HOT has done a great job cutting costs in a deteriorating demand environment.  This time they may have run out of dry powder.  This may be the first quarter without a substantial beat.  We believe forward numbers once again need to come down, despite favorable currency movements.  The Street continues to project flat 2010 RevPAR versus our projection of -5% and our EBITDA estimate is 11% below the Street at $790 million.  Here are the details ahead of the earnings release on 7/23.


-For 2Q09 we're in line with HOT's guidance but below street:

  • We're at 190MM of EBITDA (3.5% below street & guidance of 180-195MM) and $0.15 EPS (16% below street & guidance of $0.14-$0.20 EPS


-For full year 2009 we're still below consensus as we are less positive regarding HOT's ability to further cut costs.  Last quarter HOT stopped giving explicit guidance on EBITDA & EPS for full year 2009 due to the "uncertain environment":

  • $750MM of EBITDA (5.5% below street) and EPS of $0.65 (17% below consensus)
  • We assume owned RevPAR decreases 25% in 3Q09 and 15% in 4Q09and owned EBITDA margins decline 8.5% & 7.5% respectively
  • We assume world-wide RevPAR decreases 20% in 3Q09 and 8% in 4Q09, for a 2009 20% RevPAR decline (in line with management guidance)
  • 4Q09 improving RevPAR comparisons are driven by occupancy
  • Our owned EBITDA margin for 2009 is down almost 900 bps driven by difficult cost cut comparisons in the back half - we believe this is where we differ from consensus
  • Given the opaque nature of timeshare, we're in-line / slightly better than management's guidance
  • Total reported fee income down -16.5% (probably worse than street expectations)
  • We assume that HOT can reduce SG&A by $100MM (better than the $70MM guidance)


-2010 - We're still 11% below the street EBITDA estimate of $790m which is flat with 2009 due to approximately 5% lower RevPAR estimates.


-RevPAR 2Q09 Assumptions:

  • Branded Same-Store Owned Hotels in North America: we're in-line with an estimate of -30% vs. HOT guidance of -30% to 32%
  • We estimate that total revenue (not SS) will decrease 24.5%, which compares somewhat to HOT's guidance of SS worldwide company operated hotels of -24% to -26% (-18% to -20% in constant dollars).


-Foreign Currency:

  • Since HOT reported 1Q09 results, the dollar has depreciated against almost all of the currencies that HOT has exposure to
  • We estimate that vs. guidance given on April 30th the dollar depreciated about 3.5% against most of HOT's portfolio of owned hotel and 6% vs current spot
  • Euro: 1.32 on April 30th vs an average rate of 1.36 in 2Q09 and spot of 1.40
  • A weak dollar will have a positive impact on reported RevPAR relative to expectations on April 30th when Starwood gave guidance


We've been pretty negative on LVS over the last month so some may be surprised to see us pull a u-turn.  The issues haven't changed but price and duration have.  Q2 margins in Macau will look better than people think as the company readies itself for an IPO and pushes itself to limbo underneath the covenant bar.

LVS has fired and laid off many employees in Macau, including a number of senior level management folks.  Look for a decent size number in the one-time expense bucket for Q2 and Q3.  The layoffs and charge-offs should have the effect of pumping margins.  Sustainability is certainly a question mark but given the high short interest and volatility, investors likely won't scrutinize that aspect over the near-term.

Better Macau margins will also partially alleviate covenant concerns.  Moreover, LVS can exclude one-time charges from the leverage covenant calculation - even more incentive to fill the 1x bucket.  A Q3 covenant bust has been all the talk from the sell side.  However, Sheldon is right.  LVS will not bust a covenant.  Even though a Macau IPO will not likely float until Q4, the promise of one will allow the banks to be much more flexible with a covenant waiver or amendment.  LVS still has the debt buyback lever per the 4/15 amendment that allows them to repurchase up to $800 million of its term loan debt (trading at a discount).  Investors should worry about borrowing costs going up, but not a covenant bust or imminent bankruptcy.  We will have a more detailed, numbers-oriented post on the covenant issue coming soon.

The stock looks like it is going a lot higher over the near-term, at least through the Q2 earnings release in early August.  We still harbor concerns with MASSive amount of table supply entering the Macau market, particularly Oceanus next to Sands.  The Singapore ramp is also a worry especially considering the uncertainty of the junket situation - can they get licensed and can they offer credit?  However, keep a trade a trade as they say.

US Employment Bears, Waky Waky...

I think we we're the only Macro Team who read the June unemployment report as bullish, on the margin. That was not born out of a self perpetuating Wall Street narrative fallacy; it was born out of the math.

On the margin is where things matter in our Macro Model. Here are the two most recent data point that matter on US Employment:

1.       The US unemployment rate flashed a double top in the rate of month/month acceleration in February and May (+50bps m/m)

2.       The US jobless claims data (weekly, and less of a lagging indicator as unemployment is), continues to improve, sequentially (see chart)

Please send the chart below to the qualitative journalist who doesn't do calculus (derivatives). This is very straightforward.

At 565,000 claims, the first week of July broke the 600,000 line for the first time since the second half of January and represented a  52,000 improvement (8%) over the prior month. US jobless claims were also 41,000 below the 4-week moving average.

It's time for the one-factor model bears (200-day moving averages) to wake-up here.


Keith R. McCullough
Chief Executive Officer

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SSS: Quick Initial Read

While the smaller companies that are less representative of the overall environment are out of the box first with sales results, here's our initial read. Overall net positive thus far.


  • June sales coming in largely in line with weather-reduced expectations. Overall, it appears that underlying consumer demand is status quo here, if you incorporate last year's stimulus benefits and this year's record rain. So far, it appears that the haves and have-nots remain unchanged, as those companies such as HOTT and BEBE continue to struggle while others like TJX and GYMB continue to outperform.


  • In general, the absence of earnings revisions either way for most companies suggests to me a net positive. With nine weeks in the bag, the this would surely be an opportunity for retailers to lower EPS if they had to. Expectations were low enough heading into today, which in theory would have provided a decent backdrop to massage earnings lower. However, we are not seeing wholesale earnings revisions to the downside. Clearly, tight inventory controls, careful planning against LY, and a fairly rational promotional environment are the keys to current earnings visibility.


  • Finally, June confirms once again that the consumables driven retailers continue to drive traffic and grow share at the expense of the traditional grocers. Despite the weather, retailers including COST, FDO, BJ, etc continue to benefit from aggressive pricing, supplier discounts, and their overall value-driven strategies.

Eric Levine

Game On

"You have to learn the rules of the game. And then you have to play better than anyone else."
-Albert Einstein
As I wake up today I'm seeing that most European and Asian markets are trading higher after being weaker for the past week. This is what markets that correct do. Yesterday's news from Alcoa may calm fears over the upcoming earnings season, yet with Alcoa losing less money than thought, does that really mean "less bad" is still "good"?   Maybe, but I don't get paid to believe it!
One of our Q3 MACRO themes is "Range Rover", a call that the S&P 500 will trade in a tight trading range of 9% in the intermediate term. We have branded this duration as  "TREND".  Despite the low volume and downward momentum in the market over the last two trading days, the S&P 500 has held our critical 871 support line.  We aren't fading right on the goal line - that's what people with no process do. We're sticking to our game plan.
This upcoming earnings season is going to be critical look into what we can expect for the second half of 2009.  Alcoa's loss of $454 million was better than consensus as the company was able to cut costs by putting people out of work.  Good for profitability, bad for the economy!  Looking at demand, the company intimated that some aluminum markets showed signs of improvement, but the fact is that worldwide aluminum consumption will decline by 7% in 2009.  This is a pattern we are seeing in every US sector:  demand remains soft and companies are cutting costs to improve profitability.  
We all know this is not a sustainable trend, but for now it does not seem to matter. What matters in our macro model happens on the margin. Six months ago, don't forget that every reactive CEO in America was firing people under the narrative fallacy of a Great Depression. While things are bad (in recessions that's generally the case), on the margin, they are better than those prior fear mongering expectations.
The reality is that the economy is bottoming, but it's not really getting much better.  Last night the Group of Eight leaders said the economic recovery was too fragile for them to consider reversing efforts to pump money into the economy.  Free money live on! This morning you are seeing 3-monht LIBOR trade down to new lows at 0.51%. By any historical measure, that means money is cheap.
This is also being confirmed by Oil trading above $61, after declining -17% over the past week.  The news flow suggests that a rise in U.S. gasoline inventories means demand remains weak.  Increased concerns are also being reflected in the VIX, which was up 1.5% yesterday and has been up for four straight days.  Lastly, the risk aversion trade is working with the Dollar index up 0.07% yesterday, now up for five straight days. Don't forget our Breaking/Burning The Buck call - Dollar up = everything down.
I could wait till 7am Eastern to see what the Bank of England announcement will be on their rate policy, but there is probably no hurry to remove its free money policy. This situation has been completely politicized, and that is what it is. While Ben Bernanke might be fighting for his job, rates are going to stay low everywhere until it's absolutely certain that economic recovery is self-perpetuation via REFLATION.
Right now the evidence from corporate America suggests that demand remains soft.  Cost cutting is a "one time event" and is not a long-term investable theme.  The earnings season is upon us - GAME ON!
Our intermediate term TREND line of support for the SP500 remains 871, and longer term TAIL resistance is 954. Trade the range.
Function in disaster, finish in style.
Howard Penney
Managing Director


USO - Oil Fund-We bought USO on 7/6 and 7/8 on a pullback in oil. With the USD breaking down, oil should get a bid.  

EWZ - iShares Brazil-President Lula da Silva is the most economically effective of the populist Latin American leaders; on his watch policy makers have kept inflation at bay with a high rate policy and serviced debt -leading to an investment grade credit rating. Brazil has managed its interest rate to promote stimulus. Brazil is a major producer of commodities. We believe the country's profile matches up well with our re-flation theme.

QQQQ - PowerShares NASDAQ 100 - We bought Qs on 6/10 and added to the position on 7/7 to be long the US market. The index includes companies with better balance sheets that don't need as much financial leverage.

EWC - iShares Canada - We want to own what THE client (China) needs, namely commodities, as China builds out its infrastructure. Canada will benefit from commodity reflation, especially as the USD breaks down. We're net positive Harper's leadership, which diverges from Canada's large government recent history, and believe next year's Olympics in resource rich British Columbia should provide a positive catalyst for investors to get long the country.   

XLE - SPDR Energy - We think Energy works higher if the Buck breaks down.  XLE is working against us as one of the worst sectors in the market right now. TRADE and TREND are negative.

CAF - Morgan Stanley China Fund - A closed-end fund providing exposure to the Shanghai A share market, we use CAF tactically to ride the wave of returning confidence among domestic Chinese investors fed by the stimulus package.  To date the Chinese have shown leadership and a proactive response to the global recession, and now their number one priority is to offset contracting external demand with domestic growth.

TIP- iShares TIPS - The iShares etf, TIP, which is 90% invested in the inflation protected sector of the US Treasury Market currently offers a compelling yield on TTM basis of 5.89%. We believe that future inflation expectations are currently mispriced and that TIPS are a compelling way to own yield on an inflation protected basis, especially in the context of our re-flation thesis.

XLV- SPDR Healthcare - We re-initiated our long position in healthcare on 6/29.  Our healthcare sector head, Tom Tobin, wants to fade the public plan, and he's been right on this one all year.

GLD - SPDR Gold - Buying back the GLD that we sold higher earlier in June on 6/30. In an equity market that is losing its bullish momentum, we expect the masses to rotate back to Gold.  We also think the glittery metal will benefit in the intermediate term as inflation concerns accelerate into Q4.


XLP - SPDR Consumer Staples - We shorted XLP on the bounce on 6/17.   Added to the position on 7/1, as our stance on the consumer is no longer bullish like it was in Q2, when gas prices and mortgage rates were dramatically lower.

SHY - iShares 1-3 Year Treasury Bonds - If you pull up a three year chart of 2-Year Treasuries you'll see the massive macro Trend of interest rates starting to move in the opposite direction. We call this chart the "Queen Mary" and its new-found positive slope means that America's cost of capital will start to go up, implying that access to capital will tighten. Yields are going to continue to make higher-highs and higher lows until consensus gets realistic.

Retail First Look: But How Was The Show Mrs. Lincoln?

Here's some meaty lease accounting considerations that the WSJ article forgot to consider. This is a big deal - and one of the key margin drivers (and killers) in 2010.


This WSJ article touting rent concessions for retailers for invoking 'cotenancy clauses' is the biggest crock of hindsight analysis I've seen in at least a few weeks. Yes, it is accurate in claiming that rents are coming down as the pendulum shifts form Landlord to lessee. But it's missing the point that the retailers have already baked this in to their internal plans, and their communication to the Street. In addition, some retailers' rents are coming down because they COULD, others are doing so because they SHOULD. What we need to be focused on is three factors... 1) What each retailer's lease portfolio looks like, 2) how it has changed in recent years, and 3) who has the greatest opportunity to improve vs. who is largely tapped out. 


Remember that reported operating margins for retailers remain meaningfully misunderstood given different accounting for operating leases. Some retailers have aggressive terms (unfavorable leases) to prop operating margins - this is usually in the form of lower rent payments today at the cost of longer duration, a higher step-up factor, or weaker 'out' clauses. 


In simple terms, this is not unlike home ownership. Do you want to be someone who borrowed $1mm through a 5-year interest-only ARM on a $1.5mm home 3-years ago when housing values are at peak? Guess what? Now your house is underwater, your loan needs to be refinanced at a higher rate, and lending standards are ridiculously more constrictive.  Or would you rather be that person who only bought an $800k home, and has been paying off principal and interest on a smaller ($300k) longer-term, safer facility?  That's kind of a rhetorical question. If you answer the former, then I definitely do not want you managing my money. I have a hard time accepting the fact that most CEOs in retail think of proactively managing this fiduciary responsibility for the benefit of shareholders.


We analyze this by looking at the total duration of lease portfolios for different retailers, which we calculate using disclosure of minimum obligations by year on off balance sheet assets (Y Axis). Then on the X axis, we plot the 2-year change in portfolio's duration. It other words, what is the duration, and are recent actions by management extending or shortening that duration.


Retail First Look: But How Was The Show Mrs. Lincoln? - 7 9 2009 6 43 08 AM


Making sweeping statements based on the analysis would be intellectually dishonest, as there's no right or wrong place to exist on this chart. This is really more of a tool to ask management teams the right questions regarding growth philosophy, where such investments are being accounted for, and how they are funded. But at face value, I'm drawn to companies in the lower half of the chart (low forward obligations/portfolio duration), as well as those to the left of the vertical axis (have been proactively taking obligations lower - even if at the expense of margins). Not that I'm encouraging it, but it opens up the opportunity for these companies to go the other way by upping forward obligations and taking down current rents to a greater degree (hence boosting operating margins). Companies in the upper right have less flexibility. 


I could type for an hour about this. But will save your valuable time to deal with the obligatory barrage of sales datapoints today.


Let me know if you'd like any additional info on any companies in question.



Some Notable Call Outs


  • After meeting with a long-time former executive from Columbia Sportswear, it is clear that a sale of the company is not unheard of or unlikely. There is nothing to speak of at the moment and no deal is imminent, but the long held belief that the Boyle's would never sell is likely unfounded given the change in the company's competitive dynamics over the past few years. Other insights from the meeting included a call-out on Marmot becoming an urban brand of choice (remember North Face?) as well as a reminder that sporting goods retailers are still very focused on exclusive distribution. Product destined for Macy's or Kohl's is very unlikely to make its way into Dicks or The Sports Authority.


  • In a rare but notable move, appliance and electronics retailer HH Gregg announced that it is substantially increasing its store growth plans to take advantage of the favorable real estate market and the exit of Circuit City. The growth plans go from 16-18 stores, to 20-22 for this year and will double to 40-45 next year. This is the most aggressive example we've seen across the entire retail space of a company going on offense in an otherwise challenging environment. Additionally, these moves will bring the company into new territories and trade areas beyond its current regional footprint. This could be the beginning of a widening in the bifurcation between those companies that are well capitalized to take advantage of operational leverage and those that are limited by financial leverage and operational deficiencies...


  • Family Dollar's stellar 3Q results speak for themselves and don't need to be rehashed. However, the conference call revealed some interesting trends. First, consumables continue to drive the company's same store sales, increasing 11% on a comp basis. The growth in consumables has resulted in a 600 bps increase in penetration, taking the consumables mix to 64%. Discount stores, clubs, and dollar stores are all reporting substantial gains in consumables vs. only modest gains for supermarkets. The market share shift is undeniable at this point and will likely remain a headwind for the traditional grocers. On the discretionary side, home products continue to strengthen along with slight improvements in apparel. Interestingly, management cited consumer research which suggests middle-income customers are finding their way into the stores more frequently. The widening of the customer income demographic is occurring at the same time food stamp redemption continues to increase. There are now 15 million Americans on food stamps, up 19% y/y in March.




Fast Retailing Co., operator of Japan's biggest casual clothing chain Uniqlo, raised its full- year profit forecast for the third time, as recession-hit consumers buy more of its T-shirts, skirts and bra tops.  Net income is forecast at 52 billion yen ($558 million) for the year ending Aug. 31, up 4 percent from an April estimate of 50 billion yen. It posted profit of 43.5 billion yen last year.  Chief Executive Officer Tadashi Yanai, who owns a 27 percent stake, is benefiting as Japan's five-year-high jobless rate and 12 straight months of wage declines drive consumers to discount retailers. The company tripled shipments of bra tops, which are camisoles and tank tops with fitted bra cups, to about 9 million this year.  "Fast Retailing is shining in this economic environment," Koichi Ogawa, chief portfolio manager at Tokyo-based Daiwa SB Investments Ltd., said before the announcement. "Consumers like Uniqlo for its quality and price."  Full-year sales may rise 16 percent to 682 billion yen, and operating profit may rise 23 percent to 108 billion yen, Fast Retailing said. The company also raised its full-year dividend plan by 10 yen to 160 yen a share.  Sales at Uniqlo stores open at least a year in Japan gained for the eighth straight month, rising 6.4 percent in June. The Yamaguchi, western Japan-based company had 777 stores, including 20 franchise shops, in the country as of May 31. Same-store sales strip out the effect of outlets that have recently opened or closed. Uniqlo - The company today raised its forecast for same-store sales in the six months ending Aug. 31 to a gain of 9.3 percent from its previous estimate of a 2.3 percent increase.  <>


Indonesia's Industry Ministry announced nine footwear manufacturers eligible for the government aids to mondernise their industrial machinery for enhanced efficiency and productivity. While the Ministry is offering over Rp. 4.2 billion to these nine shoe companies, the government has allocated a total of Rp. 55 billion for the year, financing 10% of the manufacturers' new machinery purchases. Over 15 companies have so far applied for this aid but this number is below the government's target to assist at least 30 companies. As the government wants each applicant to invest minimum Rp. 500 million for the purchase of new machineries, the number of applicants is less than expected due to the fact that most manufacturers are small and medium enterprises.  The application of the aid will still be opened until the end of July if the companies prove that they have already purchased new machines. Total footwear exports of Indonesia are expected to reach $1.8 billion in 2009 with a slight decline of US$50 million compared to the previous year. <>


The French might soon be enjoying what Michelle Obama did on her trip to Paris last month: shopping for clothes on a Sunday.  Lawmakers here this week are debating a proposed bill that, if approved, would lift restrictions on Sunday trading that date back to 1906, overcoming the resistance of opposition parties and trade unions.  "Is it normal that on a Sunday, when Madame Obama wants to go to the Paris shops with her daughters, I have to make phone calls to have them open?" President Nicolas Sarkozy recently complained.  Unlike the U.S. and U.K., where Sunday trading is the norm, French shops are required by law to stay closed, unless they sell food, or are located in tourist areas and are deemed to have "recreational" or "cultural" value, such as bookstores.  When compared with other European Union countries, France has the most restrictive rules when it comes to Sunday trading. In neighboring Italy, for example, shops in tourist areas can elect to stay open on Sundays and holidays 10 months a year. In Madrid, the Spanish capital, stores are open every Sunday from midday until 8 p.m., while in Berlin they are allowed to open 10 Sundays every year.  In a bid to stimulate trade, the French government is proposing to loosen its tight rules and allow stores to open on Sunday by widening the tourist designation to more municipalities and allowing all types of retailers in these areas to open for business. If the bill is passed in its current form, the number of municipalities designated as tourist areas could increase from the current 500 to 5,000.  <>


The luxury goods sector is heading for one of its worst years on record, with a predicted drop in expenditures of 6 percent to 211 billion euros, or $294.7 billion, according to a new report. The study by London-based retail analysts Verdict said Japan and the U.S. are expected to bear the brunt of the 2009 slump, with sharp declines in sales of 14.6 percent and 12.1 percent, respectively. A far different luxury retail sector will emerge once the global economy recovers. Customers, who are now favoring understatement rather than fashionability, are likely to demand fewer, but more exclusive, items of outstanding quality, the report said. And the Internet will be a major sales conduit for luxury goods, helping to widen their reach and bring costs down.  <business-news>


Chief executive officers ended the second quarter with a renewed sense of confidence about their own industries and the economy at large. Adding to gains registered in the first quarter, The Conference Board Measure of CEO Confidence surged to 55 from 30 in the first quarter. A level of more than 50 indicates more positive than negative responses. The index reached 40 in the third quarter of last year and slumped to 24 in the final three months of 2009. The percentage of business leaders expecting improvement in economic conditions more than tripled to almost 55 percent in the second quarter from about 17 percent three months ago. Executives in the durable goods industry were the most optimistic, with 77 percent anticipating higher profits. Executives in the nondurable goods sector were second in profit expectations, with 64 percent anticipating a rise, the Conference Board said. While 56 percent of ceo's surveyed believe cost reductions will drive up profits, 33 percent cited market/demand growth as the source of improvement. Ranking third at 7 percent was the belief that new technology will be the driver of growth. The remaining 4 percent cited price increases as the anticipated source of increased profitability.  <business-news>


Rocky Brands Inc. has entered into a new multiyear distribution agreement with U.K.-based Garlands, a distributor of hunting apparel and sporting goods.  According to Mike Brooks, chairman and CEO of Nelsonville, Ohio-based Rocky, the move is part of the company's ongoing initiative to distribute its outdoor footwear, sporting goods and apparel throughout Europe. Beginning this fall, Rocky will ship product to Garlands, which distributes products to more than 1,000 retailers in England, Scotland, Wales, Ireland and Northern Ireland. <>


Two years after introducing women's casualwear adorned with words from songs by The Beatles and David Bowie, Lyric Culture is singing a different tune with a new line of men's T-shirts, hoodies and scarves.  Launching this summer through an exclusive four-month distribution deal with Bloomingdale's, Lyric Culture is offering $75 scarves twisted from slub terry and $162 double-faced cotton hoodies enhanced with pockets for iPods and metal trims shaped like treble clefs. There also are more than two dozen styles of short-sleeve crewneck T-shirts accentuated with rope-stitching embroidery, retailing from $63 to $79.  All garments will feature lyrics from 25 songs by Bob Dylan, Johnny Cash, The Beach Boys, the Rolling Stones and Queen, among others. In addition to the men's line, which Bloomingdale's will sell exclusively through September, Lyric Culture will launch a grouping for toddlers in August at the department store chain. Schmieder aims to later offer the men's line to other retailers and eventually expand to women's jewelry, handbags, footwear and swimwear.  <>


Coleman, a division of Jarden Corp., acquired the Esky coolers brand from Nylex Ltd and plans to expand the iconic Australian brand internationally. Terms were not disclosed. Nylex is currently in receivership. Coleman Asia Pacific president Simon Traynor told The Australian that he expected the brand to be profitable from day one."As an organization we were well aware that Nylex was suffering some difficulty and for some time we've been watching the business and the brand and knew it was an iconic opportunity if it fell over," he told the newspaper, adding that Coleman was executing expansion plans immediately. <>


India's textiles minister Dayanidhi Maran has announced he would take up concerns with the finance minister and described the new Budget as full of "growth-spurring initiatives" in response to disappointment from the industry over the Budget. "The finance minister has accepted more than 90% of the recommendations of the Textiles Ministry, which were based on the suggestions of the industry. If there are any anomalies or suggestions for further improvement, I will take it up with the finance minister, " said Maran.He also said the government was keen to increase the success of the textile industry and was aiming for a growth rate of 7-8%. <>


Sir David Jones, the beleaguered JJB Sports chairman at the centre of a controversy over a £1.5m loan from rival Mike Ashley, has put his £2.2m home in West Yorkshire up for sale. <>


On July 31, JCPenney will open its first Manhattan store, joining its other New York City borough stores in the Bronx, Queens and Staten Island.  JCPenney is reported to be spending approximately $1 million on its advertising campaign, according to The New York Times. The retailer is promoting the opening through special ads, touting "NYC style. JCP prices," as well as exclusively designed shopping bags, a new logo, celebrity events and a Web site at The two-level, 153,000-square-foot store will be located in the Manhattan Mall at Herald Square. <>


Retail First Look: But How Was The Show Mrs. Lincoln? - 7 9 2009 7 32 19 AM

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