SECTOR MONTHLY SAME STORE SALES
 

COMPARBLE STORE SALES SEPTEMBER 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
Sep Prior Year Sep Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Sep Prior Year Sep Prior Year
A  BUCKLE INC,THE  19.70  11.00  72.80  57.70  26
B+  AEROPOSTALE INC  5.00  1.30  146.70  127.90  15
B  ROSS STORES INC  5.00  0.01  561.00  537.00  4
C+  FREDS INC  1.10  1.00  161.40  161.40  0
B-  TJX COMPANIES INC  1.00  2.00  1830.00  1800.00  2
C-  CHILDRENS PLACE RETAIL STORES  0.01  -3.00  160.70  217.80  -26
B-  HOT TOPIC INC  -1.80  -2.90  60.80  59.30  3
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  -2.70  -7.00  43.70  46.40  -6
NR  GAP INC  -3.00  -10.00  0.00  0.00  0
B  CATO CORP  -3.00  -7.00  64.80  65.80  -2
NR  BANANA REPUBLIC INC/THE GAP INC  -4.00  -2.00  0.00  0.00  0
D+  PACIFIC SUNWEAR OF CALIFORNIA INC  -5.00  2.70  91.20  106.20  -14
C  LIMITED BRANDS INC  -6.00  -4.00  673.40  713.20  -6
B+  AMERICAN EAGLE OUTFITTERS INC  -6.00  -2.00  229.00  233.40  -2
B-  CACHE INC  -6.00  3.00  24.80  26.90  -8
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -7.00  -6.00  0.00  0.00  0
B-  WET SEAL INC  -7.50  -7.00  51.00  52.70  -3
B-  GAP INC,THE  -11.00  -7.00  1340.00  1430.00  -6
B+  ABERCROMBIE & FITCH CO  -14.00  -4.00  275.40  297.40  -7
D  STEIN MART INC  -14.80  -9.10  112.00  127.20  -12
C+  CHICOS FAS INC  -15.60  -8.30  159.50  175.90  -9
NR  OLD NAVY/THE GAP INC  -24.00  -8.00  0.00  0.00  0

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Sep Prior Year Sep Prior Year
E  BON TON STORES INC  -4.60  -7.10  299.00  307.90  -3
B-  KOHLS CORP  -5.50  -3.20  1340.00  1330.00  1
C-  NORDSTROM INC  -5.80  3.20  718.00  762.20  -6
D+  SAKS INC/FKA PROFFITTS INC  -11.10  7.70  273.20  307.40  -11
F+  GOTTSCHALKS INC  -11.80  -3.90  45.80  52.80  -13
D-  DILLARDS INC-HQ  -12.00  -7.00  568.50  649.20  -12
C-  JC PENNEY CO INC  -12.40  -4.60  1446.00  1622.00  -11
D  NEIMAN MARCUS INC  -12.90  6.00  415.00  466.00  -11
C+  STAGE STORES INC  -13.60  2.30  115.50  127.80  -10

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Sep Prior Year Sep Prior Year
B-  WALGREEN COMPANY INC  6.50  4.70  4854.00  4413.00  10
E  RITE AID CORP  1.70  0.70  1971.00  1990.00  -1

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Sep Prior Year Sep Prior Year
B-  PRICESMART INC  15.30  24.10  93.60  78.10  20
C+  BJS WHOLESALE CLUB  10.40  3.90  892.80  798.90  12
B-  COSTCO WHOLESALE CORP  9.00  6.00  6670.00  6050.00  10
NR  SAMS CLUB  7.40  4.10  43921.00  3807.00  1,054
B-  WAL MART STORES INC  2.80  1.40  36229.00  31369.00  15
B-  TARGET CORP  -3.00  1.20  5320.00  5190.00  3
D-  DUCKWALL ALCO STORES INC  -5.10  0.01  43.60  42.00  4

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Sep Prior Year Sep Prior Year
A  ZUMIEZ INC  -9.00  13.90  33.60  32.10  5

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Sep Prior Year Sep Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -7.00  -2.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    A BUCKLE INC,THE 19.7 
MM    B- PRICESMART INC 15.3 
MM    C+ BJS WHOLESALE CLUB 10.4 
MM    B- COSTCO WHOLESALE CORP 9.0 
MM    NR SAMS CLUB 7.4 
DR    B- WALGREEN COMPANY INC 6.5 
APP    B ROSS STORES INC 5.0 
APP    B+ AEROPOSTALE INC 5.0 
MM    B- WAL MART STORES INC 2.8 
DR    E RITE AID CORP 1.7 


Rising Stars - Most Improved

Industry Credit
Rating
Company TY LY
APP    A BUCKLE INC,THE 19.7 11.0
APP    NR GAP INC - 3.0 - 10.0
MM    C+ BJS WHOLESALE CLUB 10.4 3.9
APP    B ROSS STORES INC 5.0 0.0
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY - 2.7 - 7.0
APP    B CATO CORP - 3.0 - 7.0
APP    B+ AEROPOSTALE INC 5.0 1.3
MM    NR SAMS CLUB 7.4 4.1
APP    C- CHILDRENS PLACE RETAIL STORES 0.0 - 3.0
MM    B- COSTCO WHOLESALE CORP 9.0 6.0


Bottom 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    NR OLD NAVY/THE GAP INC - 24.0 
APP    C+ CHICOS FAS INC - 15.6 
APP    D STEIN MART INC - 14.8 
APP    B+ ABERCROMBIE & FITCH CO - 14.0 
DEP    C+ STAGE STORES INC - 13.6 
DEP    D NEIMAN MARCUS INC - 12.9 
DEP    C- JC PENNEY CO INC - 12.4 
DEP    D- DILLARDS INC-HQ - 12.0 
DEP    F+ GOTTSCHALKS INC - 11.8 
DEP    D+ SAKS INC/FKA PROFFITTS INC - 11.1 


Falling Stars - Sharpest Decline

Industry Credit
Rating
Company TY LY
SG    A ZUMIEZ INC - 9.0 13.9
DEP    D NEIMAN MARCUS INC - 12.9 6.0
DEP    D+ SAKS INC/FKA PROFFITTS INC - 11.1 7.7
APP    NR OLD NAVY/THE GAP INC - 24.0 - 8.0
DEP    C+ STAGE STORES INC - 13.6 2.3
APP    B+ ABERCROMBIE & FITCH CO - 14.0 - 4.0
APP    B- CACHE INC - 6.0 3.0
DEP    C- NORDSTROM INC - 5.8 3.2
MM    B- PRICESMART INC 15.3 24.1
DEP    F+ GOTTSCHALKS INC - 11.8 - 3.9


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
19.7  - 3.8  - 24.0 
APP Apparel Stores 19.7  - 4.5  - 24.0 
DEP Dept Stores & Catalogs - 4.6  - 10.0  - 13.6 
DR Drug Stores 6.5  4.1  1.7 
MM Mass Merchandisers-Retail 15.3  5.3  - 5.1 
SR Specialty Retail - 7.0  - 7.0  - 7.0 
SG Sporting Goods Retail - 9.0  - 9.0  - 9.0 


Industry Performance

With economic crisis in full effect, retailers continue to report declining same store sales results. Consumers continue to get squeezed from all sides and September comps show the results. Even many discounters were feeling the crunch, and these are the players that usually perform in these types of markets. As a result, nearly everyone is reducing earnings guidance and predicting a very soft Christmas. As a result, Wal-Mart and Costco continue to be the two main retailers continuing to benefit in these tough times, as they sell necessities. Consumers are forgoing more discretionary products as unemployment rises and savings dwindle. Consumers are preparing for recession and credit assistance is not readily available. As the economic situation around the world continues, a return of consumer confidence is unlikely. Get out the construction paper and scissors, because this holiday season the homemade gift and card looks like it will be the trendiest gift of all.



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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