SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES APRIL 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
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  CHILDRENS PLACE RETAIL STORES  22.00  8.00  139.20  107.70  29
A  AMERICAN EAGLE OUTFITTERS INC  19.00  20.00  179.20  142.50  26
B+  GYMBOREE CORP  19.00  -3.00  54.70  44.50  23
B+  CATO CORP  17.00  2.00  81.80  83.40  -2
C  WET SEAL INC  17.00  35.70  41.70  33.60  24
A-  ABERCROMBIE & FITCH CO  17.00  16.00  207.80  159.40  30
NR  DRESS BARN  16.00  6.00  0.00  0.00  0
B  DRESS BARN INC  15.00  3.00  124.50  104.90  19
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  14.00  -6.40  94.30  76.40  23
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  13.00  3.00  59.50  48.60  22
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  12.00  -3.00  0.00  0.00  0
B-  CACHE INC  11.00  -3.00  26.90  24.00  12
NR  MAURICES INC/AMERICAN RETAIL GROUP  11.00  -3.00  0.00  0.00  0
B-  ANNTAYLOR STORES CORP  10.90  -3.00  213.60  174.30  23
D-  TALBOTS INC  10.80  7.10  166.20  151.80  9
C+  LIMITED BRANDS INC  9.00  -4.00  653.20  597.50  9
B-  ROSS STORES INC  9.00  1.00  422.00  357.00  18
D+  VANITY SHOPS OF GRAND FORKS INC  8.89  7.29  0.00  6.50  -100
B+  MENS WEARHOUSE INC,THE  8.80  5.10  150.10  136.30  10
B+  AEROPOSTALE INC  8.40  -5.70  246.30  65.10  278
C-  UNITED RETAIL GROUP INC/DE  8.00  11.00  39.40  36.60  8
B+  JOS A BANK CLOTHIERS INC /DE/  7.30  5.80  38.40  32.60  18
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  7.10  3.10  58.00  54.40  7
C  FREDS INC  6.30  1.20  126.20  112.40  12
NR  EXPRESS INC/LIMITED BRANDS  6.00  -14.00  0.00  0.00  0
A-  BEBE STORES INC  5.70  31.20  46.20  40.30  15
A-  CHICOS FAS INC  5.40  15.50  136.00  114.70  19
A-  DEB SHOPS INC  4.00  10.30  29.30  27.40  7
A  BUCKLE INC,THE  1.00  4.00  31.60  29.70  6
C+  TJX COMPANIES INC  1.00  4.00  1300.00  1200.00  8
NR  BANANA REPUBLIC INC/THE GAP INC  1.00  -6.00  0.00  0.00  0
C-  STEIN MART INC  0.70  6.20  124.00  121.70  2
F+  FILENES BASEMENT CORP/RETAIL VENTURES INC  0.00  0.00  0.00  0.00  0
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  -1.00  1.00  0.00  0.00  0
NR  GAP INC  -2.00  -9.00  0.00  0.00  0
B  GAP INC,THE  -3.00  -5.00  1230.00  1200.00  3
NR  OLD NAVY/THE GAP INC  -6.00  0.01  0.00  0.00  0
C+  HOT TOPIC INC  -6.50  -4.10  46.40  44.00  5
E  WILSONS THE LEATHER EXPERTS INC  -7.90  13.00  17.10  18.60  -8

Credit
Rating		 Consumer Electronics Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
F  SHARPER IMAGE CORP  -32.00  -18.00  33.10  43.70  -24

Credit
Rating		 Dept Stores & Catalogs Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
B-  STAGE STORES INC  16.90  -2.50  119.00  92.60  29
A-  KOHLS CORP  13.40  8.00  1136.40  938.70  21
D  DILLARDS INC-HQ  10.00  -6.00  563.00  514.20  9
B-  NORDSTROM INC  7.30  6.90  584.80  531.70  10
B-  JC PENNEY CO INC  2.60  3.60  1369.00  1355.00  1
C-  SAKS INC/FKA PROFFITTS INC  2.20  0.30  309.40  516.30  -40
NR  VALUE CITY DEPARTMENT STORE  0.00  0.00  0.00  0.00  0
E  GOTTSCHALKS INC  -0.40  1.90  43.26  43.42  -0
C-  MACYS INC (FKA FEDERATED DPT STORES)  -0.80  2.80  1878.00  1163.00  61
E+  BON TON STORES INC  -1.90  4.90  245.60  87.20  182

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
B-  CVS/CAREMARK CORPORATION  9.70  5.20  3100.00  2780.00  12
E+  RITE AID CORP  4.60  -1.90  1329.00  1274.00  4

Credit
Rating		 Home Furnishings Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
C-  HAVERTY FURNITURE COMPANIES  -2.40  7.70  64.70  65.10  -1
E-  BOMBAY COMPANY INC CASE NUMBER 07-44084  -5.00  7.00  38.50  40.90  -6
E  PIER 1 IMPORTS INC  -11.50  -8.10  111.60  127.20  -12

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
D  DUCKWALL ALCO STORES INC  16.30  -3.90  36.90  30.90  19
B-  TARGET CORP  10.40  1.30  3790.00  3390.00  12
B-  COSTCO WHOLESALE CORP  7.00  8.00  4390.00  3940.00  11
D  DOLLAR GENERAL CORP  6.90  5.20  697.00  613.50  14
B-  WAL MART STORES INC  6.80  0.90  25871.00  22302.00  16
B-  FAMILY DOLLAR STORES INC  5.90  0.90  484.90  432.80  12
NR  SAMS CLUB  3.80  4.90  3122.00  2943.00  6
C+  BJS WHOLESALE CLUB  1.20  8.40  599.80  568.70  5
C-  COST U LESS INC  -0.70  6.30  16.30  16.40  -1

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  0.50  -7.90  17.90  17.30  3

Credit
Rating		 Specialty Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Apr Prior Year Apr Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  8.00  2.00  0.00  0.00  0
E  HANCOCK FABRICS INC CASE NUMBER 07-10353  -3.00  -2.70  27.50  28.50  -4
D+  JO ANN STORES INC  -5.40  4.10  130.10  131.50  -1



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    C CHILDRENS PLACE RETAIL STORES 22.0 
APP    A AMERICAN EAGLE OUTFITTERS INC 19.0 
APP    B+ GYMBOREE CORP 19.0 
APP    B+ CATO CORP 17.0 
APP    C WET SEAL INC 17.0 
APP    A- ABERCROMBIE & FITCH CO 17.0 
DEP    B- STAGE STORES INC 16.9 
MM    D DUCKWALL ALCO STORES INC 16.3 
APP    NR DRESS BARN 16.0 
APP    B DRESS BARN INC 15.0 


Rising Stars - Most Improved

Industry Credit
Rating		 Company TY LY
APP    B+ GYMBOREE CORP 19.0 - 3.0
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC 14.0 - 6.4
MM    D DUCKWALL ALCO STORES INC 16.3 - 3.9
APP    NR EXPRESS INC/LIMITED BRANDS 6.0 - 14.0
DEP    B- STAGE STORES INC 16.9 - 2.5
DEP    D DILLARDS INC-HQ 10.0 - 6.0
APP    B+ CATO CORP 17.0 2.0
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS 12.0 - 3.0
APP    B+ AEROPOSTALE INC 8.4 - 5.7
APP    C CHILDRENS PLACE RETAIL STORES 22.0 8.0


Bottom 10 Retail Performers

Industry Credit
Rating		 Company Comp %
CE    F SHARPER IMAGE CORP - 32.0 
HF    E PIER 1 IMPORTS INC - 11.5 
APP    E WILSONS THE LEATHER EXPERTS INC - 7.9 
APP    C+ HOT TOPIC INC - 6.5 
APP    NR OLD NAVY/THE GAP INC - 6.0 
SR    D+ JO ANN STORES INC - 5.4 
HF    E- BOMBAY COMPANY INC CASE NUMBER 07-44084 - 5.0 
SR    E HANCOCK FABRICS INC CASE NUMBER 07-10353 - 3.0 
APP    B GAP INC,THE - 3.0 
HF    C- HAVERTY FURNITURE COMPANIES - 2.4 


Falling Stars - Sharpest Decline

Industry Credit
Rating		 Company TY LY
APP    A- BEBE STORES INC 5.7 31.2
APP    E WILSONS THE LEATHER EXPERTS INC - 7.9 13.0
APP    C WET SEAL INC 17.0 35.7
CE    F SHARPER IMAGE CORP - 32.0 - 18.0
HF    E- BOMBAY COMPANY INC CASE NUMBER 07-44084 - 5.0 7.0
APP    A- CHICOS FAS INC 5.4 15.5
HF    C- HAVERTY FURNITURE COMPANIES - 2.4 7.7
SR    D+ JO ANN STORES INC - 5.4 4.1
MM    C+ BJS WHOLESALE CLUB 1.2 8.4
MM    C- COST U LESS INC - 0.7 6.3


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
 22.0  5.4  - 32.0 
APP Apparel Stores 22.0  7.6  - 7.9 
CE Consumer Electronics - 32.0  - 32.0  - 32.0 
DEP Dept Stores & Catalogs 16.9  4.9  - 1.9 
DR Drug Stores 9.7  7.2  4.6 
HF Home Furnishings - 2.4  - 6.3  - 11.5 
MM Mass Merchandisers-Retail 16.3  6.4  - 0.7 
RET Other Retail Stores 0.5  0.5  0.5 
SR Specialty Retail 8.0  - 0.1  - 5.4 


Industry Performance

Consumers seemingly unfazed by rising gasoline prices spent enthusiastically during April, giving a majority of retailers, particularly in the apparel industry, their best performance in a couple of years. Warmer weather, a late Easter and hot fashion trends helped entice shoppers. As major retailers reported their sales figures Thursday, many had better-than-expected results. The International Council of Shopping Centers-UBS sales tally of 69 retailers rose a robust 6.6% last month, the best performance since March 2004 when the reading was up 7.0%. A big factor boosting sales was a late Easter, which was three weeks later than last year. Because of the calendar shift, retailers and analysts look at the combined spring selling period of March and April, which was up a solid 4.3%. Despite the upbeat reports, retailers, particularly those that cater to low-income consumers, remain anxious.



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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