SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE SAME STORE SALES JULY 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
Jul Prior Year Jul Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jul Prior Year Jul Prior Year
A+  BUCKLE INC,THE  20.90  7.60  57.00  44.30  29
B+  AEROPOSTALE INC  13.00  -11.90  138.80  111.70  24
C  FREDS INC  4.60  0.50  129.70  427.80  -70
B-  ROSS STORES INC  4.00  1.00  499.00  450.00  11
B-  TJX COMPANIES INC  3.00  5.00  1400.00  1300.00  8
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  2.80  -9.40  42.00  42.20  -0
C+  CACHE INC  2.00  6.00  17.00  16.50  3
D  CHILDRENS PLACE RETAIL STORES  0.00  -1.00  105.60  141.20  -25
B-  CATO CORP  -1.00  -5.00  62.10  60.70  2
C  PACIFIC SUNWEAR OF CALIFORNIA INC  -4.00  4.60  99.10  111.50  -11
C  LIMITED BRANDS INC  -5.00  -3.00  601.30  644.50  -7
NR  GAP INC  -6.00  2.00  0.00  0.00  0
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -6.00  -4.00  0.00  0.00  0
B+  ABERCROMBIE & FITCH CO  -7.00  -4.00  303.10  296.40  2
A-  AMERICAN EAGLE OUTFITTERS INC  -7.00  -6.00  232.80  233.90  -0
D  STEIN MART INC  -7.70  -3.40  122.60  84.50  45
NR  BANANA REPUBLIC INC/THE GAP INC  -8.00  1.00  0.00  0.00  0
B-  WET SEAL INC  -8.20  -7.20  46.50  46.20  1
B-  GAP INC,THE  -11.00  -7.00  998.00  1050.00  -5
NR  OLD NAVY/THE GAP INC  -16.00  -18.00  0.00  0.00  0
B  CHICOS FAS INC  -18.50  -6.70  112.50  436.00  -74

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jul Prior Year Jul Prior Year
F+  GOTTSCHALKS INC  2.10  -3.90  39.40  41.10  -4
D-  DILLARDS INC-HQ  2.00  -6.00  513.80  500.30  3
C  SAKS INC/FKA PROFFITTS INC  -5.30  14.90  192.10  201.40  -5
C-  NORDSTROM INC  -6.10  9.40  840.00  900.50  -7
C+  STAGE STORES INC  -6.20  1.70  108.10  109.20  -1
C  JC PENNEY CO INC  -6.50  10.80  1336.00  1404.00  -5
B-  KOHLS CORP  -10.40  0.01  1027.20  1050.00  -2

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jul Prior Year Jul Prior Year
B-  WALGREEN COMPANY INC  4.10  7.20  4891.70  4420.00  11
E  RITE AID CORP  1.20  1.60  1975.00  1990.00  -1

Credit
Rating
Home Centers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jul Prior Year Jul Prior Year
A  FASTENAL COMPANY  0.00    0.00    0

Credit
Rating
Home Furnishings Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jul Prior Year Jul Prior Year
C-  HAVERTY FURNITURE COMPANIES  -10.00    62.90    0

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jul Prior Year Jul Prior Year
C+  BJS WHOLESALE CLUB  16.70  1.50  773.20  650.50  19
B-  COSTCO WHOLESALE CORP  10.00  7.00  5700.00  5020.00  14
NR  SAMS CLUB  7.30  5.10  0.00  0.00  0
D-  DUCKWALL ALCO STORES INC  4.70  5.20  35.40  35.30  0
C+  FAMILY DOLLAR STORES INC  4.60  0.50  527.10  491.70  7
B-  WAL MART STORES INC  3.70  1.90  0.00  26999.00  -100
B-  TARGET CORP  -1.20  6.10  4566.00  4363.00  5

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jul Prior Year Jul Prior Year
A  ZUMIEZ INC  -1.40  9.70  31.70  28.20  12

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jul Prior Year Jul Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -5.00  -2.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    A+ BUCKLE INC,THE 20.9 
MM    C+ BJS WHOLESALE CLUB 16.7 
APP    B+ AEROPOSTALE INC 13.0 
MM    B- COSTCO WHOLESALE CORP 10.0 
MM    NR SAMS CLUB 7.3 
MM    D- DUCKWALL ALCO STORES INC 4.7 
MM    C+ FAMILY DOLLAR STORES INC 4.6 
APP    C FREDS INC 4.6 
DR    B- WALGREEN COMPANY INC 4.1 
APP    B- ROSS STORES INC 4.0 


Rising Stars - Most Improved

Industry Credit
Rating
Company TY LY
APP    B+ AEROPOSTALE INC 13.0 - 11.9
MM    C+ BJS WHOLESALE CLUB 16.7 1.5
APP    A+ BUCKLE INC,THE 20.9 7.6
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY 2.8 - 9.4
DEP    D- DILLARDS INC-HQ 2.0 - 6.0
DEP    F+ GOTTSCHALKS INC 2.1 - 3.9
MM    C+ FAMILY DOLLAR STORES INC 4.6 0.5
APP    C FREDS INC 4.6 0.5
APP    B- CATO CORP - 1.0 - 5.0
MM    B- COSTCO WHOLESALE CORP 10.0 7.0


Bottom 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    B CHICOS FAS INC - 18.5 
APP    NR OLD NAVY/THE GAP INC - 16.0 
APP    B- GAP INC,THE - 11.0 
DEP    B- KOHLS CORP - 10.4 
HF    C- HAVERTY FURNITURE COMPANIES - 10.0 
APP    B- WET SEAL INC - 8.2 
APP    NR BANANA REPUBLIC INC/THE GAP INC - 8.0 
APP    D STEIN MART INC - 7.7 
APP    B+ ABERCROMBIE & FITCH CO - 7.0 
APP    A- AMERICAN EAGLE OUTFITTERS INC - 7.0 


Falling Stars - Sharpest Decline

Industry Credit
Rating
Company TY LY
DEP    C SAKS INC/FKA PROFFITTS INC - 5.3 14.9
DEP    C JC PENNEY CO INC - 6.5 10.8
DEP    C- NORDSTROM INC - 6.1 9.4
APP    B CHICOS FAS INC - 18.5 - 6.7
SG    A ZUMIEZ INC - 1.4 9.7
DEP    B- KOHLS CORP - 10.4 0.0
APP    NR BANANA REPUBLIC INC/THE GAP INC - 8.0 1.0
APP    C PACIFIC SUNWEAR OF CALIFORNIA INC - 4.0 4.6
APP    NR GAP INC - 6.0 2.0
DEP    C+ STAGE STORES INC - 6.2 1.7


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
20.9  - 1.2  - 18.5 
APP Apparel Stores 20.9  - 2.6  - 18.5 
DEP Dept Stores & Catalogs 2.1  - 4.3  - 10.4 
DR Drug Stores 4.1  2.7  1.2 
HC Home Centers-Retail 0.0  0.0  0.0 
HF Home Furnishings - 10.0  - 10.0  - 10.0 
MM Mass Merchandisers-Retail 16.7  6.5  - 1.2 
SR Specialty Retail - 5.0  - 5.0  - 5.0 
SG Sporting Goods Retail - 1.4  - 1.4  - 1.4 


Industry Performance

It appears that the stimulus checks have all been used up. While consumers are focusing on buying necessities, the back-to-school season looms depressing for most retailers. For consumers, though, the back-to-school season will be filled with many promotions, as retailers try to lure shoppers in. The need to purchase food and other household supplies at discounters far outweighed the need to purchase the newest 'it' outfits or accessories for most families during the month. With unemployment continuing to rise, along with food and gas prices, most families have very little discretionary funds, if any?.

As a result, the retailers doing the best and not closing locations are Wal-Mart and the wholesale clubs, such as Costco and BJ's. Even high-end stores are struggling with weaker sales as well heeled shoppers are slowing their spending.

Although July is typically a month when retailers make room for back-to-school merchandise, while clearing out the last of their summer merchandise, it is still a good gauge of what is to come.



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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