SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES MAY 2007


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
NR  MAURICES INC/AMERICAN RETAIL GROUP  18.00  -2.00  0.00  0.00  0
B+  JOS A BANK CLOTHIERS INC /DE/  13.50  7.10  45.30  36.70  23
B  DRESS BARN INC  10.00  9.00  134.90  118.40  14
A  BUCKLE INC,THE  8.80  -3.80  35.30  31.10  14
NR  DRESS BARN  7.00  13.00  0.00  0.00  0
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  6.40  2.60  97.70  85.10  15
A  AMERICAN EAGLE OUTFITTERS INC  5.00  11.00  199.00  168.80  18
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  5.00  16.00  0.00  0.00  0
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  5.00  -1.00  0.00  0.00  0
C+  TJX COMPANIES INC  5.00  4.00  1400.00  1300.00  8
C-  UNITED RETAIL GROUP INC/DE  4.00  9.00  44.50  42.10  6
C  CHILDRENS PLACE RETAIL STORES  4.00  18.00  127.60  112.70  13
NR  EXPRESS INC/LIMITED BRANDS  4.00  -12.00  0.00  0.00  0
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  4.00  8.00  50.70  46.60  9
C-  STEIN MART INC  2.50  1.00  118.90  119.60  -1
B  GAP INC,THE  2.00  -6.00  1190.00  1160.00  3
C+  LIMITED BRANDS INC  2.00  7.00  774.70  719.40  8
B+  CATO CORP  2.00  -2.00  75.90  73.80  3
C  WET SEAL INC  1.90  -8.30  42.60  37.30  14
B+  AEROPOSTALE INC  1.90  -1.10  88.10  73.90  19
B-  ROSS STORES INC  1.00  5.00  450.00  417.00  8
A-  DEB SHOPS INC  0.20  1.40  28.40  27.40  4
B-  CACHE INC  -2.00  6.00  21.90  22.70  -4
C  FREDS INC  -2.50  2.40  127.00  127.80  -1
A-  CHICOS FAS INC  -2.90  7.20  155.00  141.10  10
NR  OLD NAVY/THE GAP INC  -3.00  -8.00  0.00  0.00  0
A-  BEBE STORES INC  -3.00  1.60  53.10  49.10  8
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  -3.60  5.50  54.10  56.40  -4
B-  ANNTAYLOR STORES CORP  -4.60  12.00  221.00  217.60  2
A-  ABERCROMBIE & FITCH CO  -5.00  3.00  215.00  185.70  16
C+  HOT TOPIC INC  -6.10  -6.00  45.10  45.90  -2
NR  GAP INC  -7.00  -5.00  0.00  0.00  0
E  WILSONS THE LEATHER EXPERTS INC  -25.00  -9.10  11.40  15.60  -27

Credit
Rating
Consumer Electronics Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May Prior Year May Prior Year
F  SHARPER IMAGE CORP  -8.00  -36.00  24.10  33.40  -28

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May Prior Year May Prior Year
C-  SAKS INC/FKA PROFFITTS INC  11.70  1.10  281.00  231.20  22
B-  NORDSTROM INC  6.30  7.80  637.80  600.80  6
E  GOTTSCHALKS INC  3.80  2.80  46.40  48.90  -5
B-  STAGE STORES INC  1.70  4.00  116.60  116.10  0
E+  BON TON STORES INC  1.20  2.40  234.70  232.30  1
D  DILLARDS INC-HQ  -2.00  3.00  527.90  534.30  -1
B-  JC PENNEY CO INC  -2.00  11.10  1200.00  1383.00  -13
C-  MACYS INC (FKA FEDERATED DPT STORES)  -2.20  9.20  1840.00  2026.00  -9
NR  BON TON,THE  -5.30  -4.10  0.00  0.00  0
A-  KOHLS CORP  -10.50  3.10  1190.00  1002.90  19

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May Prior Year May Prior Year
B  WALGREEN COMPANY INC  6.40  9.80  4580.00  4129.60  11
B-  CVS/CAREMARK CORPORATION  6.20  8.40  0.00  3200.00  -100
E+  RITE AID CORP  1.70    1720.00    0
C-  LONGS DRUG STORES CORP  0.10  2.90  372.90  401.10  -7

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May Prior Year May Prior Year
B-  COSTCO WHOLESALE CORP  7.00  10.00  5140.00  4710.00  9
B-  TARGET CORP  5.80  5.70  4330.00  3929.00  10
NR  SAMS CLUB  5.40    3546.00    0
C+  BJS WHOLESALE CLUB  4.10  4.20  711.00  655.50  8
D  DOLLAR GENERAL CORP  4.10  1.30  733.10  687.00  7
C-  COST U LESS INC  3.70  4.60  17.20  16.50  4
B-  FAMILY DOLLAR STORES INC  2.50  4.50  522.00  489.90  7
D  DUCKWALL ALCO STORES INC  1.90  8.80  41.50  40.60  2
B-  WAL MART STORES INC  1.10  3.30  28258.00  26285.00  8

Credit
Rating
Other Retail Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
May Prior Year May Prior Year
D-  FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS  -0.60  1.70  23.70  24.80  -4

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  -3.00  12.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    NR MAURICES INC/AMERICAN RETAIL GROUP 18.0 
APP    B+ JOS A BANK CLOTHIERS INC /DE/ 13.5 
DEP    C- SAKS INC/FKA PROFFITTS INC 11.7 
APP    B DRESS BARN INC 10.0 
APP    A BUCKLE INC,THE 8.8 
MM    B- COSTCO WHOLESALE CORP 7.0 
APP    NR DRESS BARN 7.0 
DR    B WALGREEN COMPANY INC 6.4 
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC 6.4 
DEP    B- NORDSTROM INC 6.3 


Rising Stars - Most Improved

Industry Credit
Rating
Company TY LY
CE    F SHARPER IMAGE CORP - 8.0 - 36.0
APP    NR MAURICES INC/AMERICAN RETAIL GROUP 18.0 - 2.0
APP    NR EXPRESS INC/LIMITED BRANDS 4.0 - 12.0
APP    A BUCKLE INC,THE 8.8 - 3.8
DEP    C- SAKS INC/FKA PROFFITTS INC 11.7 1.1
APP    C WET SEAL INC 1.9 - 8.3
APP    B GAP INC,THE 2.0 - 6.0
APP    B+ JOS A BANK CLOTHIERS INC /DE/ 13.5 7.1
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS 5.0 - 1.0
APP    NR OLD NAVY/THE GAP INC - 3.0 - 8.0


Bottom 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    E WILSONS THE LEATHER EXPERTS INC - 25.0 
DEP    A- KOHLS CORP - 10.5 
CE    F SHARPER IMAGE CORP - 8.0 
APP    NR GAP INC - 7.0 
APP    C+ HOT TOPIC INC - 6.1 
DEP    NR BON TON,THE - 5.3 
APP    A- ABERCROMBIE & FITCH CO - 5.0 
APP    B- ANNTAYLOR STORES CORP - 4.6 
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY - 3.6 
APP    A- BEBE STORES INC - 3.0 


Falling Stars - Sharpest Decline

Industry Credit
Rating
Company TY LY
APP    B- ANNTAYLOR STORES CORP - 4.6 12.0
APP    E WILSONS THE LEATHER EXPERTS INC - 25.0 - 9.1
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 3.0 12.0
APP    C CHILDRENS PLACE RETAIL STORES 4.0 18.0
DEP    A- KOHLS CORP - 10.5 3.1
DEP    B- JC PENNEY CO INC - 2.0 11.1
DEP    C- MACYS INC (FKA FEDERATED DPT STORES) - 2.2 9.2
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS 5.0 16.0
APP    A- CHICOS FAS INC - 2.9 7.2
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY - 3.6 5.5


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
18.0  1.5  - 25.0 
APP Apparel Stores 18.0  1.5  - 25.0 
CE Consumer Electronics - 8.0  - 8.0  - 8.0 
DEP Dept Stores & Catalogs 11.7  0.3  - 10.5 
DR Drug Stores 6.4  3.6  0.1 
MM Mass Merchandisers-Retail 7.0  4.0  1.1 
RET Other Retail Stores - 0.6  - 0.6  - 0.6 
SR Specialty Retail - 3.0  - 3.0  - 3.0 


Industry Performance

The word is out; April was not a pivotal turning point, just a bad month. A modest gain in May sales alleviated concerns about consumer spending after April's drop. Although gas and housing prices continue to be partial scapegoats for retailers, results did reaffirmed that consumer spending pace is slower this year than it was last year at the same time. Results are well in line with what one expects in an economy where incomes are rising, unemployment numbers are low, and the stock market continues to gain, despite pressure from the housing market and rising fuel prices. Overall, retailers have been maintaining leaner inventories and consumers are being a bit more cautious in regards to over extending themselves. As we truly head into the summer, June is expected to be a relatively smooth month with a modest 2%-3% increase. Then again, mother nature does like to throw us for a loop when things appear to be going smoothly.......



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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