Retail MONTHLY SAME STORE SALES

Preliminary 12/02/2004

NOVEMBER 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	Nov 2004	Nov 2003	Nov 2004	Nov 2003	Sales % Change

Companies Ranked by Industry

Credit Rating	Apparel Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Apparel Stores	Nov 2004	Nov 2003	Nov 2004	Nov 2003	Sales % Change
B	AMERICAN EAGLE OUTFITTERS INC	24.30	-6.20	196.90	148.90	32
A	BEBE STORES INC	23.20	9.10	40.90	33.10	24
11	GADZOOKS INC CASE# 04-31486	13.00	-28.10	12.50	16.40	-24
F	UNITED RETAIL GROUP INC/DE	11.00	-4.00	33.80	30.90	9
A	S & K FAMOUS BRANDS INC	9.80	-6.00	16.20	13.80	17
B	CHILDRENS PLACE RETAIL STORES	9.00	14.00	118.70	81.00	47
A	CHICOS FAS INC	8.60	16.30	88.70	69.20	28
D	JOS A BANK CLOTHIERS INC /DE/	7.50	2.50	36.10	29.60	22
NR	LANE BRYANT INC	6.00	-4.00	0.00	0.00	0
NR	FASHION BUG	5.00	-14.00	0.00	0.00	0
C	BURLINGTON COAT FACTORY WAREHOUSE CORP	4.80	-4.40	876.00	786.70	11
A	AEROPOSTALE INC	4.10	10.30	106.00	86.30	23
B	DRESS BARN INC	4.00	-4.00	61.90	58.80	5
E	CASUAL MALE RETAIL GROUP INC/FKA DESIGNS INC	3.70	0.00	34.80	27.50	27
A	MENS WEARHOUSE INC,THE	3.20	5.90	124.30	116.40	7
B	CACHE INC	3.00	5.00	25.60	23.10	11
B	CATO CORP	3.00	-9.00	57.10	53.10	8
D	CHARMING SHOPPES INC	3.00	-8.00	176.40	169.60	4
A	CLAIRES STORES INC	3.00	6.00	97.33	91.37	7
A	PACIFIC SUNWEAR OF CALIFORNIA INC	2.70	11.70	95.60	84.30	13
E	FILENES BASEMENT CORP/RETAIL VENTURES INC	2.70	6.70	37.66	30.45	24
NR	FAMOUS FOOTWEAR	2.10	-2.90	79.30	74.60	6
A	ABERCROMBIE & FITCH CO	2.00	-13.00	188.00	161.20	17
C	TJX COMPANIES INC	2.00	1.00	1400.00	1269.00	10
D	STEIN MART INC	2.00	-4.70	140.30	137.00	2
NR	GAP INC	1.00	5.00	0.00	0.00	0
NR	VICTORIAS SECRET STORES INC/LIMITED BRANDS	0.01	8.00	0.00	0.00	0
B	BUCKLE INC,THE	-0.40	5.40	40.30	38.50	5
B	TALBOTS INC	-0.50	0.80	130.50	126.00	4
D	GOODYS FAMILY CLOTHING INC	-0.60	1.30	126.40	121.70	4
NR	LIMITED STORES INC ,THE/LIMITED BRANDS	-1.00	-9.00	0.00	0.00	0
B	DEB SHOPS INC	-1.80	-9.70	23.00	23.40	-2
B	ROSS STORES INC	-2.00	5.00	391.00	364.00	7
A	CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS	-3.00	-2.00	42.50	38.00	12
NR	BANANA REPUBLIC INC/THE GAP INC	-3.00	14.00	0.00	0.00	0
F	WILSONS THE LEATHER EXPERTS INC	-3.10	-16.50	48.60	62.10	-22
D	GORDMANS INC	-3.60	4.60	0.00	0.00	0
C	GAP INC,THE	-4.00	6.00	1400.00	1400.00	0
B	LIMITED BRANDS INC	-5.00	1.00	762.70	785.60	-3
NR	OLD NAVY/THE GAP INC	-5.00	7.00	0.00	0.00	0
E	RETAIL VENTURES INC/ FKA VALUE CITY DEPARTMENT STORES IN	-5.30	2.20	258.90	254.00	2
A	HOT TOPIC INC	-8.00	7.30	48.50	45.30	7
C	ANNTAYLOR STORES CORP	-8.30	9.60	146.19	139.64	5
A	GYMBOREE CORP	-10.00	5.00	52.10	56.20	-7
B	MOTHERS WORK INC / MOTHERHOOD MATERNITY	-11.60	-3.70	40.80	43.20	-6
NR	CATHERINES INC/CHARMING SHOPPES	-14.00	5.00	0.00	0.00	0
F	WET SEAL INC	-19.50	-6.70	33.80	45.70	-26
NR	EXPRESS INC/LIMITED BRANDS	-22.00	-10.00	0.00	0.00	0

Credit Rating	Consumer Electronics	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Consumer Electronics	Nov 2004	Nov 2003	Nov 2004	Nov 2003	Sales % Change
C	SHARPER IMAGE CORP	-3.00	8.00	78.90	69.20	14

Credit Rating	Dept Stores & Catalogs	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Dept Stores & Catalogs	Nov 2004	Nov 2003	Nov 2004	Nov 2003	Sales % Change
D	JC PENNEY COMPANY INC	12.00	-0.80	1543.00	1384.00	11
A	NEIMAN MARCUS GROUP INC	8.40	5.80	308.00	295.00	4
D	STAGE STORES INC	6.00	-5.80	103.80	96.10	8
E	BON TON STORES INC	5.40	-0.70	143.20	141.20	1
NR	BON TON,THE	3.70	-0.70	0.00	0.00	0
B	NORDSTROM INC	3.10	7.40	667.60	631.90	6
C	SEARS ROEBUCK & COMPANY	2.80	-3.60	2511.40	2500.00	0
D	SAKS INC/FKA PROFFITTS INC	2.40	6.70	635.90	617.50	3
B	KOHLS CORP	0.01	-4.40	1346.50	1187.00	13
B	FEDERATED DEPARTMENT STORES INC/NEW	-1.40	-0.10	1434.00	1460.00	-2
E	ELDER BEERMAN STORES INC. NOW PART OF BON TON STORES INC	-1.60	-1.80	0.00	0.00	0
D	DILLARDS INC	-3.00	-6.00	558.26	574.04	-3
C	MAY DEPARTMENT STORES COMPANY INC	-7.90	-1.20	1386.90	1260.00	10
F	GOTTSCHALKS INC	-8.10	-1.70	61.40	67.10	-8
NR	VALUE CITY DEPARTMENT STORE	-9.70	-0.40	144.59	160.05	-10

Credit Rating	Drug Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Drug Stores	Nov 2004	Nov 2003	Nov 2004	Nov 2003	Sales % Change
A	WALGREEN COMPANY INC	11.40	10.70	3374.00	2924.00	15

Credit Rating	Hobby & Craft Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Hobby & Craft Retail	Nov 2004	Nov 2003	Nov 2004	Nov 2003	Sales % Change
D	JO ANN STORES INC	2.70	-0.20	190.90	180.00	6
C	HANCOCK FABRICS INC	-5.70	-2.90	41.20	43.60	-6

Credit Rating	Footwear Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Footwear Retail	Nov 2004	Nov 2003	Nov 2004	Nov 2003	Sales % Change
NR	DSW SHOE WAREHOUSE INC.	3.10	9.50	76.70	63.51	21
NR	NATURALIZER RETAIL / SEE BROWN SHOE COMPANY	-0.90	-0.90	17.20	10.80	59
C	SHOE CARNIVAL INC	-1.70	-7.80	45.20	43.40	4
D	PAYLESS SHOESOURCE INC	-2.30	-5.20	206.40	208.50	-1

Credit Rating	Home Furnishings	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Home Furnishings	Nov 2004	Nov 2003	Nov 2004	Nov 2003	Sales % Change
B	MICHAELS STORES INC	-3.00	2.00	382.60	375.40	2
A	PIER 1 IMPORTS INC	-9.10	1.10	167.19	170.91	-2
D	BOMBAY COMPANY INC	-13.00	1.00	57.70	62.30	-7

Credit Rating	Mass Merchandisers-Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Mass Merchandisers-Retail	Nov 2004	Nov 2003	Nov 2004	Nov 2003	Sales % Change
B	FAMILY DOLLAR STORES INC	5.20	-0.70	457.90	402.60	14
B	COSTCO WHOLESALE CORP	5.00	9.00	4080.00	3790.00	8
B	DOLLAR GENERAL CORP	3.40	1.70	643.50	575.30	12
B	TARGET CORP/FKA DAYTON HUDSON	3.20	6.20	4203.00	4414.00	-5
NR	SAMS CLUB	2.90	4.70	2993.00	2842.00	5
B	BJS WHOLESALE CLUB	1.80	8.40	591.05	564.66	5
B	WAL MART STORES INC	0.70	3.90	23544.00	21657.00	9
B	WAL MART STORES	0.30	3.70	15739.00	14764.00	7
D	PAMIDA HOLDINGS CORP	0.01	4.00	71.90	71.70	0
B	FREDS INC	-1.00	3.10	119.10	114.20	4
D	DUCKWALL ALCO STORES INC	-1.30	3.20	36.70	37.20	-1
D	SHOPKO STORES INC	-4.80	-0.40	272.80	286.80	-5
E	FACTORY CARD & PARTY OUTLET CORP	-5.30		16.60		0
D	BIG LOTS INC /FKA CONSOLIDATED STORES INC	-6.10	5.60	444.40	447.40	-1
NR	SHOPKO STORES	-6.40	-1.70	200.90	215.10	-7

Credit Rating	Sporting Goods Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Sporting Goods Retail	Nov 2004	Nov 2003	Nov 2004	Nov 2003	Sales % Change
D	WEST MARINE INC	-2.90	4.50	34.60	34.50	0

Credit Rating	Specialty Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Specialty Retail	Nov 2004	Nov 2003	Nov 2004	Nov 2003	Sales % Change
NR	BATH & BODY WORKS/LIMITED BRANDS	2.00	6.00	0.00	0.00	0

Performance Insight

Industry	Credit Rating	Company	Comp %
APP	B	AMERICAN EAGLE OUTFITTERS INC	24.3
APP	A	BEBE STORES INC	23.2
APP	11	GADZOOKS INC CASE# 04-31486	13.0
DEP	D	JC PENNEY COMPANY INC	12.0
DR	A	WALGREEN COMPANY INC	11.4
APP	F	UNITED RETAIL GROUP INC/DE	11.0
APP	A	S & K FAMOUS BRANDS INC	9.8
APP	B	CHILDRENS PLACE RETAIL STORES	9.0
APP	A	CHICOS FAS INC	8.6
DEP	A	NEIMAN MARCUS GROUP INC	8.4

Top 10 Retail Performers

The true colors of women in the 15-25 demographic came shining through as American Eagle's nest was their comfort zone with their comps placing them atop of retailer's performance. ... It could not be better at bebe as continuing expansion didn't dampen same store sales. ... Gadzooks showed comp strength based on poor results last year as financial constraints curtailed traffic with limited merchandise depth. ... JC Penney's merchandising finesse continued despite the exit of Vanessa Castagna. ... Drugstore king Walgreen stayed atop their industry, to no one's surprise and in case you were wondering, lucrative front end sales rose 5.7%. ... A plus for United Retail is evidenced by their comps, which provided elasticity to otherwise constricting sales. ... S&K had the right selection for male shoppers with a need to spruce up wardrobes with styles for less. ... Dare we deny the "little darlings", no we don't and management of Children's Place knows their customer(s), Moms & Dads. ... When folks said it couldn't get any better for Chicos they saw another month of outstanding comps and their stock rose again. ... Neiman Marcus, aka the Burt Tansky cash machine, just keeps on giving those that can give what they want.

Industry	Credit Rating	Company	TY	LY
APP	11	GADZOOKS INC CASE# 04-31486	13.0	- 28.1
APP	B	AMERICAN EAGLE OUTFITTERS INC	24.3	- 6.2
APP	NR	FASHION BUG	5.0	- 14.0
APP	A	S & K FAMOUS BRANDS INC	9.8	- 6.0
APP	F	UNITED RETAIL GROUP INC/DE	11.0	- 4.0
APP	A	ABERCROMBIE & FITCH CO	2.0	- 13.0
APP	A	BEBE STORES INC	23.2	9.1
APP	F	WILSONS THE LEATHER EXPERTS INC	- 3.1	- 16.5
DEP	D	JC PENNEY COMPANY INC	12.0	- 0.8
APP	B	CATO CORP	3.0	- 9.0

Rising Stars - Most Improved

We've said, "Gadzooks" several times over the last few months and we're saying it again as a 43% comp turnaround makes their star rise highest. ... Remaining in the upper reaches of the atmosphere but soaring into second place was the American Eagle. ... It was Fashion-able to Bug a friend and grab the season's fashion forward looks from this retailer's racks. ... Who says, "size doesn't matter"?Not the merchandising staff at United that seems to have found the wraps to wrap up a spot on this enviable list. ... Abercormbie's 2% positive comp performance was all that was necessary when you've come off a -13% last year to register as a rising star. ... bebe's comps launched them into great company with "that look" that drove traffic. ... Wilson's liquidation sales yielded less negative comps. ... Pennies collected in Penney's registers as they continued to capitalize on effective family merchandising. ... Cato made this venerable list with "more green" i.e. comp sales as values often referred to as "below mall prices" crossed checkout counters.

Industry	Credit Rating	Company	Comp %
APP	NR	EXPRESS INC/LIMITED BRANDS	- 22.0
APP	F	WET SEAL INC	- 19.5
APP	NR	CATHERINES INC/CHARMING SHOPPES	- 14.0
HF	D	BOMBAY COMPANY INC	- 13.0
APP	B	MOTHERS WORK INC / MOTHERHOOD MATERNITY	- 11.6
APP	A	GYMBOREE CORP	- 10.0
DEP	NR	VALUE CITY DEPARTMENT STORE	- 9.7
HF	A	PIER 1 IMPORTS INC	- 9.1
APP	C	ANNTAYLOR STORES CORP	- 8.3
DEP	F	GOTTSCHALKS INC	- 8.1

Bottom 10 Retail Performers

Where did the teenage girls go? - certainly not to Express or Wet Seal. ... Did all the "Catherines" travel as a "United" group and skip this traditional resource? ... Mothers Work continues to suffer from hand-me-downs and competitive alternatives in this "delicate" retail space. ... Once the stork delivers that "special package" the family addition kept everyone home or somewhere other than Gymboree, maybe they found another "Childrens Place". ... Value City's department stores aren't the value destination for their former fans as comps remain "red". ... "Okay, enough decorating and stuff", as couples failed to travel to "Bombay" and stayed off the "Pier" failing to float sales into positive territory. ... AnnTaylor's faithful left shelves covered and racks packed as this company's "rock solid" balance sheet supported a less than stellar November performance. ... Gottschalks' turnaround was not amply aided by weak -8.1% comps as management hopes to say "gotcha" after the holiday season.

Industry	Credit Rating	Company	TY	LY
APP	NR	CATHERINES INC/CHARMING SHOPPES	- 14.0	5.0
APP	C	ANNTAYLOR STORES CORP	- 8.3	9.6
APP	NR	BANANA REPUBLIC INC/THE GAP INC	- 3.0	14.0
APP	A	HOT TOPIC INC	- 8.0	7.3
APP	A	GYMBOREE CORP	- 10.0	5.0
HF	D	BOMBAY COMPANY INC	- 13.0	1.0
APP	F	WET SEAL INC	- 19.5	- 6.7
APP	NR	EXPRESS INC/LIMITED BRANDS	- 22.0	- 10.0
APP	NR	OLD NAVY/THE GAP INC	- 5.0	7.0
MM	D	BIG LOTS INC /FKA CONSOLIDATED STORES INC	- 6.1	5.6

Falling Stars - Sharpest Decline

This group slipped on a "Banana" and solidly landed amongst the list of "Falling Stars". ... Old Navy sailed boldly, but not happily, onto the sea of disappointment. ... There was nothing big about the consolidated sales at "Big Lots" as they reversed a 5.6% positive posting last year to a negative -6.1%. ... The hot topic of conversation at Hot Topic cooled when it came to comp sales. ... More than doubling last year's comp red ink was the "Express"ly dismal performance of this former teeny bopper haven.

Industry	Industry	Highest	Median	Lowest
RETAIL SECTOR		24.3	0.2	- 22.0

APP	Apparel Stores	24.3	0.7	- 22.0
CE	Consumer Electronics	- 3.0	- 3.0	- 3.0
DEP	Dept Stores & Catalogs	12.0	0.8	- 9.7
DR	Drug Stores	11.4	11.4	11.4
FW	Footwear Retail	3.1	- 0.5	- 2.3
FN	Hobby & Craft Retail	2.7	- 1.5	- 5.7
HF	Home Furnishings	- 3.0	- 8.4	- 13.0
MM	Mass Merchandisers-Retail	5.2	- 0.2	- 6.4
SR	Specialty Retail	2.0	2.0	2.0
SG	Sporting Goods Retail	- 2.9	- 2.9	- 2.9

Industry Performance

Too much turkey on Thanksgiving? Perhaps, since retail comp sales for the month of November laid an egg. With median comps essentially flat for the retail sector and Apparel, Department Store, Footwear and Mass Merchant industries the same, consumers were clearly channeling Ebenezer, shouting "Bah Humbug!" Even the prospect of decorating homes for the holidays was not enough to add luster to bleak Hobby & Craft Retail sales. Home Furnishings, plagued by the dismal performance of Bombay, continued their comp slide. But wait, with two extra shopping days this year, let's see if the retail sector makes it on Santa's "nice" list.

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.