SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES MARCH 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
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
A  AMERICAN EAGLE OUTFITTERS INC  20.00  3.00  201.60  201.60  0
NR  MAURICES INC/AMERICAN RETAIL GROUP  20.00  -4.00  0.00  0.00  0
B+  AEROPOSTALE INC  15.90  -9.30  124.80  94.90  32
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  15.00  -11.00  0.00  0.00  0
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  14.10  -10.90  140.30  116.80  20
B  DRESS BARN INC  12.00  2.00  145.40  125.30  16
C-  UNITED RETAIL GROUP INC/DE  11.00  2.00  45.50  40.70  12
C  WET SEAL INC  10.90  16.20  57.60  47.30  22
A  BUCKLE INC,THE  10.70  -3.70  49.40  43.80  13
NR  OLD NAVY/THE GAP INC  10.00  -15.00  0.00  0.00  0
B+  GYMBOREE CORP  9.00  5.00  92.10  78.00  18
C+  LIMITED BRANDS INC  8.00  2.00  892.30  788.20  13
C-  STEIN MART INC  8.00  -7.30  162.50  143.70  13
NR  BANANA REPUBLIC INC/THE GAP INC  8.00  -7.00  0.00  0.00  0
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  8.00  7.00  0.00  0.00  0
A-  ABERCROMBIE & FITCH CO  7.00  0.00  331.20  256.70  29
C  CHILDRENS PLACE RETAIL STORES  7.00  6.00  204.70  173.40  18
B+  CATO CORP  7.00  -4.00  95.10  83.80  13
A-  DEB SHOPS INC  6.50  -1.10  29.50  26.70  10
B-  ANNTAYLOR STORES CORP  6.10  0.80  243.90  212.50  15
B  GAP INC,THE  6.00  -13.00  1560.00  1350.00  16
B-  ROSS STORES INC  6.00  4.00  599.00  513.00  17
C+  TJX COMPANIES INC  6.00  2.00  1700.00  1500.00  13
A-  CHICOS FAS INC  5.20  8.40  191.20  157.30  22
C  FREDS INC  4.40  1.00  172.20  157.60  9
NR  GAP INC  4.00  -13.00  0.00  0.00  0
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  3.60  2.20  59.10  56.80  4
C+  HOT TOPIC INC  3.40  -12.70  63.30  59.30  7
B+  JOS A BANK CLOTHIERS INC /DE/  1.40  4.40  45.70  41.50  10
A-  BEBE STORES INC  0.10  4.10  60.60  55.80  9
NR  EXPRESS INC/LIMITED BRANDS  0.01  -2.00  0.00  0.00  0
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  0.01  -3.00  41.70  36.40  15
B-  CACHE INC  0.01  5.00  29.10  29.30  -1
E  WILSONS THE LEATHER EXPERTS INC  -16.80  -14.00  21.90  27.90  -22

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  -29.00  22.10  39.10  -43

Credit
Rating		 Dept Stores & Catalogs Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
A-  KOHLS CORP  16.80  3.70  1580.00  1229.70  28
B-  NORDSTROM INC  15.00  4.30  803.20  703.10  14
B-  STAGE STORES INC  12.40  -3.90  151.00  131.40  15
B-  JC PENNEY CO INC  10.60  -1.00  1440.00  1548.00  -7
C-  SAKS INC/FKA PROFFITTS INC  10.10  -0.60  284.30  360.10  -21
E  GOTTSCHALKS INC  6.40  -3.60  58.90  56.00  5
D  DILLARDS INC-HQ  6.00  0.00  679.60  632.60  7
C-  MACYS INC (FKA FEDERATED DPT STORES)  2.30  0.00  2290.00  2257.00  1
E+  BON TON STORES INC  -3.80  -4.60  288.00  243.80  18

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
B  WALGREEN COMPANY INC  8.00  4.30  4610.00  4087.00  13
B-  CVS/CAREMARK CORPORATION  7.00  7.00  4800.00  3900.00  23
E+  RITE AID CORP  3.30  2.10  1356.00  1306.00  4
C-  LONGS DRUG STORES CORP  2.90  0.60  452.70  470.20  -4

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
B-  TARGET CORP  12.00  2.20  5600.00  4789.00  17
NR  SAMS CLUB  7.30  4.50  4160.00  0.00  0
D  DUCKWALL ALCO STORES INC  7.10  0.70  42.90  39.60  8
B-  COSTCO WHOLESALE CORP  6.00  7.00  5940.00  5360.00  11
B-  FAMILY DOLLAR STORES INC  5.80  1.40  651.40  594.70  10
D  DOLLAR GENERAL CORP  5.50  -1.50  904.80  793.20  14
B-  WAL MART STORES INC  4.00  1.40  34260.00  30619.00  12
C-  COST U LESS INC  4.00  5.00  22.30  21.50  4
C+  BJS WHOLESALE CLUB  3.10  3.10  790.80  712.70  11

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  6.30  -0.60  21.80  20.30  7

Credit
Rating		 Sporting Goods Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Mar Prior Year Mar Prior Year
0  ZUMIEZ INC  17.00  14.30  28.30  18.40  54

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  15.00  1.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    A AMERICAN EAGLE OUTFITTERS INC 20.0 
APP    NR MAURICES INC/AMERICAN RETAIL GROUP 20.0 
SG    0 ZUMIEZ INC 17.0 
DEP    A- KOHLS CORP 16.8 
APP    B+ AEROPOSTALE INC 15.9 
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS 15.0 
SR    NR BATH & BODY WORKS/LIMITED BRANDS 15.0 
DEP    B- NORDSTROM INC 15.0 
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC 14.1 
DEP    B- STAGE STORES INC 12.4 


Rising Stars - Most Improved

Industry Credit
Rating		 Company TY LY
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS 15.0 - 11.0
APP    B+ AEROPOSTALE INC 15.9 - 9.3
APP    NR OLD NAVY/THE GAP INC 10.0 - 15.0
APP    C+ PACIFIC SUNWEAR OF CALIFORNIA INC 14.1 - 10.9
APP    NR MAURICES INC/AMERICAN RETAIL GROUP 20.0 - 4.0
APP    B GAP INC,THE 6.0 - 13.0
APP    A AMERICAN EAGLE OUTFITTERS INC 20.0 3.0
APP    NR GAP INC 4.0 - 13.0
DEP    B- STAGE STORES INC 12.4 - 3.9
APP    C+ HOT TOPIC INC 3.4 - 12.7


Bottom 10 Retail Performers

Industry Credit
Rating		 Company Comp %
CE    F SHARPER IMAGE CORP - 29.0 
APP    E WILSONS THE LEATHER EXPERTS INC - 16.8 
DEP    E+ BON TON STORES INC - 3.8 
APP    B+ CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS 0.0 
APP    B- CACHE INC 0.0 
APP    NR EXPRESS INC/LIMITED BRANDS 0.0 
APP    A- BEBE STORES INC 0.1 
APP    B+ JOS A BANK CLOTHIERS INC /DE/ 1.4 
DEP    C- MACYS INC (FKA FEDERATED DPT STORES) 2.3 
DR    C- LONGS DRUG STORES CORP 2.9 


Falling Stars - Sharpest Decline

Industry Credit
Rating		 Company TY LY
APP    C WET SEAL INC 10.9 16.2
APP    B- CACHE INC 0.0 5.0
APP    A- BEBE STORES INC 0.1 4.1
APP    A- CHICOS FAS INC 5.2 8.4
APP    B+ JOS A BANK CLOTHIERS INC /DE/ 1.4 4.4
APP    E WILSONS THE LEATHER EXPERTS INC - 16.8 - 14.0
MM    B- COSTCO WHOLESALE CORP 6.0 7.0
MM    C- COST U LESS INC 4.0 5.0
DR    B- CVS/CAREMARK CORPORATION 7.0 7.0
CE    F SHARPER IMAGE CORP - 29.0 - 29.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
 20.0  6.6  - 29.0 
APP Apparel Stores 20.0  7.0  - 16.8 
CE Consumer Electronics - 29.0  - 29.0  - 29.0 
DEP Dept Stores & Catalogs 16.8  8.4  - 3.8 
DR Drug Stores 8.0  5.3  2.9 
MM Mass Merchandisers-Retail 12.0  6.1  3.1 
RET Other Retail Stores 6.3  6.3  6.3 
SR Specialty Retail 15.0  15.0  15.0 
SG Sporting Goods Retail 17.0  17.0  17.0 


Industry Performance

It seems to always come back to weather and the Easter Bunny at this time of year. Was the weather nice and balmy or cold and stormy? Did the Easter holiday fall during the March period or April period. No matter which way one looks at it, this year retailers benefited from both nicer March temperatures and Easter, resulting in many releasing better than anticipated numbers. In the same breath, though, many are predicting poor April results. So far the month has seen terrible weather, making most people wish for some plain-old spring showers. As a result, it appears that although the consumer is buying, they are buying at a slower pace than a year ago.


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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