Thanks for this post. I have a question: how would you balance the Nordstrom news with the report from a couple days ago about high-end consumer activity being soft the past month? They seem to be in conflict.
My take Tomb, is that those assumptions were based on May's numbers. The ones coming out now are June's up to July 3rd, which was better. And today's were mixed with higher end with nice improvements. As for their comments right now, it seems due to the slow down on the whole in retail, they're afraid there is too much inventory that will have to be discounted. So I guess in our q report, we'd better be listening to what they say on their inventories. But that is just my uneducated guess, I'm new to retail.