SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES MARCH 2009


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
Mar Prior Year Mar Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar Prior Year Mar Prior Year
A  BUCKLE INC, THE  14.70  20.90  77.30  63.60  22
A-  AEROPOSTALE INC  13.00  2.50  160.50  141.80  13
B  HOT TOPIC INC  7.10  -3.50  70.50  63.70  11
C+  FREDS INC  4.00  1.20  175.40  178.30  -2
B-  ROSS STORES INC  3.00  -2.00  682.00  633.00  8
B-  TJX COMPANIES INC  2.00  0.00  1700.00  1730.00  -2
E  STEIN MART INC  -1.40  -17.10  135.30  138.60  -2
B-  CHILDRENS PLACE RETAIL STORES INC  -2.00  -3.00  156.20  160.10  -2
B-  CATO CORP  -6.00  -9.00  84.00  89.20  -6
E-  DESTINATION MATERNITY CORP  -7.60  -6.00  48.60  54.60  -11
B-  GAP INC,THE  -8.00  -18.00  1290.00  1370.00  -6
C  LIMITED BRANDS INC  -9.00  -8.00  646.00  733.20  -12
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -10.00  -6.00  0.00  0.00  0
B-  WET SEAL INC  -11.40  -10.80  51.20  58.10  -12
NR  GAP INC  -14.00  -14.00  0.00  0.00  0
B+  AMERICAN EAGLE OUTFITTERS  -16.00  -12.00  242.60  267.30  -9
NR  BANANA REPUBLIC INC/THE GAP INC  -16.00  -8.00  0.00  0.00  0
B  ABERCROMBIE & FITCH CO  -34.00  -10.00  235.10  330.20  -29

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar Prior Year Mar Prior Year
B-  KOHLS CORP  -4.30  -15.50  1433.00  1425.70  1
C-  JC PENNEY CO INC  -7.20  -10.30  1455.00  1554.00  -6
E-  BON TON STORES INC  -11.20  -5.30  245.00  274.00  -11
C-  NORDSTROM INC  -13.50  9.10  674.00  750.00  -10
D  STAGE STORES INC  -15.00  -10.30  124.90  141.10  -11
D-  DILLARDS INC-HQ  -19.00  -10.00  490.10  621.70  -21

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar Prior Year Mar Prior Year
B-  WALGREEN COMPANY INC  1.50  4.40  5458.90  5111.00  7
E  RITE AID CORP  -0.70  2.60  1966.00  2044.00  -4

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar Prior Year Mar Prior Year
NR  SAMS CLUB  6.20  2.10  4382.00  4287.00  2
D-  DUCKWALL ALCO STORES INC  3.80  -5.60  42.60  43.10  -1
B-  WAL MART STORES INC  1.40  1.10  36200.00  36973.00  -2
C+  BJS WHOLESALE CLUB  -0.10  6.00  870.30  858.10  1
C  TARGET CORP  -6.30  1.50  5543.00  5676.00  -2

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar Prior Year Mar Prior Year
A-  ZUMIEZ INC  -17.90  -3.00  29.80  31.50  -5

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar Prior Year Mar Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -6.00  -13.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    A BUCKLE INC, THE 14.7 
APP    A- AEROPOSTALE INC 13.0 
APP    B HOT TOPIC INC 7.1 
MM    NR SAMS CLUB 6.2 
APP    C+ FREDS INC 4.0 
MM    D- DUCKWALL ALCO STORES INC 3.8 
APP    B- ROSS STORES INC 3.0 
APP    B- TJX COMPANIES INC 2.0 
DR    B- WALGREEN COMPANY INC 1.5 
MM    B- WAL MART STORES INC 1.4 


Rising Stars - Most Improved

Industry Credit
Rating
Company TY LY
APP    E STEIN MART INC - 1.4 - 17.1
DEP    B- KOHLS CORP - 4.3 - 15.5
APP    B HOT TOPIC INC 7.1 - 3.5
APP    A- AEROPOSTALE INC 13.0 2.5
APP    B- GAP INC,THE - 8.0 - 18.0
MM    D- DUCKWALL ALCO STORES INC 3.8 - 5.6
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 6.0 - 13.0
APP    B- ROSS STORES INC 3.0 - 2.0
MM    NR SAMS CLUB 6.2 2.1
DEP    C- JC PENNEY CO INC - 7.2 - 10.3


Bottom 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    B ABERCROMBIE & FITCH CO - 34.0 
DEP    D- DILLARDS INC-HQ - 19.0 
SG    A- ZUMIEZ INC - 17.9 
APP    B+ AMERICAN EAGLE OUTFITTERS - 16.0 
APP    NR BANANA REPUBLIC INC/THE GAP INC - 16.0 
DEP    D STAGE STORES INC - 15.0 
APP    NR GAP INC - 14.0 
DEP    C- NORDSTROM INC - 13.5 
APP    B- WET SEAL INC - 11.4 
DEP    E- BON TON STORES INC - 11.2 


Falling Stars - Sharpest Decline

Industry Credit
Rating
Company TY LY
APP    B ABERCROMBIE & FITCH CO - 34.0 - 10.0
DEP    C- NORDSTROM INC - 13.5 9.1
SG    A- ZUMIEZ INC - 17.9 - 3.0
DEP    D- DILLARDS INC-HQ - 19.0 - 10.0
APP    NR BANANA REPUBLIC INC/THE GAP INC - 16.0 - 8.0
MM    C TARGET CORP - 6.3 1.5
APP    A BUCKLE INC, THE 14.7 20.9
MM    C+ BJS WHOLESALE CLUB - 0.1 6.0
DEP    E- BON TON STORES INC - 11.2 - 5.3
DEP    D STAGE STORES INC - 15.0 - 10.3


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
14.7  - 5.5  - 34.0 
APP Apparel Stores 14.7  - 5.1  - 34.0 
DEP Dept Stores & Catalogs - 4.3  - 11.7  - 19.0 
DR Drug Stores 1.5  0.4  - 0.7 
MM Mass Merchandisers-Retail 6.2  1.0  - 6.3 
SR Specialty Retail - 6.0  - 6.0  - 6.0 
SG Sporting Goods Retail - 17.9  - 17.9  - 17.9 


Industry Performance

The same store sales numbers for March 2009 reveal an America in which consumers continue to shop out of necessity rather than for pleasure. The silver lining in these figures is that the pace of decline in sales was not as steep as feared by many analysts. The few bright spots were seen in deep-discount chains and wholesalers as Americans sought value amidst the most frightening economic downturn in a generation. Certain companies such as TJX Companies and J.C. Penney Co. actually raised their first quarter guidance following better than expected March results. Furthermore, home product sales were seen rebounding off decimated levels, perhaps signaling some signs for a turnaround. Not all retail numbers, however, can be attributed to the perilous macroeconomic conditions. The surge in sales at Buckle (BKE) and the decline in sales at Abercrombie (ANF) are more likely due to the ever-changing fashion preferences of American youth. The coming months will be closely monitored as it will be revealed whether consumers have truly changed their consumption patterns, or are returning to their spendthrift ways amidst increasing signs that catastrophe has been averted.



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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