Retail MONTHLY SAME STORE SALES Preliminary   04/08/2004

MARCH 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
Mar 2004 Mar 2003 Mar 2004 Mar 2003
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar 2004 Mar 2003 Mar 2004 Mar 2003
C  VICTORIAS SECRET STORES INC/LIMITED BRANDS  21.00  -2.00  .00  .00  0
A  BEBE STORES INC  20.50  -10.50  30.40  24.90  22
A  CHICOS FAS INC  18.90  12.40  102.40  67.90  51
E  STEIN MART INC  18.40  -12.90  153.70  131.10  17
A  S & K FAMOUS BRANDS INC  17.20  -11.00  19.50  15.50  26
A  CHILDRENS PLACE RETAIL STORES  17.00  -11.00  97.10  77.20  26
E  FILENES BASEMENT CORP/RETAIL VENTURES INC  15.50  -3.00  31.43  24.60  28
C  LIMITED BRANDS INC  15.00  -4.00  783.70  690.10  14
B  BUCKLE INC,THE  14.20  -3.10  38.10  32.20  18
A  MENS WEARHOUSE INC,THE  12.60  -3.00  135.60  116.80  16
B  PACIFIC SUNWEAR OF CALIFORNIA INC  12.40  9.50  103.80  84.50  23
D  GORDMANS INC  12.30    .00    0
C  EXPRESS INC/LIMITED BRANDS  12.00  -3.00  .00  .00  0
C  ANNTAYLOR STORES CORP  12.00  -8.20  170.87  138.24  24
B  CACHE INC  12.00  -7.00  25.10  21.10  19
D  JOS A BANK CLOTHIERS INC /DE/  10.30  2.40  29.90  23.90  25
A  CLAIRES STORES INC  10.00  3.00  105.78  90.80  16
B  DRESS BARN INC  9.00  -11.00  73.00  63.70  15
D  FAMOUS FOOTWEAR  9.00  -10.60  112.80  102.00  11
C  TJX COMPANIES INC  9.00  -2.00  1326.00  1109.00  20
A  GYMBOREE CORP  8.00  -2.00  63.70  56.80  12
E  FASHION BUG  8.00  -4.00  .00  .00  0
D  GAP INC,THE  8.00  9.00  1500.00  1400.00  7
B  AMERICAN EAGLE OUTFITTERS INC  7.50  -8.50  140.30  119.30  18
C  ROSS STORES INC  7.00  -5.00  404.00  347.00  16
C  LIMITED STORES INC ,THE/LIMITED BRANDS  5.00  -5.00  .00  .00  0
E  RETAIL VENTURES INC/ FKA VALUE CITY DEPARTMENT STORES IN  4.10  -4.40  260.50  237.70  10
D  CHARMING SHOPPES INC  4.00  -6.00  234.50  224.00  5
A  HOT TOPIC INC  3.90  -3.10  49.20  38.30  28
E  LANE BRYANT INC  3.00  -9.00  .00  .00  0
B  TALBOTS INC  1.10  .80  195.50  187.10  4
D  GOODYS FAMILY CLOTHING INC  .25  4.90  125.70  121.60  3
11  EDDIE BAUER INC/CASE#03-11547  .01  -14.00  .00  .00  0
11  SPIEGEL INC/CASE #03-11540  .01  -14.00  130.20  157.80  -17
B  CATO CORP  -1.00  -12.00  76.60  73.10  5
A  ABERCROMBIE & FITCH CO  -1.00  -10.00  169.60  144.10  18
F  WILSONS THE LEATHER EXPERTS INC  -2.60  -7.60  36.10  33.20  9
E  UNITED RETAIL GROUP INC/DE  -4.00  -11.00  37.30  39.60  -6
B  DEB SHOPS INC  -5.20  -15.20  24.00  24.80  -3
C  CATHERINES INC/CHARMING SHOPPES  -6.00  1.00  .00  .00  0
B  MOTHERS WORK INC / MOTHERHOOD MATERNITY  -6.30  1.30  49.20  46.90  5
A  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  -7.00  -6.00  29.20  26.80  9
C  WET SEAL INC  -21.10  -27.10  37.90  49.20  -23

Credit
Rating
Consumer Electronics Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar 2004 Mar 2003 Mar 2004 Mar 2003
B  INTERTAN INC  5.00  -11.00  35.34  29.20  21
D  SHARPER IMAGE CORP  3.00  20.00  38.00  41.10  -8

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar 2004 Mar 2003 Mar 2004 Mar 2003
A  NEIMAN MARCUS GROUP INC  27.00  -.50  345.00  274.00  26
C  NORDSTROM INC  15.90  -1.70  620.80  518.00  20
D  JC PENNEY COMPANY INC  11.40  -5.50  1292.00  1171.00  10
F  GOTTSCHALKS INC  11.20  -6.40  59.30  54.30  9
C  MAY DEPARTMENT STORES COMPANY INC  10.90  -11.40  1180.00  1059.20  11
D  MARSHALL FIELDS  9.90  -6.10  244.00  225.00  8
D  SAKS INC/FKA PROFFITTS INC  9.50  -3.80  579.80  522.50  11
B  FEDERATED DEPARTMENT STORES INC/NEW  6.80  -6.50  1300.00  1233.00  5
D  STAGE STORES INC  5.50  -15.60  110.20  73.00  51
D  DILLARDS INC  3.00  -12.00  691.01  667.10  4
E  BON TON STORES INC  1.70  -8.40  104.60  54.30  93
E  ELDER BEERMAN STORES INC. NOW PART OF BON TON STORES INC  .90  -2.90  .00  50.80  -100
E  MERVYNS  .80  -8.00  303.00  298.00  2
C  SEARS ROEBUCK & COMPANY  .10  -3.10  2370.00  2400.00  -1
B  KOHLS CORP  -.90  .40  997.20  913.50  9
E  VALUE CITY DEPARTMENT STORE  -2.10  -7.40  134.85  137.80  -2

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar 2004 Mar 2003 Mar 2004 Mar 2003
A  WALGREEN COMPANY INC  12.60  5.70  3222.20  2750.95  17
E  RITE AID CORP  5.90  2.40  1286.00  1218.00  6
C  LONGS DRUG STORES CORP  3.60  -3.00  440.00  417.10  5
D  ECKERD DRUG CO/DIV OF JC PENNEY  -1.80  -3.00  1434.00  1434.00  0

Credit
Rating
Eating & Drinking Places Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar 2004 Mar 2003 Mar 2004 Mar 2003
A  PANERA BREAD CO  3.80  -1.10  .00  .00  0

Credit
Rating
Hobby & Craft Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar 2004 Mar 2003 Mar 2004 Mar 2003
D  JO ANN STORES INC  6.80  3.10  159.40  147.20  8
B  HANCOCK FABRICS INC  -3.60  7.90  41.10  42.20  -3

Credit
Rating
Footwear Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar 2004 Mar 2003 Mar 2004 Mar 2003
D  DSW SHOE WAREHOUSE INC.  12.40  2.70  94.27  75.30  25
D  PAYLESS SHOESOURCE INC  4.60  -10.60  284.60  270.90  5
D  NATURALIZER RETAIL / SEE BROWN SHOE COMPANY  2.10  -1.00  12.10  11.90  2
C  SHOE CARNIVAL INC  -4.90  -11.20  56.60  54.60  4

Credit
Rating
Home Furnishings Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar 2004 Mar 2003 Mar 2004 Mar 2003
B  MICHAELS STORES INC  7.00  .01  283.70  253.40  12
A  PIER 1 IMPORTS INC  3.50  -5.80  168.54  150.10  12
A  HAVERTY FURNITURE COMPANIES  3.10  -7.70  63.00  58.20  8
B  BOMBAY COMPANY INC  -8.00  30.00  50.70  47.90  6

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar 2004 Mar 2003 Mar 2004 Mar 2003
B  COSTCO WHOLESALE CORP  11.00  8.00  4410.00  3880.00  14
B  SAMS CLUB  8.30  2.60  3384.00  3098.00  9
D  TARGET STORES  7.80  -1.30  3797.00  3316.00  15
B  TARGET CORP/FKA DAYTON HUDSON  7.30  -2.30  4402.00  3889.00  13
B  BJS WHOLESALE CLUB  7.00  5.90  620.32  554.00  12
D  BIG LOTS INC /FKA CONSOLIDATED STORES INC  6.70  -1.40  394.90  351.90  12
B  WAL MART STORES INC  6.00  .70  25131.00  23175.00  8
B  WAL MART STORES  5.60  .30  16722.00  14951.00  12
D  SHOPKO STORES  5.20  -10.10  213.20  202.60  5
D  SHOPKO STORES INC  5.20  -8.40  281.70  268.10  5
B  PAMIDA HOLDINGS CORP  5.10  -2.70  68.50  65.50  5
B  FREDS INC  4.10  6.00  130.40  117.80  11
B  DOLLAR GENERAL CORP  3.20  4.20  672.90  602.50  12
D  DUCKWALL ALCO STORES INC  2.40  -5.50  38.30  36.20  6
B  FAMILY DOLLAR STORES INC  2.40  3.50  500.30  446.70  12

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar 2004 Mar 2003 Mar 2004 Mar 2003
D  WEST MARINE INC  6.90  -10.30  62.40  55.50  12

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Mar 2004 Mar 2003 Mar 2004 Mar 2003
C  BATH & BODY WORKS/LIMITED BRANDS  13.00  -10.00  .00  .00  0



Performance Insight


Industry Credit
Rating
Company Comp %
DEP    A NEIMAN MARCUS GROUP INC 27.0 
APP    C VICTORIAS SECRET STORES INC/LIMITED BRANDS 21.0 
APP    A BEBE STORES INC 20.5 
APP    A CHICOS FAS INC 18.9 
APP    E STEIN MART INC 18.4 
APP    A S & K FAMOUS BRANDS INC 17.2 
APP    A CHILDRENS PLACE RETAIL STORES 17.0 
DEP    C NORDSTROM INC 15.9 
APP    E FILENES BASEMENT CORP/RETAIL VENTURES INC 15.5 
APP    C LIMITED BRANDS INC 15.0 


Top 10 Retail Performers

Luxury goods continued to leap from Neiman Marcus' racks into overflowing shopping bags as this high-end retailer led our list of Top 10 Performers. ..."Sheer" magic as over the counter sales of under spring outfits busted out at Victoria Secret aiding its parent, Limited Brands, to share the rarified position of our best category. ... Bebe and Chicos matched the fashion flair of women wanting a "new" seasonal color palate. ...Filenes continued to please value driven consumers while Nordstrom dominated the middle of the road shoppers. ...Children enjoyed being dragged along by Mom's wanting their "angels" to greet the return of sunshine with clothes that make them smile.



Industry Credit
Rating
Company TY LY
APP    E STEIN MART INC 18.4 -12.9
APP    A BEBE STORES INC 20.5 -10.5
APP    A S & K FAMOUS BRANDS INC 17.2 -11.0
APP    A CHILDRENS PLACE RETAIL STORES 17.0 -11.0
DEP    A NEIMAN MARCUS GROUP INC 27.0 -0.5
SR    C BATH & BODY WORKS/LIMITED BRANDS 13.0 -10.0
APP    C VICTORIAS SECRET STORES INC/LIMITED BRANDS 21.0 -2.0
DEP    C MAY DEPARTMENT STORES COMPANY INC 10.9 -11.4
DEP    D STAGE STORES INC 5.5 -15.6
APP    C ANNTAYLOR STORES CORP 12.0 -8.2


Rising Stars - Most Improved

Double digit negative comps last year, the result of a later Easter holiday, made all the more dramatic the double digit increases this year. ...Between the impact of the Easter holiday, a strong appetite for its spring fashion assortments and aggressive promotional activity, Stein Mart led the way for the most improved. ...Even the "guys" joined the parade to new fashion this spring, flocking to S&K Brands (net of accounting alterations for alterations), after the kids got theirs at The Children's Place. ...After Bath and Body pampering, slipping into a Secret from Victoria, it seemed like a good idea to Stage a shopping spree at the May or with an old friend AnnTaylor, lifting these shopping destinations to rise to most improved status.



Industry Credit
Rating
Company Comp %
APP    C WET SEAL INC -21.1 
HF    B BOMBAY COMPANY INC -8.0 
APP    A CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS -7.0 
APP    B MOTHERS WORK INC / MOTHERHOOD MATERNITY -6.3 
APP    C CATHERINES INC/CHARMING SHOPPES -6.0 
APP    B DEB SHOPS INC -5.2 
FW    C SHOE CARNIVAL INC -4.9 
APP    E UNITED RETAIL GROUP INC/DE -4.0 
FN    B HANCOCK FABRICS INC -3.6 
APP    F WILSONS THE LEATHER EXPERTS INC -2.6 


Bottom 10 Retail Performers

How deep can a Wet Seal dive is the question as comps fell 21% after falling 27% last year, leading our bottom 10. ... Speaking from first-hand experience, deep discounts failed to deliver black numbers for Wilson's Leather comps. ...One year removed from the war and the focus on hearth and home, the consumer nesting appears to have waned with both Bombay and Hancock Fabrics making an appearance on our list. ...Still struggling with its merchandising, Christopher & Banks posted its sixth consecutive month of negative comps, earning its way on to our list of bottom retailers. ...Clearing inventories in the last few months, Mother's had sated their shopping urges. ...Plus size shoppers found United Retail and Cathereine's to be minuses, staying away from these stores in March in favor of more fashionable offerings. ...Send in the clowns, or at least send them to buy new shoes in an effort to spur Shoe Carnival out of its shoe doldrums.



Industry Credit
Rating
Company TY LY
HF    B BOMBAY COMPANY INC -8.0 30.0
CE    D SHARPER IMAGE CORP 3.0 20.0
FN    B HANCOCK FABRICS INC -3.6 7.9
APP    B MOTHERS WORK INC / MOTHERHOOD MATERNITY -6.3 1.3
APP    C CATHERINES INC/CHARMING SHOPPES -6.0 1.0
APP    D GOODYS FAMILY CLOTHING INC 0.3 4.9
MM    B FREDS INC 4.1 6.0
DEP    B KOHLS CORP -0.9 0.4
MM    B FAMILY DOLLAR STORES INC 2.4 3.5
APP    D GAP INC,THE 8.0 9.0


Falling Stars - Sharpest Decline

Not really "falling stars" Bombay and Sharper Image are showing the effects of stellar March 2003 performances when consumers focused on home and hearth. ...Also falling into the category of tough comparisons (and reflecting the fairly strong March performances for most retailers), The Gap, Goody's, Family Dollar and Fred's made our list with only a slight deceleration in comp growth. ...Not so the case with Kohls, which continues to falter under the pressure of Wal-Mart's onslaught.



Industry Industry Highest Median Lowest
RETAIL SECTOR
27.0  6.0  -21.1 
APP Apparel Stores 21.0  6.6  -21.1 
CE Consumer Electronics 5.0  4.0  3.0 
DEP Dept Stores & Catalogs 27.0  7.0  -2.1 
DR Drug Stores 12.6  5.1  -1.8 
EAT Eating & Drinking Places 3.8  3.8  3.8 
FW Footwear Retail 12.4  3.6  -4.9 
FN Hobby & Craft Retail 6.8  1.6  -3.6 
HF Home Furnishings 7.0  1.4  -8.0 
MM Mass Merchandisers-Retail 11.0  5.8  2.4 
SR Specialty Retail 13.0  13.0  13.0 
SG Sporting Goods Retail 6.9  6.9  6.9 


Industry Performance

Fashion flowed off shelves and racks, for the fourth consecutive month, as Apparel and Department Stores tweaked the interest of shoppers seeking a "spring"ling of new looks. Color crammed windows and drove traffic across the threshold and few left without pausing at checkout counters for plastic processing. ...Unfortunately while these feet were made for walking, new footwear was not high on their list for wardrobe improvement. ...Consumer electronics and home furnishings softened as temperatures rose and winter hibernation ended. ...While age and illness lifted script activity at drugstores that also enjoyed front-end comp growth, the industry landscape was significantly altered by the sale of Eckerd to Jean Coutu and CVS. ...Although not spectacular, Mass Merchants continued their solid performances as value remained in vogue.



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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Dividends per Share - Common Issue 1 200 200 425 500 500
Gross Dividends - Common Stock 6,962 6,079 11,179 13,748 13,744
Stock Based Compensation 6,617 6,583 7,169 59,355 2,266
Pro Forma Net Income 1,326 32,118 -48,104 19,093 66,773
Pro Forma Basic EPS 0 0 -0 0 0
Pro Forma Diluted EPS 0 0 -0 0 0
Interest Expense, Supplemental 30,583 23,821 6,634 6,934 19,067
Interest Capitalized, Supplemental 0 0 -20,523 -17,055 -2,654
Depreciation/Amortization, Supplemental 61,138 51,049 37,107 35,257 29,670 Adjustments To Net Income
Preferred Dividends -6,304 -5,608 -5,692 -5,935 -5,895
Interest Adjustment - Primary EPS -5,771 -5,771 -5,771 -4,890 -133
Total Adjustments to Net Income -12,075 -11,379 -11,463 -10,825 -6,028
Income Available to Common Excl. Extra. Items 4,706 27,322 -52,398 21,046 63,144
Income Available to Common Incl. Extra. Items 4,706 27,322 -52,398 21,046 63,144 Normalized Earnings
Total Special Items 0 -6,464 -39,000 0 0
Normalized Income Before Tax 24,791 25,229 21,733 80,798 97,565
Effect of Special Items on Inc Tax (STEC) 0 -2,328 -14,041 0 0
Income Taxes Excl. Impact of Special Items 12,429 9,086 7,824 23,125 23,283
Normalized Income After Tax 12,362 16,143 13,909 57,673 74,282
Normalized Income Available to Common 4,706 23,186 -77,357 21,046 63,144
Basic Normalized EPS 0 0 -0 0 0
Diluted Normalized EPS 0 0 -0 0 0