SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES MAY 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
May Prior Year May Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May Prior Year May Prior Year
A-  AEROPOSTALE INC  19.00  6.00  132.90  102.30  30
A  BUCKLE INC, THE  13.40  34.70  60.60  50.80  19
B-  TJX COMPANIES INC  5.00  2.00  1490.00  1450.00  3
B-  ROSS STORES INC  4.00  7.00  564.00  513.00  10
NR  OLD NAVY/THE GAP INC  3.00  -25.00  0.00  0.00  0
C+  FREDS INC  2.10  3.40  134.70  143.50  -6
E  STEIN MART INC  0.20  -12.40  105.40  108.40  -3
B-  CATO CORP  -3.00  2.00  78.10  80.50  -3
E-  DESTINATION MATERNITY CORP  -5.40  4.30  51.30  54.20  -5
B-  GAP INC,THE  -6.00  -14.00  1030.00  1090.00  -6
B  HOT TOPIC INC  -6.40  -0.20  46.00  47.40  -3
B+  AMERICAN EAGLE OUTFITTERS  -7.00  -9.00  195.50  200.00  -2
C  LIMITED BRANDS INC  -7.00  -6.00  618.70  661.30  -6
B-  WET SEAL INC  -8.40  -2.00  42.00  45.70  -8
B-  CHILDRENS PLACE RETAIL STORES INC  -9.00  10.00  101.70  109.40  -7
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -10.00  -4.00  0.00  0.00  0
NR  GAP INC  -11.00  -7.00  0.00  0.00  0
NR  BANANA REPUBLIC INC/THE GAP INC  -14.00  -5.00  0.00  0.00  0
B  ABERCROMBIE & FITCH CO  -28.00  -1.00  182.10  233.10  -22

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May Prior Year May Prior Year
B-  KOHLS CORP  -0.40  -7.20  1255.00  1210.00  4
D  STAGE STORES INC  -7.20  0.10  116.80  122.60  -5
C-  JC PENNEY CO INC  -8.20  -4.40  1254.00  1340.00  -6
D-  MACYS INC (FKA FEDERATED DPT STORES)  -9.10    1743.00    0
D-  DILLARDS INC-HQ  -12.00  -7.00  430.10  499.70  -14
E-  BON TON STORES INC  -12.10  -9.90  188.90  214.30  -12
C-  NORDSTROM INC  -13.10  10.90  653.00  716.00  -9
E  SAKS INC/FKA PROFFITTS INC  -26.60  -8.70  166.10  227.20  -27

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May Prior Year May Prior Year
B-  WALGREEN COMPANY INC  1.00  3.90  5370.00  5042.00  7
E  RITE AID CORP  0.60  1.30  2507.00  2539.00  -1

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May Prior Year May Prior Year
D-  DUCKWALL ALCO STORES INC  6.10  -2.00  35.90  42.80  -16
C  TARGET CORP  -6.10  -0.70  4458.00  4564.00  -2
C+  BJS WHOLESALE CLUB  -6.80  13.40  783.40  824.30  -5
B-  COSTCO WHOLESALE CORP  -7.00  7.00  5470.00  5770.00  -5

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May Prior Year May Prior Year
A-  ZUMIEZ INC  -20.70  0.20  23.50  26.00  -10

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May Prior Year May Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -1.00  -11.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    A- AEROPOSTALE INC 19.0 
APP    A BUCKLE INC, THE 13.4 
MM    D- DUCKWALL ALCO STORES INC 6.1 
APP    B- TJX COMPANIES INC 5.0 
APP    B- ROSS STORES INC 4.0 
APP    NR OLD NAVY/THE GAP INC 3.0 
APP    C+ FREDS INC 2.1 
DR    B- WALGREEN COMPANY INC 1.0 
DR    E RITE AID CORP 0.6 
APP    E STEIN MART INC 0.2 


Rising Stars - Most Improved

Industry Credit
Rating
Company TY LY
APP    NR OLD NAVY/THE GAP INC 3.0 - 25.0
APP    A- AEROPOSTALE INC 19.0 6.0
APP    E STEIN MART INC 0.2 - 12.4
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 1.0 - 11.0
MM    D- DUCKWALL ALCO STORES INC 6.1 - 2.0
APP    B- GAP INC,THE - 6.0 - 14.0
DEP    B- KOHLS CORP - 0.4 - 7.2
APP    B- TJX COMPANIES INC 5.0 2.0
APP    B+ AMERICAN EAGLE OUTFITTERS - 7.0 - 9.0
DR    E RITE AID CORP 0.6 1.3


Bottom 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    B ABERCROMBIE & FITCH CO - 28.0 
DEP    E SAKS INC/FKA PROFFITTS INC - 26.6 
SG    A- ZUMIEZ INC - 20.7 
APP    NR BANANA REPUBLIC INC/THE GAP INC - 14.0 
DEP    C- NORDSTROM INC - 13.1 
DEP    E- BON TON STORES INC - 12.1 
DEP    D- DILLARDS INC-HQ - 12.0 
APP    NR GAP INC - 11.0 
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 10.0 
DEP    D- MACYS INC (FKA FEDERATED DPT STORES) - 9.1 


Falling Stars - Sharpest Decline

Industry Credit
Rating
Company TY LY
APP    B ABERCROMBIE & FITCH CO - 28.0 - 1.0
DEP    C- NORDSTROM INC - 13.1 10.9
APP    A BUCKLE INC, THE 13.4 34.7
SG    A- ZUMIEZ INC - 20.7 0.2
MM    C+ BJS WHOLESALE CLUB - 6.8 13.4
APP    B- CHILDRENS PLACE RETAIL STORES INC - 9.0 10.0
DEP    E SAKS INC/FKA PROFFITTS INC - 26.6 - 8.7
MM    B- COSTCO WHOLESALE CORP - 7.0 7.0
APP    E- DESTINATION MATERNITY CORP - 5.4 4.3
APP    NR BANANA REPUBLIC INC/THE GAP INC - 14.0 - 5.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
19.0  - 5.5  - 28.0 
APP Apparel Stores 19.0  - 3.6  - 28.0 
DEP Dept Stores & Catalogs - 0.4  - 11.1  - 26.6 
DR Drug Stores 1.0  0.8  0.6 
MM Mass Merchandisers-Retail 6.1  - 3.5  - 7.0 
SR Specialty Retail - 1.0  - 1.0  - 1.0 
SG Sporting Goods Retail - 20.7  - 20.7  - 20.7 


Industry Performance

U.S. retailers reported that May 2009 was yet another month of dismal sales. Although analyst expectations were low, the sales figures were generally disappointing. Pricier retailers, such as Saks and Abercrombie, were smacked as formerly spendthrift consumers retrenched. However, there were a few notable bright spots, such as Buckle Inc., which continued its torrid sales growth. Decent sales at Walgreen and Rite Aid reflected an American consumer that still wants to have her basic needs met. The May 2009 comp numbers were notable for the absence of America's juggernaut retailer. For the first time in decades, Wal-Mart did not report monthly sales or comp numbers. America's other mega retailers reported struggles as Costco suffered from lower gasoline sales and Target continued to flounder. Next month's numbers will be closely watched to see if they reflect the surge in consumer confidence that was reported in late May.



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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