SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES APRIL 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
Apr Prior Year Apr Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating		 Apparel Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
C  WET SEAL INC  35.70  -16.80  33.60  38.90  -14
A-  BEBE STORES INC  31.20  10.00  40.30  30.40  33
A  AMERICAN EAGLE OUTFITTERS INC  20.00  8.30  142.50  115.10  24
A-  ABERCROMBIE & FITCH CO  16.00  0.01  159.40  121.70  31
A-  CHICOS FAS INC  15.50  16.00  114.70  87.20  32
E  WILSONS THE LEATHER EXPERTS INC  13.00  -3.50  18.60  17.90  4
C-  UNITED RETAIL GROUP INC/DE  11.00  -3.00  36.60  33.40  10
A-  DEB SHOPS INC  10.30  1.40  27.40  25.00  10
NR  CATHERINES INC/CHARMING SHOPPES  10.00  -3.00  0.00  0.00  0
C  CHILDRENS PLACE RETAIL STORES  8.00  7.00  107.70  68.70  57
D+  VANITY SHOPS OF GRAND FORKS INC  7.29    6.50    0
D-  TALBOTS INC  7.10  0.30  151.80  139.20  9
C-  STEIN MART INC  6.20  6.70  121.70  112.50  8
NR  DRESS BARN  6.00    0.00    0
B+  JOS A BANK CLOTHIERS INC /DE/  5.80  2.70  32.60  26.00  25
B+  MENS WEARHOUSE INC,THE  5.10  10.40  136.30  123.40  10
C+  TJX COMPANIES INC  4.00  5.00  1200.00  1093.00  10
A  BUCKLE INC,THE  4.00  8.60  29.70  27.30  9
NR  FASHION BUG  4.00  3.00  0.00  0.00  0
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  3.10  -0.40  54.40  48.00  13
B  DRESS BARN INC  3.00  6.00  104.90  73.00  44
C-  CHARMING SHOPPES INC  3.00  4.00  203.10  197.60  3
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  3.00  -3.00  48.60  41.00  19
B+  CATO CORP  2.00  -2.00  83.40  71.20  17
C  FREDS INC  1.20  1.50  112.40  101.70  11
B-  ROSS STORES INC  1.00  2.00  357.00  322.00  11
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  1.00  -2.00  0.00  0.00  0
NR  OLD NAVY/THE GAP INC  0.01  3.00  0.00  0.00  0
F+  FILENES BASEMENT CORP/RETAIL VENTURES INC  0.00  10.80  0.00  27.59  -100
B  CLAIRES STORES INC  -2.00  9.00  94.96  93.95  1
B-  CACHE INC  -3.00  8.00  24.00  23.40  3
B-  ANNTAYLOR STORES CORP  -3.00  9.60  174.30  159.15  10
B+  GYMBOREE CORP  -3.00  1.00  44.50  45.30  -2
NR  MAURICES INC/AMERICAN RETAIL GROUP  -3.00    0.00    0
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -3.00  11.00  0.00  0.00  0
C+  LIMITED BRANDS INC  -4.00  2.00  597.50  586.60  2
C+  HOT TOPIC INC  -4.10  0.70  44.00  39.40  12
B  GAP INC,THE  -5.00  3.00  1200.00  1250.00  -4
B+  AEROPOSTALE INC  -5.70  19.30  65.10  57.20  14
NR  BANANA REPUBLIC INC/THE GAP INC  -6.00  12.00  0.00  0.00  0
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  -6.40  11.40  76.40  73.70  4
C  S & K FAMOUS BRANDS INC  -6.50  1.70  15.00  16.10  -7
NR  GAP INC  -9.00  3.00  0.00  0.00  0
C  GOODYS FAMILY CLOTHING INC  -12.10  1.80  93.20  100.10  -7
NR  EXPRESS INC/LIMITED BRANDS  -14.00  -9.00  0.00  0.00  0

Credit
Rating		 Consumer Electronics Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
F  SHARPER IMAGE CORP  -18.00  -3.00  43.70  46.00  -5

Credit
Rating		 Dept Stores & Catalogs Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
C-  NEIMAN MARCUS INC  14.20  14.00  309.00  274.00  13
A-  KOHLS CORP  8.00  -4.60  938.70  790.80  19
B-  NORDSTROM INC  6.90  10.00  531.70  491.70  8
E+  BON TON STORES INC  4.90  -8.30  87.20  83.50  4
B-  JC PENNEY CO INC  3.60  5.30  1355.00  1107.00  22
C-  MACYS INC (FKA FEDERATED DPT STORES)  2.80  5.40  1163.00  1134.00  3
E  GOTTSCHALKS INC  1.90  -0.80  43.42  42.10  3
NR  MAY DEPT STORES CO INC/ SEE FEDERATED DEPT STORES  1.50  -7.50  1082.00  902.00  20
C-  SAKS INC/FKA PROFFITTS INC  0.30  7.60  516.30  522.40  -1
NR  LANE BRYANT INC  0.01  8.00  0.00  0.00  0
NR  VALUE CITY DEPARTMENT STORE  0.00  -5.30  0.00  110.37  -100
D  GORDMANS INC  -1.40  5.60  0.00  0.00  0
B-  STAGE STORES INC  -2.50  0.30  92.60  91.70  1
D  DILLARDS INC-HQ  -6.00  1.00  514.20  542.41  -5
NR  SHOPKO STORES  -12.80  5.00  150.90  172.70  -13

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
B  WALGREEN COMPANY INC  5.30  10.30  3489.50  3178.80  10
B-  CVS/CAREMARK CORPORATION  5.20  5.40  2780.00  2120.00  31
E+  RITE AID CORP  -1.90  5.40  1274.00  1305.00  -2
C-  LONGS DRUG STORES CORP  -2.60  2.30  349.80  357.40  -2

Credit
Rating		 Footwear Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
B-  COLLECTIVE BRANDS FKA PAYLESS SHOESOURCE  2.80  4.70  242.50  265.60  -9
C-  SHOE CARNIVAL INC  -9.90  -4.60  45.30  48.60  -7

Credit
Rating		 Home Furnishings Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
C-  HAVERTY FURNITURE COMPANIES  7.70    65.10    0
E-  BOMBAY COMPANY INC CASE NUMBER 07-44084  7.00  -11.00  40.90  37.20  10
E  PIER 1 IMPORTS INC  -8.10  -1.70  127.20  129.90  -2

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
B-  PRICESMART INC  15.90  -3.50  54.20  46.40  17
C+  BJS WHOLESALE CLUB  8.40  5.40  568.70  505.35  13
B-  COSTCO WHOLESALE CORP  8.00  10.00  3940.00  3560.00  11
C-  COST U LESS INC  6.30    16.40    0
D  DOLLAR GENERAL CORP  5.20  2.10  613.50  541.10  13
NR  SAMS CLUB  4.90  8.30  2943.00  2737.00  8
B  BIG LOTS INC /FKA CONSOLIDATED STORES INC  4.40  -4.20  337.70  306.00  10
B-  TARGET CORP  1.30  4.90  3390.00  3542.00  -4
B-  FAMILY DOLLAR STORES INC  0.90  -0.40  432.80  398.30  9
B-  WAL MART STORES INC  0.90  4.40  22302.00  20765.00  7
E+  RETAIL VENTURES INC/ FKA VALUE CITY DEPARTMENT STORES IN  0.00  -0.20  0.00  219.60  -100
D  DUCKWALL ALCO STORES INC  -3.90  -3.30  30.90  33.70  -8
NR  PAMIDA HOLDINGS CORP  -6.30  2.30  58.10  61.00  -5
E  SKO GROUP HOLDINGS CORP F/K/A/SHOPKO STORES INC  -11.10  4.30  209.00  223.70  -7

Credit
Rating		 Other Retail Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
D-  FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS  -7.90    17.30    0

Credit
Rating		 Specialty Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
D+  JO ANN STORES INC  4.10  1.40  131.50  121.80  8
NR  BATH & BODY WORKS/LIMITED BRANDS  2.00  1.00  0.00  0.00  0
E  HANCOCK FABRICS INC CASE NUMBER 07-10353  -2.70  -4.60  28.50  29.00  -2



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    C WET SEAL INC 35.7 
APP    A- BEBE STORES INC 31.2 
APP    A AMERICAN EAGLE OUTFITTERS INC 20.0 
APP    A- ABERCROMBIE & FITCH CO 16.0 
MM    B- PRICESMART INC 15.9 
APP    A- CHICOS FAS INC 15.5 
DEP    C- NEIMAN MARCUS INC 14.2 
APP    E WILSONS THE LEATHER EXPERTS INC 13.0 
APP    C- UNITED RETAIL GROUP INC/DE 11.0 
APP    A- DEB SHOPS INC 10.3 


Rising Stars - Most Improved

Industry Credit
Rating		 Company TY LY
APP    C WET SEAL INC 35.7 - 16.8
APP    A- BEBE STORES INC 31.2 10.0
MM    B- PRICESMART INC 15.9 - 3.5
HF    E- BOMBAY COMPANY INC CASE NUMBER 07-44084 7.0 - 11.0
APP    E WILSONS THE LEATHER EXPERTS INC 13.0 - 3.5
APP    A- ABERCROMBIE & FITCH CO 16.0 0.0
APP    C- UNITED RETAIL GROUP INC/DE 11.0 - 3.0
DEP    E+ BON TON STORES INC 4.9 - 8.3
APP    NR CATHERINES INC/CHARMING SHOPPES 10.0 - 3.0
DEP    A- KOHLS CORP 8.0 - 4.6


Bottom 10 Retail Performers

Industry Credit
Rating		 Company Comp %
CE    F SHARPER IMAGE CORP - 18.0 
APP    NR EXPRESS INC/LIMITED BRANDS - 14.0 
DEP    NR SHOPKO STORES - 12.8 
APP    C GOODYS FAMILY CLOTHING INC - 12.1 
MM    E SKO GROUP HOLDINGS CORP F/K/A/SHOPKO STORES INC - 11.1 
FW    C- SHOE CARNIVAL INC - 9.9 
APP    NR GAP INC - 9.0 
HF    E PIER 1 IMPORTS INC - 8.1 
RET    D- FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS - 7.9 
APP    C S & K FAMOUS BRANDS INC - 6.5 


Falling Stars - Sharpest Decline

Industry Credit
Rating		 Company TY LY
APP    B+ AEROPOSTALE INC - 5.7 19.3
APP    NR BANANA REPUBLIC INC/THE GAP INC - 6.0 12.0
DEP    NR SHOPKO STORES - 12.8 5.0
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC - 6.4 11.4
MM    E SKO GROUP HOLDINGS CORP F/K/A/SHOPKO STORES INC - 11.1 4.3
CE    F SHARPER IMAGE CORP - 18.0 - 3.0
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 3.0 11.0
APP    C GOODYS FAMILY CLOTHING INC - 12.1 1.8
APP    B- ANNTAYLOR STORES CORP - 3.0 9.6
APP    NR GAP INC - 9.0 3.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
 35.7  2.1  - 18.0 
APP Apparel Stores 35.7  3.3  - 14.0 
CE Consumer Electronics - 18.0  - 18.0  - 18.0 
DEP Dept Stores & Catalogs 14.2  1.4  - 12.8 
DR Drug Stores 5.3  1.5  - 2.6 
FW Footwear Retail 2.8  - 3.6  - 9.9 
HF Home Furnishings 7.7  2.2  - 8.1 
MM Mass Merchandisers-Retail 15.9  2.5  - 11.1 
RET Other Retail Stores - 7.9  - 7.9  - 7.9 
SR Specialty Retail 4.1  1.1  - 2.7 


Industry Performance

Easter came early in 2005, bolstering March comparable store sales. But, as Newton said, what goes up must come down. Accordingly, many retailers lamented the early Easter when reporting April 2005 comparable stores sales. Even with the impact of Easter, the retail sector plodded along for April, with a modest 2.1% comp gain, reflecting Darwinian like results, the strong get stronger and the weak, weaker. There is one problem with this scientific approach - Darwin clearly never met a turnaround, which drove the majority of our performers on our top and bottom lists, particularly in the Apparel, Department Store and Mass Merchant arenas. More modest swings were seen in other industries with the usual suspects taking their expected places along the bell curve.



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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