Retail MONTHLY SAME STORE SALES

Final 08/06/2004

JULY 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.

Industry	Credit Rating	Company	YTD	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Industry	Credit Rating	Company	YTD	Jul 2004	Jul 2003	Jul 2004	Jul 2003	Sales % Change

Companies Ranked by Industry

Credit Rating	Apparel Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Apparel Stores	Jul 2004	Jul 2003	Jul 2004	Jul 2003	Sales % Change
F	WILSONS THE LEATHER EXPERTS INC	21.10	-10.50	18.40	17.70	4
11	GADZOOKS INC CASE# 04-31486	20.70	-34.30	12.50	15.70	-20
B	AMERICAN EAGLE OUTFITTERS INC	20.20	-10.50	145.70	111.20	31
D	JOS A BANK CLOTHIERS INC /DE/	14.50	19.40	23.50	17.50	34
A	CHILDRENS PLACE RETAIL STORES	14.00	7.00	60.40	49.80	21
A	AEROPOSTALE INC	13.80	19.30	71.10	49.50	44
A	CHICOS FAS INC	13.70	15.70	71.10	47.70	49
A	GYMBOREE CORP	12.00	8.00	41.00	34.80	18
A	BEBE STORES INC	9.70	5.20	31.30	26.00	20
A	CLAIRES STORES INC	9.00	4.00	98.82	85.87	15
E	LANE BRYANT INC	7.00	-5.00	0.00	0.00	0
E	STEIN MART INC	6.20	-6.20	81.80	80.50	2
A	PACIFIC SUNWEAR OF CALIFORNIA INC	6.00	15.10	97.20	83.70	16
C	VICTORIAS SECRET STORES INC/LIMITED BRANDS	6.00	8.00	0.00	0.00	0
B	DEB SHOPS INC	5.80	-9.80	23.90	22.60	6
A	MENS WEARHOUSE INC,THE	5.50	9.60	94.00	84.20	12
C	TJX COMPANIES INC	3.00	3.00	1000.00	899.00	11
B	BUCKLE INC,THE	2.40	-2.50	34.70	32.20	8
B	DRESS BARN INC	1.00	2.00	49.70	48.20	3
F	UNITED RETAIL GROUP INC/DE	1.00	4.00	27.30	27.30	0
E	CASUAL MALE RETAIL GROUP INC/FKA DESIGNS INC	0.80	0.00	21.00	20.80	1
E	FILENES BASEMENT CORP/RETAIL VENTURES INC	0.80	1.00	22.72	20.90	9
B	LIMITED BRANDS INC	0.01	2.00	575.30	563.20	2
D	CHARMING SHOPPES INC	-1.00	4.00	169.80	170.50	-0
D	FAMOUS FOOTWEAR	-2.00	-3.20	86.10	85.10	1
NR	OLD NAVY/THE GAP INC	-2.00	9.00	0.00	0.00	0
C	ANNTAYLOR STORES CORP	-2.10	7.60	129.41	116.45	11
E	RETAIL VENTURES INC/ FKA VALUE CITY DEPARTMENT STORES IN	-2.30	2.20	170.60	164.60	4
B	MOTHERS WORK INC / MOTHERHOOD MATERNITY	-2.60	2.90	42.10	39.40	7
B	CATO CORP	-3.00	-7.00	55.50	54.20	2
C	LIMITED STORES INC ,THE/LIMITED BRANDS	-3.00	-14.00	0.00	0.00	0
D	GAP INC	-3.00	13.00	0.00	0.00	0
B	CACHE INC	-4.00	9.00	13.30	12.80	4
D	GOODYS FAMILY CLOTHING INC	-4.50	0.90	90.00	92.30	-2
A	S & K FAMOUS BRANDS INC	-4.90	10.00	10.70	10.50	2
B	ROSS STORES INC	-5.00	2.00	309.00	303.00	2
C	GAP INC,THE	-5.00	9.00	1000.00	1000.10	-0
A	CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS	-5.00	6.00	36.80	34.10	8
C	CATHERINES INC/CHARMING SHOPPES	-5.00	8.00	0.00	0.00	0
A	HOT TOPIC INC	-5.00	8.70	47.40	42.10	13
C	EXPRESS INC/LIMITED BRANDS	-5.00	-1.00	0.00	0.00	0
E	FASHION BUG	-6.00	8.00	0.00	0.00	0
B	TALBOTS INC	-8.80	0.70	97.20	100.50	-3
A	ABERCROMBIE & FITCH CO	-9.00	-11.00	143.70	133.20	8
NR	BANANA REPUBLIC	-10.00	5.00	0.00	0.00	0
D	WET SEAL INC	-17.70	-12.30	32.70	41.10	-20

Credit Rating	Consumer Electronics	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Consumer Electronics	Jul 2004	Jul 2003	Jul 2004	Jul 2003	Sales % Change
C	SHARPER IMAGE CORP	0.01	11.00	43.20	37.60	15

Credit Rating	Dept Stores & Catalogs	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Dept Stores & Catalogs	Jul 2004	Jul 2003	Jul 2004	Jul 2003	Sales % Change
A	NEIMAN MARCUS GROUP INC	16.60	10.20	218.00	188.00	16
D	JC PENNEY COMPANY INC	8.10	3.70	1005.00	932.00	8
B	NORDSTROM INC	6.10	6.10	746.90	690.20	8
D	SAKS INC/FKA PROFFITTS INC	5.50	2.20	388.90	363.10	7
B	FEDERATED DEPARTMENT STORES INC/NEW	3.70	-0.40	998.00	963.00	4
E	BON TON STORES INC	1.40	0.10	75.20	38.90	93
E	BON TON,THE	1.40	0.10	40.00	38.90	3
F	GOTTSCHALKS INC	-0.40	0.10	41.40	42.00	-1
C	SEARS ROEBUCK & COMPANY	-2.60	0.80	1842.00	1900.00	-3
E	ELDER BEERMAN STORES INC. NOW PART OF BON TON STORES INC	-3.50	2.10	35.20	36.30	-3
D	DILLARDS INC	-4.00	-1.00	529.70	549.10	-4
B	KOHLS CORP	-4.20	6.70	770.70	700.80	10
E	VALUE CITY DEPARTMENT STORE	-4.70	1.10	89.34	93.80	-5
C	MAY DEPARTMENT STORES COMPANY INC	-5.00	1.80	817.90	863.40	-5
D	STAGE STORES INC	-7.80	-1.00	89.20	70.50	27

Credit Rating	Drug Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Drug Stores	Jul 2004	Jul 2003	Jul 2004	Jul 2003	Sales % Change
A	WALGREEN COMPANY INC	8.20	9.80	3110.10	2745.70	13
C	LONGS DRUG STORES CORP	4.20	-1.60	343.70	325.80	5
E	RITE AID CORP	2.90	6.30	1259.00	1227.00	3

Credit Rating	Hobby & Craft Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Hobby & Craft Retail	Jul 2004	Jul 2003	Jul 2004	Jul 2003	Sales % Change
D	JO ANN STORES INC	-0.20	9.20	114.10	114.30	-0
C	HANCOCK FABRICS INC	-4.40	3.00	27.90	29.10	-4

Credit Rating	Footwear Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Footwear Retail	Jul 2004	Jul 2003	Jul 2004	Jul 2003	Sales % Change
D	DSW SHOE WAREHOUSE INC.	1.20	5.70	58.58	49.80	18
D	NATURALIZER RETAIL / SEE BROWN SHOE COMPANY	-0.60	6.60	13.60	8.10	68
C	SHOE CARNIVAL INC	-6.30	0.30	46.40	47.20	-2
D	PAYLESS SHOESOURCE INC	-6.50	2.80	192.00	203.60	-6

Credit Rating	Home Furnishings	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Home Furnishings	Jul 2004	Jul 2003	Jul 2004	Jul 2003	Sales % Change
B	HAVERTY FURNITURE COMPANIES	9.90	1.10	70.40	62.90	12
B	MICHAELS STORES INC	0.01	1.00	213.00	203.70	5
B	PIER 1 IMPORTS INC	-1.30	-4.10	138.90	129.62	7
B	BOMBAY COMPANY INC	-25.00	24.00	34.50	39.50	-13

Credit Rating	Mass Merchandisers-Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Mass Merchandisers-Retail	Jul 2004	Jul 2003	Jul 2004	Jul 2003	Sales % Change
B	COSTCO WHOLESALE CORP	9.00	8.00	3720.00	3340.00	11
B	SAMS CLUB	7.70	5.10	2707.00	2487.00	9
B	BJS WHOLESALE CLUB	6.40	10.10	532.60	485.75	10
E	PRICESMART INC	5.30		50.30		0
B	TARGET CORP/FKA DAYTON HUDSON	3.80	3.10	3593.00	3303.00	9
B	DOLLAR GENERAL CORP	3.60	4.90	552.60	494.10	12
B	WAL MART STORES INC	3.20	4.60	20610.00	18630.00	11
B	FREDS INC	2.50	7.50	101.70	92.70	10
B	WAL MART STORES	2.40	4.50	13764.00	12628.00	9
B	FAMILY DOLLAR STORES INC	1.40	4.90	396.30	359.90	10
D	SHOPKO STORES	-0.10	-5.10	163.70	164.60	-1
D	DUCKWALL ALCO STORES INC	-0.20	2.70	30.40	30.30	0
D	SHOPKO STORES INC	-0.60	-2.10	222.50	224.60	-1
D	PAMIDA HOLDINGS CORP	-2.20	6.90	58.80	60.00	-2
D	BIG LOTS INC /FKA CONSOLIDATED STORES INC	-3.80	4.50	280.00	277.30	1
E	FACTORY CARD & PARTY OUTLET CORP	-3.80	0.00	14.90	14.90	0

Credit Rating	Sporting Goods Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Sporting Goods Retail	Jul 2004	Jul 2003	Jul 2004	Jul 2003	Sales % Change
D	WEST MARINE INC	-9.50	1.00	71.80	76.10	-6

Credit Rating	Specialty Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Specialty Retail	Jul 2004	Jul 2003	Jul 2004	Jul 2003	Sales % Change
C	BATH & BODY WORKS/LIMITED BRANDS	-4.00	5.00	0.00	0.00	0

Performance Insight

Industry	Credit Rating	Company	Comp %
APP	F	WILSONS THE LEATHER EXPERTS INC	21.1
APP	11	GADZOOKS INC CASE# 04-31486	20.7
APP	B	AMERICAN EAGLE OUTFITTERS INC	20.2
DEP	A	NEIMAN MARCUS GROUP INC	16.6
APP	D	JOS A BANK CLOTHIERS INC /DE/	14.5
APP	A	CHILDRENS PLACE RETAIL STORES	14.0
APP	A	AEROPOSTALE INC	13.8
APP	A	CHICOS FAS INC	13.7
APP	A	GYMBOREE CORP	12.0
HF	B	HAVERTY FURNITURE COMPANIES	9.9

Top 10 Retail Performers

Wilsons "steered" their branded products while focusing on heavy promotions, including items manufactured solely for clearance. ... Gadzooks fell victim to its own abysmal performance last year and filed Chapter 11, but found an easier comparison this year. ... Leaving the pigeons below, American Eagle soared in July after rebounding from a lackluster performance in 2003. ... Gas prices had no impact on luxury consumers with Neiman Marcus racking up another solid gain particularly in women's and men's apparel. ... JoS. A. Bank continues to pique the interest of fashion conscious men who have returned for more formal tailored clothing. ... There was more to be thankful for at Thanksgiving, nine months ago, as evidenced by the healthy comp growth spurt at children's retailers Children's Place and Gymboree. ... Aeropostale continued to benefit from the back to school sales of active-oriented basic fashions. ... Chicos, clearly in the black with its White House stores, found its all private label offerings a boon in July. ... Premium goods made for Haverty Furniture's premium comps.

Industry	Credit Rating	Company	TY	LY
APP	11	GADZOOKS INC CASE# 04-31486	20.7	- 34.3
APP	F	WILSONS THE LEATHER EXPERTS INC	21.1	- 10.5
APP	B	AMERICAN EAGLE OUTFITTERS INC	20.2	- 10.5
APP	B	DEB SHOPS INC	5.8	- 9.8
APP	E	STEIN MART INC	6.2	- 6.2
APP	E	LANE BRYANT INC	7.0	- 5.0
APP	C	LIMITED STORES INC ,THE/LIMITED BRANDS	- 3.0	- 14.0
HF	B	HAVERTY FURNITURE COMPANIES	9.9	1.1
APP	A	CHILDRENS PLACE RETAIL STORES	14.0	7.0
DEP	A	NEIMAN MARCUS GROUP INC	16.6	10.2

Rising Stars - Most Improved

From the protected haven of Chapter 11 Gadzooks' comps led the Rising Stars list albeit still under performing. ... Wilson's clearance sales were "herd" far and wide and customers stampeded to their check out counters. ... Our national symbol, the American Eagle, was replicated on shopping bags full of basic goods. ... Deb Shops outfitted girls and women from head to toe, lifting comps into the black. ... The whole family showed up ready to buy at Stein Mart, and they had the goods to satisfy. ... There was limited resistance at Limited whose traffic was below the limit necessary to post positive comps ... Kids, by the bunch, looked great after a visit to the Childrens Place. ... Haverty expanded their premium merchandise, which delivered cushy results. ... What can you say about Neiman Marcus but everything is bigger and better in Texas, and everywhere their banner hangs.

Industry	Credit Rating	Company	Comp %
HF	B	BOMBAY COMPANY INC	- 25.0
APP	D	WET SEAL INC	- 17.7
APP	NR	BANANA REPUBLIC	- 10.0
SG	D	WEST MARINE INC	- 9.5
APP	A	ABERCROMBIE & FITCH CO	- 9.0
APP	B	TALBOTS INC	- 8.8
DEP	D	STAGE STORES INC	- 7.8
FW	D	PAYLESS SHOESOURCE INC	- 6.5
FW	C	SHOE CARNIVAL INC	- 6.3
APP	E	FASHION BUG	- 6.0

Bottom 10 Retail Performers

Merchandising "bombs" continue to haunt the Bombay Company as management struggles to clear the shelves of unwanted product. ... With comps still underwater, Wet Seal floundered for yet another month among our bottom performers. ... It was a jungle out there for Banana Republic who slipped trying to clear summer product while resorting to heavy markdowns to no avail. ... Poor weather and a soft economy sank West Marine. ... Teens were not impressed with the latest offerings at Abercrombie & Fitch, prefering a less "preppy" look. ... Despite its semi-annual markdown sale, Talbot's lack of depth in casual inventory hampered sales results. ... Setting the stage for a comparison problem, the Texas sales tax holiday weekend was pushed into August this year, severely impacting results at Stage Stores, which should result in a robust comps in August. ... Living up to its name, people paid less at Payless ShoeSource, which has been struggling with its Parade chain. ... Absent the "carnival atmosphere" bolstered by the Texas tax free weekend, Shoe Carnival was hard pressed to match last year's results. ... Shoppers were not "charmed" by the offerings at Fashion Bug, which "bugged" management.

Industry	Credit Rating	Company	TY	LY
HF	B	BOMBAY COMPANY INC	- 25.0	24.0
APP	D	GAP INC	- 3.0	13.0
APP	NR	BANANA REPUBLIC	- 10.0	5.0
APP	A	S & K FAMOUS BRANDS INC	- 4.9	10.0
APP	C	GAP INC,THE	- 5.0	9.0
APP	E	FASHION BUG	- 6.0	8.0
APP	A	HOT TOPIC INC	- 5.0	8.7
APP	C	CATHERINES INC/CHARMING SHOPPES	- 5.0	8.0
APP	B	CACHE INC	- 4.0	9.0
APP	A	CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS	- 5.0	6.0

Falling Stars - Sharpest Decline

Bombay anticipated a difficult Spring as they continued to clear excess merchandise while trying to identify what will sell. ... Yes, we have "bananas" today because we couldn't sell them last month, and no one giddyup'd to the Gap as all units sank, save Old Navy, which continued with wind in their sails. ... Hot Topic sales ran cool and they fell prey to fickle teens and became a Falling Star. ... Cache lost its panache and slid into red comps. ... Catherines "plus" numbers of last year lost their luster as was the case for the opposite gender at Christopher & Banks.

Industry	Industry	Highest	Median	Lowest
RETAIL SECTOR		21.1	1.0	- 25.0

APP	Apparel Stores	21.1	1.7	- 17.7
CE	Consumer Electronics	0.0	0.0	0.0
DEP	Dept Stores & Catalogs	16.6	0.7	- 7.8
DR	Drug Stores	8.2	5.1	2.9
FW	Footwear Retail	1.2	- 3.1	- 6.5
FN	Hobby & Craft Retail	- 0.2	- 2.3	- 4.4
HF	Home Furnishings	9.9	- 4.1	- 25.0
MM	Mass Merchandisers-Retail	9.0	2.2	- 3.8
SR	Specialty Retail	- 4.0	- 4.0	- 4.0
SG	Sporting Goods Retail	- 9.5	- 9.5	- 9.5

Industry Performance

July proved to be the toughest to date for retailers as the median comp store sales gains plunged to a low of 1.0%, continuing a downward trend that began in the second quarter. Footwear, Hobby & Craft, Home Furnishings and Specialty retailers bore the brunt of less discretionary spending due to high gas prices and a seeming reluctance on the part of consumers to spend. Shoppers, for the most part, took advantage of the values offered in consumables and apparel when they did decide to "part with a buck".

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.