JUNE 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.

Ind Cred Company YTD Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun 2003 Jun 2002 Jun 2003 Jun 2002
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     



Companies Ranked by Industry

Credit
Rating		 Apparel Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun 2003 Jun 2002 Jun 2003 Jun 2002
A  CHICOS FAS INC  16.50  13.70  65.90  46.50  42
D  JOS A BANK CLOTHIERS INC /DE/  15.20  -3.70  25.50  20.34  25
B  PACIFIC SUNWEAR OF CALIFORNIA INC  13.40  10.50  89.60  73.30  22
D  CACHE INC  12.00  10.00  17.90  15.00  19
B  S & K FAMOUS BRANDS INC  11.00  1.00  15.60  14.10  11
D  GAP INC,THE  10.00  -6.00  1500.00  1320.00  14
B  AEROPOSTALE INC  8.70  11.80  45.90  32.40  42
A  MENS WEARHOUSE INC,THE  7.60  12.70  138.10  127.40  8
C  LIMITED BRANDS INC  5.00  5.00  832.80  858.70  -3
B  CLAIRES STORES INC  4.00  5.00  101.10  91.10  11
A  HOT TOPIC INC  3.50  2.10  42.40  34.60  23
A  BEBE STORES INC  3.30  -3.90  25.40  23.40  9
B  CHILDRENS PLACE RETAIL STORES  3.00  -6.00  61.00  49.60  23
F  FACTORY 2 U STORES INC/ FKA FAMILY BARGAIN CORP  3.00  -6.30  49.40  49.90  -1
D  GOODYS FAMILY CLOTHING INC  2.50  -1.90  105.70  102.70  3
A  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  2.00  13.00  28.40  23.50  21
C  TJX COMPANIES INC  2.00  3.00  1183.00  1070.00  11
F  FILENES BASEMENT CORP/SEE SCHOTTENSTEIN  1.70  1.30  29.70  28.69  4
A  GYMBOREE CORP  1.00  3.00  40.90  38.80  5
C  ANNTAYLOR STORES CORP/HC  -0.20  -1.20  136.40  127.19  7
C  MOTHERS WORK INC / MOTHERHOOD MATERNITY  -0.60  6.30  41.80  38.80  8
A  TALBOTS INC  -0.90  -8.70  173.20  161.80  7
B  BUCKLE INC,THE  -1.00  7.00  29.70  28.90  3
E  WILSONS THE LEATHER EXPERTS INC  -1.40  -12.30  21.20  32.00  -34
D  GADZOOKS INC  -1.60  1.40  28.90  29.70  -3
C  ROSS STORES INC  -2.00  12.00  367.00  340.00  8
D  CHARMING SHOPPES INC  -3.00  5.00  235.60  255.60  -8
C  FAMOUS FOOTWEAR  -3.80  -1.80  99.00  100.70  -2
D  STEIN MART INC  -4.90  2.50  114.90  116.50  -1
A  ABERCROMBIE & FITCH CO  -5.00  -5.00  129.50  117.70  10
B  AMERICAN EAGLE OUTFITTERS INC  -5.30  -5.00  128.20  117.70  9
B  DRESS BARN INC  -7.00  4.00  71.20  73.70  -3
B  CATO CORP  -7.00  3.00  63.10  70.30  -10
11  EDDIE BAUER INC/CASE#03-11547  -7.00  -6.00  0  0  0
11  SPIEGEL INC/CASE #03-11540  -7.00  -6.00  160.20  196.60  -19
F  BOBS STORES INC  -11.50  -1.90  34.30  0  0
A  DEB SHOPS INC  -11.70  6.30  24.10  26.20  -8
E  UNITED RETAIL GROUP INC/DE  -12.00  4.00  40.60  46.20  -12
C  WET SEAL INC  -21.50  5.60  47.00  49.80  -6

Credit
Rating		 Consumer Electronics Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun 2003 Jun 2002 Jun 2003 Jun 2002
D  SHARPER IMAGE CORP  15.00  3.00  42.20  33.10  27
A  INTERTAN INC  -8.00  5.00  31.60  29.99  5

Credit
Rating		 Dept Store-Catalog Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun 2003 Jun 2002 Jun 2003 Jun 2002
A  NEIMAN MARCUS GROUP INC  10.30  1.70  289.00  256.00  13
C  NORDSTROM INC  1.90  3.20  655.70  616.00  6
E  ELDER BEERMAN STORES CORP,THE  1.30  -3.10  53.70  54.60  -2
E  BON TON STORES INC  1.10  5.30  63.20  62.90  0
D  JC PENNEY COMPANY INC  0.10  -0.30  1205.00  1224.00  -2
E  VALUE CITY DEPARTMENT STORES INC  -0.20  -3.90  237.10  228.70  4
F  GOTTSCHALKS INC  -1.20  4.30  59.90  62.90  -5
B  SEARS ROEBUCK & COMPANY  -1.80  -3.80  2664.00  2760.00  -3
D  SAKS INC/FKA PROFFITTS INC  -1.80  1.20  473.20  480.70  -2
B  MARSHALL FIELDS  -1.90  -2.00  220.00  228.00  -4
B  FEDERATED DEPARTMENT STORES INC/NEW  -2.00  -0.40  1337.00  1370.00  -2
E  VALUE CITY DEPARTMENT STORE  -2.10  -4.20  134.00  138.01  -3
A  KOHLS CORP  -2.40  14.80  828.70  748.60  11
D  STAGE STORES INC  -3.10  8.90  72.20  71.60  1
C  MAY DEPARTMENT STORES COMPANY INC  -4.00  -1.40  1131.90  1200.00  -6
D  DILLARDS INC  -6.00  2.00  635.70  685.60  -7
A  MERVYNS  -12.70  -0.10  288.00  330.00  -13

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun 2003 Jun 2002 Jun 2003 Jun 2002
A  WALGREEN COMPANY INC  10.10  9.80  2703.50  2366.40  14
E  RITE AID CORP  5.20  7.90  1258.00  1208.00  4
B  CVS CORP  4.90  9.10  2450.00  2290.00  7
D  ECKERD DRUG CO/DIV OF JC PENNEY  -0.90  6.20  1405.00  1368.00  3
C  LONGS DRUG STORES CORP  -2.00  5.70  438.10  435.80  1

Credit
Rating		 Fabrics & Notions Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun 2003 Jun 2002 Jun 2003 Jun 2002
B  HANCOCK FABRICS INC  3.50  7.00  35.90  34.80  3
D  JO ANN STORES INC  -2.50  10.20  136.40  141.10  -3

Credit
Rating		 Footwear Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun 2003 Jun 2002 Jun 2003 Jun 2002
D  NATURALIZER RETAIL / SEE BROWN SHOE COMPANY  7.00  -2.70  11.40  12.20  -7
D  DSW SHOE WAREHOUSE  3.70  -6.20  73.40  62.02  18
C  SHOE CARNIVAL INC  -5.40  3.40  47.50  45.60  4
C  PAYLESS SHOESOURCE INC/SS  -9.10  -3.20  291.30  318.00  -8

Credit
Rating		 Home Furnishings Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun 2003 Jun 2002 Jun 2003 Jun 2002
B  BOMBAY CO INC  31.00  -8.00  51.20  37.90  35
B  MICHAELS STORES INC  2.00  9.00  225.50  210.20  7
B  HAVERTY FURNITURE COMPANIES  0.70  0.30  57.10  54.10  6
A  PIER 1 IMPORTS INC  -2.90  7.40  165.51  158.00  5

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun 2003 Jun 2002 Jun 2003 Jun 2002
B  COSTCO WHOLESALE CORP  7.00  6.00  4280.00  3860.00  11
B  BJS WHOLESALE CLUB  6.00  4.10  658.70  584.00  13
D  BIG LOTS INC /FKA CONSOLIDATED STORES INC  5.00  13.20  373.60  269.10  39
B  FREDS INC  4.60  14.00  117.20  100.30  17
B  DOLLAR GENERAL CORP  4.40  11.80  649.70  573.40  13
A  SAMS CLUB  4.10  4.10  3380.00  3131.00  8
B  FAMILY DOLLAR STORES INC  3.20  8.20  474.50  420.70  13
E  PAMIDA HOLDINGS CORP  2.80  -3.90  81.00  79.20  2
B  WAL MART STORES INC  2.70  7.90  24635.00  23347.00  6
B  WAL MART STORES  2.40  8.70  16697.00  15242.00  10
A  TARGET STORES  2.40  6.10  3577.00  3241.00  10
B  TARGET CORP/FKA DAYTON HUDSON  0.80  4.90  4135.00  3830.00  8
D  DUCKWALL ALCO STORES INC  -1.40  4.00  42.60  40.60  5
D  SHOPKO STORES INC  -1.50  2.50  295.90  300.90  -2
D  SHOPKO STORES  -3.10  4.90  214.90  221.70  -3
D  ODD JOB STORES INC/FKA MAZEL STORES INC  -3.30  -1.30  19.20  23.50  -18

Credit
Rating		 Sporting Goods Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun 2003 Jun 2002 Jun 2003 Jun 2002
D  MODELLS SPORTING GOODS / MODELLS HOLDING CORP  -0.10    0    0
D  WEST MARINE INC  -2.00  -0.20  98.40  78.70  25



Performance Insight


Industry Credit
Rating		 Company Comp %
HF    B BOMBAY CO INC 31.0 
APP    A CHICOS FAS INC 16.5 
APP    D JOS A BANK CLOTHIERS INC /DE/ 15.2 
CE    D SHARPER IMAGE CORP 15.0 
APP    B PACIFIC SUNWEAR OF CALIFORNIA INC 13.4 
APP    D CACHE INC 12.0 
APP    B S & K FAMOUS BRANDS INC 11.0 
DEP    A NEIMAN MARCUS GROUP INC 10.3 
DR    A WALGREEN COMPANY INC 10.1 
APP    D GAP INC,THE 10.0 


Top 10 Retail Performers

June was a strong month for certain retailers, with the Top 10 performers each reporting comp store increases of 10% or greater. ... A focus on home and high-end gadgets served Bombay and Sharper Image well once again. ... Mens businesswear bolsterd Jos A Bank and the value priced S&K Famous while the mens D.E.M.O unit of Pacific Sunwear contributed substantially to its gain. ... Teens and women voted with their fashion strapped dollars, flocking to Chicos and Cache and changing their "stripes" from the Gap into cargo. ... Neiman Marcus' designer handbags and jewelry shone brightly. ... Walgreen's steady hand was played well.



Industry Credit
Rating		 Company TY LY
HF    B BOMBAY CO INC 31.0 -8.0
APP    D JOS A BANK CLOTHIERS INC /DE/ 15.2 -3.7
APP    D GAP INC,THE 10.0 -6.0
CE    D SHARPER IMAGE CORP 15.0 3.0
APP    E WILSONS THE LEATHER EXPERTS INC -1.4 -12.3
APP    B S & K FAMOUS BRANDS INC 11.0 1.0
FW    D DSW SHOE WAREHOUSE 3.7 -6.2
FW    D NATURALIZER RETAIL / SEE BROWN SHOE COMPANY 7.0 -2.7
APP    F FACTORY 2 U STORES INC/ FKA FAMILY BARGAIN CORP 3.0 -6.3
APP    B CHILDRENS PLACE RETAIL STORES 3.0 -6.0


Rising Stars - Most Improved

Continuing to validate their turnaround strategies, Factory 2-U and the Gap are once again rising stars. ... Repeating prior months' successful ascents, we again take note of Bombay and Sharper Image, which both enrich home living styles. ... DSW delivered value by contributing positive comps. ... Naturally, Naturalizer kept pace. ... The kids keep growing and going to the Children's Place as sales experienced a growth spurt into positive territory. ... From boys to men, both Jos A Bank and his "valu"able friends at S&K favorably altered their comp performance. ... Improving, Wilsons almost got a tan but stayed in negative territory, awaiting the launch of a successful fall season.



Industry Credit
Rating		 Company Comp %
APP    C WET SEAL INC -21.5 
DEP    A MERVYNS -12.7 
APP    E UNITED RETAIL GROUP INC/DE -12.0 
APP    A DEB SHOPS INC -11.7 
APP    F BOBS STORES INC -11.5 
FW    C PAYLESS SHOESOURCE INC/SS -9.1 
CE    A INTERTAN INC -8.0 
APP    B DRESS BARN INC -7.0 
APP    B CATO CORP -7.0 
APP    11 EDDIE BAUER INC/CASE#03-11547 -7.0 


Bottom 10 Retail Performers

The junior Deb set failed to show up at the party and again dampened Wet Seal's performance and were disappointingly joined by their competitors at Deb Stores. ... Mervyn's failed to hit their "target" with its trendy home and apparel products. ... Plus sizes were not a well traveled "Avenue" for United Retail. ... Neither was value women's apparel at Dress Barn and Cato. ... Bobs is looking for continued sunny skies to recover from being under the weather. ... Foot traffic failed to find its way to Payless and did not entertain going to Intertan, one of Canada's best known consumer electronic outlets. ... Reorganization plans at bankrupt Eddie Bauer have yet to find favor with the men's set.



Industry Credit
Rating		 Company TY LY
APP    C WET SEAL INC -21.5 5.6
APP    A DEB SHOPS INC -11.7 6.3
DEP    A KOHLS CORP -2.4 14.8
APP    E UNITED RETAIL GROUP INC/DE -12.0 4.0
APP    C ROSS STORES INC -2.0 12.0
CE    A INTERTAN INC -8.0 5.0
FN    D JO ANN STORES INC -2.5 10.2
DEP    A MERVYNS -12.7 -0.1
DEP    D STAGE STORES INC -3.1 8.9
APP    B DRESS BARN INC -7.0 4.0


Falling Stars - Sharpest Decline

Kohls cooled as teens disappointed the Deb and left a wet blanket over Wet Seal and Ross but Kohls may regain momentum in the steamy summer months. ... Heavy competition slowed the pace of sales at United Retail. ... Light traffic disappointed Mervyn's results along with an emptier Dress Barn. ... Despite better performing intimate apparel and men's and misses sportswear, the Stage was darker. ... Jo-Ann laid out less fabric as craftier competition caused lost yardage. ... The anniversary of a special inventory clearance program impacted Intertan.



Industry Industry Highest Median Lowest
RETAIL SECTOR
 31.0  0.8  -21.5 
APP Apparel Stores 16.5  0.3  -21.5 
CE Consumer Electronics 15.0  3.5  -8.0 
DEP Dept Store-Catalog Retail 10.3  -1.4  -12.7 
DR Drug Stores 10.1  3.5  -2.0 
FN Fabrics & Notions 3.5  0.5  -2.5 
FW Footwear Retail 7.0  -1.0  -9.1 
HF Home Furnishings 31.0  7.7  -2.9 
MM Mass Merchandisers-Retail 7.0  2.3  -3.3 
SG Sporting Goods Retail -0.1  -1.1  -2.0 


Industry Performance

Drug Stores epitomize the expanding consumption of pharmaceuticals, driven by an aging population but offset by the proliferation of lower cost generic drug usage. ... Home Furnishings, Fabrics and Notions and Consumer Electronics were strong performers as home was where consumers found happiness in an otherwise disappointing economic environment. ... Footwear Retailers just about reached an average breakeven performance along with closely aligned Sporting Goods Retailers, both of which lacked "hot" products to drive traffic. ... Apparel stores inched their way to median positive results while Mass Merchandisers more favorably met the needs of value conscious consumers. ... Department Stores were not the destination for shoppers that may have migrated to the Internet.



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.