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-Initial price points coming down for holiday. Price investement achieved with lower fob's. Not dropping benefit to bottom line.

-SKU rationalization evident. Building 80 pct of the biz on key items with total skus down 50 pct over the past couple of years

- Lots of talk about how macys centralization is driving more focus on replenishment biz, which should double over next few years. Focus appears to be more on basics and less on risk/fashion. Seems to me that this brand is heading for more competition on price than ever. Haven't heard too many fashin brands heading in this direction.

More to come from lunch which is in a little bit and should be more VF Corp focused.