SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES JUNE 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
Jun Prior Year Jun Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating		 Apparel Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun Prior Year Jun Prior Year
C  CHILDRENS PLACE RETAIL STORES  14.00  2.00  151.70  125.30  21
B-  ANNTAYLOR STORES CORP  12.50  -1.20  235.70  192.50  22
A  AMERICAN EAGLE OUTFITTERS INC  11.00  28.00  235.40  197.40  19
NR  DRESS BARN  11.00  9.00  0.00  0.00  0
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  10.00  8.00  43.30  36.10  20
B+  GYMBOREE CORP  9.00  17.00  56.20  48.60  16
B+  JOS A BANK CLOTHIERS INC /DE/  8.50  7.50  47.70  40.00  19
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  6.20  0.50  49.60  46.30  7
B  DRESS BARN INC  6.00  9.00  129.70  117.30  11
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  6.00  0.01  0.00  0.00  0
B+  AEROPOSTALE INC  5.30  2.00  105.80  86.20  23
A-  CHICOS FAS INC  5.10  18.80  153.30  131.00  17
D+  VANITY SHOPS OF GRAND FORKS INC  5.08    0.00    0
C-  UNITED RETAIL GROUP INC/DE  5.00  17.00  46.00  44.00  5
B-  ROSS STORES INC  5.00  6.00  494.00  1934.00  -74
B-  CACHE INC  4.00  10.00  22.00  21.10  4
C+  TJX COMPANIES INC  4.00  3.00  1600.00  1400.00  14
B+  MENS WEARHOUSE INC,THE  3.70  9.70  189.30  173.40  9
A-  BEBE STORES INC  3.50  31.40  56.60  50.60  12
C+  LIMITED BRANDS INC  3.00  0.01  1078.00  1022.00  5
C  FREDS INC  2.60  2.10  159.90  148.20  8
C-  STEIN MART INC  0.90  4.10  133.90  131.70  2
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  -1.00  -10.00  0.00  0.00  0
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  -2.70  4.50  126.10  120.60  5
NR  MAURICES INC/AMERICAN RETAIL GROUP  -3.00  9.00  0.00  117.30  -100
B+  CATO CORP  -3.00  5.00  80.50  79.10  2
C+  HOT TOPIC INC  -3.40  -3.30  61.40  57.00  8
NR  BANANA REPUBLIC INC/THE GAP INC  -4.00  -6.00  0.00  0.00  0
NR  GAP INC  -4.00  3.00  0.00  0.00  0
A-  ABERCROMBIE & FITCH CO  -4.00  38.00  243.00  221.60  10
C  WET SEAL INC  -4.00  59.30  48.00  49.20  -2
A-  DEB SHOPS INC  -4.90  9.10  24.80  25.00  -1
A  BUCKLE INC,THE  -5.90  4.40  37.30  38.00  -2
NR  OLD NAVY/THE GAP INC  -6.00  0.01  0.00  0.00  0
B  GAP INC,THE  -6.00  0.01  1510.00  1052.00  44
NR  EXPRESS INC/LIMITED BRANDS  -12.00  -15.00  0.00  0.00  0
E  WILSONS THE LEATHER EXPERTS INC  -19.90  6.90  17.40  21.70  -20

Credit
Rating		 Consumer Electronics Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun Prior Year Jun Prior Year
F  SHARPER IMAGE CORP  -26.00  -10.00  36.40  46.10  -21

Credit
Rating		 Dept Stores & Catalogs Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun Prior Year Jun Prior Year
A-  KOHLS CORP  7.10  14.40  1315.70  1142.00  15
NR  BON TON,THE  6.60  -1.00  117.60  112.20  5
B-  NORDSTROM INC  4.70  8.10  827.00  773.50  7
C-  SAKS INC/FKA PROFFITTS INC  4.70  6.00  306.80  546.10  -44
B-  JC PENNEY CO INC  4.30  7.40  1615.00  1537.00  5
B-  STAGE STORES INC  3.50  11.10  133.40  115.00  16
E+  BON TON STORES INC  1.70  -1.00  304.20  112.20  171
C-  MACYS INC (FKA FEDERATED DPT STORES)  1.70  2.90  2367.00  1437.00  65
E  GOTTSCHALKS INC  0.30  0.50  61.04  60.80  0
D  DILLARDS INC-HQ  -1.00  0.01  623.60  630.30  -1
D  GORDMANS INC  -3.50  -1.20  0.00  0.00  0

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun Prior Year Jun Prior Year
B  WALGREEN COMPANY INC  9.00  7.80  3990.00  3496.80  14
B-  CVS/CAREMARK CORPORATION  8.40  5.80  0.00  3005.00  -100
E+  RITE AID CORP  3.60  0.20  1340.00  1281.00  5

Credit
Rating		 Home Furnishings Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun Prior Year Jun Prior Year
C-  HAVERTY FURNITURE COMPANIES  8.20  -1.80  71.70  65.50  9
E  PIER 1 IMPORTS INC  -18.40  -3.80  143.30  175.20  -18

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun Prior Year Jun Prior Year
D  DUCKWALL ALCO STORES INC  6.20  3.30  46.30  42.30  9
B-  COSTCO WHOLESALE CORP  6.00  9.00  5740.00  5022.00  14
B-  TARGET CORP  4.80  9.00  5093.00  4575.00  11
C-  COST U LESS INC  4.20  5.60  20.70  20.00  3
B-  FAMILY DOLLAR STORES INC  3.60  1.40  620.50  566.90  9
D  DOLLAR GENERAL CORP  2.50  4.30  876.70  808.60  8
NR  SAMS CLUB  1.30  4.00  4054.00  3898.00  4
B-  WAL MART STORES INC  1.20  4.50  33120.00  2999.30  1,004
C+  BJS WHOLESALE CLUB  -0.10  4.30  825.00  796.10  4

Credit
Rating		 Other Retail Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun Prior Year Jun Prior Year
D-  FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS  3.40  1.50  25.40  23.90  6

Credit
Rating		 Sporting Goods Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun Prior Year Jun Prior Year
0  ZUMIEZ INC  12.40  10.70  21.20  15.30  39

Credit
Rating		 Specialty Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Jun Prior Year Jun Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  8.00  15.00  0.00  0.00  0
E  HANCOCK FABRICS INC CASE NUMBER 07-10353  6.20  -8.00  33.00  31.40  5
D+  JO ANN STORES INC  0.00  0.20  0.00  151.80  -100



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    C CHILDRENS PLACE RETAIL STORES 14.0 
APP    B- ANNTAYLOR STORES CORP 12.5 
SG    0 ZUMIEZ INC 12.4 
APP    NR DRESS BARN 11.0 
APP    A AMERICAN EAGLE OUTFITTERS INC 11.0 
APP    B+ CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS 10.0 
APP    B+ GYMBOREE CORP 9.0 
DR    B WALGREEN COMPANY INC 9.0 
APP    B+ JOS A BANK CLOTHIERS INC /DE/ 8.5 
DR    B- CVS/CAREMARK CORPORATION 8.4 


Rising Stars - Most Improved

Industry Credit
Rating		 Company TY LY
SR    E HANCOCK FABRICS INC CASE NUMBER 07-10353 6.2 - 8.0
APP    B- ANNTAYLOR STORES CORP 12.5 - 1.2
APP    C CHILDRENS PLACE RETAIL STORES 14.0 2.0
HF    C- HAVERTY FURNITURE COMPANIES 8.2 - 1.8
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS - 1.0 - 10.0
DEP    NR BON TON,THE 6.6 - 1.0
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS 6.0 0.0
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY 6.2 0.5
DR    E+ RITE AID CORP 3.6 0.2
APP    B+ AEROPOSTALE INC 5.3 2.0


Bottom 10 Retail Performers

Industry Credit
Rating		 Company Comp %
CE    F SHARPER IMAGE CORP - 26.0 
APP    E WILSONS THE LEATHER EXPERTS INC - 19.9 
HF    E PIER 1 IMPORTS INC - 18.4 
APP    NR EXPRESS INC/LIMITED BRANDS - 12.0 
APP    NR OLD NAVY/THE GAP INC - 6.0 
APP    B GAP INC,THE - 6.0 
APP    A BUCKLE INC,THE - 5.9 
APP    A- DEB SHOPS INC - 4.9 
APP    A- ABERCROMBIE & FITCH CO - 4.0 
APP    C WET SEAL INC - 4.0 


Falling Stars - Sharpest Decline

Industry Credit
Rating		 Company TY LY
APP    C WET SEAL INC - 4.0 59.3
APP    A- ABERCROMBIE & FITCH CO - 4.0 38.0
APP    A- BEBE STORES INC 3.5 31.4
APP    E WILSONS THE LEATHER EXPERTS INC - 19.9 6.9
APP    A AMERICAN EAGLE OUTFITTERS INC 11.0 28.0
CE    F SHARPER IMAGE CORP - 26.0 - 10.0
HF    E PIER 1 IMPORTS INC - 18.4 - 3.8
APP    A- DEB SHOPS INC - 4.9 9.1
APP    A- CHICOS FAS INC 5.1 18.8
APP    C- UNITED RETAIL GROUP INC/DE 5.0 17.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
 14.0  1.9  - 26.0 
APP Apparel Stores 14.0  1.6  - 19.9 
CE Consumer Electronics - 26.0  - 26.0  - 26.0 
DEP Dept Stores & Catalogs 7.1  2.7  - 3.5 
DR Drug Stores 9.0  7.0  3.6 
HF Home Furnishings 8.2  - 5.1  - 18.4 
MM Mass Merchandisers-Retail 6.2  3.3  - 0.1 
RET Other Retail Stores 3.4  3.4  3.4 
SR Specialty Retail 8.0  4.7  0.0 
SG Sporting Goods Retail 12.4  12.4  12.4 


Industry Performance

Although June comp results were generally a mixed bag, the results fueled Wall Street's concerns about consumer spending. On the other hand, retailers were facing their toughest monthly comparisons in over a year, which continues to skew results. According to the International Council of Shopping Centers, retailers reported a modest 2.6% rise in same-store sales over June 2005, which is at half the pace of a year ago, while even from a month ago, sales have slowed, partially due to wet weather. Wet weather and increases in gas prices seem to be setting the stage and preparing all for a slowdown during the all important back-to-school shopping season. In addition, the warm weather earlier in the season, particularly in April and May sent shoppers buying for the summer early compared to a year ago. Although apparel and department stores have been on the forefront, going forward into the school year, electronics are anticipated to out pace clothing purchases.



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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