Retail MONTHLY SAME STORE SALES Final   02/19/2004

JANUARY 2004


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
Jan 2004 Jan 2003 Jan 2004 Jan 2003
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jan 2004 Jan 2003 Jan 2004 Jan 2003
C  LIMITED STORES INC ,THE/LIMITED BRANDS  27.00  .01  .00  .00  0
C  VICTORIAS SECRET STORES INC/LIMITED BRANDS  26.00  11.00  .00  .00  0
C  LIMITED BRANDS INC  23.00  2.00  677.70  563.90  20
A  CHICOS FAS INC  19.50  8.10  55.30  36.90  50
A  AEROPOSTALE INC  17.70  4.60  35.40  24.00  47
D  JOS A BANK CLOTHIERS INC /DE/  16.10  9.90  21.00  15.40  36
B  PACIFIC SUNWEAR OF CALIFORNIA INC  12.40  20.40  54.40  43.70  24
A  MENS WEARHOUSE INC,THE  10.90  .80  109.50  98.70  11
A  CLAIRES STORES INC  10.00  8.00  67.42  57.45  17
C  EXPRESS INC/LIMITED BRANDS  10.00  -3.00  .00  .00  0
B  CACHE INC  10.00  5.00  14.30  12.40  15
E  FILENES BASEMENT CORP/SEE SCHOTTENSTEIN  8.50  -3.10  15.29  13.51  13
A  CHILDRENS PLACE RETAIL STORES  6.00  -20.00  39.60  34.40  15
E  STEIN MART INC  5.70  -12.00  71.50  67.90  5
D  GORDMANS INC  5.70    .00    0
B  DRESS BARN INC  5.00  -2.00  31.00  28.70  8
B  DEB SHOPS INC  5.00  -5.00  19.40  18.00  8
A  BEBE STORES INC  4.80  4.00  23.60  20.80  13
A  HOT TOPIC INC  4.70  13.70  33.00  26.00  27
C  ROSS STORES INC  4.00  -2.00  222.00  196.00  13
C  ANNTAYLOR STORES CORP  3.70  -10.30  93.12  81.90  14
D  GAP INC,THE  3.00  16.00  939.00  846.00  11
A  GYMBOREE CORP  3.00  9.00  43.50  39.00  12
C  TJX COMPANIES INC  2.00  -2.00  759.00  676.00  12
B  MOTHERS WORK INC / MOTHERHOOD MATERNITY  2.00  4.70  36.20  30.90  17
A  ABERCROMBIE & FITCH CO  2.00  3.00  97.10  79.70  22
B  AMERICAN EAGLE OUTFITTERS INC  .60  3.20  87.80  78.70  12
B  BUCKLE INC,THE  .50  4.30  22.60  21.50  5
F  WILSONS THE LEATHER EXPERTS INC  -.80  .50  41.30  43.10  -4
E  LANE BRYANT INC  -1.00  -11.00  .00  .00  0
D  GOODYS FAMILY CLOTHING INC  -1.60  -4.80  60.70  57.80  5
A  S & K FAMOUS BRANDS INC  -1.90  .01  10.80  10.80  0
D  CHARMING SHOPPES INC  -3.00  -1.00  121.60  125.30  -3
E  FASHION BUG  -4.00  7.00  .00  .00  0
E  UNITED RETAIL GROUP INC/DE  -5.00  -10.00  22.80  24.40  -7
C  FAMOUS FOOTWEAR  -5.40  -6.10  55.50  57.70  -4
11  SPIEGEL INC/CASE #03-11540  -7.00  -1.00  98.60  135.80  -27
11  EDDIE BAUER INC/CASE#03-11547  -7.00  -1.00  .00  .00  0
C  CATHERINES INC/CHARMING SHOPPES  -7.00  7.00  .00  .00  0
B  CATO CORP  -8.00  -5.00  45.10  46.10  -2
B  TALBOTS INC  -11.80  -2.90  105.40  111.20  -5
A  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  -15.00  -9.00  25.80  26.10  -1
11  GADZOOKS INC CASE# 04-31486  -19.00  -7.70  13.20  16.90  -22
C  WET SEAL INC  -21.40  -25.10  23.60  28.80  -18

Credit
Rating
Consumer Electronics Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jan 2004 Jan 2003 Jan 2004 Jan 2003
D  SHARPER IMAGE CORP  21.00  37.00  47.30  34.70  36
D  ULTIMATE ELECTRONICS INC  -5.00    .00    0

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jan 2004 Jan 2003 Jan 2004 Jan 2003
A  NEIMAN MARCUS GROUP INC  12.80  2.00  216.00  188.00  15
C  NORDSTROM INC  8.70  .80  355.30  316.50  12
F  GOTTSCHALKS INC  8.60  2.00  36.19  35.50  2
D  SAKS INC/FKA PROFFITTS INC  6.60  -2.10  347.60  322.40  8
D  JC PENNEY COMPANY INC  6.40  -3.80  1000.00  804.00  24
B  FEDERATED DEPARTMENT STORES INC/NEW  5.50  -1.20  814.00  775.00  5
C  MAY DEPARTMENT STORES COMPANY INC  4.60  -4.40  715.00  655.30  9
C  SEARS ROEBUCK & COMPANY  4.60  -8.00  1575.90  1507.30  5
B  MARSHALL FIELDS  4.30  -2.60  134.00  131.00  2
D  STAGE STORES INC  2.10  -5.20  61.00  41.20  48
D  DILLARDS INC  2.00  -5.00  478.86  469.00  2
B  KOHLS CORP  .30  5.50  536.80  468.90  14
E  RETAIL VENTURES INC/ FKA VALUE CITY DEPARTMENT STORES IN  -1.20  -6.40  122.87  118.24  4
B  MERVYNS  -3.50  -6.60  177.00  183.00  -3
A  ELDER BEERMAN STORES INC. NOW PART OF BON TON STORES INC  -3.80  4.70  26.50  27.70  -4
E  BON TON STORES INC  -5.00  8.90  57.10  32.00  78
E  VALUE CITY DEPARTMENT STORE  -6.90  -6.30  64.97  69.77  -7

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jan 2004 Jan 2003 Jan 2004 Jan 2003
A  WALGREEN COMPANY INC  9.10  7.70  3031.40  2676.91  13
E  RITE AID CORP  7.20  5.70  1276.00  1196.00  7
B  CVS CORP  5.60  5.80  2040.00  1910.00  7
C  LONGS DRUG STORES CORP  2.40  .20  344.60  327.70  5
D  ECKERD DRUG CO/DIV OF JC PENNEY  -1.40  3.00  1388.00  1118.00  24

Credit
Rating
Eating & Drinking Places Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jan 2004 Jan 2003 Jan 2004 Jan 2003
B  PANERA BREAD CO  1.60  .00  .00  .00  0

Credit
Rating
Fabrics & Notions Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jan 2004 Jan 2003 Jan 2004 Jan 2003
B  HANCOCK FABRICS INC  -6.40  8.40  32.70  34.80  -6

Credit
Rating
Footwear Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jan 2004 Jan 2003 Jan 2004 Jan 2003
D  DSW SHOE WAREHOUSE INC.  8.40  -8.20  42.61  34.95  22
D  PAYLESS SHOESOURCE INC  -.30  .10  134.10  141.40  -5
D  NATURALIZER RETAIL / SEE BROWN SHOE COMPANY  -.60  7.30  6.10  6.80  -10
C  SHOE CARNIVAL INC  -3.30  -10.40  30.20  28.40  6
D  BROWN SHOE COMPANY INC  -5.40  .00  55.50  57.70  -4

Credit
Rating
Home Furnishings Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jan 2004 Jan 2003 Jan 2004 Jan 2003
F  RESTORATION HARDWARE INC  23.00  10.00  .00  .00  0
B  MICHAELS STORES INC  6.00  -3.00  217.70  195.20  12
A  HAVERTY FURNITURE COMPANIES  4.40  -2.70  65.60  60.50  8
B  INTERTAN INC  3.00  -9.00  33.46  26.77  25
A  PIER 1 IMPORTS INC  -2.90  1.10  125.25  117.11  7
B  BOMBAY COMPANY INC  -3.50  27.00  38.00  33.70  13

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jan 2004 Jan 2003 Jan 2004 Jan 2003
B  COSTCO WHOLESALE CORP  13.00  5.00  3440.00  2970.00  16
B  BJS WHOLESALE CLUB  8.80  5.60  475.80  416.02  14
A  SAMS CLUB  7.90  .90  2476.00  2242.00  10
D  TARGET STORES  5.80  .30  2683.00  2386.00  12
B  WAL MART STORES INC  5.70  2.30  18400.00  17391.00  6
C  WAL MART STORES  5.30  2.60  12131.00  10631.00  14
B  TARGET CORP/FKA DAYTON HUDSON  5.10  -.40  3063.00  2738.00  12
B  FREDS INC  4.10  5.80  93.60  81.70  15
D  SHOPKO STORES  3.60  -2.80  150.60  145.20  4
D  SHOPKO STORES INC  3.20  -2.60  199.30  193.00  3
B  DOLLAR GENERAL CORP  3.10  3.80  480.20  429.90  12
B  FAMILY DOLLAR STORES INC  3.00  4.70  339.80  302.10  12
B  PAMIDA HOLDINGS CORP  2.00  -2.10  48.70  47.80  2
D  DUCKWALL ALCO STORES INC  -.10  3.50  25.50  24.50  4
D  BIG LOTS INC /FKA CONSOLIDATED STORES INC  -.60  .70  236.10  274.50  -14
E  PRICESMART INC  -2.40  .00  45.60  48.50  -6

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jan 2004 Jan 2003 Jan 2004 Jan 2003
D  WEST MARINE INC  15.30  -4.50  31.40  24.50  28

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Jan 2004 Jan 2003 Jan 2004 Jan 2003
C  BATH & BODY WORKS/LIMITED BRANDS  33.00  -6.00  .00  .00  0



Performance Insight


Industry Credit
Rating
Company Comp %
SR    C BATH & BODY WORKS/LIMITED BRANDS 33.0 
APP    C LIMITED STORES INC ,THE/LIMITED BRANDS 27.0 
APP    C VICTORIAS SECRET STORES INC/LIMITED BRANDS 26.0 
APP    C LIMITED BRANDS INC 23.0 
HF    F RESTORATION HARDWARE INC 23.0 
CE    D SHARPER IMAGE CORP 21.0 
APP    A CHICOS FAS INC 19.5 
APP    A AEROPOSTALE INC 17.7 
APP    D JOS A BANK CLOTHIERS INC /DE/ 16.1 
SG    D WEST MARINE INC 15.3 


Top 10 Retail Performers

January was "unlimited" for Limited Brands with all units and the Company as a whole recording monthly comp store increases ranging from 23% to 33%. ... Rub a Dub Dub, Restoration Hardware cleaned up with their first annual January Bathware Event as the Company continues to position itself as the premium lifestyle brand retailer. ... Sharpening their focus, Sharper Image reported record sales for the month of January, fourth quarter and fiscal year. The Company continues to bring to market "quirky" proprietary products appealing to a broad customer base. ... Comp store sales washed ashore for West Marine in January, though CEO John Edmondson cautioned that some of the January sales will be "washed out" in February due to changes in the Company's promotional calendar. ... Chicos and Aeropostale found favor with fashion forward females in January looking for the post holiday trendy bargain. ... "Banking" on the unseasonably cold weather in January and fashion forward males, Jos A. Bank recorded one of its best months and probably one of its more profitable months as sales were particularly strong in the high end Signature and Signature Gold categories.



Industry Credit
Rating
Company TY LY
SR    C BATH & BODY WORKS/LIMITED BRANDS 33.0 -6.0
APP    C LIMITED STORES INC ,THE/LIMITED BRANDS 27.0 0.0
APP    A CHILDRENS PLACE RETAIL STORES 6.0 -20.0
APP    C LIMITED BRANDS INC 23.0 2.0
SG    D WEST MARINE INC 15.3 -4.5
APP    E STEIN MART INC 5.7 -12.0
FW    D DSW SHOE WAREHOUSE INC. 8.4 -8.2
APP    C VICTORIAS SECRET STORES INC/LIMITED BRANDS 26.0 11.0
APP    C ANNTAYLOR STORES CORP 3.7 -10.3
APP    A AEROPOSTALE INC 17.7 4.6


Rising Stars - Most Improved

A strong January 2004 performance for Limited Brands helped cushion the generally soft results in January 2003. We do anticipate, however, that a smaller portion of the incremental sales will reach the bottom line as the Company was very promotional. ... The momenutm of strong holiday sales continued into January at Childrens Place, with cleaner inventories fueling higher margins. ... Riding the high tide of promotions in January, West Marine may find itself in shallow water in February due to the change in its promotional calendar. ... It would appear that women decided they needed to complete their new outfits purchased at AnnTaylor, Stein Mart and Aeropostale with a new pair (or three) of shoes and decided the best place would be at DSW Shoe Warehouse.



Industry Credit
Rating
Company Comp %
APP    C WET SEAL INC -21.4 
APP    11 GADZOOKS INC CASE# 04-31486 -19.0 
APP    A CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS -15.0 
APP    B TALBOTS INC -11.8 
APP    B CATO CORP -8.0 
APP    C CATHERINES INC/CHARMING SHOPPES -7.0 
APP    11 EDDIE BAUER INC/CASE#03-11547 -7.0 
APP    11 SPIEGEL INC/CASE #03-11540 -7.0 
DEP    E VALUE CITY DEPARTMENT STORE -6.9 
FN    B HANCOCK FABRICS INC -6.4 


Bottom 10 Retail Performers

Two companies that sought the shelter of Bankruptcy Court made our bottom ten for the month of January. Spiegel and subsidiary Eddie Bauer continue to struggle to attract customers as evidenced by the continuing negative comps. ... In spite of Gadzooks transforming itself to a "girls only" retailer, their mom's were not impressed and comps continued to fall, landing the Company in Chapter 11 just this week. ... Inventory management forced several apparel retailers including Christopher & Banks, Talbots, Cato and Catherines to become very promotional in January clearing the racks for fresh Spring inventory receipts. ... Meanwhile Value City was forced to forego markups to maintain volume causing the Company to lower its earnings forecast for the fourth quarter. ... Wet Seal's merchandising failed to gain traction on dry land as teen's continued to hang out at other retail "cribs". ... With reports of the economy recovering it would appear that mom's and grandmom's have decided to take advantage of finished goods promotions rather than spend time sewing as Hancock Fabrics, a fabric and sewing merchant, joined our list of bottom retailers.



Industry Credit
Rating
Company TY LY
HF    B BOMBAY COMPANY INC -3.5 27.0
CE    D SHARPER IMAGE CORP 21.0 37.0
FN    B HANCOCK FABRICS INC -6.4 8.4
APP    C CATHERINES INC/CHARMING SHOPPES -7.0 7.0
DEP    E BON TON STORES INC -5.0 8.9
APP    D GAP INC,THE 3.0 16.0
APP    11 GADZOOKS INC CASE# 04-31486 -19.0 -7.7
APP    E FASHION BUG -4.0 7.0
APP    A HOT TOPIC INC 4.7 13.7
APP    B TALBOTS INC -11.8 -2.9


Falling Stars - Sharpest Decline

It is truly amazing how a Company with 21% comps could be considered a "falling star" but such is the world of mathematics. As proof of no good deed going unpunished, Sharper Image rocked the retail world with comps of 37% for the month of January 2003 - how can you not fall from that lofty perch? ... Similarly, Bombay Company was hard pressed this year to repeat their second only to Sharper Image performance of last year. ... Tough comparisons and more modest gains were the order of the day for The Gap and Hot Topic. ... Proving that comp store sales are a good barometer of potential business failure, Gadzook's, which had been a long standing member of the "Falling Stars" club, finally had to seek protection under Chapter 11 this week. ... Continuing their EDHP philosophy, Talbots was unable to attract the post holiday bargain seekers during the month. ... Let it snow, let it snow, let it snow is not music to the ears of Bon Ton Stores as management blamed the declining comps on the bad weather in the Midwest and Northeast. ...Women may have gotten the flu bug in January due to the weather but were immune to the Fashion Bug nor were they enamored with sister company Catherines.



Industry Industry Highest Median Lowest
RETAIL SECTOR
33.0  3.6  -21.4 
APP Apparel Stores 27.0  3.0  -21.4 
CE Consumer Electronics 21.0  8.0  -5.0 
DEP Dept Stores & Catalogs 12.8  2.7  -6.9 
DR Drug Stores 9.1  4.6  -1.4 
EAT Eating & Drinking Places 1.6  1.6  1.6 
FN Fabrics & Notions -6.4  -6.4  -6.4 
FW Footwear Retail 8.4  -0.2  -5.4 
HF Home Furnishings 23.0  5.0  -3.5 
MM Mass Merchandisers-Retail 13.0  4.2  -2.4 
SR Specialty Retail 33.0  33.0  33.0 
SG Sporting Goods Retail 15.3  15.3  15.3 


Industry Performance

The recently depressed consumer electronics industry was helped again by the gadget hungry dads who took advantage of after holiday sales to get "what he really wanted for Christmas". ... Record breaking cold and clearance sales helped lift January sales across most industries from Apparel with a new parka and mittens to Drug Stores with cold and flu medicine to better than expected results. ... The better than expected results followed a slightly better than expected holiday season which should lead to better than expected profits for the fourth quarter.



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.


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