 5.0
APP    NR BANANA REPUBLIC INC/THE GAP INC - 5.0 6.0
APP    B CHICOS FAS INC - 12.9 - 7.3
DEP    F+ GOTTSCHALKS INC - 9.5 - 4.3
APP    B+ ABERCROMBIE & FITCH CO - 3.0 2.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
28.9  - 0.3  - 26.2 
APP Apparel Stores 28.9  - 0.0  - 12.9 
DEP Dept Stores & Catalogs 6.4  - 3.6  - 18.6 
DR Drug Stores 3.4  3.4  3.4 
HF Home Furnishings - 26.2  - 26.2  - 26.2 
MM Mass Merchandisers-Retail 16.5  7.1  0.4 
SR Specialty Retail - 8.0  - 8.0  - 8.0 
SG Sporting Goods Retail - 3.4  - 3.4  - 3.4 


Industry Performance

It appears that consumers are actually spending their stimulus checks on things that they need and doing the sensible thing. While warm weather, promotions and tax rebates provided relief to struggling retailers in this weak economy, by looking at the comps results for the month, consumers spent their money at discounters and wholesale clubs, where they got a bigger bang from their dollar on groceries and other products for the home. This is not to say that no one bought clothes or electronics, but overall discounters were the winners of the month. This trend is likely to continue with back-to-school season coming up, but after that all bets are off. The trend is most likely to head south as the economy continues to be pressured by $4-a-gallon gasoline and climbing food costs, along with increasing unemployment.



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.


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