SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES MAY 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
May Prior Year May Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating		 Apparel Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
May Prior Year May Prior Year
B+  GYMBOREE CORP  24.00  -1.00  47.30  36.70  29
C  CHILDRENS PLACE RETAIL STORES  18.00  2.00  112.70  90.40  25
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  16.00    0.00    0
NR  DRESS BARN  13.00  -1.00  0.00  0.00  0
B-  ANNTAYLOR STORES CORP  12.00  -7.10  217.60  177.10  23
A  AMERICAN EAGLE OUTFITTERS INC  11.00  17.10  168.80  140.90  20
A-  CITI TRENDS INC  10.80  11.10  23.60  17.90  32
B  DRESS BARN INC  9.00  1.00  118.40  104.70  13
C-  UNITED RETAIL GROUP INC/DE  9.00  10.00  42.10  39.10  8
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  8.00  7.00  46.60  39.30  19
A-  CHICOS FAS INC  7.20  13.60  141.10  117.10  20
B+  JOS A BANK CLOTHIERS INC /DE/  7.10  5.60  36.70  31.50  17
C+  LIMITED BRANDS INC  7.00  -1.00  719.40  672.90  7
B-  CACHE INC  6.00  10.00  22.70  21.50  6
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  5.50  -8.10  56.40  51.90  9
B-  ROSS STORES INC  5.00  7.00  417.00  370.00  13
B+  MENS WEARHOUSE INC,THE  5.00  12.80  157.60  144.60  9
C+  TJX COMPANIES INC  4.00  -1.00  1300.00  1200.00  8
D+  VANITY SHOPS OF GRAND FORKS INC  3.50  10.50  0.00  6.70  -100
A-  ABERCROMBIE & FITCH CO  3.00  29.00  185.70  159.00  17
NR  BANANA REPUBLIC INC/THE GAP INC  3.00  -7.00  0.00  0.00  0
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  2.60  0.40  85.10  80.70  5
C  FREDS INC  2.40  2.00  127.80  117.50  9
A-  BEBE STORES INC  1.60  40.30  49.10  44.80  10
A-  DEB SHOPS INC  1.40  2.70  27.40  26.20  5
C-  STEIN MART INC  1.00  0.40  119.60  117.90  1
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  -1.00  5.00  0.00  0.00  0
B+  AEROPOSTALE INC  -1.10  -4.90  73.90  62.60  18
NR  MAURICES INC/AMERICAN RETAIL GROUP  -2.00  5.00  0.00  0.00  0
B+  CATO CORP  -2.00  -1.00  73.80  72.30  2
A  BUCKLE INC,THE  -3.80  8.60  31.10  30.80  1
NR  GAP INC  -5.00  -9.00  0.00  0.00  0
C+  HOT TOPIC INC  -6.00  -1.90  45.90  43.30  6
B  GAP INC,THE  -6.00  -8.00  1160.00  1170.00  -1
NR  OLD NAVY/THE GAP INC  -8.00  -8.00  0.00  0.00  0
C  WET SEAL INC  -8.30  56.90  37.30  40.00  -7
E  WILSONS THE LEATHER EXPERTS INC  -9.10  11.00  15.60  17.20  -9
NR  EXPRESS INC/LIMITED BRANDS  -12.00  -9.00  0.00  0.00  0

Credit
Rating		 Consumer Electronics Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
May Prior Year May Prior Year
F  SHARPER IMAGE CORP  -36.00  -15.00  33.40  45.60  -27

Credit
Rating		 Dept Stores & Catalogs Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
May Prior Year May Prior Year
B-  JC PENNEY CO INC  11.10  3.50  1383.00  1290.00  7
C-  MACYS INC (FKA FEDERATED DPT STORES)  9.20  0.80  2026.00  1191.00  70
B-  NORDSTROM INC  7.80  7.40  600.80  545.50  10
B-  STAGE STORES INC  4.00  7.00  116.10  100.00  16
A-  KOHLS CORP  3.10  0.20  1002.90  899.10  12
D  DILLARDS INC-HQ  3.00  1.00  534.30  519.00  3
E  GOTTSCHALKS INC  2.80  4.20  48.90  47.40  3
E+  BON TON STORES INC  2.40  -6.10  232.30  89.00  161
C-  SAKS INC/FKA PROFFITTS INC  1.10  -1.20  231.20  419.60  -45
D  GORDMANS INC  -1.20  -6.60  0.00  0.00  0
NR  BON TON,THE  -4.10  -6.10  0.00  0.00  0

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
May Prior Year May Prior Year
B  WALGREEN COMPANY INC  9.80  8.80  4129.60  3599.70  15
B-  CVS/CAREMARK CORPORATION  8.40  5.80  3200.00  2850.00  12
C-  LONGS DRUG STORES CORP  2.90  0.40  401.10  364.40  10

Credit
Rating		 Footwear Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
May Prior Year May Prior Year
C-  SHOE CARNIVAL INC  7.10  7.10  48.00  48.00  0
B-  COLLECTIVE BRANDS FKA PAYLESS SHOESOURCE  4.10  4.10  240.20  240.20  0

Credit
Rating		 Home Furnishings Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
May Prior Year May Prior Year
C-  HAVERTY FURNITURE COMPANIES  17.90  1.20  74.60  61.80  21
E  PIER 1 IMPORTS INC  -6.60  -7.70  120.90  130.90  -8

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
May Prior Year May Prior Year
B-  COSTCO WHOLESALE CORP  10.00  5.00  4710.00  4110.00  15
D  DUCKWALL ALCO STORES INC  8.80  2.20  40.60  36.00  13
B-  TARGET CORP  5.70  5.10  3929.00  3500.00  12
C-  COST U LESS INC  4.60  2.60  16.50  15.90  4
B-  FAMILY DOLLAR STORES INC  4.50  0.20  489.90  442.50  11
C+  BJS WHOLESALE CLUB  4.20  0.50  655.50  603.40  9
B-  WAL MART STORES INC  3.30  2.50  26285.00  23421.00  12
D  DOLLAR GENERAL CORP  1.30  4.30  687.00  640.60  7

Credit
Rating		 Other Retail Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
May Prior Year May Prior Year
D-  FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS  1.70  -0.20  24.80  23.70  5

Credit
Rating		 Specialty Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
May Prior Year May Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  12.00  5.00  0.00  0.00  0
E  HANCOCK FABRICS INC CASE NUMBER 07-10353  5.90  -8.40  27.30  25.90  5
D+  JO ANN STORES INC  -7.60  2.00  109.80  114.60  -4



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    B+ GYMBOREE CORP 24.0 
APP    C CHILDRENS PLACE RETAIL STORES 18.0 
HF    C- HAVERTY FURNITURE COMPANIES 17.9 
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS 16.0 
APP    NR DRESS BARN 13.0 
SR    NR BATH & BODY WORKS/LIMITED BRANDS 12.0 
APP    B- ANNTAYLOR STORES CORP 12.0 
DEP    B- JC PENNEY CO INC 11.1 
APP    A AMERICAN EAGLE OUTFITTERS INC 11.0 
APP    A- CITI TRENDS INC 10.8 


Rising Stars - Most Improved

Industry Credit
Rating		 Company TY LY
APP    B+ GYMBOREE CORP 24.0 - 1.0
APP    B- ANNTAYLOR STORES CORP 12.0 - 7.1
HF    C- HAVERTY FURNITURE COMPANIES 17.9 1.2
APP    C CHILDRENS PLACE RETAIL STORES 18.0 2.0
SR    E HANCOCK FABRICS INC CASE NUMBER 07-10353 5.9 - 8.4
APP    NR DRESS BARN 13.0 - 1.0
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY 5.5 - 8.1
APP    NR BANANA REPUBLIC INC/THE GAP INC 3.0 - 7.0
DEP    E+ BON TON STORES INC 2.4 - 6.1
DEP    C- MACYS INC (FKA FEDERATED DPT STORES) 9.2 0.8


Bottom 10 Retail Performers

Industry Credit
Rating		 Company Comp %
CE    F SHARPER IMAGE CORP - 36.0 
APP    NR EXPRESS INC/LIMITED BRANDS - 12.0 
APP    E WILSONS THE LEATHER EXPERTS INC - 9.1 
APP    C WET SEAL INC - 8.3 
APP    NR OLD NAVY/THE GAP INC - 8.0 
SR    D+ JO ANN STORES INC - 7.6 
HF    E PIER 1 IMPORTS INC - 6.6 
APP    B GAP INC,THE - 6.0 
APP    C+ HOT TOPIC INC - 6.0 
APP    NR GAP INC - 5.0 


Falling Stars - Sharpest Decline

Industry Credit
Rating		 Company TY LY
APP    C WET SEAL INC - 8.3 56.9
APP    A- BEBE STORES INC 1.6 40.3
APP    A- ABERCROMBIE & FITCH CO 3.0 29.0
CE    F SHARPER IMAGE CORP - 36.0 - 15.0
APP    E WILSONS THE LEATHER EXPERTS INC - 9.1 11.0
APP    A BUCKLE INC,THE - 3.8 8.6
SR    D+ JO ANN STORES INC - 7.6 2.0
APP    B+ MENS WEARHOUSE INC,THE 5.0 12.8
APP    NR MAURICES INC/AMERICAN RETAIL GROUP - 2.0 5.0
APP    D+ VANITY SHOPS OF GRAND FORKS INC 3.5 10.5


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
 24.0  3.4  - 36.0 
APP Apparel Stores 24.0  3.5  - 12.0 
CE Consumer Electronics - 36.0  - 36.0  - 36.0 
DEP Dept Stores & Catalogs 11.1  3.6  - 4.1 
DR Drug Stores 9.8  7.0  2.9 
FW Footwear Retail 7.1  5.6  4.1 
HF Home Furnishings 17.9  5.7  - 6.6 
MM Mass Merchandisers-Retail 10.0  5.3  1.3 
RET Other Retail Stores 1.7  1.7  1.7 
SR Specialty Retail 12.0  3.4  - 7.6 


Industry Performance

May same-store sales largely trounced analyst forecasts, though some warned that high energy prices might slow growth going forward. The rise in gasoline prices posed a particular threat to retailers that serve lower-income customers. Despite the rise, during the month of May consumers seemed resilient to high gas prices, as evidenced by strong monthly same-store sales across the board. According to the International Council of Shopping Centers, retail sales rose 4.2% in May, versus an expected 3.5% rise, led by department stores and specialty clothing chains. With Mother's Day sales, warmer weather and the right summer fashions, many retailers post solid especially a few specialty apparel sellers, who logged robust numbers that trounced analysts' estimates for the month. Overall the outlook for consumer spending remained uncertain as shoppers face some big purchasing decisions: whether they should spend on summer vacations, for example, or buy more apparel and other items.



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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