APRIL 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
Apr 2003 Apr 2002 Apr 2003 Apr 2002
APP    A  ABERCROMBIE & FITCH CO -3.5   -3.0   -13.0   102.7   89.8   14.4     
APP    D  AEROPOSTALE INC 2.4   8.0   10.0   38.5   27.5   40.0     
APP    B  AMERICAN EAGLE OUTFITTERS INC -3.5   -1.7   -13.5   98.2   89.4   9.8     
APP    C  ANNTAYLOR STORES CORP/HC -7.6   -3.2   -2.7   132.5   124.9   6.1     
APP    A  BEBE STORES INC -5.1   1.2   -12.4   25.3   23.6   7.2     
MM    D  BIG LOTS INC /FKA CONSOLIDATED STORES IN 1.1   7.3   6.2   305.2   333.9   -8.6     
MM    B  BJS WHOLESALE CLUB 5.8   4.8   4.2   457.3   403.9   13.2     
HF    A  BOMBAY CO INC 25.3   18.0   -4.0   37.0   29.9   23.7     
DEP    E  BON TON STORES INC -1.8   -3.7   -2.3   47.5   49.7   -4.4     
APP    B  BUCKLE INC,THE 0.7   1.2   -3.3   24.0   22.8   5.3     
APP    D  CACHE INC     -2.0   6.0   20.1   19.8   1.5     
APP    A  CATO CORP -6.0   -1.0   -10.0   69.0   63.9   8.0     
APP    D  CHARMING SHOPPES INC -5.3   -5.0   -9.0   187.9   206.3   -8.9     
APP    A  CHICOS FAS INC 7.6   4.7   16.8   49.6   46.9   5.8     
APP    D  CHILDRENS PLACE RETAIL STORES  SAUNDERS KARP & MEGRUE LP/SKM -14.5   -3.0   -20.0   59.5   51.2   16.2     
APP    A  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASH -5.8   2.0   7.0   36.8   29.7   23.9     
APP    A  CLAIRES STORES INC 8.0   15.0   -7.0   81.9   67.9   20.6     
MM    B  COSTCO WHOLESALE CORP 6.3   6.0   6.0   3140.0   2840.0   10.6     
DR    B  CVS CORP 4.8   7.1   7.1   1980.0   1810.0   9.4     
APP    A  DEB SHOPS INC -11.3   -11.6   0.5   24.3   26.3   -7.6     
DEP    D  DILLARDS INC -4.0   -2.0   -5.0   536.5   548.4   -2.2     
MM    B  DOLLAR GENERAL CORP 4.1   5.9   5.5   490.3   427.2   14.8     
APP    B  DRESS BARN INC -7.8   -5.0   -3.0   66.5   67.8   -1.9     
FW    A  DSW SHOE WAREHOUSE  SCHOTTENSTEIN STORES CORP -5.7   -3.2   0.1   67.8   58.5   15.8     
MM    D  DUCKWALL ALCO STORES INC 1.4   7.1   -5.9   34.9   30.6   14.1     
DR    D  ECKERD DRUG CO/DIV OF JC PENNEY  JC PENNEY COMPANY INC 0.0   0.4   5.2   1151.0   1123.0   2.5     
APP    11  EDDIE BAUER INC/CASE#03-11547  SPIEGEL INC/CASE #03-11540 -10.8   -16.0   -14.0   0.0   0.0   0.0     
DEP    E  ELDER BEERMAN STORES CORP,THE -4.6   -5.6   -2.5   44.2   42.6   3.8     
APP    F  FACTORY 2 U STORES INC/ FKA FAMILY BARGA  THREE CITIES RESEARCH INC -6.0   3.7   -17.9   35.2   34.5   2.0     
MM    B  FAMILY DOLLAR STORES INC 4.5   7.1   1.0   366.1   310.6   17.9     
APP    B  FAMOUS FOOTWEAR  BROWN SHOE COMPANY INC -5.3   4.1   -7.9   91.9   84.7   8.5     
DEP    B  FEDERATED DEPARTMENT STORES INC/NEW -3.8   -1.4   -5.9   1076.0   1097.0   -1.9     
APP    F  FILENES BASEMENT CORP  SCHOTTENSTEIN STORES CORP -7.2   -9.5   5.0   21.7   25.0   -13.3     
MM    B  FREDS INC 6.5   8.1   10.8   93.3   78.0   19.6     
APP    D  GADZOOKS INC -9.4   -3.4   -8.9   21.6   22.4   -3.6     
APP    D  GAP INC,THE 13.3   20.0   -24.0   1200.0   962.0   24.7     
APP    D  GOODYS FAMILY CLOTHING INC -1.4   5.6   -8.1   95.1   91.3   4.2     
DEP    F  GOTTSCHALKS INC -2.3   -3.0   -0.1   43.0   45.6   -5.7     
APP    A  GYMBOREE CORP 4.0   11.0   -2.0   40.9   35.8   14.2     
FN    B  HANCOCK FABRICS INC 5.8   1.7   8.0   30.2   30.0   0.7     
HF    B  HAVERTY FURNITURE COMPANIES -6.2   -4.9   0.0   51.1   52.2   -2.1     
APP    A  HOT TOPIC INC 5.9   9.0   -2.0   32.4   24.4   32.8     
CE    B  INTERTAN INC -9.0   -7.0   10.0   27.9   26.9   3.7     
APP    F  J CREW GROUP INC -14.2   -4.0   -12.8   57.7   54.8   5.3     
DEP    D  JC PENNEY COMPANY INC -4.6   -6.9   5.5   1057.0   2470.0   -57.2     
FN    D  JO ANN STORES INC 2.6   3.5   19.6   119.2   117.2   1.7     
APP    D  JOS A BANK CLOTHIERS INC /DE/ 2.7   0.4   8.0   22.9   21.1   8.5     
DEP    A  KOHLS CORP -0.7   -4.1   5.3   718.0   678.9   5.8     
APP    C  LIMITED BRANDS INC 0.0   3.0   0.0   580.6   620.4   -6.4     
DEP    C  MARSHALL FIELDS  TARGET CORP/FKA DAYTON HUDSON -4.2   -6.3   2.9   164.0   177.0   -7.3     
DEP    C  MAY DEPARTMENT STORES COMPANY INC -7.6   -5.6   3.9   967.4   1030.0   -6.1     
APP    C  MENS WEARHOUSE INC,THE 1.1   6.1   6.4   109.3   102.4   6.7     
DEP    A  MERVYNS  TARGET CORP/FKA DAYTON HUDSON -7.1   -4.6   -4.2   244.0   255.0   -4.3     
HF    B  MICHAELS STORES INC 1.3   12.0   13.0   205.6   173.0   18.8     
SG    D  MODELLS SPORTING GOODS / MODELLS HOLDING -4.3   1.0   0.0   0.0   0.0   0.0     
APP    D  MOTHERS WORK INC / MOTHERHOOD MATERNITY -0.9   -4.5   2.1   43.6   42.4   2.8     
FW    D  NATURALIZER RETAIL / SEE BROWN SHOE COMP  BROWN SHOE COMPANY INC -0.7   -1.3   -1.9   10.9   12.9   -15.5     
DEP    A  NEIMAN MARCUS GROUP INC 1.8   3.2   -7.1   234.0   226.0   3.5     
DEP    C  NORDSTROM INC -0.9   -0.3   -1.6   439.7   418.3   5.1     
MM    D  ODD JOB STORES INC/FKA MAZEL STORES INC -8.4   -8.4   6.5   17.1   19.0   -10.0     
APP    F  ONE PRICE CLOTHING STORES INC -7.8   -8.2   -13.4   25.3   28.3   -10.6     
APP    B  PACIFIC SUNWEAR OF CALIFORNIA INC 15.4   16.9   -6.7   60.4   47.9   26.1     
MM    E  PAMIDA HOLDINGS CORP  SHOPKO STORES INC 0.7   9.2   -13.8   59.8   55.1   8.5     
EAT    B  PANERA BREAD CO     1.9   5.6   0.0   0.0   0.0     
FW    C  PAYLESS SHOESOURCE INC -4.0   -4.8   -14.6   251.5   265.4   -5.2     
HF    A  PIER 1 IMPORTS INC -3.3   -2.6   9.0   120.6   114.8   5.1     
HF    F  RESTORATION HARDWARE INC     18.0   10.5   0.0   0.0   0.0     
DR    E  RITE AID CORP 4.3   5.9   6.5   1244.0   1190.0   4.5     
APP    C  ROSS STORES INC -2.8   -1.0   8.0   289.0   264.0   9.5     
APP    A  S & K FAMOUS BRANDS INC 1.8   16.0   -6.0   14.8   12.8   15.6     
DEP    B  SAKS INC/FKA PROFFITTS INC -3.1   -2.4   0.9   481.5   490.1   -1.8     
MM    A  SAMS CLUB  WAL MART STORES INC 2.0   2.0   4.0   2494.0   2336.0   6.8     
DEP    B  SEARS ROEBUCK & COMPANY -5.9   -3.0   -2.8   2000.0   2220.0   -9.9     
CE    D  SHARPER IMAGE CORP 23.0   11.0   14.0   39.8   33.4   19.2     
FW    A  SHOE CARNIVAL INC -6.3   5.0   -11.3   46.8   39.7   17.9     
MM    D  SHOPKO STORES  SHOPKO STORES INC -3.1   1.6   -6.6   164.4   161.9   1.5     
MM    D  SHOPKO STORES INC -2.2   3.5   -8.5   224.2   217.0   3.3     
APP    11  SPIEGEL INC/CASE #03-11540 -10.8   -16.0   -14.0   115.6   167.0   -30.8     
DEP    E  STAGE STORES INC -6.2   3.6   -1.0   65.5   60.8   7.7     
APP    B  STEIN MART INC -9.7   -3.8   -5.4   108.4   111.8   -3.0     
APP    A  TALBOTS INC -5.1   -6.5   -12.2   131.5   130.1   1.1     
MM    B  TARGET CORP/FKA DAYTON HUDSON -0.1   3.9   0.4   3191.0   2867.0   11.3     
MM    B  TARGET STORES  TARGET CORP/FKA DAYTON HUDSON 1.0   5.6   0.8   2752.0   2415.0   14.0     
APP    C  TJX COMPANIES INC -2.2   0.0   4.0   956.0   899.0   6.3     
APP    E  UNITED RETAIL GROUP INC/DE -11.5   -12.0   -7.0   35.0   39.9   -12.3     
DEP    E  VALUE CITY DEPARTMENT STORE  SCHOTTENSTEIN STORES CORP -4.5   7.1   -9.2   116.3   109.2   6.5     
DEP    D  VALUE CITY DEPARTMENT STORES INC  SCHOTTENSTEIN STORES CORP -5.2   2.0   -5.3   205.8   192.8   6.7     
MM    B  WAL MART STORES  WAL MART STORES INC 2.7   5.1   3.2   12621.0   11250.0   12.2     
MM    B  WAL MART STORES INC 2.6   4.6   3.3   18562.0   17660.0   5.1     
DR    A  WALGREEN COMPANY INC 8.0   10.8   10.6   2765.1   2398.3   15.3     
SG    A  WEST MARINE INC -10.1   -11.5   1.1   60.0   52.7   13.9     
APP    B  WET SEAL INC -25.2   -16.9   -4.7   40.0   45.9   -12.9     
APP    E  WILSONS THE LEATHER EXPERTS INC -0.0   -1.0   -1.8   21.5   30.0   -28.3     



Companies Ranked by Industry

Credit
Rating		 APPAREL STORES Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr 2003 Apr 2002 Apr 2003 Apr 2002
D  GAP INC,THE  20.00  -24.00  1200.00  962.00  25
B  PACIFIC SUNWEAR OF CALIFORNIA INC  16.90  -6.70  60.40  47.90  26
A  S & K FAMOUS BRANDS INC  16.00  -6.00  14.80  12.80  16
A  CLAIRES STORES INC  15.00  -7.00  81.90  67.90  21
A  GYMBOREE CORP  11.00  -2.00  40.90  35.80  14
A  HOT TOPIC INC  9.00  -2.00  32.40  24.40  33
D  AEROPOSTALE INC  8.00  10.00  38.50  27.50  40
C  MENS WEARHOUSE INC,THE  6.10  6.40  109.30  102.40  7
D  GOODYS FAMILY CLOTHING INC  5.60  -8.10  95.10  91.30  4
A  CHICOS FAS INC  4.70  16.80  49.60  46.90  6
B  FAMOUS FOOTWEAR  4.10  -7.90  91.90  84.70  9
F  FACTORY 2 U STORES INC/ FKA FAMILY BARGAIN CORP  3.70  -17.90  35.20  34.50  2
C  LIMITED BRANDS INC  3.00  0.01  580.60  620.40  -6
A  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  2.00  7.00  36.80  29.70  24
B  BUCKLE INC,THE  1.20  -3.30  24.00  22.80  5
A  BEBE STORES INC  1.20  -12.40  25.30  23.60  7
D  JOS A BANK CLOTHIERS INC /DE/  0.40  8.00  22.90  21.10  9
C  TJX COMPANIES INC  0.01  4.00  956.00  899.00  6
A  CATO CORP  -1.00  -10.00  69.00  63.90  8
C  ROSS STORES INC  -1.00  8.00  289.00  264.00  9
E  WILSONS THE LEATHER EXPERTS INC  -1.00  -1.80  21.50  30.00  -28
B  AMERICAN EAGLE OUTFITTERS INC  -1.70  -13.50  98.20  89.40  10
D  CACHE INC  -2.00  6.00  20.10  19.80  2
D  CHILDRENS PLACE RETAIL STORES  -3.00  -20.00  59.50  51.20  16
A  ABERCROMBIE & FITCH CO  -3.00  -13.00  102.70  89.80  14
C  ANNTAYLOR STORES CORP/HC  -3.20  -2.70  132.49  124.90  6
D  GADZOOKS INC  -3.40  -8.90  21.60  22.40  -4
B  STEIN MART INC  -3.80  -5.40  108.40  111.80  -3
F  J CREW GROUP INC  -4.00  -12.80  57.70  54.80  5
D  MOTHERS WORK INC / MOTHERHOOD MATERNITY  -4.50  2.10  43.60  42.40  3
B  DRESS BARN INC  -5.00  -3.00  66.50  67.80  -2
D  CHARMING SHOPPES INC  -5.00  -9.00  187.90  206.30  -9
A  TALBOTS INC  -6.50  -12.20  131.50  130.10  1
F  ONE PRICE CLOTHING STORES INC  -8.20  -13.40  25.30  28.30  -11
F  FILENES BASEMENT CORP  -9.50  5.00  21.70  25.02  -13
A  DEB SHOPS INC  -11.60  0.50  24.30  26.30  -8
E  UNITED RETAIL GROUP INC/DE  -12.00  -7.00  35.00  39.90  -12
11  SPIEGEL INC/CASE #03-11540  -16.00  -14.00  115.60  167.00  -31
11  EDDIE BAUER INC/CASE#03-11547  -16.00  -14.00  0  0  0
B  WET SEAL INC  -16.90  -4.70  40.00  45.90  -13

Credit
Rating		 CONSUMER ELECTRONICS Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr 2003 Apr 2002 Apr 2003 Apr 2002
D  SHARPER IMAGE CORP  11.00  14.00  39.80  33.40  19
B  INTERTAN INC  -7.00  10.00  27.90  26.90  4

Credit
Rating		 DEPARTMENT STORES&CATALOG Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr 2003 Apr 2002 Apr 2003 Apr 2002
E  VALUE CITY DEPARTMENT STORE  7.10  -9.20  116.30  109.20  7
E  STAGE STORES INC  3.60  -1.00  65.50  60.80  8
A  NEIMAN MARCUS GROUP INC  3.20  -7.10  234.00  226.00  4
D  VALUE CITY DEPARTMENT STORES INC  2.00  -5.30  205.80  192.80  7
C  NORDSTROM INC  -0.30  -1.60  439.70  418.30  5
B  FEDERATED DEPARTMENT STORES INC/NEW  -1.40  -5.90  1076.00  1097.00  -2
D  DILLARDS INC  -2.00  -5.00  536.50  548.40  -2
B  SAKS INC/FKA PROFFITTS INC  -2.40  0.90  481.50  490.10  -2
F  GOTTSCHALKS INC  -3.00  -0.10  43.00  45.60  -6
B  SEARS ROEBUCK & COMPANY  -3.00  -2.80  2000.00  2220.00  -10
E  BON TON STORES INC  -3.70  -2.30  47.50  49.70  -4
A  KOHLS CORP  -4.10  5.30  718.00  678.90  6
A  MERVYNS  -4.60  -4.20  244.00  255.00  -4
E  ELDER BEERMAN STORES CORP,THE  -5.60  -2.50  44.20  42.60  4
C  MAY DEPARTMENT STORES COMPANY INC  -5.60  3.90  967.40  1030.00  -6
C  MARSHALL FIELDS  -6.30  2.90  164.00  177.00  -7
D  JC PENNEY COMPANY INC  -6.90  5.50  1057.00  2470.00  -57

Credit
Rating		 DRUG STORE RETAILER Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr 2003 Apr 2002 Apr 2003 Apr 2002
A  WALGREEN COMPANY INC  10.80  10.60  2765.10  2398.30  15
B  CVS CORP  7.10  7.10  1980.00  1810.00  9
E  RITE AID CORP  5.90  6.50  1244.00  1190.00  5
D  ECKERD DRUG CO/DIV OF JC PENNEY  0.40  5.20  1151.00  1123.00  2

Credit
Rating		 EATING & DRINKING PLACES Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr 2003 Apr 2002 Apr 2003 Apr 2002
B  PANERA BREAD CO  1.90  5.60  0  0  0

Credit
Rating		 FABRICS & NOTIONS Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr 2003 Apr 2002 Apr 2003 Apr 2002
D  JO ANN STORES INC  3.50  19.60  119.20  117.20  2
B  HANCOCK FABRICS INC  1.70  8.00  30.20  30.00  1

Credit
Rating		 FOOTWEAR RETAILERS Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr 2003 Apr 2002 Apr 2003 Apr 2002
A  SHOE CARNIVAL INC  5.00  -11.30  46.80  39.70  18
D  NATURALIZER RETAIL / SEE BROWN SHOE COMPANY  -1.30  -1.90  10.90  12.90  -16
A  DSW SHOE WAREHOUSE  -3.20  0.10  67.80  58.54  16
C  PAYLESS SHOESOURCE INC  -4.80  -14.60  251.50  265.40  -5

Credit
Rating		 HOME FURNISHINGS Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr 2003 Apr 2002 Apr 2003 Apr 2002
F  RESTORATION HARDWARE INC  18.00  10.50  0  0  0
A  BOMBAY CO INC  18.00  -4.00  37.00  29.90  24
B  MICHAELS STORES INC  12.00  13.00  205.60  173.00  19
A  PIER 1 IMPORTS INC  -2.60  9.00  120.60  114.80  5
B  HAVERTY FURNITURE COMPANIES  -4.90  0  51.10  52.20  -2

Credit
Rating		 MASS MERCHANDISERS Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr 2003 Apr 2002 Apr 2003 Apr 2002
E  PAMIDA HOLDINGS CORP  9.20  -13.80  59.80  55.10  9
B  FREDS INC  8.10  10.80  93.30  78.00  20
D  BIG LOTS INC /FKA CONSOLIDATED STORES INC  7.30  6.20  305.20  333.90  -9
D  DUCKWALL ALCO STORES INC  7.10  -5.90  34.90  30.60  14
B  FAMILY DOLLAR STORES INC  7.10  1.00  366.10  310.60  18
B  COSTCO WHOLESALE CORP  6.00  6.00  3140.00  2840.00  11
B  DOLLAR GENERAL CORP  5.90  5.50  490.30  427.20  15
B  TARGET STORES  5.60  0.80  2752.00  2415.00  14
B  WAL MART STORES  5.10  3.20  12621.00  11250.00  12
B  BJS WHOLESALE CLUB  4.80  4.20  457.29  403.86  13
B  WAL MART STORES INC  4.60  3.30  18562.00  17660.00  5
B  TARGET CORP/FKA DAYTON HUDSON  3.90  0.40  3191.00  2867.00  11
D  SHOPKO STORES INC  3.50  -8.50  224.20  217.00  3
A  SAMS CLUB  2.00  4.00  2494.00  2336.00  7
D  SHOPKO STORES  1.60  -6.60  164.40  161.90  2
D  ODD JOB STORES INC/FKA MAZEL STORES INC  -8.40  6.50  17.10  19.00  -10

Credit
Rating		 SPORTING GOODS Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr 2003 Apr 2002 Apr 2003 Apr 2002
D  MODELLS SPORTING GOODS / MODELLS HOLDING CORP  1.00    0    0
A  WEST MARINE INC  -11.50  1.10  60.00  52.70  14



Performance Insight


Industry Credit
Rating		 Company Comp %
APP    D  GAP INC,THE 20.0 
HF    F  RESTORATION HARDWARE INC 18.0 
HF    A  BOMBAY CO INC 18.0 
APP    B  PACIFIC SUNWEAR OF CALIFORNIA INC 16.9 
APP    A  S & K FAMOUS BRANDS INC 16.0 
APP    A  CLAIRES STORES INC 15.0 
HF    B  MICHAELS STORES INC 12.0 
CE    D  SHARPER IMAGE CORP 11.0 
APP    A  GYMBOREE CORP 11.0 
DR    A  WALGREEN COMPANY INC 10.8 


Top 10 Retail Performers

April, the begining of Spring, was marked by the passing of pale sales at the Gap, now leading our top performers... Improved results at Restoration Hardware were primarily due to a strategy shift in merchandising...Home decor remained a favorite pastime with sustained good sales at Bombay and Michaels Stores as the Sharper Image provided stimulating private label, traffic driving products...The youth market continued to loiter at the checkout counters of Pacific Sunwear and accessorized at Claire's Stores... The younger set, Mom in tow, found their way to Gymboree... Value shoppers frequented S&K "famous" for bargins that were necessarily in vogue as the economy languished... Walgreen enjoyed being America's most popular drugstore with front-end sales benefitting from Easter in April, putting alot of "green" in shareholders' coffers.



Industry Credit
Rating		 Company TY LY
APP    D  GAP INC,THE 20.0 -24.0
APP    B  PACIFIC SUNWEAR OF CALIFORNIA INC 16.9 -6.7
MM    E  PAMIDA HOLDINGS CORP 9.2 -13.8
APP    A  S & K FAMOUS BRANDS INC 16.0 -6.0
APP    A  CLAIRES STORES INC 15.0 -7.0
HF    A  BOMBAY CO INC 18.0 -4.0
APP    F  FACTORY 2 U STORES INC/ FKA FAMILY BARGAIN CORP 3.7 -17.9
APP    D  CHILDRENS PLACE RETAIL STORES -3.0 -20.0
DEP    E  VALUE CITY DEPARTMENT STORE 7.1 -9.2
FW    A  SHOE CARNIVAL INC 5.0 -11.3


Rising Stars - Most Improved

2002, for many Rising Stars, represented poor perfomance levels that were impressively surpassed in 2003. ... Most interesting is the appearance of Pamida, which with many others, "hopped" up to become recognized with April Easter sales. ... Another turnaround performer, Factory 2 U Stores, saw increased bargin seeking traffic attracted by fresh merchandise and new store layouts. ... Children's Place is trying to recapture customer's attention. ... Both Shoe Carnival and Value City saw families sating their fashion appetites while living within budget constraints, an oft repeated theme accentuated during Easter.



Industry Credit
Rating		 Company Comp %
APP    B  WET SEAL INC -16.9 
APP    11  SPIEGEL INC/CASE #03-11540 -16.0 
APP    11  EDDIE BAUER INC/CASE#03-11547 -16.0 
APP    E  UNITED RETAIL GROUP INC/DE -12.0 
APP    A  DEB SHOPS INC -11.6 
SG    A  WEST MARINE INC -11.5 
APP    F  FILENES BASEMENT CORP -9.5 
MM    D  ODD JOB STORES INC/FKA MAZEL STORES INC -8.4 
APP    F  ONE PRICE CLOTHING STORES INC -8.2 
CE    B  INTERTAN INC -7.0 


Bottom 10 Retail Performers

Sliding down a "wet" slippery slope Wet Seal continued to populate our bottom dwellers. ... Bankrupt Spiegel/Eddie Bauer remained mired in effecting a retail strategy that can lead them to the "promised land" of customers and sales. ... United Retail has yet to find merchandise to drive traffic during weather dampened Easter sales. ... West Marine, on the cusp of their season, felt the brunt of economic malaise while distracted by acquisition issues. ... There was no plus size performance at Deb Shops. ... Filenes Basement and Odd Job Stores were not on the list of destinations for their bargin hunting customers. ... Warm weather apparel was not in sync with weather patterns in One Price's locations and management notes that shoppers likely stayed home to monitor our progress in Iraq. ... Toronto based Intertan saw weak April sales as SARS kept customers "masking" their desire to shop.



Industry Credit
Rating		 Company TY LY
CE    B  INTERTAN INC -7.0 10.0
FN    D  JO ANN STORES INC 3.5 19.6
MM    D  ODD JOB STORES INC/FKA MAZEL STORES INC -8.4 6.5
APP    F  FILENES BASEMENT CORP -9.5 5.0
SG    A  WEST MARINE INC -11.5 1.1
DEP    D  JC PENNEY COMPANY INC -6.9 5.5
APP    B  WET SEAL INC -16.9 -4.7
APP    A  CHICOS FAS INC 4.7 16.8
APP    A  DEB SHOPS INC -11.6 0.5
HF    A  PIER 1 IMPORTS INC -2.6 9.0


Falling Stars - Sharpest Decline

WHO says SARS squashed customers interest in "entertaining" shopping at Intertan. ... We won't repeat the issues that left West Marine at sea nor the travails of Wet Seal and Deb Shops. ... JC Penney's performance, while off last year, continues to fashion its turnaroud. ... Chico's inability to sustain its Most Improved ranking last month was in part due to a strong showing in 2002. ... Jo Ann was smiling this time last year, but grimaced this April. ... Unlike its rivals in home decor, Pier 1 wasn't an attractive berth for this popular shopping segment. ... We didn't find it "odd" that Odd Job found its way to our list of Falling Stars. ... Also in the cellar was Filene's Basement.



Industry Industry Highest Median Lowest
RETAIL SECTOR
 20.0  1.0  -16.9 
APP  APPAREL STORES 20.0  -0.3  -16.9 
CE  CONSUMER ELECTRONICS 11.0  2.0  -7.0 
DEP  DEPARTMENT STORES&CATALOG 7.1  -1.9  -6.9 
DR  DRUG STORE RETAILER 10.8  6.1  0.4 
EAT  EATING & DRINKING PLACES 1.9  1.9  1.9 
FN  FABRICS & NOTIONS 3.5  2.6  1.7 
FW  FOOTWEAR RETAILERS 5.0  -1.1  -4.8 
HF  HOME FURNISHINGS 18.0  8.1  -4.9 
MM  MASS MERCHANDISERS 9.2  4.6  -8.4 
SG  SPORTING GOODS 1.0  -5.3  -11.5 


Industry Performance

Many retailers had reason to shout "thank you Easter Bunny" as pressures put on comp performance last month were alleviated in April. ... Benefitting most from the shift were Mass Merchandisers and Drug Store Retailers with their heavy concentrations of seasonal merchandise. ... The oncoming Spring helped Sporting Goods slug its way out of Winter doldrums and onto ballfields. ... Sprucing up continued into Spring, evidenced by the strong performances of Home Furnishings and Fabrics & Notions. ... Remaining in median negative territory were Apparel, Department Stores and Footwear Retailers that nonetheless boasted improvements as best practices in supply chain management started to pay dividends. ... Consumer Electronics, the consumate hot product sector, found favor with private label merchandise and the pulse of plasma TVs.



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 - Disstressed Company

Methodology:
Multiple operating units of a company are reported separately as well as on a consolidated basis. Each operating unit references its parent.

For Example:
Target Corp – the consolidated figures.
Target Stores – solely the mass merchant store figures.
Mervyns – department store figures.
Marshall Fields – department store figures.

Catalog operations with a retail component Spiegel/Eddie Bauer will have the comparable store sales numbers for the Eddie Bauer stores listed under both Eddie Bauer and Spiegel but will consolidate the sales under Spiegel. (Eddie Bauer does not provide separate sales figures.)

Neither JC Penney nor Brown Shoe provides consolidated figures. Therefore, information is entered separately for each unit for which they supply monthly sales.