SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES OCTOBER 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
Oct Prior Year Oct Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  22.00  6.00  66.40  53.00  25
A  BUCKLE INC,THE  14.90  1.70  50.00  41.50  20
C+  TJX COMPANIES INC  3.00  5.00  1540.00  1500.00  3
B+  AEROPOSTALE INC  3.00  5.60  116.40  99.20  17
A-  CITI TRENDS INC  2.00  4.00  183.80  26.00  607
C  CHILDRENS PLACE RETAIL STORES  2.00  10.00  183.80  184.80  -1
B+  JOS A BANK CLOTHIERS INC /DE/  1.80  8.40  47.50  43.70  9
C  FREDS INC  0.60  -2.50  129.50  124.90  4
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  -0.80  -7.10  85.30  88.20  -3
B-  ROSS STORES INC  -1.00  3.00  470.00  438.00  7
NR  BANANA REPUBLIC INC/THE GAP INC  -2.00  2.00  0.00  0.00  0
A-  ABERCROMBIE & FITCH CO  -2.00  3.00  251.10  216.80  16
B-  CACHE INC  -3.00  11.00  20.60  21.30  -3
A  AMERICAN EAGLE OUTFITTERS INC  -3.00  8.00  210.20  186.40  13
C-  STEIN MART INC  -3.80  -2.20  113.70  112.10  1
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  -3.90  1.70  46.10  47.50  -3
C+  HOT TOPIC INC  -4.00  -7.20  58.10  60.00  -3
B-  ANNTAYLOR STORES CORP  -4.20  -0.50  191.60  184.80  4
C  WET SEAL INC  -5.40  7.50  41.50  39.80  4
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  -6.00  9.00  644.70  694.80  -7
NR  GAP INC  -7.00  -4.00  0.00  0.00  0
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -7.00  14.00  0.00  0.00  0
B+  CATO CORP  -7.00  5.00  65.80  59.60  10
B  GAP INC,THE  -8.00  -7.00  1230.00  1250.00  -2
A-  CHICOS FAS INC  -10.60  4.10  121.20  125.30  -3
NR  OLD NAVY/THE GAP INC  -11.00  -11.00  0.00  0.00  0
E  WILSONS THE LEATHER EXPERTS INC  -21.80  -13.50  20.00  25.00  -20

Credit
Rating
Consumer Electronics Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
11  HARVEY ELECTRONICS INC  0.00    0.00    0
F  SHARPER IMAGE CORP  -8.00  -17.00  25.90  38.10  -32

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
C-  SAKS INC/FKA PROFFITTS INC  10.60  9.20  269.10  232.80  16
E+  BON TON STORES INC  -1.40  -3.00  244.70  249.70  -2
C-  MACYS INC (FKA FEDERATED DPT STORES)  -1.50  7.70  1853.00  1863.00  -1
B-  JC PENNEY CO INC  -1.80  8.10  1310.00  1538.00  -15
B-  NORDSTROM INC  -2.40  10.70  625.70  622.40  1
B-  STAGE STORES INC  -2.90  -2.50  103.80  103.60  0
E  GOTTSCHALKS INC  -3.00  1.40  41.70  44.20  -6
NR  BON TON,THE  -3.20  -9.70  0.00  0.00  0
A-  KOHLS CORP  -3.80  4.20  1270.00  1246.90  2
D  DILLARDS INC-HQ  -7.00  -5.00  444.70  474.00  -6

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
B  WALGREEN COMPANY INC  6.90  11.40  4830.00  4314.00  12
B-  CVS/CAREMARK CORPORATION  4.60  9.30  0.00  3500.00  -100
E+  RITE AID CORP  0.40  4.00  1999.00  1318.00  52

Credit
Rating
Home Furnishings Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
C-  HAVERTY FURNITURE COMPANIES  -4.40  -10.10  62.40  63.50  -2

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
B-  COSTCO WHOLESALE CORP  9.00  4.00  5210.00  459.00  1,035
C-  COST U LESS INC  6.60  2.50  17.20  16.40  5
C+  BJS WHOLESALE CLUB  4.80  2.90  663.80  602.60  10
B-  TARGET CORP  4.10  3.90  4450.00  4054.00  10
B-  FAMILY DOLLAR STORES INC  3.00  1.00  509.50  480.90  6
NR  SAMS CLUB  2.70  2.00  3296.00  3110.00  6
B-  WAL MART STORES INC  0.40  0.50  27920.00  25710.00  9
D  DUCKWALL ALCO STORES INC  0.01  3.90  35.30  34.20  3

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
0  ZUMIEZ INC  5.10  15.90  24.70  19.90  24

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Oct Prior Year Oct Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -6.00  14.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    B+ CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS 22.0 
APP    A BUCKLE INC,THE 14.9 
DEP    C- SAKS INC/FKA PROFFITTS INC 10.6 
MM    B- COSTCO WHOLESALE CORP 9.0 
DR    B WALGREEN COMPANY INC 6.9 
MM    C- COST U LESS INC 6.6 
SG    0 ZUMIEZ INC 5.1 
MM    C+ BJS WHOLESALE CLUB 4.8 
DR    B- CVS/CAREMARK CORPORATION 4.6 
MM    B- TARGET CORP 4.1 


Rising Stars - Most Improved

Industry Credit
Rating
Company TY LY
APP    B+ CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS 22.0 6.0
APP    A BUCKLE INC,THE 14.9 1.7
CE    F SHARPER IMAGE CORP - 8.0 - 17.0
DEP    NR BON TON,THE - 3.2 - 9.7
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC - 0.8 - 7.1
HF    C- HAVERTY FURNITURE COMPANIES - 4.4 - 10.1
MM    B- COSTCO WHOLESALE CORP 9.0 4.0
MM    C- COST U LESS INC 6.6 2.5
APP    C+ HOT TOPIC INC - 4.0 - 7.2
APP    C FREDS INC 0.6 - 2.5


Bottom 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    E WILSONS THE LEATHER EXPERTS INC - 21.8 
APP    NR OLD NAVY/THE GAP INC - 11.0 
APP    A- CHICOS FAS INC - 10.6 
CE    F SHARPER IMAGE CORP - 8.0 
APP    B GAP INC,THE - 8.0 
DEP    D DILLARDS INC-HQ - 7.0 
APP    B+ CATO CORP - 7.0 
APP    NR GAP INC - 7.0 
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 7.0 
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS - 6.0 


Falling Stars - Sharpest Decline

Industry Credit
Rating
Company TY LY
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 7.0 14.0
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 6.0 14.0
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS - 6.0 9.0
APP    A- CHICOS FAS INC - 10.6 4.1
APP    B- CACHE INC - 3.0 11.0
DEP    B- NORDSTROM INC - 2.4 10.7
APP    C WET SEAL INC - 5.4 7.5
APP    B+ CATO CORP - 7.0 5.0
APP    A AMERICAN EAGLE OUTFITTERS INC - 3.0 8.0
SG    0 ZUMIEZ INC 5.1 15.9


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
22.0  - 0.9  - 21.8 
APP Apparel Stores 22.0  - 2.3  - 21.8 
CE Consumer Electronics 0.0  - 4.0  - 8.0 
DEP Dept Stores & Catalogs 10.6  - 1.6  - 7.0 
DR Drug Stores 6.9  4.0  0.4 
HF Home Furnishings - 4.4  - 4.4  - 4.4 
MM Mass Merchandisers-Retail 9.0  3.8  0.0 
SR Specialty Retail - 6.0  - 6.0  - 6.0 
SG Sporting Goods Retail 5.1  5.1  5.1 


Industry Performance

With warm weather continuing through Halloween, most retail chains' sales suffered, with many missing Wall Street estimates. While the apparel industry appears to have fared the worst, overall results were not stellar, although luxury stores and warehouse clubs did well. As has been the case throughout the year, fuel and housing costs have been prime suspects, but it really comes down to just having been too nice outside to be in a store purchasing winter garb. As we head into the holiday season, it appears that consumers are becoming a bit more price conscious. Overall, how retailers will do during the holiday is still up for grabs. Especially with Walmart releasing its black Friday deals a few weeks early and even allowing consumers to get some of those deals earlier. This appears to indicate that retailers are trying to rev up their sales early to make up for soft results throughout the year and to help offset consumers' eroding confidence and a weakening sales trend amid mounting problems in the economy. One problem that retailers will have this season is determining what is the must have item. Especially in the toy segment, where a number highly publicized recalls have occurred with no end in site, as each week brings another slew of recalls.



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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