Reading your message, yes. Knowing the reason for the downgrade, no. Since the furor over the ABF exchange has died down, I think everyone is taking a deep breath and waiting to see what direction LTD is going to go. I'm not very concerned about the downgrade of IBI. I'm much more interested in management's plans for turning LTD around. The stock price has jumped nicely this year, but the company itself is still having problems, especially with it's flagship brand, The Limited stores.
Glad to see someone is still looking at the board and thanks for the response.
Last month's same store sales growth numbers for IBI (3%) were lower than the entire LTD company - a wierd situation. Both LTD flagship brands stores and IBI closed lots of underperforming stores and that surely helped LTD and I would have thought given IBI a boost also. So the slowdown in IBI seems strange. I do wonder about the LTD underperforming brands situation. Is the sales number reflective of some better performances brought about by the new people and greater attention of some oldtimers or just a reflection of getting rid of stores that were habitually poor performers to reveal the best of the locations. If no real corporate improvement has been brought to the LTD base of brands, I would think some of the remaining stores could eventually show the deterioration that started to hit this company a few years ago. I have seen plenty of times a company claim it has tightened up its operations (you know, look for better locations, keep the merchandise fresher, make each store nameplate a distinct brand with a distinct image, respond faster to changes in consumer tastes,etc) but really it mostly just continued to do the same things with a different store base.