MAY 2003 SAME STORE SALES REPORT

Industry Sector: Retail


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 Parent YTD Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May 2003 May 2002 May 2003 May 2002
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May 2003 May 2002 May 2003 May 2002
B  PACIFIC SUNWEAR OF CALIFORNIA INC  13.20  3.10  61.10  50.00  22
A  CHICOS FAS INC  11.70  13.60  59.80  44.00  36
D  GAP INC,THE  10.00  -9.00  1100.00  995.00  11
C  ANNTAYLOR STORES CORP/HC  9.40  -5.20  137.40  115.30  19
A  MENS WEARHOUSE INC,THE  7.60  -4.00  111.90  103.20  8
B  CLAIRES STORES INC  7.00  1.00  78.30  67.80  15
B  S & K FAMOUS BRANDS INC  6.00  1.00  13.30  12.50  6
D  GADZOOKS INC  5.10  -1.20  23.90  22.90  4
D  JOS A BANK CLOTHIERS INC /DE/  4.80  2.00  21.40  18.20  18
C  MOTHERS WORK INC / MOTHERHOOD MATERNITY  4.70  4.50  47.00  41.40  14
A  BEBE STORES INC  4.20  -7.30  28.50  25.40  12
D  CACHE INC  4.00  10.00  17.80  16.40  9
D  GOODYS FAMILY CLOTHING INC  3.50  -2.10  96.00  91.30  5
A  HOT TOPIC INC  3.20  2.50  31.20  25.00  25
C  TJX COMPANIES INC  3.00  3.00  975.00  884.00  10
F  FACTORY 2 U STORES INC/ FKA FAMILY BARGAIN CORP  2.00  -16.60  35.90  36.60  -2
A  GYMBOREE CORP  2.00  5.00  34.40  32.00  7
B  AMERICAN EAGLE OUTFITTERS INC  1.10  -7.10  97.60  87.00  12
A  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  1.00  12.00  29.80  24.80  20
C  LIMITED BRANDS INC  1.00  5.00  618.10  599.40  3
B  CHILDRENS PLACE RETAIL STORES  0.01  -9.00  48.40  39.70  22
C  ROSS STORES INC  0.01  10.00  296.00  268.00  10
B  BUCKLE INC,THE  0.01  0.60  23.80  22.80  4
B  DRESS BARN INC  0.01  -4.00  68.80  67.10  3
11  SPIEGEL INC/CASE #03-11540  -1.00  -21.00  150.90  169.90  -11
11  EDDIE BAUER INC/CASE#03-11547  -1.00  -21.00  0  0  0
B  AEROPOSTALE INC  -1.50  19.10  34.50  26.70  29
C  FAMOUS FOOTWEAR  -1.60  -2.20  84.90  83.90  1
F  FILENES BASEMENT CORP/SEE SCHOTTENSTEIN  -1.80  1.60  25.10  24.77  1
F  BOBS STORES INC  -2.50  -12.29  25.00  0  0
D  CHARMING SHOPPES INC  -3.00  -2.00  193.60  208.00  -7
A  TALBOTS INC  -5.00  -3.00  115.90  114.10  2
E  WILSONS THE LEATHER EXPERTS INC  -5.20  -0.90  20.90  21.80  -4
A  DEB SHOPS INC  -6.20  4.60  26.10  26.60  -2
D  STEIN MART INC  -6.50  -2.80  108.20  112.60  -4
A  ABERCROMBIE & FITCH CO  -7.00  -9.00  93.10  85.20  9
B  CATO CORP  -7.00  2.00  63.10  62.70  1
F  J CREW GROUP INC  -8.00  -10.80  57.40  56.60  1
E  UNITED RETAIL GROUP INC/DE  -9.00  9.00  36.90  41.40  -11
F  ONE PRICE CLOTHING STORES INC  -12.80  -6.40  25.10  29.70  -15
C  WET SEAL INC  -25.00  7.30  38.00  47.07  -19

Credit
Rating
Consumer Electronics Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May 2003 May 2002 May 2003 May 2002
D  SHARPER IMAGE CORP  19.00  5.00  45.00  35.20  28
A  INTERTAN INC  -1.00  11.00  31.30  27.94  12

Credit
Rating
Dept Store-Catalog Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May 2003 May 2002 May 2003 May 2002
A  NEIMAN MARCUS GROUP INC  5.20  -6.10  227.00  209.00  9
E  VALUE CITY DEPARTMENT STORE  3.70  -6.20  108.70  105.38  3
C  NORDSTROM INC  3.40  1.10  449.00  414.00  8
F  GOTTSCHALKS INC  3.40  -2.60  50.10  49.70  1
D  JC PENNEY COMPANY INC  3.20  -5.10  960.00  946.00  1
E  VALUE CITY DEPARTMENT STORES INC  3.20  -3.00  202.90  186.60  9
E  ELDER BEERMAN STORES CORP,THE  1.50  -1.30  42.60  42.70  -0
A  KOHLS CORP  0.10  8.70  678.90  596.20  14
B  FEDERATED DEPARTMENT STORES INC/NEW  -0.80  -3.40  1137.00  1150.00  -1
E  BON TON STORES INC  -0.90  4.50  51.10  51.90  -2
D  SAKS INC/FKA PROFFITTS INC  -1.60  -3.30  389.90  395.30  -1
B  SEARS ROEBUCK & COMPANY  -1.90  -4.40  2180.00  2300.00  -5
B  MARSHALL FIELDS  -3.00  -0.10  174.00  183.00  -5
A  MERVYNS  -3.80  -10.00  258.00  268.00  -4
C  MAY DEPARTMENT STORES COMPANY INC  -3.90  -7.60  1005.00  1050.00  -4
D  STAGE STORES INC  -6.60  8.80  65.00  66.90  -3
D  DILLARDS INC  -7.00  -1.00  536.60  576.80  -7

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May 2003 May 2002 May 2003 May 2002
A  WALGREEN COMPANY INC  8.10  11.40  2812.90  2504.90  12
B  CVS CORP  4.60  9.30  2010.00  1890.00  6
E  RITE AID CORP  4.50  7.00  1567.00  1518.00  3
D  ECKERD DRUG CO/DIV OF JC PENNEY  -1.20  6.70  1152.00  1143.00  1
C  LONGS DRUG STORES CORP  -1.80  1.90  345.50  343.10  1

Credit
Rating
Fabrics & Notions Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May 2003 May 2002 May 2003 May 2002
B  HANCOCK FABRICS INC  5.10  7.90  30.80  29.40  5
D  JO ANN STORES INC  2.30  5.70  108.50  107.40  1

Credit
Rating
Footwear Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May 2003 May 2002 May 2003 May 2002
D  DSW SHOE WAREHOUSE  4.50  3.20  69.10  56.48  22
D  NATURALIZER RETAIL / SEE BROWN SHOE COMPANY  0.50  -6.10  10.70  12.20  -12
C  SHOE CARNIVAL INC  -3.80  -3.00  39.60  36.90  7
C  PAYLESS SHOESOURCE INC/SS  -10.00  -6.80  236.50  260.60  -9

Credit
Rating
Home Furnishings Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May 2003 May 2002 May 2003 May 2002
B  BOMBAY CO INC  22.00  -6.00  39.50  31.90  24
B  MICHAELS STORES INC  1.00  6.00  187.30  175.10  7
A  PIER 1 IMPORTS INC  -1.80  9.00  132.02  124.14  6
B  HAVERTY FURNITURE COMPANIES  -2.40  9.60  60.40  58.60  3

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May 2003 May 2002 May 2003 May 2002
B  DOLLAR GENERAL CORP  4.90  9.60  507.20  446.10  14
B  FREDS INC  4.80  12.20  92.20  78.80  17
B  COSTCO WHOLESALE CORP  4.00  6.00  3200.00  2950.00  8
B  FAMILY DOLLAR STORES INC  3.60  6.30  364.10  320.90  13
B  BJS WHOLESALE CLUB  2.80  3.30  497.20  455.10  9
B  WAL MART STORES INC  2.10  6.20  18953.00  18340.00  3
B  WAL MART STORES  2.10  6.80  12852.00  11794.00  9
E  PAMIDA HOLDINGS CORP  1.80  -8.90  64.90  64.10  1
A  SAMS CLUB  1.80  3.70  2599.00  2445.00  6
A  TARGET STORES  1.40  4.60  2740.00  2510.00  9
B  TARGET CORP/FKA DAYTON HUDSON  0.70  2.60  3203.00  2981.00  7
D  BIG LOTS INC /FKA CONSOLIDATED STORES INC  0.30  7.10  287.80  274.10  5
D  DUCKWALL ALCO STORES INC  -1.10  -0.90  36.70  35.10  5
D  SHOPKO STORES INC  -3.10  -2.10  244.20  252.30  -3
D  SHOPKO STORES  -4.70  0.40  179.30  188.20  -5
D  ODD JOB STORES INC/FKA MAZEL STORES INC  -8.50  -1.40  18.30  17.70  3

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May 2003 May 2002 May 2003 May 2002
D  WEST MARINE INC  -1.50  -1.90  74.50  58.60  27
D  MODELLS SPORTING GOODS / MODELLS HOLDING CORP  -5.70  4.10  35.00  34.00  3



Performance Insight


Industry Credit
Rating
Company Comp %
HF    B BOMBAY CO INC 22.0 
CE    D SHARPER IMAGE CORP 19.0 
APP    B PACIFIC SUNWEAR OF CALIFORNIA INC 13.2 
APP    A CHICOS FAS INC 11.7 
APP    D GAP INC,THE 10.0 
APP    C ANNTAYLOR STORES CORP/HC 9.4 
DR    A WALGREEN COMPANY INC 8.1 
APP    A MENS WEARHOUSE INC,THE 7.6 
APP    B CLAIRES STORES INC 7.0 
APP    B S & K FAMOUS BRANDS INC 6.0 


Top 10 Retail Performers

Setting a blistering pace for the retail industry were Bombay Co. and the Sharper Image, who again graced our list of Top 10 Retail Performers. ... A group of apparel companies who met their customer's style preferences also joined the list with Pacific Sunwear and Chico's assuaging the teen market while Gap and Ann Taylor delivered more traditional clothing choices. ... Claire's continues to be the accessory playground for women. ... The men's market has rebounded to an extent with the Men's Wearhouse and S&K Famous Brands meeting the value preferences in business and causal wear. ... Walgreen, the giant of the drug retail industry, sustained its positive momentum, stretching its lead against its peers.



Industry Credit
Rating
Company TY LY
HF    B BOMBAY CO INC 22.0 -6.0
APP    11 SPIEGEL INC/CASE #03-11540 -1.0 -21.0
APP    11 EDDIE BAUER INC/CASE#03-11547 -1.0 -21.0
APP    D GAP INC,THE 10.0 -9.0
APP    F FACTORY 2 U STORES INC/ FKA FAMILY BARGAIN CORP 2.0 -16.6
APP    C ANNTAYLOR STORES CORP/HC 9.4 -5.2
CE    D SHARPER IMAGE CORP 19.0 5.0
APP    A MENS WEARHOUSE INC,THE 7.6 -4.0
APP    A BEBE STORES INC 4.2 -7.3
DEP    A NEIMAN MARCUS GROUP INC 5.2 -6.1


Rising Stars - Most Improved

With most of the Rising Stars again owing their positions to dismal results last year, a few retailers, such as Sharper Image and Pacific Sunwear followed through on last year's positive growth. ... Factory 2-U's turnaround was solidified by its solid May performance with discount ultra-value apparel while at the opposite end of the pricing scale Neiman Marcus' merchandising is more effectively pleasing its posher patrons. ... The additions of pharmacies at Pamida, part of Shopko, enabled positive traffic flows that translated into modest comp growth. ... "Be"tter merchandise flow brought "Be"tter results at BeBe.



Industry Credit
Rating
Company Comp %
APP    C WET SEAL INC -25.0 
APP    F ONE PRICE CLOTHING STORES INC -12.8 
FW    C PAYLESS SHOESOURCE INC/SS -10.0 
APP    E UNITED RETAIL GROUP INC/DE -9.0 
MM    D ODD JOB STORES INC/FKA MAZEL STORES INC -8.5 
APP    F J CREW GROUP INC -8.0 
APP    A ABERCROMBIE & FITCH CO -7.0 
DEP    D DILLARDS INC -7.0 
APP    B CATO CORP -7.0 
DEP    D STAGE STORES INC -6.6 


Bottom 10 Retail Performers

The fickle teen market again sparked a substantial drop off in Wet Seal's all wet performance. ... One-Price continues to struggle for the right price and the right merchandise for customers. ... Starr Jones lacked sufficient star power to wedge Payless' shoe sales to a higher platform. ... Both the crew at the Crew and the action at Abercrombie failed to fetch consumer dollars despite the latter's racy catalog although Crew's direct sales rose. ... Dillard's private brands and Cato's markdowns were "United" in that none of the three retailers were able to drive positive comps. ... Only time will tell if Odd Jobs' "odd" performance will be "amazing" when and if the purchase by Amazing Savings closes. ... Stage Stores boasted good performance in specialty departments from cosmetics to swimwear but failed to stage a comeback to positive numbers akin to last year.



Industry Credit
Rating
Company TY LY
APP    C WET SEAL INC -25.0 7.3
APP    B AEROPOSTALE INC -1.5 19.1
APP    E UNITED RETAIL GROUP INC/DE -9.0 9.0
DEP    D STAGE STORES INC -6.6 8.8
CE    A INTERTAN INC -1.0 11.0
HF    B HAVERTY FURNITURE COMPANIES -2.4 9.6
APP    A CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS 1.0 12.0
APP    A DEB SHOPS INC -6.2 4.6
HF    A PIER 1 IMPORTS INC -1.8 9.0
APP    C ROSS STORES INC 0.0 10.0


Falling Stars - Sharpest Decline

Continuing to free-fall from the heights of last year's performance were Wet Seal, Aeropostale and Deb Shops each of which saw substantial drop offs in traffic from their fashion conscious demographic base. ... As the plus size market becomes more crowded, United Retail appears to be dieting. ... Despite offering extended credit terms and a promotional sales environment, Haverty could not register positive results. Its shipmate, Pier 1 failed to berth enough customer traffic to offload home decor items across their checkout counters. ... Christopher & Banks is the only member of the Falling Stars group whose results were positive after a very strong 2002. ... Intertan's hot product private label and branded sales softened with uncertain consumer confidence. ... Sales were unleavened at Panera Bread.



Industry Industry Highest Median Lowest
RETAIL SECTOR
22.0  0.5  -25.0 
APP Apparel Stores 13.2  0.0  -25.0 
CE Consumer Electronics 19.0  9.0  -1.0 
DEP Dept Store-Catalog Retail 5.2  -0.3  -7.0 
DR Drug Stores 8.1  2.8  -1.8 
FN Fabrics & Notions 5.1  3.7  2.3 
FW Footwear Retail 4.5  -2.2  -10.0 
HF Home Furnishings 22.0  4.7  -2.4 
MM Mass Merchandisers-Retail 4.9  0.8  -8.5 
SG Sporting Goods Retail -1.5  -3.6  -5.7 


Industry Performance

Head to toe merchandise is still pulling the sector average down as these markets fish for fashion focus to increase traffic in the Department Store, Apparel and Footwear industries. ... The "must have" drug retailers continue to have the right prescription for healthy comps. ... Closer to home, consumer electronics hot product offerings have kept the home furnishing fires burning as consumers created a "homey" environment to watch their digital offerings. ... Spring has yet to blossom for the outdoor sporting goods enthusiasts. ... Value shoppers trod the aisles of mass merchandisers finding bargains from excess or closeout inventories.



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.

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.