SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES APRIL 2007


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
Apr Prior Year Apr Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating		 Apparel Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
NR  EXPRESS INC/LIMITED BRANDS  9.00  6.00  0.00  0.00  0
B+  JOS A BANK CLOTHIERS INC /DE/  7.30  7.30  45.50  38.40  18
B-  CACHE INC  2.00  11.00  26.90  26.90  0
A  BUCKLE INC,THE  1.80  1.00  34.00  31.60  8
NR  MAURICES INC/AMERICAN RETAIL GROUP  1.00  11.00  0.00  0.00  0
C+  LIMITED BRANDS INC  -1.00  9.00  688.00  653.20  5
C+  TJX COMPANIES INC  -1.00  1.00  1300.00  1300.00  0
C  CHILDRENS PLACE RETAIL STORES  -2.00  22.00  140.30  139.20  1
C  FREDS INC  -2.50  6.30  126.70  126.20  0
D-  TALBOTS INC  -3.50  10.80  573.60  166.20  245
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -4.00  12.00  0.00  0.00  0
A-  DEB SHOPS INC  -4.70  4.00  28.70  29.30  -2
B+  GYMBOREE CORP  -5.00  19.00  52.60  54.70  -4
B  DRESS BARN INC  -6.00  15.00  123.00  124.50  -1
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  -6.00  -1.00  0.00  0.00  0
B-  ROSS STORES INC  -7.00  9.00  417.00  422.00  -1
A-  CHICOS FAS INC  -7.30  5.40  148.70  136.00  9
C-  UNITED RETAIL GROUP INC/DE  -8.00  8.00  36.90  39.40  -6
A-  BEBE STORES INC  -9.00  5.70  46.90  46.20  2
NR  DRESS BARN  -9.00  16.00  0.00  0.00  0
C+  HOT TOPIC INC  -9.10  -6.50  44.20  46.40  -5
C  WET SEAL INC  -9.60  17.00  39.20  41.70  -6
A  AMERICAN EAGLE OUTFITTERS INC  -10.00  19.00  171.90  179.20  -4
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  -12.00  13.00  56.90  59.50  -4
B-  ANNTAYLOR STORES CORP  -12.80  10.90  200.30  213.60  -6
NR  BANANA REPUBLIC INC/THE GAP INC  -13.00  1.00  0.00  0.00  0
C-  STEIN MART INC  -13.90  0.70  109.30  124.00  -12
NR  GAP INC  -14.00  -2.00  0.00  0.00  0
B+  AEROPOSTALE INC  -14.00  8.40  75.40  246.30  -69
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  -14.80  7.10  52.30  58.00  -10
A-  ABERCROMBIE & FITCH CO  -15.00  17.00  204.60  207.80  -2
B  GAP INC,THE  -16.00  -3.00  1090.00  1230.00  -11
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  -16.50  14.00  79.30  94.30  -16
E  WILSONS THE LEATHER EXPERTS INC  -20.00  -7.90  13.30  17.10  -22
NR  OLD NAVY/THE GAP INC  -20.00  -6.00  0.00  0.00  0
B+  CATO CORP  -21.00  17.00  64.20  81.80  -22

Credit
Rating		 Consumer Electronics Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
F  SHARPER IMAGE CORP  -11.00  -32.00  21.30  33.10  -36

Credit
Rating		 Dept Stores & Catalogs Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
C-  SAKS INC/FKA PROFFITTS INC  11.70  2.20  281.30  309.40  -9
B-  NORDSTROM INC  3.10  7.30  604.00  584.80  3
C-  MACYS INC (FKA FEDERATED DPT STORES)  -2.20  -0.80  1840.00  1878.00  -2
B-  JC PENNEY CO INC  -4.70  2.60  0.00  1369.00  -100
E  GOTTSCHALKS INC  -5.40  -0.40  40.30  43.26  -7
A-  KOHLS CORP  -10.50  13.40  1100.00  1136.40  -3
E+  BON TON STORES INC  -13.40  -1.90  211.90  245.60  -14
D  DILLARDS INC-HQ  -14.00  10.00  490.00  563.00  -13
B-  STAGE STORES INC  -14.80  16.90  102.60  119.00  -14

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
E+  RITE AID CORP  2.10  4.60  1360.00  1329.00  2

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
B-  COSTCO WHOLESALE CORP  7.00  7.00  4940.00  4390.00  13
C-  COST U LESS INC  3.80  -0.70  16.80  16.30  3
NR  SAMS CLUB  2.50  3.80  3272.00  3122.00  5
C+  BJS WHOLESALE CLUB  -2.10  1.20  618.50  599.80  3
D  DOLLAR GENERAL CORP  -2.40  6.90  675.50  697.00  -3
B-  WAL MART STORES INC  -3.50  6.80  26568.00  25871.00  3
B-  FAMILY DOLLAR STORES INC  -4.90  5.90  481.30  484.90  -1
D  DUCKWALL ALCO STORES INC  -5.30  16.30  35.40  36.90  -4
B-  TARGET CORP  -6.10  10.40  3903.00  3790.00  3

Credit
Rating		 Other Retail Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
D-  FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS  -3.30  0.50  18.50  17.90  3

Credit
Rating		 Specialty Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -2.00  8.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating		 Company Comp %
DEP    C- SAKS INC/FKA PROFFITTS INC 11.7 
APP    NR EXPRESS INC/LIMITED BRANDS 9.0 
APP    B+ JOS A BANK CLOTHIERS INC /DE/ 7.3 
MM    B- COSTCO WHOLESALE CORP 7.0 
MM    C- COST U LESS INC 3.8 
DEP    B- NORDSTROM INC 3.1 
MM    NR SAMS CLUB 2.5 
DR    E+ RITE AID CORP 2.1 
APP    B- CACHE INC 2.0 
APP    A BUCKLE INC,THE 1.8 


Rising Stars - Most Improved

Industry Credit
Rating		 Company TY LY
CE    F SHARPER IMAGE CORP - 11.0 - 32.0
DEP    C- SAKS INC/FKA PROFFITTS INC 11.7 2.2
MM    C- COST U LESS INC 3.8 - 0.7
APP    NR EXPRESS INC/LIMITED BRANDS 9.0 6.0
APP    A BUCKLE INC,THE 1.8 1.0
MM    B- COSTCO WHOLESALE CORP 7.0 7.0
APP    B+ JOS A BANK CLOTHIERS INC /DE/ 7.3 7.3
MM    NR SAMS CLUB 2.5 3.8
DEP    C- MACYS INC (FKA FEDERATED DPT STORES) - 2.2 - 0.8
APP    C+ TJX COMPANIES INC - 1.0 1.0


Bottom 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    B+ CATO CORP - 21.0 
APP    E WILSONS THE LEATHER EXPERTS INC - 20.0 
APP    NR OLD NAVY/THE GAP INC - 20.0 
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC - 16.5 
APP    B GAP INC,THE - 16.0 
APP    A- ABERCROMBIE & FITCH CO - 15.0 
DEP    B- STAGE STORES INC - 14.8 
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY - 14.8 
DEP    D DILLARDS INC-HQ - 14.0 
APP    B+ AEROPOSTALE INC - 14.0 


Falling Stars - Sharpest Decline

Industry Credit
Rating		 Company TY LY
APP    B+ CATO CORP - 21.0 17.0
APP    A- ABERCROMBIE & FITCH CO - 15.0 17.0
DEP    B- STAGE STORES INC - 14.8 16.9
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC - 16.5 14.0
APP    A AMERICAN EAGLE OUTFITTERS INC - 10.0 19.0
APP    C WET SEAL INC - 9.6 17.0
APP    NR DRESS BARN - 9.0 16.0
APP    B+ CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS - 12.0 13.0
DEP    D DILLARDS INC-HQ - 14.0 10.0
APP    B+ GYMBOREE CORP - 5.0 19.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
 11.7  - 6.2  - 21.0 
APP Apparel Stores 9.0  - 8.0  - 21.0 
CE Consumer Electronics - 11.0  - 11.0  - 11.0 
DEP Dept Stores & Catalogs 11.7  - 5.6  - 14.8 
DR Drug Stores 2.1  2.1  2.1 
MM Mass Merchandisers-Retail 7.0  - 1.2  - 6.1 
RET Other Retail Stores - 3.3  - 3.3  - 3.3 
SR Specialty Retail - 2.0  - 2.0  - 2.0 


Industry Performance

Due to the ever-shifting Easter holiday between March and April, most analysts view the two months together. Thus, this year, with the holiday falling in March, the bar was set relatively low for the month of April. Unfortunately, April turned out to be an even tougher month than expected for major retail chains, with approximately 80% of retailers missing their expectations, with the apparel sector being hit the hardest. Even Wal-Mart, the consistent performer, recorded a rare drop in business.

The ever-rising price of gas and the ongoing housing slowdown was a contributing factor, while it appears that overall product assortment was not appealing enough for shoppers to hit the stores, especially with no true fashion trend driving sales.

Whether the poor results of the month should be considered as a pivotal point in consumer trends is questionable. With the nicer weather finally coming out, many are willing to put the month's results aside and see what is to come.


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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