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Q&A
Unknown Speaker*
So we're supposed to sit here and believe that you just got the memo in October about inventory?
I mean correct me if I'm wrong. I thought we were down comp in Q2. So when do we finally get some kind of confidence that you guys are ahead of the game and that we don't have a Q1 that looks like this?

What is one thing we can hang our hats on to let --

Unknown Speaker*
I think there is more but Jim will explain the answer to that. Because unless you're in our business I'm not sure you understand how it works. But Jim you want to answer that.

Unknown Speaker*
But weren't you the guy who told us there was a recession back in January?

Unknown Speaker*
Hey listen -- no, no, let's play polite here okay? Seriously there is no reason for that.
We're trying to do the best we can do. I don't ask you to buy our stock and you don't have to. But let's play this game professionally and politely? Okay --

Unknown Speaker*
Fair enough, so give us something that shows us that you have got inventories down for spring.

Unknown Speaker*
All right, you want to listen to the answer now.
Inventories vs sales vs margins vs capex are all just flat-out wrong. This chart is noisy, but it tells a lot. Email or call for more color.