SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES JULY 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
Jul Prior Year Jul Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating		 Apparel Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jul Prior Year Jul Prior Year
NR  MAURICES INC/AMERICAN RETAIL GROUP  13.00  -4.00  0.00  0.00  0
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  10.00  -12.00  0.00  0.00  0
A  BUCKLE INC,THE  7.60  -7.60  44.30  34.00  30
B-  CACHE INC  6.00  2.00  16.50  16.00  3
C+  TJX COMPANIES INC  5.00  4.00  1300.00  1200.00  8
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  4.60  -10.60  111.50  114.70  -3
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  4.00  10.00  53.80  49.60  8
B  DRESS BARN INC  3.00  5.00  101.60  95.00  7
NR  GAP INC  2.00  -13.00  0.00  0.00  0
NR  BANANA REPUBLIC INC/THE GAP INC  1.00  0.01  0.00  0.00  0
B-  ROSS STORES INC  1.00  1.00  450.00  397.00  13
C  FREDS INC  0.50  4.50  427.80  119.40  258
NR  EXPRESS INC/LIMITED BRANDS  0.01  -10.00  0.00  0.00  0
C  CHILDRENS PLACE RETAIL STORES  -1.00  15.00  141.20  131.10  8
NR  DRESS BARN  -2.00  10.00  0.00  0.00  0
A-  DEB SHOPS INC  -2.00  -9.60  23.20  23.10  0
E  WILSONS THE LEATHER EXPERTS INC  -2.20  -18.30  15.70  16.10  -2
C+  LIMITED BRANDS INC  -3.00  7.00  644.50  656.60  -2
C-  STEIN MART INC  -3.40  -5.90  84.50  82.80  2
A-  ABERCROMBIE & FITCH CO  -4.00  3.00  296.40  230.00  29
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -4.00  13.00  0.00  0.00  0
B+  CATO CORP  -5.00  1.00  60.70  60.30  1
B-  ANNTAYLOR STORES CORP  -5.00  5.10  161.00  156.70  3
A  AMERICAN EAGLE OUTFITTERS INC  -6.00  7.00  233.90  197.40  18
C-  UNITED RETAIL GROUP INC/DE  -6.00  4.00  31.20  32.80  -5
A-  BEBE STORES INC  -6.30  10.00  47.60  45.40  5
B+  JOS A BANK CLOTHIERS INC /DE/  -6.40  15.90  35.80  34.70  3
A-  CHICOS FAS INC  -6.70  4.90  436.00  110.30  295
B  GAP INC,THE  -7.00  -4.00  1050.00  105.00  900
C  WET SEAL INC  -7.20  6.40  46.20  44.20  5
C+  HOT TOPIC INC  -7.40  -7.20  55.60  53.10  5
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  -9.40  3.90  42.20  47.00  -10
B+  AEROPOSTALE INC  -11.90  -1.90  111.70  94.90  18
NR  OLD NAVY/THE GAP INC  -18.00  0.01  0.00  0.00  0

Credit
Rating		 Consumer Electronics Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jul Prior Year Jul Prior Year
F  SHARPER IMAGE CORP  -7.50  -23.00  24.70  34.80  -29

Credit
Rating		 Dept Stores & Catalogs Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jul Prior Year Jul Prior Year
C-  SAKS INC/FKA PROFFITTS INC  14.90  2.40  201.40  216.40  -7
B-  JC PENNEY CO INC  10.80  4.90  1404.00  1239.00  13
B-  NORDSTROM INC  9.40  5.30  900.50  842.60  7
C-  NEIMAN MARCUS INC  8.30  7.50  269.00  249.00  8
E+  BON TON STORES INC  7.60  12.20  193.40  210.30  -8
B-  STAGE STORES INC  1.70  6.20  109.20  112.60  -3
A-  KOHLS CORP  0.01  5.90  1050.00  972.80  8
C-  MACYS INC (FKA FEDERATED DPT STORES)  -1.40  3.30  1600.00  1608.00  -0
E  GOTTSCHALKS INC  -3.90  -0.70  41.10  43.30  -5
D  DILLARDS INC-HQ  -6.00  -3.00  500.30  528.30  -5
NR  BON TON,THE  -17.30  12.20  0.00  0.00  0

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jul Prior Year Jul Prior Year
B-  CVS/CAREMARK CORPORATION  8.90    0.00    0
B  WALGREEN COMPANY INC  7.20  9.70  4420.00  4000.00  11
C-  LONGS DRUG STORES CORP  1.70  2.90  359.00  349.00  3
E+  RITE AID CORP  1.60  4.10  1990.00  1287.00  55

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jul Prior Year Jul Prior Year
B-  COSTCO WHOLESALE CORP  7.00  5.00  5020.00  4530.00  11
B-  TARGET CORP  6.10  3.10  4363.00  3937.00  11
C-  COST U LESS INC  5.30  -2.30  16.50  15.70  5
D  DUCKWALL ALCO STORES INC  5.20  6.20  35.30  33.50  5
NR  SAMS CLUB  5.10  3.10  0.00  0.00  0
B-  WAL MART STORES INC  1.90  2.40  26999.00  25663.00  5
C+  BJS WHOLESALE CLUB  1.50  1.90  650.50  613.30  6
B-  FAMILY DOLLAR STORES INC  0.50  7.50  491.70  473.50  4

Credit
Rating		 Other Retail Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jul Prior Year Jul Prior Year
D-  FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS  1.20  2.90  15.70  16.10  -2

Credit
Rating		 Sporting Goods Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jul Prior Year Jul Prior Year
0  ZUMIEZ INC  9.70  8.40  28.20  19.80  42

Credit
Rating		 Specialty Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jul Prior Year Jul Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -2.00  16.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating		 Company Comp %
DEP    C- SAKS INC/FKA PROFFITTS INC 14.9 
APP    NR MAURICES INC/AMERICAN RETAIL GROUP 13.0 
DEP    B- JC PENNEY CO INC 10.8 
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS 10.0 
SG    0 ZUMIEZ INC 9.7 
DEP    B- NORDSTROM INC 9.4 
DR    B- CVS/CAREMARK CORPORATION 8.9 
DEP    C- NEIMAN MARCUS INC 8.3 
APP    A BUCKLE INC,THE 7.6 
DEP    E+ BON TON STORES INC 7.6 


Rising Stars - Most Improved

Industry Credit
Rating		 Company TY LY
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS 10.0 - 12.0
APP    NR MAURICES INC/AMERICAN RETAIL GROUP 13.0 - 4.0
APP    E WILSONS THE LEATHER EXPERTS INC - 2.2 - 18.3
CE    F SHARPER IMAGE CORP - 7.5 - 23.0
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC 4.6 - 10.6
APP    A BUCKLE INC,THE 7.6 - 7.6
APP    NR GAP INC 2.0 - 13.0
DEP    C- SAKS INC/FKA PROFFITTS INC 14.9 2.4
APP    NR EXPRESS INC/LIMITED BRANDS 0.0 - 10.0
MM    C- COST U LESS INC 5.3 - 2.3


Bottom 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    NR OLD NAVY/THE GAP INC - 18.0 
DEP    NR BON TON,THE - 17.3 
APP    B+ AEROPOSTALE INC - 11.9 
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY - 9.4 
CE    F SHARPER IMAGE CORP - 7.5 
APP    C+ HOT TOPIC INC - 7.4 
APP    C WET SEAL INC - 7.2 
APP    B GAP INC,THE - 7.0 
APP    A- CHICOS FAS INC - 6.7 
APP    B+ JOS A BANK CLOTHIERS INC /DE/ - 6.4 


Falling Stars - Sharpest Decline

Industry Credit
Rating		 Company TY LY
DEP    NR BON TON,THE - 17.3 12.2
APP    B+ JOS A BANK CLOTHIERS INC /DE/ - 6.4 15.9
APP    NR OLD NAVY/THE GAP INC - 18.0 0.0
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 2.0 16.0
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 4.0 13.0
APP    A- BEBE STORES INC - 6.3 10.0
APP    C CHILDRENS PLACE RETAIL STORES - 1.0 15.0
APP    C WET SEAL INC - 7.2 6.4
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY - 9.4 3.9
APP    A AMERICAN EAGLE OUTFITTERS INC - 6.0 7.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
 14.9  0.2  - 18.0 
APP Apparel Stores 13.0  - 1.9  - 18.0 
CE Consumer Electronics - 7.5  - 7.5  - 7.5 
DEP Dept Stores & Catalogs 14.9  2.2  - 17.3 
DR Drug Stores 8.9  4.9  1.6 
MM Mass Merchandisers-Retail 7.0  4.1  0.5 
RET Other Retail Stores 1.2  1.2  1.2 
SR Specialty Retail - 2.0  - 2.0  - 2.0 
SG Sporting Goods Retail 9.7  9.7  9.7 


Industry Performance

July presented lower than expected results in most categories, due to a delayed back-to-school shopping season and high gas prices that reduced consumers' trips to the mall. Many stores are stuck cutting prices on back-to-school items to drive shoppers, including Wal-Mart. Teens, in particular, were loath to begin their back to school shopping, affecting the majority of teen apparel retailers. According to tracking firm Retail Metrics, 61 percent of retailers missed expectations that had already been lowered, with 39 percent exceeding forecasts Retailers, as usual, had something to blame...a change in the tax holiday in some states and the very warm weather. Thus, it appears that shoppers are waiting until later to purchase their back-to-school items and fall needs. All was not gloomy, though, as department stores that cater to high-end shoppers showed that luxury consumers are not pulling back. Although, with housing market troubles becoming front-page news more often, concerns continue. Overall, the month followed the trend of slowing sales retailers have experienced since February as consumers feel the pinch and are forced to pay more for food and gas.



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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