SECTOR MONTHLY SAME STORE SALES

COMPARABLE STORE SALES SEPTEMBER 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
Industry	Credit Rating	Company	YTD	Sep	Prior Year	Sep	Prior Year	Sales % Change

Companies Ranked by Industry

Credit Rating	Apparel Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Apparel Stores	Sep	Prior Year	Sep	Prior Year	Sales % Change
A	BUCKLE INC,THE	11.00	8.70	57.70	50.00	15
B-	CACHE INC	3.00	4.00	26.90	25.10	7
C+	PACIFIC SUNWEAR OF CALIFORNIA INC	2.70	-2.40	106.20	118.40	-10
C+	TJX COMPANIES INC	2.00	9.00	1800.00	1700.00	6
B+	JOS A BANK CLOTHIERS INC /DE/	1.40	2.70	49.90	46.10	8
B+	AEROPOSTALE INC	1.30	8.50	127.90	127.10	1
B+	CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS	1.00	9.00	45.40	42.00	8
C	FREDS INC	1.00	5.00	161.40	160.00	1
B-	ANNTAYLOR STORES CORP	0.50	5.80	246.70	232.30	6
B-	ROSS STORES INC	0.01	6.00	537.00	499.00	8
NR	LIMITED STORES INC ,THE/LIMITED BRANDS	0.01	-2.00	0.00	0.00	0
NR	EXPRESS INC/LIMITED BRANDS	0.01	3.00	0.00	0.00	0
NR	BANANA REPUBLIC INC/THE GAP INC	-2.00	3.00	0.00	0.00	0
A	AMERICAN EAGLE OUTFITTERS INC	-2.00	19.00	233.40	233.40	0
C+	HOT TOPIC INC	-2.90	-7.30	59.30	63.70	-7
C	CHILDRENS PLACE RETAIL STORES	-3.00	20.00	217.80	210.30	4
A-	DEB SHOPS INC	-3.80	6.80	28.20	28.30	-0
C+	LIMITED BRANDS INC	-4.00	12.00	713.20	781.30	-9
A-	ABERCROMBIE & FITCH CO	-4.00	10.00	297.40	295.30	1
NR	VICTORIAS SECRET STORES INC/LIMITED BRANDS	-6.00	19.00	0.00	0.00	0
C	WET SEAL INC	-7.00	5.80	52.70	52.30	1
E+	MOTHERS WORK INC / MOTHERHOOD MATERNITY	-7.00	10.60	46.40	49.50	-6
B	GAP INC,THE	-7.00	-3.00	1430.00	1460.00	-2
B+	CATO CORP	-7.00	3.00	65.80	67.70	-3
C-	UNITED RETAIL GROUP INC/DE	-8.00	11.00	37.70	40.10	-6
NR	OLD NAVY/THE GAP INC	-8.00	-3.00	0.00	0.00	0
A-	CHICOS FAS INC	-8.30	2.10	175.90	164.50	7
C-	STEIN MART INC	-9.10	4.80	127.20	131.40	-3
NR	GAP INC	-10.00	-5.00	0.00	0.00	0
E	WILSONS THE LEATHER EXPERTS INC	-13.00	-15.50	21.60	23.60	-8

Credit Rating	Consumer Electronics	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Consumer Electronics	Sep	Prior Year	Sep	Prior Year	Sales % Change
F	SHARPER IMAGE CORP	-21.00	-12.00	19.60	31.90	-39

Credit Rating	Dept Stores & Catalogs	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Dept Stores & Catalogs	Sep	Prior Year	Sep	Prior Year	Sales % Change
C-	SAKS INC/FKA PROFFITTS INC	7.70	10.00	307.40	343.10	-10
C-	NEIMAN MARCUS INC	6.00	6.70	466.00	437.00	7
B-	NORDSTROM INC	3.20	13.40	762.20	732.40	4
B-	STAGE STORES INC	2.30	11.00	127.80	121.00	6
C-	MACYS INC (FKA FEDERATED DPT STORES)	-2.70	6.20	2270.00	2303.00	-1
A-	KOHLS CORP	-3.20	16.30	1330.00	1154.00	15
E	GOTTSCHALKS INC	-3.90	-1.00	52.80	57.20	-8
B-	JC PENNEY CO INC	-4.60	8.70	1622.00	1662.00	-2
D	DILLARDS INC-HQ	-7.00	3.00	649.20	687.71	-6
E+	BON TON STORES INC	-7.10	9.10	307.90	329.40	-7
NR	BON TON,THE	-8.60	0.20	0.00	0.00	0

Credit Rating	Drug Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Drug Stores	Sep	Prior Year	Sep	Prior Year	Sales % Change
B-	CVS/CAREMARK CORPORATION	5.00	8.80	0.00	4400.00	-100
B	WALGREEN COMPANY INC	4.70	8.50	4413.00	4028.00	10
C-	LONGS DRUG STORES CORP	1.80	3.60	447.00	471.80	-5
E+	RITE AID CORP	0.70	3.50	1990.00	1306.00	52

Credit Rating	Mass Merchandisers-Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Mass Merchandisers-Retail	Sep	Prior Year	Sep	Prior Year	Sales % Change
B-	PRICESMART INC	24.10	15.10	78.10	62.40	25
B-	COSTCO WHOLESALE CORP	6.00	4.00	6050.00	5560.00	9
C-	COST U LESS INC	4.70	6.70	23.20	22.00	5
NR	SAMS CLUB	4.10	1.10	3807.00	3836.00	-1
C+	BJS WHOLESALE CLUB	3.90	-0.90	798.90	751.00	6
B-	WAL MART STORES INC	1.40	1.30	31369.00	31209.00	1
B-	TARGET CORP	1.20	6.70	5190.00	4885.00	6
B-	FAMILY DOLLAR STORES INC	0.50	2.20	614.20	601.20	2
D	DUCKWALL ALCO STORES INC	0.01	7.30	42.00	41.60	1

Credit Rating	Other Retail Stores	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Other Retail Stores	Sep	Prior Year	Sep	Prior Year	Sales % Change
D-	FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS	1.90	2.10	21.40	20.20	6

Credit Rating	Sporting Goods Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Sporting Goods Retail	Sep	Prior Year	Sep	Prior Year	Sales % Change
0	ZUMIEZ INC	13.90	14.90	32.10	28.70	12

Credit Rating	Specialty Retail	Monthly Comp Change - %		Net Sales (in millions)		Sales % Change
Credit Rating	Specialty Retail	Sep	Prior Year	Sep	Prior Year	Sales % Change
NR	BATH & BODY WORKS/LIMITED BRANDS	-2.00	16.00	0.00	0.00	0
D-	IPARTY CORP	-2.90		16.90		0

Performance Insight

Top 10 Retail Performers

Industry	Credit Rating	Company	Comp %
MM	B-	PRICESMART INC	24.1
SG	0	ZUMIEZ INC	13.9
APP	A	BUCKLE INC,THE	11.0
DEP	C-	SAKS INC/FKA PROFFITTS INC	7.7
MM	B-	COSTCO WHOLESALE CORP	6.0
DEP	C-	NEIMAN MARCUS INC	6.0
DR	B-	CVS/CAREMARK CORPORATION	5.0
DR	B	WALGREEN COMPANY INC	4.7
MM	C-	COST U LESS INC	4.7
MM	NR	SAMS CLUB	4.1

Rising Stars - Most Improved

Industry	Credit Rating	Company	TY	LY
MM	B-	PRICESMART INC	24.1	15.1
APP	C+	PACIFIC SUNWEAR OF CALIFORNIA INC	2.7	- 2.4
MM	C+	BJS WHOLESALE CLUB	3.9	- 0.9
APP	C+	HOT TOPIC INC	- 2.9	- 7.3
MM	NR	SAMS CLUB	4.1	1.1
APP	E	WILSONS THE LEATHER EXPERTS INC	- 13.0	- 15.5
APP	A	BUCKLE INC,THE	11.0	8.7
APP	NR	LIMITED STORES INC ,THE/LIMITED BRANDS	0.0	- 2.0
MM	B-	COSTCO WHOLESALE CORP	6.0	4.0
MM	B-	WAL MART STORES INC	1.4	1.3

Bottom 10 Retail Performers

Industry	Credit Rating	Company	Comp %
CE	F	SHARPER IMAGE CORP	- 21.0
APP	E	WILSONS THE LEATHER EXPERTS INC	- 13.0
APP	NR	GAP INC	- 10.0
APP	C-	STEIN MART INC	- 9.1
DEP	NR	BON TON,THE	- 8.6
APP	A-	CHICOS FAS INC	- 8.3
APP	C-	UNITED RETAIL GROUP INC/DE	- 8.0
APP	NR	OLD NAVY/THE GAP INC	- 8.0
DEP	E+	BON TON STORES INC	- 7.1
APP	B+	CATO CORP	- 7.0

Falling Stars - Sharpest Decline

Industry	Credit Rating	Company	TY	LY
APP	NR	VICTORIAS SECRET STORES INC/LIMITED BRANDS	- 6.0	19.0
APP	C	CHILDRENS PLACE RETAIL STORES	- 3.0	20.0
APP	A	AMERICAN EAGLE OUTFITTERS INC	- 2.0	19.0
DEP	A-	KOHLS CORP	- 3.2	16.3
APP	C-	UNITED RETAIL GROUP INC/DE	- 8.0	11.0
SR	NR	BATH & BODY WORKS/LIMITED BRANDS	- 2.0	16.0
APP	E+	MOTHERS WORK INC / MOTHERHOOD MATERNITY	- 7.0	10.6
DEP	E+	BON TON STORES INC	- 7.1	9.1
APP	C+	LIMITED BRANDS INC	- 4.0	12.0
APP	A-	ABERCROMBIE & FITCH CO	- 4.0	10.0

Industry Performance

Industry	Industry	Highest	Median	Lowest
RETAIL SECTOR		24.1	- 1.0	- 21.0

APP	Apparel Stores	11.0	- 2.9	- 13.0
CE	Consumer Electronics	- 21.0	- 21.0	- 21.0
DEP	Dept Stores & Catalogs	7.7	- 1.6	- 8.6
DR	Drug Stores	5.0	3.1	0.7
MM	Mass Merchandisers-Retail	24.1	5.1	0.0
RET	Other Retail Stores	1.9	1.9	1.9
SR	Specialty Retail	- 2.0	- 2.5	- 2.9
SG	Sporting Goods Retail	13.9	13.9	13.9

Industry Performance

A lingering summer warmth and humidity, combined with an uncertain economy kept consumers from stores during September, thus resulting in disappointing sales for many retailers. This resulted in many even cutting their forecasts for the quarter. With many citing abnormally warm weather, high food and energy prices on top of tightening credit, results fell below forecasts for many. The question is, didn't we have the same scenario last year? The weather during Halloween was warm that kids were running around with no coats covering their costumes. Overall, these results are a solid indication that consumers are cutting their spending. Either way, it appears that if sales don't pick up soon, stores will being slashing prices to rid them of inventory to make room for the holiday. This does not bode well for retailers as they generally make up for the year during the holidays and if consumers are really tightening the purse strings, then many won't be jolly and fat at the end of 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.