This 70% off coupon for Ralph's summer merchandise raised a yellow flag with me. But turns out that this compares to a 65% discount at this time last year. 'Free Shipping' hurdles are 10% higher this year as well. Overall, not a bullish promotional level -- but in the same ballpark as last year. That's better than I can say for other brands who are seeing 2x the rate of markdown activity as last summer.