SECTOR MONTHLY SAME STORE SALES
 

COMPARABLE STORE SALES DECEMBER 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
Dec Prior Year Dec Prior Year
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       



Companies Ranked by Industry

Credit
Rating		 Apparel Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Dec Prior Year Dec Prior Year
A  BUCKLE INC,THE  18.70  3.60  108.50  88.00  23
B+  AEROPOSTALE INC  12.20  1.70  313.50  266.70  18
B-  ANNTAYLOR STORES CORP  9.40  -5.30  263.70  274.60  -4
B-  ROSS STORES INC  3.00  2.00  755.00  729.00  4
C+  TJX COMPANIES INC  3.00  6.00  2500.00  2500.00  0
B+  JOS A BANK CLOTHIERS INC /DE/  2.00  1.40  111.60  102.00  9
C  CHILDRENS PLACE RETAIL STORES  2.00  5.00  314.60  318.50  -1
C  WET SEAL INC  0.60  1.30  86.00  76.50  12
B  DRESS BARN INC  0.00  5.00  0.00  160.00  -100
B+  CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS  -1.00  -7.00  61.80  60.00  3
NR  BANANA REPUBLIC INC/THE GAP INC  -1.00  2.00  0.00  0.00  0
C  FREDS INC  -1.80  2.00  210.00  221.50  -5
A  AMERICAN EAGLE OUTFITTERS INC  -2.00  13.00  546.10  522.40  5
A-  ABERCROMBIE & FITCH CO  -2.00  -1.00  657.00  603.60  9
C+  PACIFIC SUNWEAR OF CALIFORNIA INC  -2.80  -3.20  234.60  250.30  -6
C-  STEIN MART INC  -5.70  0.00  196.30  216.00  -9
NR  GAP INC  -6.00  -8.00  0.00  0.00  0
C+  HOT TOPIC INC  -6.20  -5.10  123.10  131.00  -6
E  WILSONS THE LEATHER EXPERTS INC  -7.10  -23.00  65.90  75.00  -12
NR  OLD NAVY/THE GAP INC  -8.00  -10.00  0.00  0.00  0
NR  VICTORIAS SECRET STORES INC/LIMITED BRANDS  -8.00  10.00  0.00  0.00  0
B+  CATO CORP  -8.00  -6.00  94.60  100.50  -6
C+  LIMITED BRANDS INC  -8.00  4.00  1744.00  2027.00  -14
B  GAP INC,THE  -9.00  -9.00  2200.00  2340.00  -6
E+  MOTHERS WORK INC / MOTHERHOOD MATERNITY  -9.60  -0.30  50.30  55.60  -10
B-  CACHE INC  -10.00  4.00  37.10  39.10  -5
A-  CHICOS FAS INC  -13.70  -2.00  181.60  193.20  -6

Credit
Rating		 Consumer Electronics Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Dec Prior Year Dec Prior Year
F  SHARPER IMAGE CORP  -10.00  -22.00  75.70  0.00  0

Credit
Rating		 Dept Stores & Catalogs Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Dec Prior Year Dec Prior Year
C-  SAKS INC/FKA PROFFITTS INC  0.80  11.10  447.70  444.00  1
B-  NORDSTROM INC  -4.00  9.00  1200.00  1271.30  -6
D  DILLARDS INC-HQ  -5.00  -5.00  1167.00  1226.00  -5
B-  STAGE STORES INC  -7.10  2.20  260.30  270.00  -4
B-  JC PENNEY CO INC  -7.50  2.60  2819.00  2960.00  -5
C-  MACYS INC (FKA FEDERATED DPT STORES)  -7.90  4.40  4624.00  0.00  0
E+  BON TON STORES INC  -11.30  -5.80  558.20  642.00  -13
A-  KOHLS CORP  -11.40  3.00  2672.90  2761.00  -3
E  GOTTSCHALKS INC  -13.80  2.10  112.80  133.10  -15
NR  BON TON,THE  -14.20    0.00    0

Credit
Rating		 Drug Stores Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Dec Prior Year Dec Prior Year
B  WALGREEN COMPANY INC  2.60    5511.90    0
B-  CVS/CAREMARK CORPORATION  1.80  8.50  0.00  5000.00  -100
E+  RITE AID CORP  -0.50  2.60  2201.00  1490.00  48
C-  LONGS DRUG STORES CORP  -1.50  1.00  529.00  567.30  -7

Credit
Rating		 Home Furnishings Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Dec Prior Year Dec Prior Year
E  PIER 1 IMPORTS INC  1.30  -4.80  233.40  286.90  -19
C-  HAVERTY FURNITURE COMPANIES  -7.40  -9.20  70.80  73.90  -4

Credit
Rating		 Mass Merchandisers-Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Dec Prior Year Dec Prior Year
D  DUCKWALL ALCO STORES INC  7.40  4.20  71.30  67.20  6
B-  COSTCO WHOLESALE CORP  7.00  9.00  7550.00  7240.00  4
B-  TARGET CORP  5.10  4.10  4896.00  9250.00  -47
C+  BJS WHOLESALE CLUB  3.50  0.60  742.20  1010.00  -27
NR  SAMS CLUB  3.40  4.70  4938.00  4735.00  4
B-  WAL MART STORES INC  2.70  1.60  46600.00  4440.00  950
B-  FAMILY DOLLAR STORES INC  0.10  1.20  585.30  850.70  -31

Credit
Rating		 Sporting Goods Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Dec Prior Year Dec Prior Year
0  ZUMIEZ INC  3.90  11.50  72.00  62.50  15

Credit
Rating		 Specialty Retail Monthly Comp
Change - %		 Net Sales
(in millions)		 Sales
% Change
Dec Prior Year Dec Prior Year
NR  BATH & BODY WORKS/LIMITED BRANDS  -8.00  5.00  0.00  0.00  0



Performance Insight


Top 10 Retail Performers

Industry Credit
Rating		 Company Comp %
APP    A BUCKLE INC,THE 18.7 
APP    B+ AEROPOSTALE INC 12.2 
APP    B- ANNTAYLOR STORES CORP 9.4 
MM    D DUCKWALL ALCO STORES INC 7.4 
MM    B- COSTCO WHOLESALE CORP 7.0 
MM    B- TARGET CORP 5.1 
SG    0 ZUMIEZ INC 3.9 
MM    C+ BJS WHOLESALE CLUB 3.5 
MM    NR SAMS CLUB 3.4 
APP    B- ROSS STORES INC 3.0 


Rising Stars - Most Improved

Industry Credit
Rating		 Company TY LY
APP    E WILSONS THE LEATHER EXPERTS INC - 7.1 - 23.0
APP    A BUCKLE INC,THE 18.7 3.6
APP    B- ANNTAYLOR STORES CORP 9.4 - 5.3
CE    F SHARPER IMAGE CORP - 10.0 - 22.0
APP    B+ AEROPOSTALE INC 12.2 1.7
HF    E PIER 1 IMPORTS INC 1.3 - 4.8
APP    B+ CHRISTOPHER & BANKS CORP/FKA BRAUNS FASHIONS - 1.0 - 7.0
MM    D DUCKWALL ALCO STORES INC 7.4 4.2
MM    C+ BJS WHOLESALE CLUB 3.5 0.6
APP    NR GAP INC - 6.0 - 8.0


Bottom 10 Retail Performers

Industry Credit
Rating		 Company Comp %
DEP    NR BON TON,THE - 14.2 
DEP    E GOTTSCHALKS INC - 13.8 
APP    A- CHICOS FAS INC - 13.7 
DEP    A- KOHLS CORP - 11.4 
DEP    E+ BON TON STORES INC - 11.3 
APP    B- CACHE INC - 10.0 
CE    F SHARPER IMAGE CORP - 10.0 
APP    E+ MOTHERS WORK INC / MOTHERHOOD MATERNITY - 9.6 
APP    B GAP INC,THE - 9.0 
APP    B+ CATO CORP - 8.0 


Falling Stars - Sharpest Decline

Industry Credit
Rating		 Company TY LY
APP    NR VICTORIAS SECRET STORES INC/LIMITED BRANDS - 8.0 10.0
DEP    E GOTTSCHALKS INC - 13.8 2.1
APP    A AMERICAN EAGLE OUTFITTERS INC - 2.0 13.0
DEP    A- KOHLS CORP - 11.4 3.0
APP    B- CACHE INC - 10.0 4.0
DEP    B- NORDSTROM INC - 4.0 9.0
SR    NR BATH & BODY WORKS/LIMITED BRANDS - 8.0 5.0
DEP    C- MACYS INC (FKA FEDERATED DPT STORES) - 7.9 4.4
APP    C+ LIMITED BRANDS INC - 8.0 4.0
APP    A- CHICOS FAS INC - 13.7 - 2.0


Industry Performance

Industry Industry Highest Median Lowest
RETAIL SECTOR
 18.7  - 2.4  - 14.2 
APP Apparel Stores 18.7  - 2.2  - 13.7 
CE Consumer Electronics - 10.0  - 10.0  - 10.0 
DEP Dept Stores & Catalogs 0.8  - 8.1  - 14.2 
DR Drug Stores 2.6  0.6  - 1.5 
HF Home Furnishings 1.3  - 3.1  - 7.4 
MM Mass Merchandisers-Retail 7.4  4.2  0.1 
SR Specialty Retail - 8.0  - 8.0  - 8.0 
SG Sporting Goods Retail 3.9  3.9  3.9 


Industry Performance

Santa was not happy with retailers this year. December results could be described as 'lousy', 'soft', 'weak', 'lacking', 'tepid', or 'underwhelming'. With only a handful of companies doing ok, overall sales figures came in well below expectations. This is an extreme disappointment, especially as this is the season when retailers are supposed to be at their best. One of the contributing factors was that not only did consumers purchase less; they shopped differently, with most using the internet for more savings, as well as to avoid the holiday hell in the malls.

With money being a tighter and the economy in question, stores kept the prices low and started early, which gave November a boost, but results did not carry over to December. In fact this was one of the weakest holiday shopping seasons in years. As a result, many retailers are announcing cuts to earning expectations.



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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