SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES NOVEMBER 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
Nov Prior Year Nov Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating
Apparel Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
A  BUCKLE INC,THE  18.20  8.40  59.40  46.10  29
B+  JOS A BANK CLOTHIERS INC /DE/  15.00  9.60  63.10  50.60  25
C+  TJX COMPANIES INC  7.00  3.00  1800.00  1600.00  13
B+  AEROPOSTALE INC  6.60  1.00  192.20  149.70  28
NR  BANANA REPUBLIC INC/THE GAP INC  4.00  -1.00  0.00  0.00  0
B-  ANNTAYLOR STORES CORP  3.90  4.30  209.20  186.44  12
B-  ROSS STORES INC  3.00  0.00  547.00  481.00  14
C  CHILDRENS PLACE RETAIL STORES  3.00  12.00  234.60  199.00  18
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  2.30  -3.80  120.90  110.90  9
A-  ABERCROMBIE & FITCH CO  2.00  -3.00  352.30  282.90  25
NR  GAP INC  1.00  -7.00  0.00  0.00  0
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  1.00  -8.00  48.10  44.30  9
E  WILSONS THE LEATHER EXPERTS INC  0.40  -19.10  33.60  31.60  6
A  AMERICAN EAGLE OUTFITTERS INC  0.00  14.00  285.00  247.00  15
B  GAP INC,THE  0.00  -8.00  1540.00  1400.00  10
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  0.00  -1.00  46.50  45.60  2
C  WET SEAL INC  -1.70  5.50  53.00  46.00  15
NR  OLD NAVY/THE GAP INC  -3.00  -10.00  0.00  0.00  0
B-  CACHE INC  -4.00  8.00  22.20  23.30  -5
C  FREDS INC  -4.50  2.00  151.30  150.50  1
B+  CATO CORP  -6.00  -6.00  58.40  60.90  -4
C+  LIMITED BRANDS INC  -7.00  12.00  858.70  937.70  -8
NR  LIMITED STORES INC ,THE/LIMITED BRANDS  -7.00  1.00  0.00  0.00  0
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -8.00  14.00  0.00  937.00  -100
C+  HOT TOPIC INC  -8.30  -4.30  56.20  55.70  1
C-  STEIN MART INC  -8.90  6.80  140.20  144.70  -3
A-  CHICOS FAS INC  -13.00  14.30  133.60  127.00  5

Credit
Rating
Consumer Electronics Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
F  SHARPER IMAGE CORP  -8.00  -4.00  27.10  38.10  -29

Credit
Rating
Dept Stores & Catalogs Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
C-  SAKS INC/FKA PROFFITTS INC  25.70  7.20  347.60  275.20  26
C-  MACYS INC (FKA FEDERATED DPT STORES)  13.40  8.50  2713.00  2385.00  14
A-  KOHLS CORP  10.20  3.60  2023.20  1678.00  21
NR  BON TON,THE  9.90  -9.40  0.00  0.00  0
B-  NORDSTROM INC  8.70  5.30  804.90  749.40  7
E+  BON TON STORES INC  8.60  -10.50  391.30  367.00  7
B-  STAGE STORES INC  3.60  0.20  130.70  121.10  8
B-  JC PENNEY CO INC  2.60  1.40  2050.00  1906.00  8
D  DILLARDS INC-HQ  1.00  -3.00  550.10  550.00  0
E  GOTTSCHALKS INC  0.40  -0.90  61.60  61.60  0

Credit
Rating
Drug Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
B-  CVS/CAREMARK CORPORATION  4.40  8.40  0.00  3600.00  -100
B  WALGREEN COMPANY INC  4.40  11.40  4766.00  4321.00  10
E+  RITE AID CORP  0.90  2.90  2527.00  1676.00  51
C-  LONGS DRUG STORES CORP  -0.60    362.00    0

Credit
Rating
Home Furnishings Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
C-  HAVERTY FURNITURE COMPANIES  -10.70  -1.20  72.60  78.60  -8

Credit
Rating
Mass Merchandisers-Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
B-  COSTCO WHOLESALE CORP  9.00  5.00  5720.00  4840.00  18
C+  BJS WHOLESALE CLUB  7.70  0.60  7100.00  652.50  988
NR  SAMS CLUB  3.00  1.60  3620.00  3129.00  16
D  DUCKWALL ALCO STORES INC  2.80  4.70  44.40  39.80  12
B-  WAL MART STORES INC  1.90  -0.10  31720.00  28570.00  11
B-  TARGET CORP  1.10  5.90  5097.00  5119.00  -0
B-  FAMILY DOLLAR STORES INC  -3.40  2.50  559.30  542.50  3

Credit
Rating
Other Retail Stores Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
D-  FACTORY CARD & PARTY OUTLET CORP NOW PART OF AMSCAN HOLDINGS  0.80  1.10  17.00  17.00  0

Credit
Rating
Sporting Goods Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
0  ZUMIEZ INC  5.60  12.00  33.30  25.90  29

Credit
Rating
Specialty Retail Monthly Comp
Change - %
Net Sales
(in millions)
Sales
% Change
Nov Prior Year Nov Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -6.00  16.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating
Company Comp %
DEP    C- SAKS INC/FKA PROFFITTS INC 25.7 
APP    A BUCKLE INC,THE 18.2 
APP    B+ JOS A BANK CLOTHIERS INC /DE/ 15.0 
DEP    C- MACYS INC (FKA FEDERATED DPT STORES) 13.4 
DEP    A- KOHLS CORP 10.2 
DEP    NR BON TON,THE 9.9 
MM    B- COSTCO WHOLESALE CORP 9.0 
DEP    B- NORDSTROM INC 8.7 
DEP    E+ BON TON STORES INC 8.6 
MM    C+ BJS WHOLESALE CLUB 7.7 


Rising Stars - Most Improved

Industry Credit
Rating
Company TY LY
APP    E WILSONS THE LEATHER EXPERTS INC 0.4 - 19.1
DEP    NR BON TON,THE 9.9 - 9.4
DEP    E+ BON TON STORES INC 8.6 - 10.5
DEP    C- SAKS INC/FKA PROFFITTS INC 25.7 7.2
APP    A BUCKLE INC,THE 18.2 8.4
APP    B+ CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS 1.0 - 8.0
APP    B GAP INC,THE 0.0 - 8.0
APP    NR GAP INC 1.0 - 7.0
MM    C+ BJS WHOLESALE CLUB 7.7 0.6
APP    NR OLD NAVY/THE GAP INC - 3.0 - 10.0


Bottom 10 Retail Performers

Industry Credit
Rating
Company Comp %
APP    A- CHICOS FAS INC - 13.0 
HF    C- HAVERTY FURNITURE COMPANIES - 10.7 
APP    C- STEIN MART INC - 8.9 
APP    C+ HOT TOPIC INC - 8.3 
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 8.0 
CE    F SHARPER IMAGE CORP - 8.0 
APP    C+ LIMITED BRANDS INC - 7.0 
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS - 7.0 
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 6.0 
APP    B+ CATO CORP - 6.0 


Falling Stars - Sharpest Decline

Industry Credit
Rating
Company TY LY
APP    A- CHICOS FAS INC - 13.0 14.3
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 6.0 16.0
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 8.0 14.0
APP    C+ LIMITED BRANDS INC - 7.0 12.0
APP    C- STEIN MART INC - 8.9 6.8
APP    A AMERICAN EAGLE OUTFITTERS INC 0.0 14.0
APP    B- CACHE INC - 4.0 8.0
HF    C- HAVERTY FURNITURE COMPANIES - 10.7 - 1.2
APP    C CHILDRENS PLACE RETAIL STORES 3.0 12.0
APP    NR LIMITED STORES INC ,THE/LIMITED BRANDS - 7.0 1.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
25.7  1.8  - 13.0 
APP Apparel Stores 18.2  - 0.1  - 13.0 
CE Consumer Electronics - 8.0  - 8.0  - 8.0 
DEP Dept Stores & Catalogs 25.7  8.4  0.4 
DR Drug Stores 4.4  2.3  - 0.6 
HF Home Furnishings - 10.7  - 10.7  - 10.7 
MM Mass Merchandisers-Retail 9.0  3.2  - 3.4 
RET Other Retail Stores 0.8  0.8  0.8 
SR Specialty Retail - 6.0  - 6.0  - 6.0 
SG Sporting Goods Retail 5.6  5.6  5.6 


Industry Performance

November, which is the kick off of the holiday buying season, ended with a mix of results. Consumers began swarming stores at the start of the month as holiday sales kicked off. In addition, Black Friday promotions drew crowds and buyers, but once the sales were gone, so were the consumers. Although a calendar shift assisted many retailers with a week more of business compared to a year ago, which will be a detriment come December. Although this pattern of high traffic and then a drop off has been reminiscent of previous years, it was more pronounced this year, with many factors affecting shoppers deciding to not to shop unless there was a deal, including the credit market and housing slump. For those retailers that missed estimates or had declining comps, blame was placed on these economic concerns. Overall, consumers are anticipated to return to the stores, as retailers will most likely offer new discounts to drive traffic.



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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