SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES NOVEMEBER 2008
Industry Credit
Rating
Company YTD Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
A  BUCKLE INC,THE  15.00  18.20  72.20  59.40  22
B-  HOT TOPIC INC  6.50  -8.30  61.30  56.20  9
B  CATO CORP  2.00  -6.00  60.60  58.40  4
E+  MOTHERS WORK INC  0.60  0.00  44.00  46.50  -5
C+  FREDS INC  -1.80  -4.50  141.70  151.30  -6
B  ROSS STORES INC  -2.00  3.00  568.00  547.00  4
B-  TJX COMPANIES INC  -6.00  7.00  1600.00  1800.00  -11
C-  CHILDRENS PLACE RETAIL STORES INC  -7.00  3.00  156.60  234.60  -33
NR  OLD NAVY/THE GAP INC  -9.00  -3.00  0.00  0.00  0
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -9.00  -8.00  0.00  0.00  0
B-  GAP INC,THE  -10.00  0.00  1390.00  1540.00  -10
D+  PACIFIC SUNWEAR OF CALIFORNIA INC  -10.00  2.30  101.00  120.90  -16
NR  GAP INC  -11.00  1.00  0.00  0.00  0
B+  AMERICAN EAGLE OUTFITTERS INC  -11.00  0.00  272.80  285.00  -4
NR  BANANA REPUBLIC INC/THE GAP INC  -11.00  4.00  0.00  0.00  0
C  LIMITED BRANDS INC  -12.00  -7.00  755.60  858.70  -12
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  -12.00  -7.00  0.00  0.00  0
B-  WET SEAL INC  -13.90  -1.70  46.00  53.00  -13
D  STEIN MART INC  -14.20  -8.90  118.80  140.20  -15
C+  CHICOS FAS INC  -15.40  -13.00  118.50  133.60  -11
C+  CACHE INC  -18.00  -4.00  18.30  22.20  -18
B+  ABERCROMBIE & FITCH CO  -28.00  2.00  267.30  352.30  -24

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
E  SAKS INC/FKA PROFFITTS INC  -5.20  25.70  332.90  347.60  -4
C+  STAGE STORES INC  -8.00  3.60  124.40  130.70  -5
D-  DILLARDS INC-HQ  -9.00  1.00  505.80  550.10  -8
C-  JC PENNEY CO INC  -11.90  2.60  1815.00  2050.00  -11
F+  GOTTSCHALKS INC  -13.00  0.40  52.20  61.60  -15
D  MACYS INC (FKA FEDERATED DPT STORES)  -13.30  13.40  2327.00  2713.00  -14
B-  KOHLS CORP  -13.70  10.20  1745.60  2023.20  -14
C-  NORDSTROM INC  -15.60  8.70  707.00  804.90  -12
E  BON TON STORES INC  -16.00  8.60  332.30  391.30  -15

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
E  RITE AID CORP  0.10  0.90  2476.00  2527.00  -2
B-  WALGREEN COMPANY INC  -0.90  4.40  4783.40  4766.00  0

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
C+  BJS WHOLESALE CLUB  4.10  7.70  783.20  7100.00  -89
B-  WAL MART STORES INC  3.00  1.90  32213.00  31720.00  2
NR  SAMS CLUB  0.50  3.00  3672.00  3620.00  1
C+  FAMILY DOLLAR STORES INC  0.00  -3.40  0.00  559.30  -100
D-  DUCKWALL ALCO STORES INC  -4.20  2.80  42.50  44.40  -4
B-  COSTCO WHOLESALE CORP  -5.00  9.00  5550.00  5720.00  -3
B-  TARGET CORP  -10.40  1.10  5605.00  5097.00  10

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
A  ZUMIEZ INC  -15.00  5.60  32.60  33.30  -2

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -16.00  -6.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    A BUCKLE INC,THE 15.0 
APP    B- HOT TOPIC INC 6.5 
MM    C+ BJS WHOLESALE CLUB 4.1 
MM    B- WAL MART STORES INC 3.0 
APP    B CATO CORP 2.0 
APP    E+ MOTHERS WORK INC 0.6 
MM    NR SAMS CLUB 0.5 
DR    E RITE AID CORP 0.1 
MM    C+ FAMILY DOLLAR STORES INC 0.0 
DR    B- WALGREEN COMPANY INC - 0.9 


Rising Stars - Most Improved

Industry Credit
Rating
Company TY LY
APP    B- HOT TOPIC INC 6.5 - 8.3
APP    B CATO CORP 2.0 - 6.0
MM    C+ FAMILY DOLLAR STORES INC 0.0 - 3.4
APP    C+ FREDS INC - 1.8 - 4.5
MM    B- WAL MART STORES INC 3.0 1.9
APP    E+ MOTHERS WORK INC 0.6 0.0
DR    E RITE AID CORP 0.1 0.9
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 9.0 - 8.0
APP    C+ CHICOS FAS INC - 15.4 - 13.0
MM    NR SAMS CLUB 0.5 3.0


Bottom 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    B+ ABERCROMBIE & FITCH CO - 28.0 
APP    C+ CACHE INC - 18.0 
DEP    E BON TON STORES INC - 16.0 
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 16.0 
DEP    C- NORDSTROM INC - 15.6 
APP    C+ CHICOS FAS INC - 15.4 
SG    A ZUMIEZ INC - 15.0 
APP    D STEIN MART INC - 14.2 
APP    B- WET SEAL INC - 13.9 
DEP    B- KOHLS CORP - 13.7 


Falling Stars - Sharpest Decline

Industry Credit
Rating
Company TY LY
DEP    E SAKS INC/FKA PROFFITTS INC - 5.2 25.7
APP    B+ ABERCROMBIE & FITCH CO - 28.0 2.0
DEP    D MACYS INC (FKA FEDERATED DPT STORES) - 13.3 13.4
DEP    E BON TON STORES INC - 16.0 8.6
DEP    C- NORDSTROM INC - 15.6 8.7
DEP    B- KOHLS CORP - 13.7 10.2
SG    A ZUMIEZ INC - 15.0 5.6
APP    NR BANANA REPUBLIC INC/THE GAP INC - 11.0 4.0
DEP    C- JC PENNEY CO INC - 11.9 2.6
APP    C+ CACHE INC - 18.0 - 4.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
15.0  - 7.8  - 28.0 
APP Apparel Stores 15.0  - 8.1  - 28.0 
DEP Dept Stores & Catalogs - 5.2  - 11.7  - 16.0 
DR Drug Stores 0.1  - 0.4  - 0.9 
MM Mass Merchandisers-Retail 4.1  - 1.7  - 10.4 
SR Specialty Retail - 16.0  - 16.0  - 16.0 
SG Sporting Goods Retail - 15.0  - 15.0  - 15.0 


Industry Performance

Well, at least it can't get much worse, or can it? Black Friday offered retailers a bump, helping boost results from horrible to bad for most, as shoppers were lured in by very deep discounts. The malls and shops were crowded, but many only opened their wallets for the really discounted items. There were some surprises, such as GAP, which reported better than expect declines. Overall, though, the month was tough for all. The highlight of the season continues to be Wal-Mart, which remains the shopping destination for most. Recession, job losses and overall economic uncertainty has been driving consumers to tighten spending on all, but their most essential needs. As we head further into the holiday season, retailers will continue to offer aggressive discounts to clear excess merchandise, so much of the sales they do ring up during the holiday season will probably eat into profits. December does not look like it will be merry for most retailers, as consumers cuddle under their blankets and hope for a better new year...



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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