SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES MARCH 2006


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  16.20  36.30  47.30  41.00  15
A-  CITI TRENDS INC  12.80  14.40  32.70  24.70  32
D+  VANITY SHOPS OF GRAND FORKS INC  8.55  15.16  0.00  8.90  -100
A-  CHICOS FAS INC  8.40  7.80  157.30  129.00  22
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  7.00  1.00  0.00  0.00  0
C  CHILDRENS PLACE RETAIL STORES  6.00  10.00  173.40  154.70  12
B-  CACHE INC  5.00  0.01  29.30  28.00  5
B+  GYMBOREE CORP  5.00  9.00  78.00  71.00  10
NR  DRESS BARN  5.00  10.00  0.00  0.00  0
B+  JOS A BANK CLOTHIERS INC /DE/  4.40  3.30  41.50  35.40  17
A-  BEBE STORES INC  4.10  30.60  55.80  49.70  12
B-  ROSS STORES INC  4.00  3.00  513.00  456.00  13
A  AMERICAN EAGLE OUTFITTERS INC  3.00  29.20  201.60  184.60  9
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  2.20  -3.00  56.80  52.90  7
B  DRESS BARN INC  2.00  7.00  125.30  119.80  5
C+  LIMITED BRANDS INC  2.00  -7.00  788.20  766.10  3
C+  TJX COMPANIES INC  2.00  1.00  1500.00  1400.00  7
C-  UNITED RETAIL GROUP INC/DE  2.00  9.00  40.70  40.00  2
C  FREDS INC  1.00  3.50  157.60  147.10  7
B-  ANNTAYLOR STORES CORP  0.80  -1.70  212.50  192.30  11
A-  ABERCROMBIE & FITCH CO  0.00  21.00  256.70  227.50  13
B+  MENS WEARHOUSE INC,THE  -0.90  15.30  162.90  159.50  2
A-  DEB SHOPS INC  -1.10  10.20  26.70  26.30  2
NR  EXPRESS INC/LIMITED BRANDS  -2.00  -27.00  0.00  0.00  0
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  -3.00  2.00  36.40  34.80  5
D-  TALBOTS INC  -3.40  0.90  195.40  201.70  -3
A  BUCKLE INC,THE  -3.70  8.00  43.80  43.20  1
B+  CATO CORP  -4.00  2.00  83.80  83.40  0
NR  MAURICES INC/AMERICAN RETAIL GROUP  -4.00  0.01  0.00  0.00  0
NR  BANANA REPUBLIC INC/THE GAP INC  -7.00  -1.00  0.00  0.00  0
C-  STEIN MART INC  -7.30  -0.90  143.70  153.60  -6
B+  AEROPOSTALE INC  -9.30  6.80  94.90  87.10  9
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  -10.90  4.80  116.80  120.10  -3
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  -11.00  -15.00  0.00  0.00  0
C+  HOT TOPIC INC  -12.70  5.30  59.30  59.70  -1
NR  GAP INC  -13.00  -1.00  0.00  0.00  0
B  GAP INC,THE  -13.00  -4.00  1350.00  1480.00  -9
E  WILSONS THE LEATHER EXPERTS INC  -14.00  27.00  27.90  32.60  -14
NR  OLD NAVY/THE GAP INC  -15.00  -9.00  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  -29.00  -9.00  39.10  53.10  -26

Credit
Rating		 Dept Stores & Catalogs Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
B-  NORDSTROM INC  4.30  5.50  703.10  657.30  7
A-  KOHLS CORP  3.70  -1.00  1229.70  1091.40  13
NR  BON TON,THE  0.00    0.00    0
D  DILLARDS INC-HQ  0.00  -8.00  632.60  636.58  -1
NR  ECKERD CORPORATION/SEE RITE AID  0.00    0.00    0
C-  MACYS INC (FKA FEDERATED DPT STORES)  0.00  3.40  2257.00  1359.00  66
C-  SAKS INC/FKA PROFFITTS INC  -0.60  2.30  360.10  586.00  -39
B-  JC PENNEY CO INC  -1.00  -0.40  1548.00  1304.00  19
E  GOTTSCHALKS INC  -3.60  -2.40  56.00  57.88  -3
B-  STAGE STORES INC  -3.90  12.10  131.40  125.10  5
E+  BON TON STORES INC  -4.60  -3.60  243.80  100.50  143

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
B-  CVS/CAREMARK CORPORATION  7.00  7.50  3900.00  3550.00  10
B  WALGREEN COMPANY INC  4.30  11.60  4087.00  3743.16  9
E+  RITE AID CORP  2.10  1.60  1306.00  1301.00  0
C-  LONGS DRUG STORES CORP  0.60  0.40  470.20  446.30  5

Credit
Rating		 Home Furnishings Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
C-  HAVERTY FURNITURE COMPANIES  0.70  10.80  74.70  73.20  2
E-  BOMBAY COMPANY INC CASE NUMBER 07-44084  -1.70  -12.00  45.40  46.40  -2
E  PIER 1 IMPORTS INC  -2.00  -18.20  143.70  147.62  -3

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
B-  COSTCO WHOLESALE CORP  7.00  7.00  5360.00  4870.00  10
C-  COST U LESS INC  5.00  4.70  21.50  20.60  4
NR  SAMS CLUB  4.50  2.10  0.00  3560.00  -100
C+  BJS WHOLESALE CLUB  3.10  3.00  712.70  663.88  7
B-  TARGET CORP  2.20  8.20  4789.00  4408.00  9
B-  FAMILY DOLLAR STORES INC  1.40  2.40  594.70  552.70  8
B-  WAL MART STORES INC  1.40  4.30  30619.00  27976.00  9
D  DUCKWALL ALCO STORES INC  0.70  2.60  39.60  37.60  5
D  DOLLAR GENERAL CORP  -1.50  4.20  793.20  756.20  5

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  -0.60  -3.30  20.30  19.90  2

Credit
Rating		 Sporting Goods Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
0  ZUMIEZ INC  14.30    18.40    0

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  1.00  10.00  0.00  0.00  0
D+  JO ANN STORES INC  -3.10  -2.60  163.70  160.60  2
E  HANCOCK FABRICS INC CASE NUMBER 07-10353  -3.10  -8.90  36.50  37.80  -3



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    C WET SEAL INC 16.2 
SG    0 ZUMIEZ INC 14.3 
APP    A- CITI TRENDS INC 12.8 
APP    D+ VANITY SHOPS OF GRAND FORKS INC 8.6 
APP    A- CHICOS FAS INC 8.4 
MM    B- COSTCO WHOLESALE CORP 7.0 
DR    B- CVS/CAREMARK CORPORATION 7.0 
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS 7.0 
APP    C CHILDRENS PLACE RETAIL STORES 6.0 
MM    C- COST U LESS INC 5.0 


Rising Stars - Most Improved

Industry Credit
Rating		 Company TY LY
APP    NR EXPRESS INC/LIMITED BRANDS - 2.0 - 27.0
HF    E PIER 1 IMPORTS INC - 2.0 - 18.2
HF    E- BOMBAY COMPANY INC CASE NUMBER 07-44084 - 1.7 - 12.0
APP    C+ LIMITED BRANDS INC 2.0 - 7.0
DEP    D DILLARDS INC-HQ 0.0 - 8.0
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS 7.0 1.0
SR    E HANCOCK FABRICS INC CASE NUMBER 07-10353 - 3.1 - 8.9
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY 2.2 - 3.0
APP    B- CACHE INC 5.0 0.0
DEP    A- KOHLS CORP 3.7 - 1.0


Bottom 10 Retail Performers

Industry Credit
Rating		 Company Comp %
CE    F SHARPER IMAGE CORP - 29.0 
APP    NR OLD NAVY/THE GAP INC - 15.0 
APP    E WILSONS THE LEATHER EXPERTS INC - 14.0 
APP    NR GAP INC - 13.0 
APP    B GAP INC,THE - 13.0 
APP    C+ HOT TOPIC INC - 12.7 
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS - 11.0 
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC - 10.9 
APP    B+ AEROPOSTALE INC - 9.3 
APP    C- STEIN MART INC - 7.3 


Falling Stars - Sharpest Decline

Industry Credit
Rating		 Company TY LY
APP    E WILSONS THE LEATHER EXPERTS INC - 14.0 27.0
APP    A- BEBE STORES INC 4.1 30.6
APP    A AMERICAN EAGLE OUTFITTERS INC 3.0 29.2
APP    A- ABERCROMBIE & FITCH CO 0.0 21.0
APP    C WET SEAL INC 16.2 36.3
CE    F SHARPER IMAGE CORP - 29.0 - 9.0
APP    C+ HOT TOPIC INC - 12.7 5.3
APP    B+ MENS WEARHOUSE INC,THE - 0.9 15.3
APP    B+ AEROPOSTALE INC - 9.3 6.8
DEP    B- STAGE STORES INC - 3.9 12.1


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
 16.2  - 0.4  - 29.0 
APP Apparel Stores 16.2  - 0.9  - 15.0 
CE Consumer Electronics - 29.0  - 29.0  - 29.0 
DEP Dept Stores & Catalogs 4.3  - 0.5  - 4.6 
DR Drug Stores 7.0  3.5  0.6 
HF Home Furnishings 0.7  - 1.0  - 2.0 
MM Mass Merchandisers-Retail 7.0  2.6  - 1.5 
RET Other Retail Stores - 0.6  - 0.6  - 0.6 
SR Specialty Retail 1.0  - 1.7  - 3.1 
SG Sporting Goods Retail 14.3  14.3  14.3 


Industry Performance

March was the poorest year-over-year comps comparison since August of 2004, while on a sequential basis, the results weren't so great either. 56% of companies that reported March comp store sales results turned in results that were short -- and in some cases, well below -- Wall Street's forecast. Most companies blamed the shift of the Easter holiday on their results, while in reality many of the retailers are actually just not doing well. Discounters and children's retailers provided the best results while teen retailers were hit hardest, owing to a combination of record-high comparisons a year ago and a fashion trend that's soft on embellishments. Department store and specialty retailers' numbers were choppy. As a result of the holiday shift, analysts will be watching April results very carefully to see how much consumers spring for the season.



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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