SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES OCTOBER 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
Oct Prior Year Oct Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
A  BUCKLE INC,THE  14.50  14.90  60.30  50.00  21
B-  HOT TOPIC INC  8.30  -4.00  64.80  58.10  12
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  6.00  -3.90  45.10  46.10  -2
B  CATO CORP  4.00  -7.00  59.50  65.80  -10
C-  CHILDRENS PLACE RETAIL STORES  4.00  2.00  144.90  183.80  -21
C+  FREDS INC  1.30  0.60  128.00  129.50  -1
B+  AEROPOSTALE INC  1.00  3.00  127.40  116.40  9
B  ROSS STORES INC  -2.00  -1.00  490.00  470.00  4
B-  TJX COMPANIES INC  -6.00  3.00  1480.00  1540.00  -4
B-  WET SEAL INC  -6.20  -5.40  40.30  41.50  -3
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  -9.00  -6.00  580.40  644.70  -10
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -10.00  -7.00  0.00  0.00  0
D+  PACIFIC SUNWEAR OF CALIFORNIA INC  -11.00  -0.80  69.30  85.30  -19
B-  CACHE INC  -11.00  -3.00  18.50  20.60  -10
B+  AMERICAN EAGLE OUTFITTERS INC  -12.00  -3.00  204.80  210.20  -3
B-  GAP INC,THE  -12.00  -8.00  1080.00  1230.00  -12
D  STEIN MART INC  -12.50  -3.80  100.00  113.70  -12
C+  CHICOS FAS INC  -13.40  -10.60  118.50  121.20  -2
NR  GAP INC  -14.00  -7.00  0.00  0.00  0
NR  BANANA REPUBLIC INC/THE GAP INC  -17.00  -2.00  0.00  0.00  0
NR  OLD NAVY/THE GAP INC  -20.00  -11.00  0.00  0.00  0
B+  ABERCROMBIE & FITCH CO  -20.00  -2.00  215.00  251.10  -14

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
F+  GOTTSCHALKS INC  1.30  -3.00  417.80  41.70  902
D  MACYS INC (FKA FEDERATED DPT STORES)  -6.30  -1.50  1849.00  1853.00  -0
D-  DILLARDS INC-HQ  -8.00  -7.00  406.10  444.70  -9
C+  STAGE STORES INC  -8.40  -2.90  98.50  103.80  -5
B-  KOHLS CORP  -9.00  -3.80  1212.80  1270.00  -5
E  BON TON STORES INC  -11.10  -1.40  218.40  244.70  -11
C-  JC PENNEY CO INC  -13.00  -1.80  1361.00  1310.00  4
D+  SAKS INC/FKA PROFFITTS INC  -16.60  10.60  219.00  269.10  -19

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
E  RITE AID CORP  2.90  0.40  2000.00  1999.00  0
B-  WALGREEN COMPANY INC  2.00  6.90  5160.00  4830.00  7

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
C+  BJS WHOLESALE CLUB  10.20  4.80  738.80  663.80  11
NR  SAMS CLUB  4.00  2.70  3443.00  3296.00  4
B-  WAL MART STORES INC  2.50  0.40  28565.00  27920.00  2
B-  COSTCO WHOLESALE CORP  2.00  9.00  5300.00  5210.00  2
D-  DUCKWALL ALCO STORES INC  -2.70  0.01  36.60  35.30  4
B-  TARGET CORP  -4.80  4.10  4415.00  4450.00  -1

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
A  ZUMIEZ INC  -13.10  5.10  25.00  24.70  1

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -7.00  -6.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    A BUCKLE INC,THE 14.5 
MM    C+ BJS WHOLESALE CLUB 10.2 
APP    B- HOT TOPIC INC 8.3 
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY 6.0 
MM    NR SAMS CLUB 4.0 
APP    B CATO CORP 4.0 
APP    C- CHILDRENS PLACE RETAIL STORES 4.0 
DR    E RITE AID CORP 2.9 
MM    B- WAL MART STORES INC 2.5 
MM    B- COSTCO WHOLESALE CORP 2.0 


Rising Stars - Most Improved

Industry Credit
Rating
Company TY LY
APP    B- HOT TOPIC INC 8.3 - 4.0
APP    B CATO CORP 4.0 - 7.0
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY 6.0 - 3.9
MM    C+ BJS WHOLESALE CLUB 10.2 4.8
DEP    F+ GOTTSCHALKS INC 1.3 - 3.0
DR    E RITE AID CORP 2.9 0.4
MM    B- WAL MART STORES INC 2.5 0.4
APP    C- CHILDRENS PLACE RETAIL STORES 4.0 2.0
MM    NR SAMS CLUB 4.0 2.7
APP    C+ FREDS INC 1.3 0.6


Bottom 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    B+ ABERCROMBIE & FITCH CO - 20.0 
APP    NR OLD NAVY/THE GAP INC - 20.0 
APP    NR BANANA REPUBLIC INC/THE GAP INC - 17.0 
DEP    D+ SAKS INC/FKA PROFFITTS INC - 16.6 
APP    NR GAP INC - 14.0 
APP    C+ CHICOS FAS INC - 13.4 
SG    A ZUMIEZ INC - 13.1 
DEP    C- JC PENNEY CO INC - 13.0 
APP    D STEIN MART INC - 12.5 
APP    B+ AMERICAN EAGLE OUTFITTERS INC - 12.0 


Falling Stars - Sharpest Decline

Industry Credit
Rating
Company TY LY
DEP    D+ SAKS INC/FKA PROFFITTS INC - 16.6 10.6
SG    A ZUMIEZ INC - 13.1 5.1
APP    B+ ABERCROMBIE & FITCH CO - 20.0 - 2.0
APP    NR BANANA REPUBLIC INC/THE GAP INC - 17.0 - 2.0
DEP    C- JC PENNEY CO INC - 13.0 - 1.8
APP    D+ PACIFIC SUNWEAR OF CALIFORNIA INC - 11.0 - 0.8
DEP    E BON TON STORES INC - 11.1 - 1.4
APP    B+ AMERICAN EAGLE OUTFITTERS INC - 12.0 - 3.0
APP    NR OLD NAVY/THE GAP INC - 20.0 - 11.0
APP    B- TJX COMPANIES INC - 6.0 3.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
14.5  - 5.3  - 20.0 
APP Apparel Stores 14.5  - 6.2  - 20.0 
DEP Dept Stores & Catalogs 1.3  - 8.9  - 16.6 
DR Drug Stores 2.9  2.5  2.0 
MM Mass Merchandisers-Retail 10.2  1.9  - 4.8 
SR Specialty Retail - 7.0  - 7.0  - 7.0 
SG Sporting Goods Retail - 13.1  - 13.1  - 13.1 


Industry Performance

As the season change, consumers may be doing something other than just cleaning out their closets?They may be looking for toys and clothes never used or worn in order to re-gift and/or searching for loose change in last years pockets. Making due with what we have appears to be more the norm, as retailers report some of the weakest sales in many years. With the financial crisis, increasing layoffs and an overwhelming uncertainty of the future, consumers are purchasing only the basics on sale at either Walmart or at the club stores and staying close to home. Consumers are looking for value for their dollars and are willing to give up those dollars only for a good deal. Even consumers with higher income levels are shopping at Walmart, making Wal-Mart a mainstay for all income levels. Another trend is the re-emergence of 'layaway', which offers consumers, for a small fee, the ability to pay for purchase in installments before they take home the products. This produces no interest fees and offers an alternative to storing your purchases somewhere else than in your home, where prying eyes and hands can't find it. Layway is being touted by Kmart in their new ad campaigns and could possibly draw more business that way. In fact, now there are even websites that are offering layaway plans. In general, with the current economy uncertainty and the overall tightening of credit dollars, it likely that more than grandpa and grandma will be getting homemade gifts this holiday season. Those that opt to actually purchase gifts, will be using the Internet more to scour out deals, especially with many online stores offering free or reduced shipping costs.



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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