Retail MONTHLY SAME STORE SALES

Preliminary 03/04/2004

FEBRUARY 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
Ind	Cred	Company	YTD	Feb 2004	Feb 2003	Feb 2004	Feb 2003	Sales % Change

Companies Ranked by Industry

Credit Rating	Apparel Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Apparel Stores	Feb 2004	Feb 2003	Feb 2004	Feb 2003	Sales % Change
D	JOS A BANK CLOTHIERS INC /DE/	34.20	-1.90	24.00	15.40	56
A	CHICOS FAS INC	28.00	5.00	67.20	41.60	62
A	AEROPOSTALE INC	26.40	-3.10	43.10	27.20	58
A	CHILDRENS PLACE RETAIL STORES	25.00	-24.00	59.90	44.30	35
A	BEBE STORES INC	24.20	-15.20	28.00	20.90	34
E	FILENES BASEMENT CORP/RETAIL VENTURES INC	22.80	-13.20	20.91	16.30	28
A	S & K FAMOUS BRANDS INC	19.70	2.00	14.50	11.90	22
B	CACHE INC	18.00	-3.00	17.70	14.10	26
C	ANNTAYLOR STORES CORP	15.30	-8.60	102.96	81.30	27
B	AMERICAN EAGLE OUTFITTERS INC	15.20	-7.00	94.60	74.30	27
A	CLAIRES STORES INC	15.00	6.00	82.23	66.90	23
D	GORDMANS INC	14.70	.10	.00	.00	0
D	GOODYS FAMILY CLOTHING INC	14.40	-11.20	77.10	66.30	16
B	PACIFIC SUNWEAR OF CALIFORNIA INC	14.10	14.80	67.70	53.40	27
A	MENS WEARHOUSE INC,THE	13.70	.50	101.70	87.00	17
B	DEB SHOPS INC	12.70	-13.30	24.00	20.80	15
D	GAP INC,THE	12.00	8.00	925.00	818.00	13
E	FASHION BUG	12.00	-5.00	.00	.00	0
C	VICTORIAS SECRET STORES INC/LIMITED BRANDS	12.00	5.00	.00	.00	0
B	BUCKLE INC,THE	10.80	.50	29.30	25.50	15
E	RETAIL VENTURES INC/ FKA VALUE CITY DEPARTMENT STORES IN	10.50	-12.10	166.14	145.00	15
C	TJX COMPANIES INC	10.00	-5.00	934.00	776.00	20
D	CHARMING SHOPPES INC	8.00	-9.00	163.30	150.30	9
B	MOTHERS WORK INC / MOTHERHOOD MATERNITY	7.80	-5.00	40.50	33.60	21
A	HOT TOPIC INC	7.60	4.00	39.50	29.90	32
E	STEIN MART INC	7.60	-10.00	98.30	91.00	8
A	GYMBOREE CORP	7.00	-2.00	42.40	37.30	14
C	BURLINGTON COAT FACTORY WAREHOUSE CORP	6.30	-2.80	.00	.00	0
E	LANE BRYANT INC	6.00	-15.00	.00	.00	0
B	TALBOTS INC	5.80	-11.70	84.30	76.40	10
B	DRESS BARN INC	5.00	-13.00	37.30	35.50	5
C	LIMITED BRANDS INC	5.00	-1.00	607.90	571.60	6
C	CATHERINES INC/CHARMING SHOPPES	2.00	-5.00	.00	.00	0
E	UNITED RETAIL GROUP INC/DE	1.00	-13.00	26.90	27.00	-0
A	ABERCROMBIE & FITCH CO	1.00	-4.00	120.60	100.00	21
C	ROSS STORES INC	.01	-3.00	266.00	243.00	9
F	WILSONS THE LEATHER EXPERTS INC	-.80	8.00	43.80	40.60	8
C	FAMOUS FOOTWEAR	-1.80	-8.50	67.40	67.20	0
11	EDDIE BAUER INC/CASE#03-11547	-2.00	-12.00	.00	.00	0
B	CATO CORP	-2.00	-6.00	57.40	55.20	4
11	SPIEGEL INC/CASE #03-11540	-2.00	-12.00	93.80	120.10	-22
C	LIMITED STORES INC ,THE/LIMITED BRANDS	-5.00	-4.00	.00	.00	0
C	EXPRESS INC/LIMITED BRANDS	-6.00	-7.00	.00	.00	0
A	CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS	-7.00	-10.00	23.20	21.50	8
C	WET SEAL INC	-12.50	-31.50	30.00	34.40	-13
11	GADZOOKS INC CASE# 04-31486	-14.20	-11.90	14.70	21.40	-31

Credit Rating	Consumer Electronics	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Consumer Electronics	Feb 2004	Feb 2003	Feb 2004	Feb 2003	Sales % Change
D	SHARPER IMAGE CORP	20.00	24.00	51.90	36.00	44

Credit Rating	Dept Stores & Catalogs	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Dept Stores & Catalogs	Feb 2004	Feb 2003	Feb 2004	Feb 2003	Sales % Change
A	NEIMAN MARCUS GROUP INC	24.40	2.50	259.00	209.00	24
D	SAKS INC/FKA PROFFITTS INC	14.70	-4.10	426.10	367.10	16
D	JC PENNEY COMPANY INC	12.10	-2.10	1197.00	906.00	32
B	FEDERATED DEPARTMENT STORES INC/NEW	9.00	-6.00	1070.00	985.00	9
C	NORDSTROM INC	8.80	-2.30	431.30	367.60	17
D	STAGE STORES INC	8.00	-7.60	87.80	59.50	48
B	KOHLS CORP	6.60	-4.60	592.20	486.20	22
B	MARSHALL FIELDS	6.50	-1.80	175.00	170.00	3
E	VALUE CITY DEPARTMENT STORE	5.90	-11.20	93.94	88.70	6
A	ELDER BEERMAN STORES INC. NOW PART OF BON TON STORES INC	3.60	-14.50	37.10	35.90	3
C	MAY DEPARTMENT STORES COMPANY INC	3.30	-8.90	880.00	846.00	4
F	GOTTSCHALKS INC	2.30	-1.60	43.10	43.30	-0
D	DILLARDS INC	2.00	3.00	621.00	610.27	2
B	MERVYNS	1.40	-9.20	224.00	219.00	2
C	SEARS ROEBUCK & COMPANY	1.10	-9.40	1741.90	1700.00	2
E	BON TON STORES INC	.40	-3.80	77.00	39.40	95

Credit Rating	Drug Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Drug Stores	Feb 2004	Feb 2003	Feb 2004	Feb 2003	Sales % Change
A	WALGREEN COMPANY INC	11.80	7.70	3022.40	2597.80	16
D	ECKERD DRUG CO/DIV OF JC PENNEY	-3.50	-.40	1162.00	1184.00	-2

Credit Rating	Eating & Drinking Places	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Eating & Drinking Places	Feb 2004	Feb 2003	Feb 2004	Feb 2003	Sales % Change
B	PANERA BREAD CO	1.50	.00	.00	.00	0

Credit Rating	Fabrics & Notions	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Fabrics & Notions	Feb 2004	Feb 2003	Feb 2004	Feb 2003	Sales % Change
D	JO ANN STORES INC	12.00	1.00	123.60	108.40	14
B	HANCOCK FABRICS INC	-1.50	5.00	34.70	35.00	-1

Credit Rating	Footwear Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Footwear Retail	Feb 2004	Feb 2003	Feb 2004	Feb 2003	Sales % Change
D	DSW SHOE WAREHOUSE INC.	16.00	-14.20	51.30	39.98	28
D	NATURALIZER RETAIL / SEE BROWN SHOE COMPANY	11.70	-7.60	6.70	6.00	12
C	SHOE CARNIVAL INC	4.70	-8.50	40.10	35.30	14
D	PAYLESS SHOESOURCE INC	-2.90	-.60	171.80	175.30	-2

Credit Rating	Home Furnishings	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Home Furnishings	Feb 2004	Feb 2003	Feb 2004	Feb 2003	Sales % Change
B	MICHAELS STORES INC	12.00	-4.00	231.70	197.10	18
B	INTERTAN INC	5.00	-9.00	31.23	25.70	22
A	HAVERTY FURNITURE COMPANIES	4.40	-9.30	61.70	56.70	9
A	PIER 1 IMPORTS INC	3.30	-5.80	129.85	116.60	11
B	BOMBAY COMPANY INC	-9.00	26.00	35.40	34.10	4

Credit Rating	Mass Merchandisers-Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Mass Merchandisers-Retail	Feb 2004	Feb 2003	Feb 2004	Feb 2003	Sales % Change
B	COSTCO WHOLESALE CORP	11.00	6.00	3490.00	3060.00	14
D	TARGET STORES	8.00	-.50	2874.00	2509.00	15
B	BJS WHOLESALE CLUB	7.90	6.70	488.90	430.48	14
B	TARGET CORP/FKA DAYTON HUDSON	7.50	-1.40	3305.00	2926.00	13
B	SAMS CLUB	7.50	2.40	2678.00	2426.00	10
B	WAL MART STORES INC	6.20	2.60	20162.00	18796.00	7
B	WAL MART STORES	6.00	2.60	13628.00	12172.00	12
D	BIG LOTS INC /FKA CONSOLIDATED STORES INC	5.10	-2.40	306.20	277.20	10
B	FAMILY DOLLAR STORES INC	4.30	2.80	404.30	354.80	14
B	DOLLAR GENERAL CORP	3.80	2.50	533.90	476.30	12
B	FREDS INC	2.10	6.20	110.40	98.60	12
B	PAMIDA HOLDINGS CORP	2.00	-1.80	52.70	52.10	1
D	SHOPKO STORES	2.00	-1.00	166.80	163.50	2
D	SHOPKO STORES INC	2.00	-1.20	219.50	215.60	2
D	DUCKWALL ALCO STORES INC	-.40	.60	30.90	29.70	4

Credit Rating	Sporting Goods Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Sporting Goods Retail	Feb 2004	Feb 2003	Feb 2004	Feb 2003	Sales % Change
D	WEST MARINE INC	13.80	-13.90	35.50	31.10	14

Credit Rating	Specialty Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Specialty Retail	Feb 2004	Feb 2003	Feb 2004	Feb 2003	Sales % Change
C	BATH & BODY WORKS/LIMITED BRANDS	8.00	-3.00	.00	.00	0

Performance Insight

Industry	Credit Rating	Company	Comp %
APP	D	JOS A BANK CLOTHIERS INC /DE/	34.2
APP	A	CHICOS FAS INC	28.0
APP	A	AEROPOSTALE INC	26.4
APP	A	CHILDRENS PLACE RETAIL STORES	25.0
DEP	A	NEIMAN MARCUS GROUP INC	24.4
APP	A	BEBE STORES INC	24.2
APP	E	FILENES BASEMENT CORP/RETAIL VENTURES INC	22.8
CE	D	SHARPER IMAGE CORP	20.0
APP	A	S & K FAMOUS BRANDS INC	19.7
APP	B	CACHE INC	18.0

Top 10 Retail Performers

It seems as though everyone wanted to "spruce up" for their Valentine, the guys headed to Jos A. Bank and S&K Famous Brands and the gals headed over to Chicos and bebe Stores, then they joined hands and took the toddlers over to The Children's Place. ... Not to be left out, the teens rushed over to Aeropostale. ... For the more formal cupids, Neiman Marcus and Cache were the places to shop. ... Undoubtedly others preferred Filene's Basement as value shopping continues to be in vogue. ... There was also no sating the appetitites of the gadget-hungry who continued their love affair with the Sharper Image.

Industry	Credit Rating	Company	TY	LY
APP	A	CHILDRENS PLACE RETAIL STORES	25.0	-24.0
APP	A	BEBE STORES INC	24.2	-15.2
APP	D	JOS A BANK CLOTHIERS INC /DE/	34.2	-1.9
APP	E	FILENES BASEMENT CORP/RETAIL VENTURES INC	22.8	-13.2
FW	D	DSW SHOE WAREHOUSE INC.	16.0	-14.2
APP	A	AEROPOSTALE INC	26.4	-3.1
SG	D	WEST MARINE INC	13.8	-13.9
APP	B	DEB SHOPS INC	12.7	-13.3
APP	D	GOODYS FAMILY CLOTHING INC	14.4	-11.2
APP	C	ANNTAYLOR STORES CORP	15.3	-8.6

Rising Stars - Most Improved

The phenomenon common to February's rising stars is that virtually all of them recovered from the double-digit declines of a year ago. ... As the expression "women and children first" goes so do our first two entrants, The Children's Place and bebe Stores, only to find to Joe (Jos A. Bank) was not far behind. ... Finding Filene's Basement and DSW Shoe Warehouse on this list continues to validate that consumers are getting smarter and shopping for sales merchandise. ... Not wanting to take a "junior" position, these shoppers made management's stars rise at Aeropostale and Deb Shops. ... Continuing to bail out formerly poor merchandising decisions, Goody's Family Clothing's performance was a credit to restructuring initiatives. ... The sophisticated shopper found the new assortments both vibrant and exciting at AnnTaylor Stores. ... With spring around the corner and icebergs melting, boaters floated over to West Marine preparing to launch the upcoming season.

Industry	Credit Rating	Company	Comp %
APP	11	GADZOOKS INC CASE# 04-31486	-14.2
APP	C	WET SEAL INC	-12.5
HF	B	BOMBAY COMPANY INC	-9.0
APP	A	CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS	-7.0
APP	C	EXPRESS INC/LIMITED BRANDS	-6.0
APP	C	LIMITED STORES INC ,THE/LIMITED BRANDS	-5.0
DR	D	ECKERD DRUG CO/DIV OF JC PENNEY	-3.5
FW	D	PAYLESS SHOESOURCE INC	-2.9
APP	11	EDDIE BAUER INC/CASE#03-11547	-2.0
APP	B	CATO CORP	-2.0

Bottom 10 Retail Performers

Our bottom dwellers are led by recently bankrupt Gadzooks, which blamed their demise on the conversion to a female format. ... The Wet Seal continues to be beached, unable to navigate the teen market. ... Unable to sustain the favorable comps Bombay has enjoyed as a result of home refurbishings, they find themselves amongst the bottom retailers. ... A similar fate explains Christopher & Banks on this list. ... Shoppers were "limited" slowing down the "express" generated in January at both Express and the Limited Stores in February. ... Still failing to find a foothold in the front-end, Eckerd ranks among the poorer performers in retail even though the Drug Retail industry usually ranks among the best. ... The "Green Hornet" left Cato behind for the fifteenth consecutive month. ... People paid less attention to Eddie Bauer as he continues to struggle to find firm footing, which was also in evidence at the shoe store where consumers clearly paid less.

Industry	Credit Rating	Company	TY	LY
HF	B	BOMBAY COMPANY INC	-9.0	26.0
APP	F	WILSONS THE LEATHER EXPERTS INC	-0.8	8.0
FN	B	HANCOCK FABRICS INC	-1.5	5.0
MM	B	FREDS INC	2.1	6.2
CE	D	SHARPER IMAGE CORP	20.0	24.0
DR	D	ECKERD DRUG CO/DIV OF JC PENNEY	-3.5	-0.4
APP	11	GADZOOKS INC CASE# 04-31486	-14.2	-11.9
FW	D	PAYLESS SHOESOURCE INC	-2.9	-0.6
APP	C	LIMITED STORES INC ,THE/LIMITED BRANDS	-5.0	-4.0
MM	D	DUCKWALL ALCO STORES INC	-0.4	0.6

Falling Stars - Sharpest Decline

Plummeting from the lofty heights of a year ago, Bombay ensconced itself in first place among our Falling Stars. ... Consumers did not appear to be into leather for Valentine's Day as the folks at Wilson's learned. ... While still posting positive gains, Fred took a breather after several consecutive months of mid-single digit gains. ... Continuing to hone a sharp edge, Sharper Image had to be content with a "mere" 20% increase, a bit off the 24% gain of a year ago. ... Questrom's quest to offload Eckerd may have distracted management's focus, which was reflected in the ebbing Eckerd sales. ... The fabric of Hancock's merchandising became frayed as sales continued to unravel. ... Gadzooks slipped into a size 11 and has begun a diet they hope will allow them to emerge from bankruptcy. ... Shoe shopping seemed like it was at the bottom of shopper's lists as comps slipped further for Payless. ... Although making our list of Falling Stars, Limited Stores and Duckwall both declined minimally at 1 percentage point.

Industry	Industry	Highest	Median	Lowest
RETAIL SECTOR		34.2	7.3	-14.2

APP	Apparel Stores	34.2	8.6	-14.2
CE	Consumer Electronics	20.0	20.0	20.0
DEP	Dept Stores & Catalogs	24.4	6.9	0.4
DR	Drug Stores	11.8	4.2	-3.5
EAT	Eating & Drinking Places	1.5	1.5	1.5
FN	Fabrics & Notions	12.0	5.3	-1.5
FW	Footwear Retail	16.0	7.4	-2.9
HF	Home Furnishings	12.0	3.1	-9.0
MM	Mass Merchandisers-Retail	11.0	5.0	-0.4
SR	Specialty Retail	8.0	8.0	8.0
SG	Sporting Goods Retail	13.8	13.8	13.8

Industry Performance

Warm weather, enticing Spring fashions and Valentine's Day combined to push average comps into positive territory across all industries, a first for Global since the inception of our Monthly Comp Report. ... Much of the rebound can be attributed to last year's uncertainty about the War and this year's rising consumer optimism. ... Hot products continue to spur purchasing across the Consumer Electronics industry. ... Pharmacy remains the main driver of Drug Store sales although most in the industry have achieved some modest success in the front-end. ... Sales at Department Stores stabilized and started to rise, evidencing that they have weathered the worst of their downturn, driven in part by a new fashion focus which undoubtedly helped lift the performance of Apparel Stores and Footwear as well. ... Value shoppers continued to burn shoe leather as they traipsed the aisles of Mass Merchants seeking the best buys of the month. ... Not as hot as it used to be but still fairly strong, consumers had a notion to buy some fabrics to augment their Home Furnishing efforts.

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.