Big Lots, Inc. (NYS: BIG)

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Profitability Ratios		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Return on Equity (%)	9.97		1.46	2.83	8.14	7.46
	Return on Assets (%)	6.55		0.97	1.75	5.09	4.66
	Return on Investment	15,531.74		20.57	38.34	59.3	71.48
	Gross Margin	0.04		0.039	0.041	0.042	0.042
	EBITDA of Revenue (%)	5.55		3.19	3.87	5.32	5.9
	Operating Margin (%)	3.54		0.61	1.54	3.12	3.79
	Pre-Tax Margin	3.59		0.47	0.99	2.75	3.27
	Net Profit Margin (%)	2.62		(0.23)	0.54	1.94	1.98
	Effective Tax Rate (%)	33.94		24.81	29.76	20.92	39.5

¹ For 53 weeks

Liquidity Indicators		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Quick Ratio	0.59		0	0.04	0.46	0.41
	Current Ratio	2.42		2.28	2.51	2.52	2.6
	Working Capital/Total Assets	0.39		0.34	0.36	0.39	0.4

¹ For 53 weeks

Debt Management		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Current Liabilities/Equity	0.42		0.4	0.38	0.42	0.4
	Total Debt to Equity	-		0.01	0.15	0.18	0.2
	Long Term Debt to Assets	-		0	0.09	0.11	0.12

¹ For 53 weeks

Asset Management		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Revenues/Total Assets	2.76		2.73	2.52	2.34	2.36
	Revenues/Working Capital	7.03		7.95	7.03	5.93	5.88
	Interest Coverage	294.44		4.33	2.74	7.99	7.29

¹ For 53 weeks

Dividends

Issue Details
1. common, PAR: USA 0
Listed: NYS, Ticker: BLI
Authorized: 298000000 Shares
Outstanding: 01/28/2006 113932000 Shares
Treasury: 3563000 Shares

Financial Highlights as of 02/03/2007

Financial Summary (In USD as of 02/03/2007)

Total Revenue	4,743,048,000
EBITDA	266,684,000
Net Income	124,045,000
Total Assets	1,720,526,000
Current Assets	1,149,047,000
Total Liabilities	590,823,000
Current Liabilities	474,232,000
Stockholders' Equity	1,129,703,000

Profitability Ratios

Return on Equity (%)	9.97
Return on Assets (%)	6.55
Return on Investment	15,531.74
Gross Margin	39.88
EBITDA of Revenue (%)	5.55
Operating Margin (%)	3.54
Pre-Tax Margin	3.59
Net Profit Margin (%)	2.62
Effective Tax Rate (%)	33.94

Liquidity Indicators

Quick Ratio	0.59
Current Ratio	2.42
Working Capital/Total Assets	0.39

Debt Management

Current Liabilities/Equity

0.42

Asset Management

Revenues/Total Assets	2.76
Revenues/Working Capital	7.03
Interest Coverage	294.44

Stock Price and Valuation

(Data as of 05/01/2007)

Market Cap (mil)	3,477
Shares Outstanding (000's)	109,493
52-Week Range	13.51 - 34.26
7-Day Average Closing Price	32.52
30-Day Average Closing Price	32.70
200-Day Average Closing Price	26
Dividend Per Share (TTM)	0.01
PE Ratio	28.56
Earnings Per Share (TTM)	1.11
Last Price	31.76
Last Day Range	31.26 - 32.21

Standardized Annual Income Statement 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Sales Revenue 4,743,048 4,429,905 4,375,072 4,174,383 3,868,550
Total Revenue 4,743,048 4,429,905 4,375,072 4,174,383 3,868,550
Direct Costs 2,851,616 2,698,239 2,597,635 2,428,024 2,236,633
Gross Profit 1,891,432 1,731,666 1,777,437 1,746,359 1,631,917
Selling General & Admin 1,622,339 1,596,136 1,605,673 1,616,031 1,485,265
Depreciation & Amortization 101,279 108,657 104,239 - -
Other Operating Expense 0 0 0 0 0
Total Indirect Operating Costs 1,723,618 1,704,793 1,709,912 1,616,031 1,485,265
Operating Income 167,814 26,873 67,525 130,328 146,652
Interest Income (581) (5,959) (24,227) (15,382) (20,111)
Other Non-Operating Income 3,257 0 0 0 0
Total Non-Operating Income 2,676 (5,959) (24,227) (15,382) (20,111)
Earnings Before Tax 170,490 20,914 43,298 114,946 126,541
Taxation 57,872 5,189 12,887 24,051 49,984
Discontinued Operations 11,427 (25,813) (6,648) (9,720) -
Extraordinary Items 0 0 0 0 0
Accounting Changes 0 0 0 0 0
Net Income 124,045 (10,088) 23,763 81,175 76,557
Preference Dividends & Similar 0 0 0 0 0
Net Income to Common 124,045 (10,088) 23,763 81,175 76,557
Average Shares Basic 110,336,000 113,240,000 114,281,000 116,757,000 115,865,000
EPS Net Basic 1.12 (0.09) 0.21 0.7 0.66
EPS Continuing Basic 1.02 0.14 0.27 0.78 0.66
Average Shares Diluted 111,930,000 113,677,000 114,801,000 117,253,000 116,707,000
EPS Net Diluted 1.11 (0.09) 0.21 0.69 0.66
EPS Continuing Diluted 1.01 0.14 0.27 0.78 0.66
Shares Outstanding 109,633,000 113,932,000 112,780,000 116,927,000 116,165,000
¹ For 53 weeks

Standardized Annual Balance Sheet 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Cash & Equivalents 281,657 1,710 2,521 191,228 167,008
Cash & Equivs & ST Investments 281,657 1,710 2,521 191,228 167,008
Receivables (ST) - - 13,185 19,847 -
Inventories 758,185 836,092 895,016 829,569 776,210
Current Tax Assets 60,292 78,539 80,196 82,406 61,221
Other Current Assets 48,913 77,413 43,864 44,550 64,728
Total Current Assets 1,149,047 993,754 1,034,782 1,167,600 1,069,167
Gross Property Plant & Equip 1,374,060 1,372,207 1,386,960 1,245,162 1,094,490
Accumulated Depreciation 868,413 788,124 738,219 639,635 562,226
Net Property Plant & Equip 505,647 584,083 648,741 605,527 532,264
Deferred LT Assets 45,057 18,609 12,820 422 17,766
Other Assets 20,775 29,051 37,241 11,139 23,074
Total Assets 1,720,526 1,625,497 1,733,584 1,784,688 1,642,271
Accounts Payable 193,996 161,470 149,777 161,884 241,905
Accrued Expenses 196,036 201,374 364,854 403,044 263,644
Current Debt 12,660 27,205 32,498 - -
Other Current Liabilities 71,540 46,474 (134,616) (101,342) (94,642)
Total Current Liabilities 474,232 436,523 412,513 463,586 410,907
LT Debt & Leases - 5,500 159,200 204,000 204,000
Other Liabilities - 104,750 86,381 1,042 1,183
Total Liabilities 590,823 546,773 658,094 668,628 616,090
Common Share Capital 1,175 1,175 1,175 1,169 1,162
Additional Paid-In Capital 477,318 470,677 472,790 466,740 458,043
Retained Earnings 781,325 657,280 667,368 648,151 566,976
Accum Other Comprehensive Income (5,933) - - - -
Other Equity (124,182) (50,408) (65,843) 0 0
Total Equity 1,129,703 1,078,724 1,075,490 1,116,060 1,026,181
Total Liabilities & Equity 1,720,526 1,625,497 1,733,584 1,784,688 1,642,271
¹ For 53 weeks

Standardized Annual Cash Flow 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Net Income 124,045 (10,088) 23,763 81,175 76,557
Adjustments from Inc to Cash 257,432 223,053 47,498 103,735 141,661
Change in Working Capital 162,097 102,122 (70,031) (10,705) 3,988
Other Operating Cash Flows 95,335 120,931 117,529 114,440 137,673
Cash Flow from Operations 381,477 212,965 71,261 184,910 218,218
Purchase of Pty Plant & Equip (35,878) (68,503) (135,291) (163,718) (102,057)
Purchase of Investments (488,075) - (115,125) - -
Proceeds from Pty Plant & Equip 4,883 1,844 245 108 -
Disposal of Investments 488,075 - 122,625 - -
Change in Business Activities - - - - 2,271
Other Investing Cash Flows 574 (43) (210) (324) 3,667
Cash Flow from Investing (30,421) (66,702) (127,756) (163,934) (96,119)
Change in LT Debt (5,500) (153,700) (44,800) 0 -
Change in Equity (91,417) 7,000 (62,776) 3,704 16,087
Other Financing Cash Flows 25,808 (374) (7,411) (460) 0
Cash Flow from Financing (71,109) (147,074) (114,987) 3,244 16,087
Change in Cash 279,947 (811) (171,482) 24,220 138,186
Opening Cash 1,710 2,521 174,003 167,008 28,822
Closing Cash 281,657 1,710 2,521 191,228 167,008
¹ For 53 weeks

Bon-Ton Stores Inc (NMS: BONT)

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Profitability Ratios		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Return on Equity (%)	13.53		8.91	7.68	8.6	4.52
	Return on Assets (%)	2.2		4.7	3.11	3.37	2.51
	Return on Investment	14.62		117.87	25.53	24.51	23.71
	Gross Margin	0.039		0.037	0.037	0.037	0.037
	EBITDA of Revenue (%)	8.22		6	5.55	7.12	6.34
	Operating Margin (%)	5.03		3.84	3.45	4.52	3.37
	Pre-Tax Margin	1.92		2.92	2.43	3.54	2.15
	Net Profit Margin (%)	1.36		1.99	1.53	2.22	1.34
	Effective Tax Rate (%)	29.52		31.8	37.08	37.5	37.5

¹ For 53 weeks

Liquidity Indicators		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Quick Ratio	0.11		0.09	0.68	0.73	0.67
	Current Ratio	1.79		1.84	2.38	2.21	2.3
	Working Capital/Total Assets	0.19		0.27	0.39	0.36	0.34

¹ For 53 weeks

Debt Management		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Current Liabilities/Equity	1.48		0.61	0.69	0.77	0.47
	Total Debt to Equity	3.46		0.15	0.69	0.73	0.31
	Long Term Debt to Assets	0.56		0.08	0.28	0.28	0.17

¹ For 53 weeks

Asset Management		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Revenues/Total Assets	1.62		2.36	2.04	1.52	1.87
	Revenues/Working Capital	8.59		8.67	5.25	4.19	5.54
	Interest Coverage	1.62		4.13	3.37	4.6	-

¹ For 53 weeks

Dividends

Issue Details
1. class A common, PAR: USA 0
Listed: N/A, Ticker: N/A
Authorized: 20000000 Shares
Outstanding: 01/28/2006 2951490 Shares

2. common, PAR: USA 0
Listed: NMS, Ticker: BONT
Authorized: 40000000 Shares
Outstanding: 01/28/2006 13857864 Shares
Treasury: 337800 Shares

Financial Highlights as of 02/03/2007

Financial Summary (In USD as of 02/03/2007)

Total Revenue	3,455,810,000
EBITDA	284,100,000
Net Income	46,883,000
Total Assets	2,134,799,000
Current Assets	914,809,000
Total Liabilities	1,788,403,000
Current Liabilities	512,395,000
Long Term Debt	1,189,625,000
Stockholders' Equity	346,396,000

Profitability Ratios

Return on Equity (%)	13.53
Return on Assets (%)	2.20
Return on Investment	14.62
Gross Margin	38.69
EBITDA of Revenue (%)	8.22
Operating Margin (%)	5.03
Pre-Tax Margin	1.92
Net Profit Margin (%)	1.36
Effective Tax Rate (%)	29.52

Liquidity Indicators

Quick Ratio	0.11
Current Ratio	1.79
Working Capital/Total Assets	0.19

Debt Management

Current Liabilities/Equity	1.48
Total Debt to Equity	3.46
Long Term Debt to Assets	0.56

Asset Management

Revenues/Total Assets	1.62
Revenues/Working Capital	8.59
Interest Coverage	1.62

Stock Price and Valuation

(Data as of 05/01/2007)

Market Cap (mil)	697
Shares Outstanding (000's)	14,475
52-Week Range	20.41 - 56.97
7-Day Average Closing Price	51.35
30-Day Average Closing Price	52.79
200-Day Average Closing Price	42.60
Dividend Per Share (TTM)	0.10
PE Ratio	16.59
Earnings Per Share (TTM)	2.90
Last Price	48.16
Last Day Range	47.24 - 49.47

Standardized Annual Income Statement 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Sales Revenue 3,362,279 1,287,170 1,310,372 926,409 713,230
Other Revenue 93,531 20,425 9,251 3,627 2,705
Total Revenue 3,455,810 1,307,595 1,319,623 930,036 715,935
Direct Costs 2,118,762 822,171 830,414 588,742 450,818
Gross Profit 1,337,048 485,424 489,209 341,294 265,117
Selling General & Admin 1,056,472 407,145 415,921 275,050 219,716
Depreciation & Amortization 106,909 28,084 27,809 24,234 21,301
Other Operating Expense 0 0 0 0 0
Total Indirect Operating Costs 1,163,381 435,229 443,730 299,284 241,017
Operating Income 173,667 50,195 45,479 42,010 24,100
Interest Income (107,143) (12,052) (13,437) (9,049) (8,731)
Other Non-Operating Income 0 0 0 0 0
Total Non-Operating Income (107,143) (12,052) (13,437) (9,049) (8,731)
Earnings Before Tax 66,524 38,143 32,042 32,961 15,369
Taxation 19,641 12,129 11,880 12,360 5,764
Extraordinary Items 0 0 0 0 0
Accounting Changes 0 0 0 0 0
Net Income 46,883 26,014 20,162 20,601 9,605
Preference Dividends & Similar 0 0 0 0 0
Net Income to Common 46,883 26,014 20,162 20,601 9,605
Average Shares Basic 16,430,554 16,204,414 15,918,650 15,161,406 15,192,471
EPS Net Basic 2.85 1.61 1.27 1.36 0.63
EPS Continuing Basic 2.85 1.61 1.27 1.36 0.63
Average Shares Diluted 16,841,183 16,518,268 16,253,254 15,508,560 15,394,231
EPS Net Diluted 2.78 1.57 1.24 1.33 0.62
EPS Continuing Diluted 2.78 1.57 1.24 1.33 0.62
Shares Outstanding 17,082,886 16,809,354 16,182,667 15,707,793 15,190,138
¹ For 53 weeks

Standardized Annual Balance Sheet 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Cash & Equivalents 24,733 9,771 25,222 19,890 16,796
Cash & Equivs & ST Investments 24,733 9,771 25,222 19,890 16,796
Receivables (ST) 15,000 0 94,475 104,679 46,735
Inventories 787,487 284,584 294,152 257,372 148,618
Current Tax Assets 17,858 7,126 4,819 8,825 3,205
Prepayments (ST) 29,527 - - - -
Other Current Assets 40,204 28,412 14,483 14,683 12,958
Total Current Assets 914,809 329,893 433,151 405,449 228,312
Gross Property Plant & Equip 1,209,046 384,419 367,278 326,361 284,084
Accumulated Depreciation 311,160 216,740 198,974 165,438 147,883
Net Property Plant & Equip 897,886 167,679 168,304 160,923 136,201
Intangible Assets 204,077 7,978 12,365 9,121 9,511
Deferred LT Assets 76,586 38,715 24,908 24,252 3,980
Other Assets 41,441 9,340 9,674 12,100 4,019
Total Assets 2,134,799 553,605 648,402 611,845 382,023
Accounts Payable 209,742 87,318 103,397 88,118 53,367
Accrued Expenses 247,076 71,678 72,007 78,863 39,583
Current Debt 5,555 961 869 1,113 715
Current Lease Obligations 1,936 74 939 1,797 250
Other Current Liabilities 48,086 19,005 4,817 13,531 5,249
Total Current Liabilities 512,395 179,036 182,029 183,422 99,164
LT Debt & Leases 1,189,625 42,515 178,355 171,716 64,662
Deferred LT Liabilities 12,190 14,933 - - -
Other Liabilities 74,193 25,027 25,461 17,223 5,851
Total Liabilities 1,788,403 261,511 385,845 372,361 169,677
Common Share Capital 175 172 166 161 155
Additional Paid-In Capital 130,875 129,614 119,284 114,687 107,415
Retained Earnings 215,544 170,363 146,017 127,457 108,006
Accum Other Comprehensive Income 1,189 (5) (427) (1,298) (1,876)
Other Equity (1,387) (8,050) (2,483) (1,523) (1,354)
Total Equity 346,396 292,094 262,557 239,484 212,346
Total Liabilities & Equity 2,134,799 553,605 648,402 611,845 382,023
¹ For 53 weeks

Standardized Annual Cash Flow 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Net Income 46,883 26,014 20,162 20,601 9,605
Adjustments from Inc to Cash 70,780 127,810 8,736 134,612 18,487
Change in Working Capital (26,993) 36,703 (45,532) 22,817 (6,951)
Other Operating Cash Flows 97,773 91,107 54,268 111,795 25,438
Cash Flow from Operations 117,663 153,824 28,898 155,213 28,092
Purchase of Pty Plant & Equip (100,977) (29,179) (31,523) (19,532) (14,806)
Proceeds from Pty Plant & Equip 2,516 2,514 290 1,310 31
Change in Business Activities (1,073,295) (2,054) (185) (97,644) -
Other Investing Cash Flows 0 0 0 0 0
Cash Flow from Investing (1,171,756) (28,719) (31,418) (115,866) (14,775)
Change in ST Debt 15,881 (1,067) 2,118 3,432 (1,961)
Change in LT Debt 1,080,567 (136,613) 5,536 (37,417) (3,180)
Change in Equity 1,086 1,442 2,312 6,756 (1,132)
Payment of Dividends (1,702) (1,668) (1,602) (1,150) -
Other Financing Cash Flows (26,777) (336) (512) (7,874) 0
Cash Flow from Financing 1,069,055 (138,242) 7,852 (36,253) (6,273)
Change in Cash 14,962 (13,137) 5,332 3,094 7,044
Opening Cash 9,771 22,908 19,890 16,796 9,752
Closing Cash 24,733 9,771 25,222 19,890 16,796
¹ For 53 weeks

Dillard's Inc. (United States) (NYS: DDS)

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Profitability Ratios		02/03/2007	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Return on Equity (%)	9.02	5.19	5.06	0.42	6.02
	Return on Assets (%)	4.31	2.2	2.07	0.15	2.04
	Return on Investment	35.88	22.1	24.07	10.24	(6.36)
	Gross Margin	0.036	0.035	0.036	0.034	0.036
	EBITDA of Revenue (%)	8.05	7.08	8.05	6.29	8.5
	Operating Margin (%)	4.16	3.13	4.14	2.51	4.79
	Pre-Tax Margin	3.25	1.76	2.36	0.2	2.56
	Net Profit Margin (%)	3.15	1.58	1.51	0.12	(4.84)
	Effective Tax Rate (%)	8.11	10.53	36.24	41.58	35.43


Liquidity Indicators		02/03/2007	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Quick Ratio	0.21	0.27	0.49	1.01	1.67
	Current Ratio	2.1	1.87	2.19	2.26	3.53
	Working Capital/Total Assets	0.2	0.18	0.22	0.26	0.34


Debt Management		02/03/2007	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Current Liabilities/Equity	0.38	0.49	0.45	0.6	0.39
	Total Debt to Equity	0.42	0.55	0.62	1.06	1.04
	Long Term Debt to Assets	0.18	0.2	0.24	0.29	0.33


Asset Management		02/03/2007	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Revenues/Total Assets	1.44	1.4	1.37	1.23	1.23
	Revenues/Working Capital	7.29	7.68	6.26	4.66	3.67
	Interest Coverage	3.9	2.29	2.33	1.09	2.15

Dividends

Issue Details
1. class A common, PAR: USA 0
Listed: NYS, Ticker: DDS
Authorized: 289000000 Shares
Outstanding: 01/28/2006 75283433 Shares
Treasury: 39953949 Shares

2. class B common, PAR: USA 0
Listed: N/A, Ticker: N/A
Authorized: 11000000 Shares
Outstanding: 01/28/2006 4010929 Shares

3. Dillard's Capital Trust I 7.5% capital securities
Listed: NYS, Ticker: DDT
Outstanding: 01/28/2006 200000000 USA

Financial Highlights as of 02/03/2007

Financial Summary (In USD as of 02/03/2007)

Total Revenue	7,810,067,000
EBITDA	644,740,000
Net Income	245,646,000
Total Assets	5,408,015,000
Current Assets	2,047,846,000
Total Liabilities	2,821,062,000
Current Liabilities	977,115,000
Long Term Debt	984,939,000
Stockholders' Equity	2,586,953,000

Profitability Ratios

Return on Equity (%)	9.02
Return on Assets (%)	4.31
Return on Investment	35.88
Gross Margin	35.57
EBITDA of Revenue (%)	8.05
Operating Margin (%)	4.16
Pre-Tax Margin	3.25
Net Profit Margin (%)	3.15
Effective Tax Rate (%)	8.11

Liquidity Indicators

Quick Ratio	0.21
Current Ratio	2.10
Working Capital/Total Assets	0.20

Debt Management

Current Liabilities/Equity	0.38
Total Debt to Equity	0.42
Long Term Debt to Assets	0.18

Asset Management

Revenues/Total Assets	1.44
Revenues/Working Capital	7.29
Interest Coverage	3.90

Stock Price and Valuation

(Data as of 05/01/2007)

Market Cap (mil)	2,599
Shares Outstanding (000's)	76,091
52-Week Range	25.42 - 36.09
7-Day Average Closing Price	34.90
30-Day Average Closing Price	34.45
200-Day Average Closing Price	33.63
Dividend Per Share (TTM)	0.16
PE Ratio	11.24
Earnings Per Share (TTM)	3.04
Last Price	34.16
Last Day Range	33.73 - 34.58

Standardized Annual Income Statement 02/03/2007 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Sales Revenue 7,636,056 7,560,191 7,528,572 7,598,934 7,910,996
Other Revenue 174,011 147,802 287,699 264,734 322,943
Total Revenue 7,810,067 7,707,993 7,816,271 7,863,668 8,233,939
Direct Costs 5,032,351 5,014,021 5,017,765 5,170,173 5,254,134
Gross Profit 2,777,716 2,693,972 2,798,506 2,693,495 2,979,805
Selling General & Admin 2,151,498 2,089,019 2,153,565 2,162,048 2,232,134
Depreciation & Amortization 301,147 301,864 301,917 290,661 301,407
Restruct Remediation & Impair - 61,734 19,417 43,727 52,224
Other Operating Expense 0 0 0 0 0
Total Indirect Operating Costs 2,452,645 2,452,617 2,474,899 2,496,436 2,585,765
Operating Income 325,071 241,355 323,607 197,059 394,040
Interest Income (87,642) (105,570) (139,056) (181,065) (182,940)
Gains on Sale of Assets 16,413 - - - -
Other Non-Operating Income 0 0 0 0 0
Total Non-Operating Income (71,229) (105,570) (139,056) (181,065) (182,940)
Earnings Before Tax 253,842 135,785 184,551 15,994 211,100
Taxation 20,580 14,300 66,885 6,650 74,800
Extraordinary Items 0 0 0 0 (4,374)
Accounting Changes 0 0 0 0 (530,331)
Net Income 245,646 121,485 117,666 9,344 (398,405)
Preference Dividends & Similar 0 0 0 0 0
Net Income to Common 245,646 121,485 117,666 9,344 (398,405)
Average Shares Basic 79,603,000 81,504,000 83,205,000 83,643,000 84,513,000
EPS Net Basic 3.09 1.49 1.41 0.11 (4.71)
EPS Continuing Basic 3.09 1.49 1.41 0.11 1.61
Average Shares Diluted 80,475,000 81,661,000 83,739,000 83,900,000 85,316,000
EPS Net Diluted 3.05 1.49 1.41 0.11 (4.67)
EPS Continuing Diluted 3.05 1.49 1.41 0.11 1.6
Shares Outstanding 80,141,125 79,294,362 83,205,604 83,490,998 84,757,661

Standardized Annual Balance Sheet 02/03/2007 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Cash & Equivalents 193,994 299,840 498,248 160,873 142,356
Cash & Equivs & ST Investments 193,994 299,840 498,248 160,873 142,356
Receivables (ST) 10,508 12,523 9,651 1,191,489 1,338,080
Inventories 1,772,150 1,802,695 1,733,033 1,632,377 1,594,308
Other Current Assets 71,194 35,421 52,559 38,952 55,507
Total Current Assets 2,047,846 2,150,479 2,293,491 3,023,691 3,130,251
Gross Property Plant & Equip 5,299,429 5,212,322 5,158,618 5,070,512 5,134,609
Accumulated Depreciation 2,141,523 2,053,419 1,977,862 1,873,043 1,764,107
Net Property Plant & Equip 3,157,906 3,158,903 3,180,756 3,197,469 3,370,502
Intangible Assets 34,511 34,511 35,495 36,731 39,214
Other Assets 167,752 173,026 181,839 153,206 135,965
Total Assets 5,408,015 5,516,919 5,691,581 6,411,097 6,675,932
Accounts Payable 581,908 630,694 597,046 457,485 429,144
Accrued Expenses 290,893 312,290 351,632 328,856 316,647
Current Debt 100,635 198,479 91,629 497,620 138,814
Current Lease Obligations 3,679 5,929 4,926 2,126 1,856
Other Current Liabilities 0 0 0 50,000 0
Total Current Liabilities 977,115 1,147,392 1,045,233 1,336,087 886,461
LT Debt & Leases 984,939 1,090,752 1,343,006 1,872,776 2,211,606
Deferred LT Liabilities 452,886 479,123 509,589 617,236 645,020
Other Liabilities 406,122 459,111 469,056 347,901 668,649
Total Liabilities 2,821,062 3,176,378 3,366,884 4,174,000 4,411,736
Common Share Capital 1,202 1,193 1,186 1,169 1,167
Additional Paid-In Capital 772,560 749,068 739,620 713,974 711,324
Retained Earnings 2,647,388 2,414,491 2,305,993 2,201,623 2,205,674
Accum Other Comprehensive Income (21,229) (14,574) (13,333) (11,281) (4,496)
Other Equity (812,968) (809,637) (708,769) (668,388) (649,473)
Total Equity 2,586,953 2,340,541 2,324,697 2,237,097 2,264,196
Total Liabilities & Equity 5,408,015 5,516,919 5,691,581 6,411,097 6,675,932

Standardized Annual Cash Flow 02/03/2007 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Net Income 245,646 121,485 117,666 9,344 (398,405)
Adjustments from Inc to Cash 114,936 247,657 436,395 422,762 755,347
Change in Working Capital (134,851) (135,920) 307,443 57,290 (133,185)
Other Operating Cash Flows 249,787 383,577 128,952 365,472 888,532
Cash Flow from Operations 360,582 369,142 554,061 432,106 356,942
Purchase of Pty Plant & Equip (320,640) (456,078) (285,331) (227,421) (233,268)
Proceeds from Pty Plant & Equip 6,479 103,637 11,330 31,766 -
Disposal of Investments 47,816 54,833 - 34,579 68,295
Change in Business Activities - - 688,213 - -
Other Investing Cash Flows 0 0 0 0 0
Cash Flow from Investing (266,345) (297,608) 414,212 (161,076) (164,973)
Change in LT Debt (205,907) (163,919) (212,163) (272,702) (300,081)
Change in Equity 13,917 (91,413) (23,860) (17,785) 11,037
Payment of Dividends (12,749) (12,987) (13,296) (13,395) (13,529)
Other Financing Cash Flows 4,656 (1,623) (381,579) 51,369 100,000
Cash Flow from Financing (200,083) (269,942) (630,898) (252,513) (202,573)
Change in Cash (105,846) (198,408) 337,375 18,517 (10,604)
Opening Cash 299,840 498,248 160,873 142,356 152,960
Closing Cash 193,994 299,840 498,248 160,873 142,356

Federated Department Stores, Inc. (DE) (United States) (NYS: FD)

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Profitability Ratios		02/03/2007	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Return on Equity (%)	8.06	10.16	11.17	11.67	11.07
	Return on Assets (%)	3.34	4.14	4.63	4.76	4.42
	Return on Investment	22.44	24.59	36.52	33.3	35.4
	Gross Margin	0.04	0.041	0.041	0.04	0.04
	EBITDA of Revenue (%)	11.32	15.1	13.71	13.46	13.14
	Operating Margin (%)	6.81	10.83	8.96	8.79	8.7
	Pre-Tax Margin	5.36	9.13	7.14	7.1	6.79
	Net Profit Margin (%)	3.69	6.28	4.41	4.54	5.3
	Effective Tax Rate (%)	31.67	32.83	38.26	36.07	39.12


Liquidity Indicators		02/03/2007	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Quick Ratio	0.27	0.36	1	1.07	1.02
	Current Ratio	1.17	1.34	1.75	1.92	1.99
	Working Capital/Total Assets	0.04	0.08	0.22	0.25	0.25


Debt Management		02/03/2007	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Current Liabilities/Equity	0.52	0.56	0.7	0.65	0.62
	Total Debt to Equity	0.64	0.66	0.43	0.53	0.59
	Long Term Debt to Assets	0.27	0.27	0.18	0.22	0.24


Asset Management		02/03/2007	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Revenues/Total Assets	0.91	0.68	1.05	1.05	1.07
	Revenues/Working Capital	25.37	8.76	4.87	4.28	4.34
	Interest Coverage	4.21	5.84	4.73	5.08	4.37

Dividends

Issue Details
1. common, PAR: USA 0
Listed: NYS, Ticker: FD
Authorized: 1000000000 Shares
Outstanding: 02/03/2007 496924600 Shares
Treasury: 107113900 Shares

Financial Highlights as of 02/03/2007

Financial Summary (In USD as of 02/03/2007)

Total Revenue	26,970,000,000
EBITDA	3,052,000,000
Net Income	995,000,000
Total Assets	29,550,000,000
Current Assets	7,422,000,000
Total Liabilities	17,296,000,000
Current Liabilities	6,359,000,000
Long Term Debt	7,847,000,000
Stockholders' Equity	12,254,000,000

Profitability Ratios

Return on Equity (%)	8.06
Return on Assets (%)	3.34
Return on Investment	22.44
Gross Margin	39.94
EBITDA of Revenue (%)	11.32
Operating Margin (%)	6.81
Pre-Tax Margin	5.36
Net Profit Margin (%)	3.69
Effective Tax Rate (%)	31.67

Liquidity Indicators

Quick Ratio	0.27
Current Ratio	1.17
Working Capital/Total Assets	0.04

Debt Management

Current Liabilities/Equity	0.52
Total Debt to Equity	0.64
Long Term Debt to Assets	0.27

Asset Management

Revenues/Total Assets	0.91
Revenues/Working Capital	25.37
Interest Coverage	4.21

Stock Price and Valuation

(Data as of 05/01/2007)

Market Cap (mil)	19,996
Shares Outstanding (000's)	454,663
52-Week Range	33.25 - 46.51
7-Day Average Closing Price	44.59
30-Day Average Closing Price	45.10
200-Day Average Closing Price	42.54
Dividend Per Share (TTM)	0.51
PE Ratio	23.96
Earnings Per Share (TTM)	1.84
Last Price	43.98
Last Day Range	43 - 44.17

Standardized Annual Income Statement 02/03/2007 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Sales Revenue 26,970,000 22,390,000 15,630,000 15,264,000 15,435,000
Total Revenue 26,970,000 22,390,000 15,630,000 15,264,000 15,435,000
Direct Costs 16,197,000 13,297,000 9,297,000 9,099,000 9,255,000
Gross Profit 10,773,000 9,093,000 6,333,000 6,165,000 6,180,000
Selling General & Admin 8,678,000 6,980,000 4,933,000 4,824,000 4,837,000
Restruct Remediation & Impair 450,000 169,000 - - -
Other Operating Expense (191,000) (480,000) 0 0 0
Total Indirect Operating Costs 8,937,000 6,669,000 4,933,000 4,824,000 4,837,000
Operating Income 1,836,000 2,424,000 1,400,000 1,341,000 1,343,000
Interest Income (390,000) (380,000) (284,000) (257,000) (295,000)
Other Non-Operating Income 0 0 0 0 0
Total Non-Operating Income (390,000) (380,000) (284,000) (257,000) (295,000)
Earnings Before Tax 1,446,000 2,044,000 1,116,000 1,084,000 1,048,000
Taxation 458,000 671,000 427,000 391,000 410,000
Discontinued Operations 7,000 33,000 - - 180,000
Extraordinary Items 0 0 0 0 0
Accounting Changes 0 0 0 0 0
Net Income 995,000 1,406,000 689,000 693,000 818,000
Preference Dividends & Similar 0 0 0 0 0
Net Income to Common 995,000 1,406,000 689,000 693,000 818,000
Average Shares Basic 540,000,000 426,000,000 175,100,000 184,400,000 197,300,000
EPS Net Basic 1.84 3.3 3.93 3.76 4.15
EPS Continuing Basic 1.83 3.22 3.93 3.76 3.23
Average Shares Diluted 547,700,000 434,600,000 178,200,000 186,600,000 198,700,000
EPS Net Diluted 1.81 3.24 3.86 3.71 4.12
EPS Continuing Diluted 1.8 3.16 3.86 3.71 3.21
Shares Outstanding 496,900,000 546,800,000 167,100,000 178,500,000 190,200,000

Standardized Annual Balance Sheet 02/03/2007 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Cash & Equivalents 1,211,000 248,000 868,000 925,000 716,000
Cash & Equivs & ST Investments 1,211,000 248,000 868,000 925,000 716,000
Receivables (ST) 517,000 2,522,000 3,418,000 3,213,000 2,945,000
Inventories 5,317,000 5,459,000 3,120,000 3,215,000 3,359,000
Current Tax Assets - - - - 10,000
Discontinued Ops (ST Asset) 126,000 1,713,000 - - -
Other Current Assets 251,000 203,000 104,000 99,000 124,000
Total Current Assets 7,422,000 10,145,000 7,510,000 7,452,000 7,154,000
Gross Property Plant & Equip 16,044,000 16,250,000 9,798,000 9,642,000 9,519,000
Accumulated Depreciation 4,571,000 4,216,000 3,780,000 3,468,000 3,140,000
Net Property Plant & Equip 11,473,000 12,034,000 6,018,000 6,174,000 6,379,000
Intangible Assets 10,087,000 10,600,000 638,000 640,000 640,000
Other Assets 568,000 389,000 719,000 284,000 268,000
Total Assets 29,550,000 33,168,000 14,885,000 14,550,000 14,441,000
Accounts Payable 2,454,000 2,522,000 1,301,000 1,590,000 1,568,000
Accrued Expenses 690,000 999,000 338,000 303,000 268,000
Current Debt 19,000 24,000 6,000 7,000 10,000
Discontinued Ops (ST Liab) 48,000 464,000 - - -
Other Current Liabilities 3,148,000 3,581,000 2,656,000 1,983,000 1,755,000
Total Current Liabilities 6,359,000 7,590,000 4,301,000 3,883,000 3,601,000
LT Debt & Leases 7,847,000 8,860,000 2,637,000 3,151,000 3,408,000
Deferred LT Liabilities 1,728,000 1,704,000 1,199,000 998,000 998,000
Other Liabilities 1,362,000 1,495,000 581,000 578,000 672,000
Total Liabilities 17,296,000 19,649,000 8,718,000 8,610,000 8,679,000
Common Share Capital 6,000 3,000 2,000 2,000 3,000
Additional Paid-In Capital 9,486,000 9,241,000 3,124,000 3,880,000 5,106,000
Retained Earnings 6,375,000 5,654,000 4,405,000 3,809,000 3,185,000
Accum Other Comprehensive Income (182,000) (288,000) (40,000) (270,000) (273,000)
Other Equity (3,431,000) (1,091,000) (1,324,000) (1,481,000) (2,259,000)
Total Equity 12,254,000 13,519,000 6,167,000 5,940,000 5,762,000
Total Liabilities & Equity 29,550,000 33,168,000 14,885,000 14,550,000 14,441,000

Standardized Annual Cash Flow 02/03/2007 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Net Income 995,000 1,406,000 689,000 693,000 818,000
Adjustments from Inc to Cash 2,697,000 544,000 818,000 897,000 350,000
Change in Working Capital 1,014,000 (95,000) 75,000 184,000 (155,000)
Other Operating Cash Flows 1,683,000 639,000 743,000 713,000 505,000
Cash Flow from Operations 3,692,000 1,950,000 1,507,000 1,590,000 1,168,000
Purchase of Pty Plant & Equip (1,317,000) (568,000) (467,000) (508,000) (568,000)
Proceeds from Pty Plant & Equip 679,000 19,000 27,000 6,000 20,000
Change in Business Activities - (5,321,000) - - -
Other Investing Cash Flows 1,911,000 3,364,000 (287,000) (60,000) (89,000)
Cash Flow from Investing 1,273,000 (2,506,000) (727,000) (562,000) (637,000)
Change in ST Debt (77,000) (53,000) 38,000 (5,000) (3,000)
Change in LT Debt (1,534,000) (175,000) (179,000) (293,000) (1,008,000)
Change in Equity (2,118,000) 329,000 (603,000) (452,000) (363,000)
Payment of Dividends (274,000) (157,000) (93,000) (69,000) -
Other Financing Cash Flows (10,000) (2,000) 0 0 (1,000)
Cash Flow from Financing (4,013,000) (58,000) (837,000) (819,000) (1,375,000)
Change in Cash 963,000 (620,000) (57,000) 209,000 80,000
Opening Cash 248,000 868,000 925,000 716,000 636,000
Closing Cash 1,211,000 248,000 868,000 925,000 716,000

Gottschalks, Inc. (United States) (NYS: GOT)

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Profitability Ratios		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Return on Equity (%)	2.76		4.56	4.72	2.54	(11.26)
	Return on Assets (%)	0.98		1.63	1.68	0.85	(3.43)
	Return on Investment	12.29		17.69	19.21	14.57	(3.87)
	Gross Margin	0.035		0.035	0.035	0.035	0.035
	EBITDA of Revenue (%)	4.03		4.08	4.44	3.94	1.7
	Operating Margin (%)	2		2.36	2.43	2.29	(0.43)
	Pre-Tax Margin	0.74		1.21	1.24	0.64	(2.95)
	Net Profit Margin (%)	0.39		0.77	0.79	0.28	(1.7)
	Effective Tax Rate (%)	32.16		33.53	36.28	35.72	42.33

¹ For 53 weeks

Liquidity Indicators		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Quick Ratio	0.17		0.14	0.15	0.2	0.15
	Current Ratio	2.38		2.06	2.17	2.5	1.7
	Working Capital/Total Assets	0.34		0.29	0.3	0.34	0.23

¹ For 53 weeks

Debt Management		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Current Liabilities/Equity	0.68		0.76	0.72	0.67	1.07
	Total Debt to Equity	0.95		0.83	0.85	1.08	0.96
	Long Term Debt to Assets	0.33		0.29	0.29	0.35	0.28

¹ For 53 weeks

Asset Management		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Revenues/Total Assets	1.96		2.02	2.12	2.06	2.02
	Revenues/Working Capital	5.86		6.98	7.08	6.13	8.8
	Interest Coverage	1.5		1.89	1.87	1.32	(0.31)

¹ For 53 weeks

Dividends

Issue Details
1. common, PAR: USA 0
Listed: New York, Ticker: GOT
Authorized: 30000000 Shares
Outstanding: 01/29/2005 12955935 Shares

Stock Splits:

$0.01 par shares split 2-for-1 Mar. 13, 1987.

Voting Rights:

Entitled to one vote per share.

Options:

Jan. 29, 2005, available for future grant, 594,500 shares; options outstanding, 1,547,750 shares.

�Employee Stock Purchase Plan: Co. also has a statutory Employee Stock Purchase Plan, which allows its employees to purchase Co.'s common stock at a 15% discount. Employees can purchase stock under the Plan through payroll deductions ranging from 1% to 10% of their annual compensation, up to a maximum of $21,250 per employee per year. A total of 500,000 shares were originally registered under the Plan, with 313,460 shares issued through Jan. 29, 2005.

Dividend Disbursement Agent:

ChaseMellon Shareholder Services, San Francisco, CA

Transfer Agent & Registrar:

Mellon Investor Services LLC, Los Angeles, CA

Secondary Exchanges:

Also listed on the Pacific Stock Exchange.

Price Range:

�	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993	1992	1991	1990	1989	1988
High	9.12	4.0	3.88	6.20	7.31	9 5/16	9 1/4	10 1/8	7 3/8	8 3/8	13	10 3/8	22 1/2	26 3/8	15	13 3/8	13 1/4
Low	3.4	0.94	1.17	2.25	3.94	6 3/4	6 1/4	5 1/8	4 3/4	5 1/8	7	6 1/8	7 1/2	11 5/8	8 5/8	8	8 1/8

Offered:

(1,385,000 shares) at $16.00 per share (proceeds to Co., $14.92 per share) on Apr. 18, 1986 through Salomon Brothers Inc., Prudential-Bache Securities Inc. and associates. Of the shares, 1,000,000 shares were sold by the Co. and 385,000 shares were sold by selling shareholders.

�(2,060,000 shares) at $15.50 per share (proceeds to Co., $14.69 per share) on May 1, 1991 through Prudential Securities Inc., Smith Barney, Harris Upham & Co., Inc. and associates. Proceeds of 2,000,000 shares for company account to reduce debt. Offering contained over-allotment option for up to 300,000 shares for company account.

Financial Highlights as of 02/03/2007

Financial Summary (In USD as of 02/03/2007)

Total Revenue	687,481,000
EBITDA	29,100,000
Net Income	2,649,000
Total Assets	350,066,000
Current Assets	202,372,000
Total Liabilities	225,474,000
Current Liabilities	85,071,000
Long Term Debt	116,534,000
Stockholders' Equity	124,592,000

Profitability Ratios

Return on Equity (%)	2.76
Return on Assets (%)	0.98
Return on Investment	12.29
Gross Margin	35.04
EBITDA of Revenue (%)	4.03
Operating Margin (%)	2.00
Pre-Tax Margin	0.74
Net Profit Margin (%)	0.39
Effective Tax Rate (%)	32.16

Liquidity Indicators

Quick Ratio	0.17
Current Ratio	2.38
Working Capital/Total Assets	0.34

Debt Management

Current Liabilities/Equity	0.68
Total Debt to Equity	0.95
Long Term Debt to Assets	0.33

Asset Management

Revenues/Total Assets	1.96
Revenues/Working Capital	5.86
Interest Coverage	1.50

Stock Price and Valuation

(Data as of 05/01/2007)

Market Cap (mil)	179
Shares Outstanding (000's)	13,441
52-Week Range	6.52 - 14.80
7-Day Average Closing Price	13.47
30-Day Average Closing Price	13.98
200-Day Average Closing Price	11.46
Dividend Per Share (TTM)	-
PE Ratio	31.97
Earnings Per Share (TTM)	0.42
Last Price	13.34
Last Day Range	13.18 - 13.66

Standardized Annual Income Statement 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated No Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Sales Revenue 680,966 670,236 661,992 660,574 691,428
Other Revenue 6,515 6,590 6,621 7,254 11,782
Total Revenue 687,481 676,826 668,613 667,828 703,210
Direct Costs 446,619 437,474 432,128 435,370 457,095
Gross Profit 240,862 239,352 236,485 232,458 246,115
Selling General & Admin 212,355 207,407 206,897 203,966 218,797
Depreciation & Amortization 15,276 13,497 13,325 13,177 14,259
Restruct Remediation & Impair - - - - 14,303
Other Operating Expense (510) 2,499 0 0 1,749
Total Indirect Operating Costs 227,121 223,403 220,222 217,143 249,108
Operating Income 13,741 15,949 16,263 15,315 (2,993)
Interest Income (10,058) (9,242) (9,509) (13,296) (15,883)
Other Non-Operating Income 1,389 1,515 1,565 2,262 (1,887)
Total Non-Operating Income (8,669) (7,727) (7,944) (11,034) (17,770)
Earnings Before Tax 5,072 8,222 8,319 4,281 (20,763)
Taxation 1,631 2,757 3,018 1,529 (8,790)
Discontinued Operations (792) (265) (20) (882) -
Extraordinary Items 0 0 0 0 0
Accounting Changes 0 0 0 0 0
Net Income 2,649 5,200 5,281 1,870 (11,973)
Preference Dividends & Similar 0 0 0 0 0
Net Income to Common 2,649 5,200 5,281 1,870 (11,973)
Average Shares Basic 13,428,000 13,245,000 12,922,000 12,830,000 12,747,000
EPS Net Basic 0.2 0.39 0.41 0.15 (0.94)
EPS Continuing Basic 0.26 0.41 0.41 0.22 (0.94)
Average Shares Diluted 13,758,000 13,797,000 13,352,000 12,919,000 12,747,000
EPS Net Diluted 0.19 0.38 0.4 0.14 (0.94)
EPS Continuing Diluted 0.25 0.4 0.4 0.21 (0.94)
Shares Outstanding 13,569,743 13,361,149 12,955,935 12,878,802 12,801,669
¹ For 53 weeks

Standardized Annual Balance Sheet 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated No Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Cash & Equivalents 6,051 5,368 5,470 5,172 6,215
Cash & Equivs & ST Investments 6,051 5,368 5,470 5,172 6,215
Receivables (ST) 8,198 7,284 6,920 9,145 10,641
Inventories 168,702 159,986 152,753 156,458 164,615
Other Current Assets 19,421 15,354 9,669 10,849 12,614
Total Current Assets 202,372 187,992 174,812 181,624 194,085
Gross Property Plant & Equip 270,406 255,735 234,845 217,362 232,861
Accumulated Depreciation 135,710 122,190 108,336 87,530 92,973
Net Property Plant & Equip 134,696 133,545 126,509 129,832 139,888
Intangible Assets 7,988 8,116 8,153 8,355 8,159
Other Assets 5,010 5,189 6,101 4,180 6,597
Total Assets 350,066 334,842 315,575 323,991 348,729
Accounts Payable 27,545 29,156 24,548 20,035 -
Accrued Expenses 45,559 52,272 43,583 39,356 -
Current Debt 1,243 1,625 1,525 2,798 30,564
Current Lease Obligations 433 1,145 1,717 1,936 2,970
Other Current Liabilities 10,291 6,864 9,000 8,551 80,602
Total Current Liabilities 85,071 91,062 80,373 72,676 114,136
LT Debt & Leases 116,534 97,086 92,583 113,482 97,086
Deferred LT Liabilities 11,311 12,713 11,965 12,637 12,266
Other Liabilities 12,558 14,077 18,298 16,874 18,917
Total Liabilities 225,474 214,938 203,219 215,669 242,405
Common Share Capital 136 134 130 129 128
Additional Paid-In Capital 76,527 74,490 72,146 71,440 71,313
Retained Earnings 47,929 45,280 40,080 36,753 34,883
Other Equity 0 0 0 0 0
Total Equity 124,592 119,904 112,356 108,322 106,324
Total Liabilities & Equity 350,066 334,842 315,575 323,991 348,729
¹ For 53 weeks

Standardized Annual Cash Flow 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated No Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Net Income 2,649 5,200 5,281 1,870 (11,973)
Adjustments from Inc to Cash (7,484) 14,416 33,255 21,192 32,844
Change in Working Capital (21,952) 1,584 18,083 9,795 5,360
Other Operating Cash Flows 14,468 12,832 15,172 11,397 27,484
Cash Flow from Operations (4,835) 19,616 38,536 23,062 20,871
Purchase of Pty Plant & Equip (21,100) (22,227) (13,745) (4,363) (8,279)
Purchase of Investments - - - - (383,147)
Proceeds from Pty Plant & Equip 4,187 - - - -
Disposal of Investments - 365 91 352 378,198
Other Investing Cash Flows 0 0 3 27 1,010
Cash Flow from Investing (16,913) (21,862) (13,651) (3,984) (12,218)
Change in LT Debt 18,354 4,026 (22,391) (12,404) (31,789)
Change in Equity 979 1,634 707 128 125
Other Financing Cash Flows 3,098 (3,516) (2,903) (7,845) 26,485
Cash Flow from Financing 22,431 2,144 (24,587) (20,121) (5,179)
Change in Cash 683 (102) 298 (1,043) 3,474
Opening Cash 5,368 5,470 5,172 6,215 2,741
Closing Cash 6,051 5,368 5,470 5,172 6,215
¹ For 53 weeks

Kohl's Corp. (NYS: KSS)

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Profitability Ratios		02/03/2007	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Return on Equity (%)	19.79	14.13	14.71	14.1	18.32
	Return on Assets (%)	12.26	9.2	9.15	8.83	10.19
	Return on Investment	176.44	135.09	111.88	95.02	102.98
	Gross Margin	0.036	0.036	0.035	0.033	0.034
	EBITDA of Revenue (%)	14.17	13.1	13.04	12.36	14.17
	Operating Margin (%)	11.68	10.57	10.57	9.95	11.96
	Pre-Tax Margin	11.42	10.04	10.04	9.24	11.34
	Net Profit Margin (%)	7.13	6.28	6.24	5.75	7.05
	Effective Tax Rate (%)	37.52	37.44	37.8	37.8	37.8


Liquidity Indicators		02/03/2007	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Quick Ratio	0.34	1.12	1.13	1.2	1.07
	Current Ratio	1.77	2.44	2.5	2.7	2.18
	Working Capital/Total Assets	0.16	0.28	0.27	0.28	0.28


Debt Management		02/03/2007	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Current Liabilities/Equity	0.34	0.29	0.29	0.27	0.43
	Total Debt to Equity	0.19	0.18	0.22	0.26	0.4
	Long Term Debt to Assets	0.12	0.11	0.14	0.16	0.17


Asset Management		02/03/2007	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Revenues/Total Assets	1.72	1.46	1.47	1.53	1.44
	Revenues/Working Capital	10.49	5.32	5.35	5.4	5.14
	Interest Coverage	27.59	19.67	19.31	13.63	18.4

Dividends

Issue Details
1. common, PAR: USA 0
Listed: NYS, Ticker: KSS
Authorized: 800000000 Shares
Outstanding: 02/03/2007 320986000 Shares
Treasury: 27516000 Shares

Financial Highlights as of 02/03/2007

Financial Summary (In USD as of 02/03/2007)

Total Revenue	15,544,184,000
EBITDA	2,203,316,000
Net Income	1,108,681,000
Total Assets	9,041,177,000
Current Assets	3,401,040,000
Total Liabilities	3,437,782,000
Current Liabilities	1,918,658,000
Long Term Debt	1,040,057,000
Stockholders' Equity	5,603,395,000

Profitability Ratios

Return on Equity (%)	19.79
Return on Assets (%)	12.26
Return on Investment	176.44
Gross Margin	36.37
EBITDA of Revenue (%)	14.17
Operating Margin (%)	11.68
Pre-Tax Margin	11.42
Net Profit Margin (%)	7.13
Effective Tax Rate (%)	37.52

Liquidity Indicators

Quick Ratio	0.34
Current Ratio	1.77
Working Capital/Total Assets	0.16

Debt Management

Current Liabilities/Equity	0.34
Total Debt to Equity	0.19
Long Term Debt to Assets	0.12

Asset Management

Revenues/Total Assets	1.72
Revenues/Working Capital	10.49
Interest Coverage	27.59

Stock Price and Valuation

(Data as of 05/01/2007)

Market Cap (mil)	23,969
Shares Outstanding (000's)	321,126
52-Week Range	52.93 - 78.89
7-Day Average Closing Price	76.13
30-Day Average Closing Price	77.41
200-Day Average Closing Price	72.27
Dividend Per Share (TTM)	-
PE Ratio	22.49
Earnings Per Share (TTM)	3.32
Last Price	74.64
Last Day Range	72.76 - 74.94

Standardized Annual Income Statement 02/03/2007 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Sales Revenue 15,544,184 13,402,217 11,700,619 10,282,094 9,120,287
Total Revenue 15,544,184 13,402,217 11,700,619 10,282,094 9,120,287
Direct Costs 9,890,513 8,639,278 7,586,992 6,887,033 5,981,219
Gross Profit 5,653,671 4,762,939 4,113,627 3,395,061 3,139,068
Selling General & Admin 3,401,434 2,963,472 2,539,621 2,091,374 1,817,968
Depreciation & Amortization 387,674 338,916 288,173 236,864 191,439
Other Operating Expense 49,762 44,370 49,131 43,519 39,278
Total Indirect Operating Costs 3,838,870 3,346,758 2,876,925 2,371,757 2,048,685
Operating Income 1,814,801 1,416,181 1,236,702 1,023,304 1,090,383
Interest Income (40,356) (70,391) (62,452) (72,931) (56,009)
Other Non-Operating Income 0 0 0 0 0
Total Non-Operating Income (40,356) (70,391) (62,452) (72,931) (56,009)
Earnings Before Tax 1,774,445 1,345,790 1,174,250 950,373 1,034,374
Taxation 665,764 503,830 443,870 359,221 390,993
Extraordinary Items 0 0 0 0 0
Accounting Changes 0 0 0 0 0
Net Income 1,108,681 841,960 730,380 591,152 643,381
Preference Dividends & Similar 0 0 0 0 0
Net Income to Common 1,108,681 841,960 730,380 591,152 643,381
Average Shares Basic 332,323,000 344,172,000 341,724,000 339,199,000 336,676,000
EPS Net Basic 3.34 2.45 2.14 1.74 1.91
EPS Continuing Basic 3.34 2.45 2.14 1.74 1.91
Average Shares Diluted 334,771,000 346,772,000 344,773,000 344,907,000 346,728,000
EPS Net Diluted 3.31 2.43 2.12 1.72 1.87
EPS Continuing Diluted 3.31 2.43 2.12 1.72 1.87
Shares Outstanding 320,986,000 345,088,000 343,345,000 340,141,000 337,322,102

Standardized Annual Balance Sheet 02/03/2007 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Cash & Equivalents 189,170 126,839 116,717 112,748 90,085
Short Term Investments 431,230 160,077 88,767 34,285 475,991
Cash & Equivs & ST Investments 620,400 286,916 205,484 147,033 566,076
Receivables (ST) 0 1,652,065 1,389,632 1,150,157 990,810
Inventories 2,588,099 2,237,568 1,946,977 1,606,990 1,626,996
Current Tax Assets 40,190 23,677 54,050 49,822 56,693
Other Current Assets 152,351 65,826 47,294 70,837 43,519
Total Current Assets 3,401,040 4,266,052 3,643,437 3,024,839 3,284,094
Gross Property Plant & Equip 7,006,709 5,785,531 4,973,151 4,099,712 3,356,284
Accumulated Depreciation 1,653,735 1,241,699 985,206 775,469 616,994
Net Property Plant & Equip 5,352,974 4,543,832 3,987,945 3,324,243 2,739,290
Intangible Assets 228,624 221,718 234,241 244,829 189,758
Other Assets 58,539 121,436 113,676 104,539 102,361
Total Assets 9,041,177 9,153,038 7,979,299 6,698,450 6,315,503
Accounts Payable 934,376 829,971 704,655 532,599 694,748
Accrued Expenses 732,178 641,635 570,757 441,902 315,630
Current Debt 18,841 107,941 3,464 12,529 355,464
Other Current Liabilities 233,263 166,908 177,182 135,327 142,150
Total Current Liabilities 1,918,658 1,746,455 1,456,058 1,122,357 1,507,992
LT Debt & Leases 1,040,057 1,046,104 1,103,441 1,075,973 1,058,784
Deferred LT Liabilities 243,530 217,801 296,551 236,712 171,951
Other Liabilities 235,537 185,340 156,521 72,069 64,859
Total Liabilities 3,437,782 3,195,700 3,012,571 2,507,111 2,803,586
Common Share Capital 3,485 3,450 3,433 3,401 3,373
Additional Paid-In Capital 1,748,792 1,583,035 1,258,326 1,170,519 1,082,277
Retained Earnings 5,479,534 4,370,853 3,704,969 3,017,419 2,426,267
Other Equity (1,628,416) 0 0 0 0
Total Equity 5,603,395 5,957,338 4,966,728 4,191,339 3,511,917
Total Liabilities & Equity 9,041,177 9,153,038 7,979,299 6,698,450 6,315,503

Standardized Annual Cash Flow 02/03/2007 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Net Income 1,108,681 841,960 730,380 591,152 643,381
Adjustments from Inc to Cash 1,990,697 39,731 217,278 163,309 26,203
Change in Working Capital 1,573,974 (348,371) (154,260) (155,799) (228,910)
Other Operating Cash Flows 416,723 388,102 371,538 319,108 255,113
Cash Flow from Operations 3,099,378 881,691 947,658 754,461 669,584
Purchase of Investments (13,509,169) - - - -
Disposal of Investments 13,238,936 - - - -
Other Investing Cash Flows (1,149,103) - - - -
Cash Flow from Investing (1,419,336) (903,783) (977,491) (415,517) (995,055)
Change in LT Debt (109,596) (5,102) (13,213) (362,353) 280,987
Change in Equity (1,533,822) 22,858 47,094 46,257 31,299
Other Financing Cash Flows 25,707 14,458 (79) (185) (3,452)
Cash Flow from Financing (1,617,711) 32,214 33,802 (316,281) 308,834
Change in Cash 62,331 10,122 3,969 22,663 (16,637)
Opening Cash 126,839 116,717 112,748 90,085 106,722
Closing Cash 189,170 126,839 116,717 112,748 90,085

Maidenform Brands Inc (NYS: MFB)

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Profitability Ratios		12/30/2006	12/31/2005	01/01/2005	¹

	Return on Equity (%)	37.06	16.96	(64.35)
	Return on Assets (%)	11.34	3.61	(1.38)
	Return on Investment	50.36	24.34	1.89
	Gross Margin	0.038	0.035	0.029
	EBITDA of Revenue (%)	14.49	12.11	4.51
	Operating Margin (%)	13.32	8.77	1.25
	Pre-Tax Margin	11.27	4.62	(2.3)
	Net Profit Margin (%)	6.66	2.34	(1.57)
	Effective Tax Rate (%)	40.92	49.42	31.77

¹ From May 11, 2004

Liquidity Indicators		12/30/2006	12/31/2005	01/01/2005	¹

	Quick Ratio	1.56	1.74	1.02
	Current Ratio	3.38	3.13	2.18
	Working Capital/Total Assets	0.33	0.32	0.22

¹ From May 11, 2004

Debt Management		12/30/2006	12/31/2005	01/01/2005	¹

	Current Liabilities/Equity	0.46	0.71	8.83
	Total Debt to Equity	1.47	2.61	28.23
	Long Term Debt to Assets	0.45	0.56	0.56

¹ From May 11, 2004

Asset Management		12/30/2006	12/31/2005	01/01/2005	¹

	Revenues/Total Assets	1.7	1.55	0.88
	Revenues/Working Capital	5.09	4.79	3.92
	Interest Coverage	6.51	2.11	0.35

¹ From May 11, 2004

Dividends

Issue Details
1. common, PAR: USA 0
Listed: New York, Ticker: MFB
Authorized: 100000000 Shares
Outstanding: 04/02/2005 23411521 Shares

Ownership:

Upon consumation of July 27, 2005 offering, Ares Corporate Opportunities Fund, L.P. owned 37.4% of Co.'s outstanding common shares.

Voting Rights:

Entitled to one vote per share with non-cumulative voting for directors.

Options:

Apr. 2, 2005 (adjusted to reflect July 27, 2005 offering) available for issuance, 1,750,000 shares; options outstanding, 2,847,203 shares.

Transfer Agent & Registrar:

Continental Stock Transfer & Trust Company

Offered:

(12,794,067 shares) at $17.00 per share (proceeds to Co., $15.81 per share) on July 27, 2005 through UBS Investment Bank; Credit Suisse First Boston; Goldman, Sachs & Co. and associates. Of the shares offered, 3,375,000 were offered by Co. and 9,419,067 by selling stockholders. Offeirng contained over-allotment options to cover 1,719,822 shares. Proceeds used to redeem all outstanding shares of Co.'s preferred stock, including shares of preferred stock acquired upon exercise of all outstanding options to purchase shares of Co.'s preferred stock in connection with this offering, in an amount equal to the redemption price (which includes a redemption premium) and the amount of aggregate unpaid dividends, and to pay fees and expenses, including a payment to terminate an advisory agreement and to pay a separate advisory fee. Co. will use the remainder of the net proceeds, if any, for general corporate purposes, including working capital.

Capital History:

July 27, 2005, 23,411,521 shares (adjusted to reflect July 27, 2005 offering).

Financial Highlights as of 12/30/2006

Financial Summary (In USD as of 12/30/2006)

Total Revenue	416,835,000
EBITDA	68,900,000
Net Income	27,762,000
Total Assets	244,853,000
Current Assets	116,332,000
Total Liabilities	169,952,000
Current Liabilities	34,371,000
Long Term Debt	110,000,000
Stockholders' Equity	74,901,000

Profitability Ratios

Return on Equity (%)	37.06
Return on Assets (%)	11.34
Return on Investment	50.36
Gross Margin	37.61
EBITDA of Revenue (%)	14.49
Operating Margin (%)	13.32
Pre-Tax Margin	11.27
Net Profit Margin (%)	6.66
Effective Tax Rate (%)	40.92

Liquidity Indicators

Quick Ratio	1.56
Current Ratio	3.38
Working Capital/Total Assets	0.33

Debt Management

Current Liabilities/Equity	0.46
Total Debt to Equity	1.47
Long Term Debt to Assets	0.45

Asset Management

Revenues/Total Assets	1.70
Revenues/Working Capital	5.09
Interest Coverage	6.51

Stock Price and Valuation

(Data as of 05/01/2007)

Market Cap (mil)	459
Shares Outstanding (000's)	22,980
52-Week Range	11.05 - 23.85
7-Day Average Closing Price	20.57
30-Day Average Closing Price	21.71
200-Day Average Closing Price	20.16
Dividend Per Share (TTM)	-
PE Ratio	16.38
Earnings Per Share (TTM)	1.22
Last Price	19.98
Last Day Range	19.90 - 20.58

Standardized Annual Income Statement 12/30/2006 12/31/2005 01/01/2005 ¹
Currency US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes
Scale Thousands Thousands Thousands
Sales Revenue 416,835 382,169 214,613
Total Revenue 416,835 382,169 214,613
Direct Costs 260,083 247,037 151,954
Gross Profit 156,752 135,132 62,659
Selling General & Admin 101,238 101,604 59,973
Other Operating Expense 0 0 0
Total Indirect Operating Costs 101,238 101,604 59,973
Operating Income 55,514 33,528 2,686
Interest Income (8,521) (15,853) (7,622)
Other Non-Operating Income 0 0 0
Total Non-Operating Income (8,521) (15,853) (7,622)
Earnings Before Tax 46,993 17,675 (4,936)
Taxation 19,231 8,735 (1,568)
Extraordinary Items 0 0 0
Accounting Changes 0 0 0
Net Income 27,762 8,940 (3,368)
Preference Dividends & Similar 0 (17,264) (4,756)
Net Income to Common 27,762 (8,324) (8,124)
Average Shares Basic 23,024,986 21,451,654 19,800,000
EPS Net Basic 1.21 (0.39) (0.41)
EPS Continuing Basic 1.21 (0.39) (0.41)
Average Shares Diluted 24,194,468 21,451,654 19,800,000
EPS Net Diluted 1.15 (0.39) (0.41)
EPS Continuing Diluted 1.15 (0.39) (0.41)
Shares Outstanding 22,964,826 23,488,357 15,675,000
¹ From May 11, 2004

Standardized Annual Balance Sheet 12/30/2006 12/31/2005 01/01/2005 ¹
Currency US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes
Scale Thousands Thousands Thousands
Cash & Equivalents 14,617 30,978 23,212
Cash & Equivs & ST Investments 14,617 30,978 23,212
Receivables (ST) 39,142 34,169 24,004
Inventories 46,911 35,255 37,067
Current Tax Assets 9,459 8,724 9,103
Other Current Assets 6,203 8,059 7,562
Total Current Assets 116,332 117,185 100,948
Gross Property Plant & Equip 25,547 22,538 33,294
Accumulated Depreciation 7,093 4,308 5,350
Net Property Plant & Equip 18,454 18,230 27,944
Intangible Assets 107,562 108,722 109,882
Other Assets 2,505 3,211 5,357
Total Assets 244,853 247,348 244,131
Accounts Payable 13,195 19,212 11,724
Accrued Expenses 21,176 18,253 22,334
Current Debt - - 12,162
Other Current Liabilities 0 0 0
Total Current Liabilities 34,371 37,465 46,220
LT Debt & Leases 110,000 137,500 135,588
Deferred LT Liabilities 16,223 10,754 7,002
Other Liabilities 9,358 8,926 8,596
Total Liabilities 169,952 194,645 197,406
Temporary Equity - - 47,847
Common Share Capital 235 235 157
Additional Paid-In Capital 59,478 59,063 2,098
Retained Earnings 20,953 (6,809) (3,368)
Accum Other Comprehensive Income 158 214 (9)
Other Equity (5,923) 0 0
Total Equity 74,901 52,703 (1,122)
Total Liabilities & Equity 244,853 247,348 244,131
¹ From May 11, 2004

Standardized Annual Cash Flow 12/30/2006 12/31/2005 01/01/2005 ¹
Currency US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes
Scale Thousands Thousands Thousands
Net Income 27,762 8,940 (3,368)
Adjustments from Inc to Cash (6,129) 16,447 37,612
Change in Working Capital (21,109) (9,332) 17,090
Other Operating Cash Flows 14,980 25,779 20,522
Cash Flow from Operations 21,633 25,387 34,244
Purchase of Pty Plant & Equip (2,716) (2,229) (1,980)
Other Investing Cash Flows 0 5,160 (158,473)
Cash Flow from Investing (2,716) 2,931 (160,453)
Change in LT Debt (27,500) (10,250) 94,065
Change in Equity (5,511) 52,439 57,000
Payment of Dividends - (13,320) -
Other Financing Cash Flows (2,313) (49,251) (6,684)
Cash Flow from Financing (35,324) (20,382) 144,381
Effect of Exchange Rate 46 (170) 169
Change in Cash (16,361) 7,766 18,341
Opening Cash 30,978 23,212 4,871
Closing Cash 14,617 30,978 23,212
¹ From May 11, 2004

Penney (J.C.) Co.,Inc. (Holding Co.) (NYS: JCP)

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Profitability Ratios		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	01/25/2003

	Return on Equity (%)	26.45		24.38	13.74	6.71	5.82
	Return on Assets (%)	8.95		7.84	4.72	1.99	2.08
	Return on Investment	62.17		50.06	31.84	(5.41)	7.1
	Gross Margin	0		0	0	0	0
	EBITDA of Revenue (%)	11.61		10.38	9.12	6.66	5.07
	Operating Margin (%)	9.66		8.4	7.12	4.44	3
	Pre-Tax Margin	9		7.69	5.54	3.07	1.81
	Net Profit Margin (%)	5.79		5.79	2.84	(5.22)	1.25
	Effective Tax Rate (%)	36.72		32.34	34.61	33.33	36.47

¹ 53 weeks

Liquidity Indicators		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	01/25/2003

	Quick Ratio	0.86		1.19	1.48	0.86	0.76
	Current Ratio	1.9		2.43	2.44	1.73	2.01
	Working Capital/Total Assets	0.25		0.32	0.35	0.15	0.23

¹ 53 weeks

Debt Management		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	01/25/2003

	Current Liabilities/Equity	0.81		0.69	0.71	0.69	0.65
	Total Debt to Equity	0.8		0.86	0.81	1.05	0.86
	Long Term Debt to Assets	0.24		0.28	0.25	0.28	0.28

¹ 53 weeks

Asset Management		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	01/25/2003

	Revenues/Total Assets	1.57		1.51	1.3	0.97	1.81
	Revenues/Working Capital	6.31		4.77	3.7	6.45	7.71
	Interest Coverage	14.78		9.54	5.38	3.09	-

¹ 53 weeks

Dividends

Issue Details
1. common, PAR: USA 0
Listed: NYS, Ticker: JCP
Authorized: 1250000000 Shares
Outstanding: 01/28/2006 233000000 Shares

Financial Highlights as of 02/03/2007

Financial Summary (In USD as of 02/03/2007)

Total Revenue	19,903,000,000
EBITDA	2,311,000,000
Net Income	1,153,000,000
Total Assets	12,673,000,000
Current Assets	6,648,000,000
Total Liabilities	8,385,000,000
Current Liabilities	3,492,000,000
Long Term Debt	3,010,000,000
Stockholders' Equity	4,288,000,000

Profitability Ratios

Return on Equity (%)	26.45
Return on Assets (%)	8.95
Return on Investment	62.17
Gross Margin	39.32
EBITDA of Revenue (%)	11.61
Operating Margin (%)	9.66
Pre-Tax Margin	9.00
Net Profit Margin (%)	5.79
Effective Tax Rate (%)	36.72

Liquidity Indicators

Quick Ratio	0.86
Current Ratio	1.90
Working Capital/Total Assets	0.25

Debt Management

Current Liabilities/Equity	0.81
Total Debt to Equity	0.80
Long Term Debt to Assets	0.24

Asset Management

Revenues/Total Assets	1.57
Revenues/Working Capital	6.31
Interest Coverage	14.78

Stock Price and Valuation

(Data as of 05/01/2007)

Market Cap (mil)	17,990
Shares Outstanding (000's)	224,981
52-Week Range	59.89 - 86.35
7-Day Average Closing Price	81.22
30-Day Average Closing Price	82.26
200-Day Average Closing Price	80.09
Dividend Per Share (TTM)	0.72
PE Ratio	16.05
Earnings Per Share (TTM)	4.98
Last Price	79.96
Last Day Range	78.21 - 80.40

Standardized Annual Income Statement 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 01/25/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Millions Millions Millions Millions Millions
Sales Revenue 19,903 18,781 18,424 17,786 32,347
Total Revenue 19,903 18,781 18,424 17,786 32,347
Direct Costs 12,078 11,405 11,285 11,166 22,573
Gross Profit 7,825 7,376 7,139 6,620 9,774
Selling General & Admin 5,521 5,799 5,827 5,830 8,667
Depreciation & Amortization 389 - - - 42
Other Operating Expense (7) 0 0 0 93
Total Indirect Operating Costs 5,903 5,799 5,827 5,830 8,802
Operating Income 1,922 1,577 1,312 790 972
Interest Income (130) (169) (233) (261) (388)
Gains on Sale of Assets - 27 8 51 -
Other Non-Operating Income 0 9 (67) (34) 0
Total Non-Operating Income (130) (133) (292) (244) (388)
Earnings Before Tax 1,792 1,444 1,020 546 584
Taxation 658 467 353 182 213
Discontinued Operations 19 111 (143) (1,292) 34
Extraordinary Items 0 0 0 0 0
Accounting Changes 0 0 0 0 0
Net Income 1,153 1,088 524 (928) 405
Preference Dividends & Similar 0 0 (12) (25) (27)
Net Income to Common 1,153 1,088 512 (953) 378
Average Shares Basic 229,000,000 253,000,000 279,000,000 272,000,000 267,000,000
EPS Net Basic 5.03 4.3 1.83 (3.5) 1.41
EPS Continuing Basic 4.95 3.86 2.35 1.25 1.28
Average Shares Diluted 232,000,000 255,000,000 307,000,000 297,000,000 293,000,000
EPS Net Diluted 4.96 4.26 1.76 (3.13) 1.37
EPS Continuing Diluted 4.88 3.83 2.23 1.21 1.25
Shares Outstanding 226,000,000 233,000,000 271,000,000 274,000,000 269,000,000
¹ 53 weeks

Standardized Annual Balance Sheet 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 01/25/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Millions Millions Millions Millions Millions
Cash & Equivalents 2,747 3,016 4,687 2,994 2,474
Cash & Equivs & ST Investments 2,747 3,016 4,687 2,994 2,474
Receivables (ST) 263 270 404 233 705
Inventories 3,400 3,210 3,169 3,156 4,945
Prepayments (ST) 238 206 167 130 229
Other Current Assets 0 0 0 0 0
Total Current Assets 6,648 6,702 8,427 6,513 8,353
Gross Property Plant & Equip 6,277 5,845 5,715 5,637 8,154
Accumulated Depreciation 2,115 2,097 2,077 2,122 3,253
Net Property Plant & Equip 4,162 3,748 3,638 3,515 4,901
Long Term Investments 140 135 139 134 131
Intangible Assets 95 89 142 139 3,026
Prepayments (LT) 1,235 1,469 1,538 1,320 1,172
Deferred LT Assets - - - 77 73
Discontinued Ops (LT Asset) - - - 6,354 -
Other Assets 393 318 243 248 211
Total Assets 12,673 12,461 14,127 18,300 17,867
Accounts Payable 1,454 1,218 1,200 1,167 1,792
Accrued Expenses 696 651 789 695 849
Current Debt 434 21 459 242 275
Discontinued Ops (ST Liab) 34 79 221 - -
Other Current Liabilities 874 793 778 1,650 1,243
Total Current Liabilities 3,492 2,762 3,447 3,754 4,159
LT Debt & Leases 3,010 3,444 3,464 5,114 4,940
Pensions & OPEB 324 590 634 - -
Discontinued Ops (LT Liab) 51 54 114 1,986 -
Deferred LT Liabilities 1,206 1,287 1,318 1,217 1,391
Other Liabilities 302 317 294 804 1,007
Total Liabilities 8,385 8,454 9,271 12,875 11,497
Common Share Capital 112 - - 3,531 3,423
Preferred Share Capital - - - 304 333
Additional Paid-In Capital 3,430 - - - -
Retained Earnings 922 512 812 1,728 2,817
Accum Other Comprehensive Income (176) 16 (132) (138) (203)
Other Equity 0 3,479 4,176 0 0
Total Equity 4,288 4,007 4,856 5,425 6,370
Total Liabilities & Equity 12,673 12,461 14,127 18,300 17,867
¹ 53 weeks

Standardized Annual Cash Flow 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 01/25/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Millions Millions Millions Millions Millions
Net Income 1,153 1,088 667 364 371
Adjustments from Inc to Cash 102 249 460 448 958
Change in Working Capital 27 (99) 312 89 283
Other Operating Cash Flows 75 348 148 359 675
Cash Flow from Operations 1,255 1,337 1,127 812 1,329
Purchase of Pty Plant & Equip (772) (535) (412) (373) (658)
Change in Business Activities - 283 4,666 20 -
Other Investing Cash Flows 20 31 34 100 38
Cash Flow from Investing (752) (221) 4,288 (253) (620)
Change in ST Debt - - 4 5 (2)
Change in LT Debt (21) (474) (856) 157 (912)
Change in Equity (615) (2,090) (1,654) 23 0
Payment of Dividends (153) (131) (150) (160) (161)
Other Financing Cash Flows 38 43 0 0 0
Cash Flow from Financing (751) (2,652) (2,656) 25 (1,075)
Change in Cash (269) (1,633) 1,693 520 (366)
Opening Cash 3,016 4,649 2,994 2,474 2,840
Closing Cash 2,747 3,016 4,687 2,994 2,474
¹ 53 weeks

Saks, Inc. (NYS: SKS)

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Profitability Ratios		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Return on Equity (%)	(0.67)		1.12	2.93	3.57	3.08
	Return on Assets (%)	(0.29)		0.58	1.3	1.78	1.53
	Return on Investment	14.89		24.5	14.58	19.27	14.04
	Gross Margin	0.039		0.037	0.038	0.038	0.037
	EBITDA of Revenue (%)	3.68		6.92	6.58	7.45	7.6
	Operating Margin (%)	(0.69)		3.39	3.02	3.8	3.94
	Pre-Tax Margin	(1.43)		1.59	1.31	1.81	1.86
	Net Profit Margin (%)	1.83		0.38	0.95	1.37	0.41
	Effective Tax Rate (%)	82.57		76.39	27.49	24.62	36.5

¹ 53 weeks

Liquidity Indicators		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Quick Ratio	0.32		0.09	0.27	0.38	0.6
	Current Ratio	1.45		1.95	2.21	2.11	2.41
	Working Capital/Total Assets	0.15		0.21	0.24	0.23	0.25

¹ 53 weeks

Debt Management		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Current Liabilities/Equity	0.79		0.42	0.45	0.42	0.35
	Total Debt to Equity	0.63		0.37	0.65	0.55	0.59
	Long Term Debt to Assets	0.18		0.19	0.29	0.24	0.29

¹ 53 weeks

Asset Management		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003

	Revenues/Total Assets	1.16		1.55	1.37	1.3	1.29
	Revenues/Working Capital	7.58		7.45	5.65	5.62	5.26
	Interest Coverage	0.16		2.1	1.74	2	1.89

¹ 53 weeks

Dividends

Issue Details
1. common, PAR: USA 0
Listed: NYS, Ticker: SKS
Authorized: 500000000 Shares
Outstanding: 01/28/2006 136005000 Shares

Financial Highlights as of 02/03/2007

Financial Summary (In USD as of 02/03/2007)

Total Revenue	2,940,003,000
EBITDA	136,533,000
Net Income	53,742,000
Total Assets	2,544,303,000
Current Assets	1,250,841,000
Total Liabilities	1,448,164,000
Current Liabilities	862,780,000
Long Term Debt	450,010,000
Stockholders' Equity	1,096,139,000

Profitability Ratios

Return on Equity (%)	(0.67)
Return on Assets (%)	(0.29)
Return on Investment	14.89
Gross Margin	38.63
EBITDA of Revenue (%)	3.68
Operating Margin (%)	(0.69)
Pre-Tax Margin	(1.43)
Net Profit Margin (%)	1.83
Effective Tax Rate (%)	82.57

Liquidity Indicators

Quick Ratio	0.32
Current Ratio	1.45
Working Capital/Total Assets	0.15

Debt Management

Current Liabilities/Equity	0.79
Total Debt to Equity	0.63
Long Term Debt to Assets	0.18

Asset Management

Revenues/Total Assets	1.16
Revenues/Working Capital	7.58
Interest Coverage	0.16

Stock Price and Valuation

(Data as of 05/01/2007)

Market Cap (mil)	2,864
Shares Outstanding (000's)	138,873
52-Week Range	14.26 - 21.20
7-Day Average Closing Price	20.99
30-Day Average Closing Price	20.73
200-Day Average Closing Price	19.46
Dividend Per Share (TTM)	8.00
PE Ratio	55.47
Earnings Per Share (TTM)	0.37
Last Price	20.62
Last Day Range	20.39 - 20.90

Standardized Annual Income Statement 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Sales Revenue 2,940,003 5,953,352 6,437,277 6,055,055 5,911,122
Total Revenue 2,940,003 5,953,352 6,437,277 6,055,055 5,911,122
Direct Costs 1,804,294 3,742,459 3,995,460 3,762,722 3,739,247
Gross Profit 1,135,709 2,210,893 2,441,817 2,292,333 2,171,875
Selling General & Admin 899,832 1,709,470 1,778,725 1,626,423 1,484,971
Depreciation & Amortization 128,522 210,115 229,145 221,350 216,022
Restruct Remediation & Impair - - - (62) 9,981
Other Operating Expense 127,758 89,222 239,722 214,633 227,802
Total Indirect Operating Costs 1,156,112 2,008,807 2,247,592 2,062,344 1,938,776
Operating Income (20,403) 202,086 194,225 229,989 233,099
Interest Income (50,136) (85,778) (114,035) (109,713) (124,052)
Other Non-Operating Income 28,414 (21,670) 4,048 (10,397) 938
Total Non-Operating Income (21,722) (107,448) (109,987) (120,110) (123,114)
Earnings Before Tax (42,125) 94,638 84,238 109,879 109,985
Taxation (34,783) 72,290 23,153 27,052 40,148
Discontinued Operations 61,084 - - - -
Extraordinary Items 0 0 0 0 0
Accounting Changes 0 0 0 0 (45,593)
Net Income 53,742 22,348 61,085 82,827 24,244
Preference Dividends & Similar 0 0 0 0 0
Net Income to Common 53,742 22,348 61,085 82,827 24,244
Average Shares Basic 135,880,000 138,348,000 139,470,000 139,824,000 142,750,000
EPS Net Basic 0.4 0.16 0.44 0.59 0.17
EPS Continuing Basic (0.05) 0.16 0.44 0.59 0.49
Average Shares Diluted 135,880,000 143,571,000 144,034,000 142,921,000 146,707,000
EPS Net Diluted 0.4 0.16 0.42 0.58 0.17
EPS Continuing Diluted (0.05) 0.16 0.42 0.58 0.48
Shares Outstanding 140,480,000 136,005,000 140,115,000 141,835,000 144,960,000
¹ 53 weeks

Standardized Annual Balance Sheet 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Cash & Equivalents 277,883 77,312 257,104 365,834 209,568
Cash & Equivs & ST Investments 277,883 77,312 257,104 365,834 209,568
Receivables (ST) - - - - 267,062
Inventories 785,302 807,211 1,516,271 1,451,275 1,306,667
Current Tax Assets 40,763 119,558 178,558 63,161 41,806
Assets Held for Sale (ST) - 475,485 - - -
Other Current Assets 146,893 165,085 127,082 162,893 93,422
Total Current Assets 1,250,841 1,644,651 2,079,015 2,043,163 1,918,525
Gross Property Plant & Equip 1,902,892 2,684,762 3,562,584 3,435,742 3,354,083
Accumulated Depreciation 803,561 1,343,894 1,515,745 1,355,143 1,210,978
Net Property Plant & Equip 1,099,331 1,340,868 2,046,839 2,080,599 2,143,105
Assets Held for Sale (LT) - 449,533 - - -
Intangible Assets 324 181,644 323,761 325,577 316,430
Deferred LT Assets 152,754 191,480 166,364 121,859 148,805
Other Assets 41,053 42,549 88,100 83,671 52,491
Total Assets 2,544,303 3,850,725 4,704,079 4,654,869 4,579,356
Accounts Payable 231,038 190,064 378,394 319,216 273,989
Accrued Expenses 386,455 441,049 540,727 471,123 471,073
Current Debt 236,667 7,803 7,715 151,884 4,781
Other Current Liabilities 8,620 206,134 13,184 24,187 44,849
Total Current Liabilities 862,780 845,050 940,020 966,410 794,692
LT Debt & Leases 450,010 722,736 1,346,222 1,125,637 1,327,381
Other Liabilities 135,374 283,556 333,420 240,654 190,011
Total Liabilities 1,448,164 1,851,342 2,619,662 2,332,701 2,312,084
Common Share Capital 14,048 13,601 14,012 14,183 14,496
Additional Paid-In Capital 1,097,817 1,994,979 2,116,301 2,105,925 2,131,091
Retained Earnings 12,620 63,270 40,922 273,670 190,843
Accum Other Comprehensive Income (28,346) (72,467) (86,818) (71,610) (69,158)
Other Equity 0 0 0 0 0
Total Equity 1,096,139 1,999,383 2,084,417 2,322,168 2,267,272
Total Liabilities & Equity 2,544,303 3,850,725 4,704,079 4,654,869 4,579,356
¹ 53 weeks

Standardized Annual Cash Flow 02/03/2007 ¹ 01/28/2006 01/29/2005 01/31/2004 02/01/2003
Currency US Dollar US Dollar US Dollar US Dollar US Dollar
Consolidated Yes Yes Yes Yes Yes
Scale Thousands Thousands Thousands Thousands Thousands
Net Income 53,742 22,348 61,085 82,827 24,244
Adjustments from Inc to Cash 1,543 165,724 297,736 382,735 252,057
Change in Working Capital (100,619) (4,354) (38,362) (126,419) (22,024)
Other Operating Cash Flows 102,162 170,078 336,098 509,154 274,081
Cash Flow from Operations 55,285 188,072 358,821 465,562 276,301
Purchase of Pty Plant & Equip (123,679) (236,589) (198,274) (179,082) (142,355)
Proceeds from Pty Plant & Equip 171 13,236 21,802 14,020 2,434
Disposal of Investments - 622,404 - - -
Other Investing Cash Flows 1,307,025 (1,340) 0 (14,012) 0
Cash Flow from Investing 1,183,517 397,711 (176,472) (179,074) (139,921)
Change in LT Debt (7,371) (621,557) 49,435 (92,055) (29,393)
Change in Equity 45,199 (140,135) (57,426) (38,167) 3,479
Payment of Dividends (1,095,025) (795) (283,127) - -
Other Financing Cash Flows 15,878 0 0 0 0
Cash Flow from Financing (1,041,319) (762,487) (291,118) (130,222) (25,914)
Change in Cash 197,483 (176,704) (108,769) 156,266 110,466
Opening Cash 80,400 257,104 365,873 209,568 99,102
Closing Cash 277,883 80,400 257,104 365,834 209,568
¹ 53 weeks

Standardized Annual Balance Sheet		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003
Currency		US Dollar		US Dollar	US Dollar	US Dollar	US Dollar
Consolidated		Yes		Yes	Yes	Yes	Yes
Scale		Thousands		Thousands	Thousands	Thousands	Thousands

	Cash & Equivalents	281,657		1,710	2,521	191,228	167,008
	Cash & Equivs & ST Investments	281,657		1,710	2,521	191,228	167,008
	Receivables (ST)	-		-	13,185	19,847	-
	Inventories	758,185		836,092	895,016	829,569	776,210
	Current Tax Assets	60,292		78,539	80,196	82,406	61,221
	Other Current Assets	48,913		77,413	43,864	44,550	64,728
	Total Current Assets	1,149,047		993,754	1,034,782	1,167,600	1,069,167
	Gross Property Plant & Equip	1,374,060		1,372,207	1,386,960	1,245,162	1,094,490
	Accumulated Depreciation	868,413		788,124	738,219	639,635	562,226
	Net Property Plant & Equip	505,647		584,083	648,741	605,527	532,264
	Deferred LT Assets	45,057		18,609	12,820	422	17,766
	Other Assets	20,775		29,051	37,241	11,139	23,074
	Total Assets	1,720,526		1,625,497	1,733,584	1,784,688	1,642,271
	Accounts Payable	193,996		161,470	149,777	161,884	241,905
	Accrued Expenses	196,036		201,374	364,854	403,044	263,644
	Current Debt	12,660		27,205	32,498	-	-
	Other Current Liabilities	71,540		46,474	(134,616)	(101,342)	(94,642)
	Total Current Liabilities	474,232		436,523	412,513	463,586	410,907
	LT Debt & Leases	-		5,500	159,200	204,000	204,000
	Other Liabilities	-		104,750	86,381	1,042	1,183
	Total Liabilities	590,823		546,773	658,094	668,628	616,090
	Common Share Capital	1,175		1,175	1,175	1,169	1,162
	Additional Paid-In Capital	477,318		470,677	472,790	466,740	458,043
	Retained Earnings	781,325		657,280	667,368	648,151	566,976
	Accum Other Comprehensive Income	(5,933)		-	-	-	-
	Other Equity	(124,182)		(50,408)	(65,843)	0	0
	Total Equity	1,129,703		1,078,724	1,075,490	1,116,060	1,026,181
	Total Liabilities & Equity	1,720,526		1,625,497	1,733,584	1,784,688	1,642,271

¹ For 53 weeks

Standardized Annual Cash Flow		02/03/2007	¹	01/28/2006	01/29/2005	01/31/2004	02/01/2003
Currency		US Dollar		US Dollar	US Dollar	US Dollar	US Dollar
Consolidated		Yes		Yes	Yes	Yes	Yes
Scale		Thousands		Thousands	Thousands	Thousands	Thousands

	Net Income	124,045		(10,088)	23,763	81,175	76,557
	Adjustments from Inc to Cash	257,432		223,053	47,498	103,735	141,661
	Change in Working Capital	162,097		102,122	(70,031)	(10,705)	3,988
	Other Operating Cash Flows	95,335		120,931	117,529	114,440	137,673
	Cash Flow from Operations	381,477		212,965	71,261	184,910	218,218
	Purchase of Pty Plant & Equip	(35,878)		(68,503)	(135,291)	(163,718)	(102,057)
	Purchase of Investments	(488,075)		-	(115,125)	-	-
	Proceeds from Pty Plant & Equip	4,883		1,844	245	108	-
	Disposal of Investments	488,075		-	122,625	-	-
	Change in Business Activities	-		-	-	-	2,271
	Other Investing Cash Flows	574		(43)	(210)	(324)	3,667
	Cash Flow from Investing	(30,421)		(66,702)	(127,756)	(163,934)	(96,119)
	Change in LT Debt	(5,500)		(153,700)	(44,800)	0	-
	Change in Equity	(91,417)		7,000	(62,776)	3,704	16,087
	Other Financing Cash Flows	25,808		(374)	(7,411)	(460)	0
	Cash Flow from Financing	(71,109)		(147,074)	(114,987)	3,244	16,087
	Change in Cash	279,947		(811)	(171,482)	24,220	138,186
	Opening Cash	1,710		2,521	174,003	167,008	28,822
	Closing Cash	281,657		1,710	2,521	191,228	167,008

¹ For 53 weeks