SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES MARCH 2005


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
Mar Prior Year Mar Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating		 Apparel Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
C  WET SEAL INC  36.30  -21.10  41.00  37.90  8
A-  BEBE STORES INC  30.60  20.50  49.70  30.40  63
A  AMERICAN EAGLE OUTFITTERS INC  29.20  7.50  184.60  140.30  32
E  WILSONS THE LEATHER EXPERTS INC  27.00  -2.60  32.60  36.10  -10
C  S & K FAMOUS BRANDS INC  22.40  17.20  24.00  19.50  23
A-  ABERCROMBIE & FITCH CO  21.00  -1.00  227.50  169.60  34
B+  MENS WEARHOUSE INC,THE  15.30  12.60  159.50  135.60  18
D+  VANITY SHOPS OF GRAND FORKS INC  15.16    8.90    0
A-  CITI TRENDS INC  14.40    24.70    0
A-  DEB SHOPS INC  10.20  -5.20  26.30  24.00  10
B  CLAIRES STORES INC  10.00  10.00  119.69  105.78  13
C  CHILDRENS PLACE RETAIL STORES  10.00  17.00  154.70  97.10  59
NR  DRESS BARN  10.00  9.00  0.00  0.00  0
C-  UNITED RETAIL GROUP INC/DE  9.00  -4.00  40.00  37.30  7
B+  GYMBOREE CORP  9.00  8.00  71.00  63.70  11
A  BUCKLE INC,THE  8.00  14.20  43.20  38.10  13
A-  CHICOS FAS INC  7.80  18.90  129.00  102.40  26
B  DRESS BARN INC  7.00  9.00  119.80  73.00  64
B+  AEROPOSTALE INC  6.80  14.20  87.10  67.40  29
C+  HOT TOPIC INC  5.30  3.90  59.70  49.20  21
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  4.80  12.40  120.10  103.80  16
C  FREDS INC  3.50  4.10  147.10  130.40  13
B+  JOS A BANK CLOTHIERS INC /DE/  3.30  10.30  35.40  29.90  18
B-  ROSS STORES INC  3.00  7.00  456.00  404.00  13
B+  CATO CORP  2.00  -1.00  83.40  76.60  9
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  2.00  -7.00  34.80  29.20  19
C+  TJX COMPANIES INC  1.00  9.00  1400.00  1326.00  6
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  1.00  21.00  0.00  0.00  0
D-  TALBOTS INC  0.90  1.10  201.70  195.50  3
B-  CACHE INC  0.01  12.00  28.00  25.10  12
NR  MAURICES INC/AMERICAN RETAIL GROUP  0.01    0.00    0
NR  CATHERINES INC/CHARMING SHOPPES  0.01  -6.00  0.00  0.00  0
C-  STEIN MART INC  -0.90  18.40  153.60  153.70  -0
NR  BANANA REPUBLIC INC/THE GAP INC  -1.00  25.00  0.00  0.00  0
NR  GAP INC  -1.00  5.00  0.00  0.00  0
B-  ANNTAYLOR STORES CORP  -1.70  12.00  192.30  170.87  13
C-  CHARMING SHOPPES INC  -3.00  4.00  231.40  234.50  -1
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  -3.00  -6.30  52.90  49.20  8
B  GAP INC,THE  -4.00  8.00  1480.00  1500.00  -1
F+  FILENES BASEMENT CORP/RETAIL VENTURES INC  -4.20  15.50  31.52  31.43  0
NR  FASHION BUG  -5.00  8.00  0.00  0.00  0
C+  LIMITED BRANDS INC  -7.00  15.00  766.10  783.70  -2
NR  OLD NAVY/THE GAP INC  -9.00  11.00  0.00  0.00  0
C  GOODYS FAMILY CLOTHING INC  -9.20  0.25  119.10  125.70  -5
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  -15.00  5.00  0.00  0.00  0
NR  EXPRESS INC/LIMITED BRANDS  -27.00  12.00  0.00  0.00  0

Credit
Rating		 Consumer Electronics Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
F  SHARPER IMAGE CORP  -9.00  3.00  53.10  38.00  40

Credit
Rating		 Dept Stores & Catalogs Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
B-  STAGE STORES INC  12.10  5.50  125.10  110.20  14
B-  NORDSTROM INC  5.50  15.90  657.30  620.80  6
C-  MACYS INC (FKA FEDERATED DPT STORES)  3.40  6.80  1359.00  1300.00  5
C-  NEIMAN MARCUS INC  3.40  27.00  350.00  345.00  1
C-  SAKS INC/FKA PROFFITTS INC  2.30  9.50  586.00  579.80  1
D  GORDMANS INC  0.30  12.30  0.00  0.00  0
B-  JC PENNEY CO INC  -0.40  11.40  1304.00  1292.00  1
A-  KOHLS CORP  -1.00  -0.90  1091.40  997.20  9
NR  SHOPKO STORES  -2.00  5.20  209.20  213.20  -2
E  GOTTSCHALKS INC  -2.40  11.20  57.88  59.30  -2
NR  LANE BRYANT INC  -3.00  3.00  0.00  0.00  0
E+  BON TON STORES INC  -3.60  -0.40  100.50  104.60  -4
D  DILLARDS INC-HQ  -8.00  3.00  636.58  691.01  -8
NR  VALUE CITY DEPARTMENT STORE  -10.40  -2.10  120.29  134.85  -11
NR  MAY DEPT STORES CO INC/ SEE FEDERATED DEPT STORES  -10.80  10.90  1279.40  1180.00  8

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
B  WALGREEN COMPANY INC  11.60  12.60  3743.16  3222.20  16
B-  CVS/CAREMARK CORPORATION  7.50  7.80  3550.00  2650.00  34
E+  RITE AID CORP  1.60  5.90  1301.00  1286.00  1
C-  LONGS DRUG STORES CORP  0.40  3.60  446.30  440.00  1

Credit
Rating		 Footwear Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
C-  SHOE CARNIVAL INC  13.00  -4.90  67.10  56.60  19
B-  COLLECTIVE BRANDS FKA PAYLESS SHOESOURCE  1.40  4.60  270.20  284.60  -5

Credit
Rating		 Home Furnishings Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
C-  HAVERTY FURNITURE COMPANIES  10.80    73.20    0
E-  BOMBAY COMPANY INC CASE NUMBER 07-44084  -12.00  -8.00  46.40  50.70  -8
E  PIER 1 IMPORTS INC  -18.20  3.50  147.62  168.54  -12

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
B-  PRICESMART INC  11.50  -5.20  55.70  47.60  17
B-  TARGET CORP  8.20  7.30  4408.00  4402.00  0
B-  COSTCO WHOLESALE CORP  7.00  11.00  4870.00  4410.00  10
C-  COST U LESS INC  4.70  15.80  20.60  19.80  4
B-  WAL MART STORES INC  4.30  6.00  27976.00  25131.00  11
D  DOLLAR GENERAL CORP  4.20  3.20  756.20  672.90  12
NR  PAMIDA HOLDINGS CORP  4.00  5.10  72.20  68.50  5
C+  BJS WHOLESALE CLUB  3.00  7.00  663.88  620.32  7
D  DUCKWALL ALCO STORES INC  2.60  2.40  37.60  38.30  -2
B-  FAMILY DOLLAR STORES INC  2.40  2.40  552.70  500.30  10
NR  SAMS CLUB  2.10  8.30  3560.00  3384.00  5
B  BIG LOTS INC /FKA CONSOLIDATED STORES INC  0.10  6.70  415.70  394.90  5
E+  RETAIL VENTURES INC/ FKA VALUE CITY DEPARTMENT STORES IN  0.00  4.10  0.00  260.50  -100
E  SKO GROUP HOLDINGS CORP F/K/A/SHOPKO STORES INC  -0.60  5.20  281.40  281.70  -0

Credit
Rating		 Other Retail Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
D-  FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS  -3.30  0.00  19.90  20.10  -1

Credit
Rating		 Specialty Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  10.00  13.00  0.00  0.00  0
D+  JO ANN STORES INC  -2.60  6.80  160.60  159.40  1
E  HANCOCK FABRICS INC CASE NUMBER 07-10353  -8.90  -3.60  37.80  41.10  -8



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    C WET SEAL INC 36.3 
APP    A- BEBE STORES INC 30.6 
APP    A AMERICAN EAGLE OUTFITTERS INC 29.2 
APP    E WILSONS THE LEATHER EXPERTS INC 27.0 
APP    C S & K FAMOUS BRANDS INC 22.4 
APP    A- ABERCROMBIE & FITCH CO 21.0 
APP    B+ MENS WEARHOUSE INC,THE 15.3 
APP    D+ VANITY SHOPS OF GRAND FORKS INC 15.2 
APP    A- CITI TRENDS INC 14.4 
FW    C- SHOE CARNIVAL INC 13.0 


Rising Stars - Most Improved

Industry Credit
Rating		 Company TY LY
APP    C WET SEAL INC 36.3 - 21.1
APP    E WILSONS THE LEATHER EXPERTS INC 27.0 - 2.6
APP    A- ABERCROMBIE & FITCH CO 21.0 - 1.0
APP    A AMERICAN EAGLE OUTFITTERS INC 29.2 7.5
FW    C- SHOE CARNIVAL INC 13.0 - 4.9
MM    B- PRICESMART INC 11.5 - 5.2
APP    A- DEB SHOPS INC 10.2 - 5.2
APP    C- UNITED RETAIL GROUP INC/DE 9.0 - 4.0
APP    A- BEBE STORES INC 30.6 20.5
APP    B+ CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS 2.0 - 7.0


Bottom 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    NR EXPRESS INC/LIMITED BRANDS - 27.0 
HF    E PIER 1 IMPORTS INC - 18.2 
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS - 15.0 
HF    E- BOMBAY COMPANY INC CASE NUMBER 07-44084 - 12.0 
DEP    NR MAY DEPT STORES CO INC/ SEE FEDERATED DEPT STORES - 10.8 
DEP    NR VALUE CITY DEPARTMENT STORE - 10.4 
APP    C GOODYS FAMILY CLOTHING INC - 9.2 
CE    F SHARPER IMAGE CORP - 9.0 
APP    NR OLD NAVY/THE GAP INC - 9.0 
SR    E HANCOCK FABRICS INC CASE NUMBER 07-10353 - 8.9 


Falling Stars - Sharpest Decline

Industry Credit
Rating		 Company TY LY
APP    NR EXPRESS INC/LIMITED BRANDS - 27.0 12.0
APP    NR BANANA REPUBLIC INC/THE GAP INC - 1.0 25.0
DEP    C- NEIMAN MARCUS INC 3.4 27.0
APP    C+ LIMITED BRANDS INC - 7.0 15.0
DEP    NR MAY DEPT STORES CO INC/ SEE FEDERATED DEPT STORES - 10.8 10.9
HF    E PIER 1 IMPORTS INC - 18.2 3.5
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS 1.0 21.0
APP    NR OLD NAVY/THE GAP INC - 9.0 11.0
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS - 15.0 5.0
APP    F+ FILENES BASEMENT CORP/RETAIL VENTURES INC - 4.2 15.5


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
 36.3  3.1  - 27.0 
APP Apparel Stores 36.3  5.1  - 27.0 
CE Consumer Electronics - 9.0  - 9.0  - 9.0 
DEP Dept Stores & Catalogs 12.1  - 1.0  - 10.8 
DR Drug Stores 11.6  5.3  0.4 
FW Footwear Retail 13.0  7.2  1.4 
HF Home Furnishings 10.8  - 6.5  - 18.2 
MM Mass Merchandisers-Retail 11.5  3.8  - 0.6 
RET Other Retail Stores - 3.3  - 3.3  - 3.3 
SR Specialty Retail 10.0  - 0.5  - 8.9 


Industry Performance

Despite the early Easter, the high price of gasoline and consumer conservatism impacted the Retail Sector, which, on average, was a bit off February's growth pace. Radical swings in performance levels within the individual industries resulted in mostly modest comp gains for key industries, Apparel and Mass Merchants while on the whole, Department Stores appeared to bear the brunt of waning customer attention. Drug Stores continued to perform well as a somewhat nasty cold and flu season helped spur both front and back end comps. Specialty Retail and Home Furnishings, which both have suffered from lackluster merchandising and marketing efforts, saw average comps fall druing the month.



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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