JULY 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
Ind	Cred	Company	YTD	Jul 2003	Jul 2002	Jul 2003	Jul 2002	Sales % Change

Companies Ranked by Industry

Credit Rating	Apparel Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Apparel Stores	Jul 2003	Jul 2002	Jul 2003	Jul 2002	Sales % Change
D	JOS A BANK CLOTHIERS INC /DE/	19.40	8.60	17.50	13.33	31
B	AEROPOSTALE INC	19.30	4.30	49.50	31.10	59
A	CHICOS FAS INC	15.70	4.90	47.70	34.60	38
B	PACIFIC SUNWEAR OF CALIFORNIA INC	15.10	7.20	83.70	67.50	24
B	S & K FAMOUS BRANDS INC	10.00	0.01	10.50	9.50	11
A	MENS WEARHOUSE INC,THE	9.60	-10.50	84.20	78.00	8
B	CACHE INC	9.00	1.00	12.80	11.30	13
D	GAP INC,THE	9.00	-8.00	1000.10	956.00	5
A	HOT TOPIC INC	8.70	-2.20	42.10	32.80	28
A	GYMBOREE CORP	8.00	8.00	34.80	33.10	5
C	ANNTAYLOR STORES CORP/HC	7.60	7.40	116.45	100.60	16
B	CHILDRENS PLACE RETAIL STORES	7.00	-12.00	49.80	39.00	28
A	CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS	6.00	3.00	34.10	26.90	27
A	BEBE STORES INC	5.20	-9.10	26.00	23.30	12
D	CHARMING SHOPPES INC	4.00	-3.00	170.50	168.30	1
B	CLAIRES STORES INC	4.00	4.00	85.87	79.70	8
E	UNITED RETAIL GROUP INC/DE	4.00	-4.00	27.30	26.10	5
C	TJX COMPANIES INC	3.00	-1.00	899.00	810.00	11
C	MOTHERS WORK INC / MOTHERHOOD MATERNITY	2.90	6.80	39.40	34.90	13
B	DRESS BARN INC	2.00	2.00	48.20	45.90	5
C	LIMITED BRANDS INC	2.00	2.00	563.20	582.90	-3
C	ROSS STORES INC	2.00	4.00	303.00	269.00	13
F	FILENES BASEMENT CORP/SEE SCHOTTENSTEIN	1.00	0.80	20.90	20.30	3
D	GOODYS FAMILY CLOTHING INC	0.90	-5.50	92.30	90.10	2
B	TALBOTS INC	0.70	-19.00	100.50	94.50	6
B	BUCKLE INC,THE	-2.50	-3.00	32.20	31.90	1
C	FAMOUS FOOTWEAR	-3.20	-2.70	85.10	86.30	-1
F	FACTORY 2 U STORES INC/ FKA FAMILY BARGAIN CORP	-5.00	-3.90	38.30	41.60	-8
11	SPIEGEL INC/CASE #03-11540	-5.00	-5.00	99.20	139.10	-29
11	EDDIE BAUER INC/CASE#03-11547	-5.00	-5.00	99.20	0	0
D	STEIN MART INC	-6.20	-7.80	80.50	82.30	-2
B	CATO CORP	-7.00	-1.00	54.20	53.90	1
B	DEB SHOPS INC	-9.80	3.40	22.60	23.90	-5
B	AMERICAN EAGLE OUTFITTERS INC	-10.50	-4.60	111.20	110.50	1
E	WILSONS THE LEATHER EXPERTS INC	-10.50	-5.20	17.70	27.20	-35
A	ABERCROMBIE & FITCH CO	-11.00	-3.00	133.20	126.20	6
C	WET SEAL INC	-12.30	-8.30	41.10	43.85	-6
D	GADZOOKS INC	-34.30	-10.20	15.70	24.10	-35

Credit Rating	Consumer Electronics	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Consumer Electronics	Jul 2003	Jul 2002	Jul 2003	Jul 2002	Sales % Change
D	SHARPER IMAGE CORP	11.00	9.00	37.60	31.20	21

Credit Rating	Dept Store-Catalog Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Dept Store-Catalog Retail	Jul 2003	Jul 2002	Jul 2003	Jul 2002	Sales % Change
A	NEIMAN MARCUS GROUP INC	10.20	-4.60	188.00	165.00	14
A	KOHLS CORP	6.70	7.50	700.80	577.10	21
C	NORDSTROM INC	6.10	1.90	690.20	632.00	9
D	DSW SHOE WAREHOUSE	5.70	-2.90	49.80	40.10	24
D	JC PENNEY COMPANY INC	3.70	-2.20	932.00	912.00	2
D	SAKS INC/FKA PROFFITTS INC	2.20	-3.60	363.10	352.60	3
E	VALUE CITY DEPARTMENT STORES INC	2.20	-6.10	164.60	153.70	7
E	ELDER BEERMAN STORES CORP,THE	2.10	-0.40	36.30	36.30	0
C	MAY DEPARTMENT STORES COMPANY INC	1.80	-6.20	863.40	840.90	3
E	VALUE CITY DEPARTMENT STORE	1.10	-8.30	93.80	93.08	1
B	SEARS ROEBUCK & COMPANY	0.80	-4.90	1900.00	1973.40	-4
E	BON TON STORES INC	0.10	-5.70	38.90	39.10	-1
F	GOTTSCHALKS INC	0.10	-3.50	42.00	43.20	-3
B	FEDERATED DEPARTMENT STORES INC/NEW	-0.40	-5.20	963.00	970.00	-1
D	DILLARDS INC	-1.00	-3.00	549.10	555.58	-1
D	STAGE STORES INC	-1.00	2.10	70.50	69.00	2
B	MARSHALL FIELDS	-2.40	-4.90	142.00	148.00	-4
A	MERVYNS	-5.80	-5.90	235.00	247.00	-5

Credit Rating	Drug Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Drug Stores	Jul 2003	Jul 2002	Jul 2003	Jul 2002	Sales % Change
A	WALGREEN COMPANY INC	9.80	11.00	2745.70	2409.90	14
E	RITE AID CORP	6.30	7.40	1227.00	1166.00	5
B	CVS CORP	6.10	9.00	1930.00	1780.00	8
D	ECKERD DRUG CO/DIV OF JC PENNEY	0.10	5.50	1064.00	1065.00	-0

Credit Rating	Fabrics & Notions	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Fabrics & Notions	Jul 2003	Jul 2002	Jul 2003	Jul 2002	Sales % Change
D	JO ANN STORES INC	9.20	6.70	114.30	105.20	9
B	HANCOCK FABRICS INC	3.00	6.90	29.10	28.60	2

Credit Rating	Footwear Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Footwear Retail	Jul 2003	Jul 2002	Jul 2003	Jul 2002	Sales % Change
D	NATURALIZER RETAIL / SEE BROWN SHOE COMPANY	6.60	-0.40	8.10	8.90	-9
C	PAYLESS SHOESOURCE INC/SS	2.80	-8.90	203.60	197.60	3
C	SHOE CARNIVAL INC	0.30	-2.30	47.20	41.90	13

Credit Rating	Home Furnishings	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Home Furnishings	Jul 2003	Jul 2002	Jul 2003	Jul 2002	Sales % Change
B	BOMBAY CO INC	24.00	-5.00	39.50	30.20	31
A	HAVERTY FURNITURE COMPANIES	1.10	7.50	62.90	58.10	8
B	MICHAELS STORES INC	1.00	11.00	203.70	191.40	6
A	INTERTAN INC	-4.00	5.00	31.28	27.89	12
A	PIER 1 IMPORTS INC	-4.10	2.30	129.62	123.60	5

Credit Rating	Mass Merchandisers-Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Mass Merchandisers-Retail	Jul 2003	Jul 2002	Jul 2003	Jul 2002	Sales % Change
B	BJS WHOLESALE CLUB	10.10	1.50	485.75	414.76	17
B	COSTCO WHOLESALE CORP	8.00	5.00	3340.00	2960.00	13
B	FREDS INC	7.50	10.20	92.70	77.20	20
B	PAMIDA HOLDINGS CORP	6.90	-2.50	60.00	56.80	6
A	SAMS CLUB	5.10	1.90	2487.00	2288.00	9
B	DOLLAR GENERAL CORP	4.90	6.60	494.10	434.30	14
B	FAMILY DOLLAR STORES INC	4.90	1.90	359.90	314.40	14
B	WAL MART STORES INC	4.60	4.50	18630.00	17790.00	5
D	BIG LOTS INC /FKA CONSOLIDATED STORES INC	4.50	16.90	277.30	324.80	-15
B	WAL MART STORES	4.50	5.00	12628.00	11322.00	12
A	TARGET STORES	4.30	2.20	2871.00	2548.00	13
B	TARGET CORP/FKA DAYTON HUDSON	3.10	1.00	3303.00	2980.00	11
D	DUCKWALL ALCO STORES INC	2.70	-2.60	30.30	27.80	9
D	SHOPKO STORES INC	-2.10	-2.70	224.60	230.20	-2
D	SHOPKO STORES	-5.10	-2.80	164.60	173.40	-5

Credit Rating	Sporting Goods Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Sporting Goods Retail	Jul 2003	Jul 2002	Jul 2003	Jul 2002	Sales % Change
D	WEST MARINE INC	1.00	-0.40	76.10	59.20	29

Performance Insight

Industry	Credit Rating	Company	Comp %
HF	B	BOMBAY CO INC	24.0
APP	D	JOS A BANK CLOTHIERS INC /DE/	19.4
APP	B	AEROPOSTALE INC	19.3
APP	A	CHICOS FAS INC	15.7
APP	B	PACIFIC SUNWEAR OF CALIFORNIA INC	15.1
CE	D	SHARPER IMAGE CORP	11.0
DEP	A	NEIMAN MARCUS GROUP INC	10.2
MM	B	BJS WHOLESALE CLUB	10.1
APP	B	S & K FAMOUS BRANDS INC	10.0
DR	A	WALGREEN COMPANY INC	9.8

Top 10 Retail Performers

Bombay Company's successful turnaround (and enhanced marketing) is again highlighted by nearly 25% comp gains while the consumer's focus on home and hearth pushed Sharper Image up as well. ... The teen market is sending love letters to Aeropostale with favorable back to school assortments helping Pacific Sunwear too. ... Both ends of the menswear spectrum benefitted from value-pricing (S&K Famous) and quality (Jos. A. Bank). ... Designing women flocked to the designer merchandise at Neiman Marcus while private labels tagged Chico's FAS. ... Gas pumps injected sales fuel at BJ's. ... Both pharmacy and front-end made peers [Wal]green with envy.

Industry	Credit Rating	Company	TY	LY
HF	B	BOMBAY CO INC	24.0	-5.0
APP	A	MENS WEARHOUSE INC,THE	9.6	-10.5
APP	B	TALBOTS INC	0.7	-19.0
APP	B	CHILDRENS PLACE RETAIL STORES	7.0	-12.0
APP	D	GAP INC,THE	9.0	-8.0
APP	B	AEROPOSTALE INC	19.3	4.3
DEP	A	NEIMAN MARCUS GROUP INC	10.2	-4.6
APP	A	BEBE STORES INC	5.2	-9.1
FW	C	PAYLESS SHOESOURCE INC/SS	2.8	-8.9
APP	A	HOT TOPIC INC	8.7	-2.2

Rising Stars - Most Improved

Except for Aeropostale, which built on a solid July 2002 performance, all "Rising Stars" achieved their status by recovering from dismal results last year. ... Talbots, Men's Wearhouse and Childrens Place each recovered from double-digit declines through effective merchandising and strategic initiatives. ... Madonna brought the media and shoppers to the Gap. ... A fashion forward and hip flair fanned sales flames at BeBe and Hot Topic. ... Paying even less (i.e. promotions) pumped up Payless. ... Enhanced marketing was "da bomb" at Bombay. ... Bedecked and bejeweled, women shoppers found renewed favor at Neiman's.

Industry	Credit Rating	Company	Comp %
APP	D	GADZOOKS INC	-34.3
APP	C	WET SEAL INC	-12.3
APP	A	ABERCROMBIE & FITCH CO	-11.0
APP	B	AMERICAN EAGLE OUTFITTERS INC	-10.5
APP	E	WILSONS THE LEATHER EXPERTS INC	-10.5
APP	B	DEB SHOPS INC	-9.8
APP	B	CATO CORP	-7.0
APP	D	STEIN MART INC	-6.2
DEP	A	MERVYNS	-5.8
MM	D	SHOPKO STORES	-5.1

Bottom 10 Retail Performers

Goodbye men, Hello juniors! The strategy shift pummeled Gadzooks' sales as planned. ... The loss of teen favor compounded the comp slides at Abercrombie and American Eagle while Wet Seal and Deb Shops' merchandising efforts decelerated their declines. ... Kohl's in California marred Mervyn's while Shopko also felt the sting of its competition. ... Even promotional pricing could not quell Cato's decline. ... Regional improvements did not sufficiently salvage Stein Mart. ... Back half improvement halved Wilson's July comp slide.

Industry	Credit Rating	Company	TY	LY
APP	D	GADZOOKS INC	-34.3	-10.2
APP	B	DEB SHOPS INC	-9.8	3.4
MM	D	BIG LOTS INC /FKA CONSOLIDATED STORES INC	4.5	16.9
HF	B	MICHAELS STORES INC	1.0	11.0
HF	A	INTERTAN INC	-4.0	5.0
APP	A	ABERCROMBIE & FITCH CO	-11.0	-3.0
HF	A	PIER 1 IMPORTS INC	-4.1	2.3
HF	A	HAVERTY FURNITURE COMPANIES	1.1	7.5
APP	B	CATO CORP	-7.0	-1.0
APP	B	AMERICAN EAGLE OUTFITTERS INC	-10.5	-4.6

Falling Stars - Sharpest Decline

Tough comparisons to last year placed Michaels Stores, Big Lots and Haverty Furniture on the list of Falling Stars. ... Unlike Top Performer Bombay, the home decor shopper fell off the Pier. ... Still a Falling Star but ascending from the valley with improved electronic accessory sales is InterTAN. ... Fickle teens and merchandise conversions compounded comp slides at Deb Shops, American Eagle, Abercrombie and Gadzooks. ... Cato still failed to find favor with value-oriented women shoppers.

Industry	Industry	Highest	Median	Lowest
RETAIL SECTOR		24.0	2.6	-34.3

APP	Apparel Stores	19.4	1.4	-34.3
CE	Consumer Electronics	11.0	11.0	11.0
DEP	Dept Store-Catalog Retail	10.2	1.8	-5.8
DR	Drug Stores	9.8	5.6	0.1
FN	Fabrics & Notions	9.2	6.1	3.0
FW	Footwear Retail	6.6	3.2	0.3
HF	Home Furnishings	24.0	3.6	-4.1
MM	Mass Merchandisers-Retail	10.1	4.3	-5.1
SG	Sporting Goods Retail	1.0	1.0	1.0

Industry Performance

The retail sector appears to be slowly improving with the median increase growing through the summer months. Remarkably, not a single industry (not even the lagging Apparel, Department Store and Footwear retailers) reported a median decline, indicating a modest economic recovery as these retailers head into the important back to school season. Health, home and hearth continue to perform well with Drug Stores, Consumer Electronics, Fabrics and Notions and Home Furnishings leading the pack. Mass Merchandisers also found favor with value conscious consumers.

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.