John Zolidis (Buckingham Research): Can you comment on the year over year decline in total SG&A dollars in particular could you give some parameters how much the extra week played into that? Was there any difference in incentive compensation year over year and did that benefit SG&A in the current period?

Joe Cooper: We’ve given a broad guidance about the 53rd week last year being a nickel but we don’t break down the components. The incentive compensation was favorable to SG&A in 2008 slightly.

John Zolidis (Buckingham Research): Do you think that the decline in same store sales and gross margin are related to the cuts you are making in SG&A? If not, do you believe that there is a limit to how far you can cut SG&A before it starts to impact store level execution. How close are you to that limit?

Joe Cooper: First, we don’t characterize SG&A savings as cuts because if you will notice in 2007 principally the savings in SG&A are not even noticeable to the customer. In other words, its not in store level its in distribution, it’s in transportation and in insurance. Those are true ways we are changing how we do business, changing processes so they are not cuts and the savings in the stores have been consistently driven by higher AUR, cleaner back rooms, they are delivering fewer items to the selling floor per sales dollar due to that increase in AUR so its process improvements its not arbitrarily reducing payroll hours to the stores. It’s systematically managing payroll hours consistent with some of the very good things that we are doing in our business, particularly in the merchandising side of the business.

Patrick McKeever (MKM Partners): Could you talk about the performance of your ads and what changes have been made there either from a timing standpoint and content standpoint? Are you seeing more traction?

Steve Fishman: Our mark to marketing of our business continues to grow and our ads continue to perform very well and we’ve become more and more efficient. We are not spending any more money in marketing than we have in the last three years. A couple things that we’ve done is we are much more focused on front cover and inside and back cover on buzz builders, basket builders and must haves. We are doing a much better job at acquiring merchandise that consumers instantly recognize and see great value.

Our ad production continues to get better and better from a print standpoint. The other thing that is probably worth noting is we’ve become very focused in understanding what our core customer understands about us and what they don’t understand about us. The media part of our business has changed dramatically in the last couple of years and will change dramatically in this year. We are really trying to educate the consumer on what a close out is and we are doing a good job with the new media campaign that broke last week. You’ll see another new commercial next week and something even newer on top of that a couple of weeks later.

There’s probably a shift in ad spend. As a percent to total spend, which in the past has been about 60% print - 40% media that includes internet, to probably as much as 55%- 45% going into this year. A year ago Christmas, we had 800 Buzz Club members, right now we have a little over two million Buzz Club members and we continue to drive hard and want to learn how to communicate today with the consumer the way they want to be communicated with. Frankly media and the internet is a real good tool and the way consumers are continuing to grow in how they want to be communicated with.

William Keller (FTN Midwest): On the Buzz Club, can you comment on what responses you get to some of the deals and promotions you send out through that channel?

Steve Fishman: Inherently what we are doing is we are communicating with them. They have the advantage of a number of different issues, number one they know the pre-prints or they know the media deals or the promotional deals ahead of the normal customer who may get it in the newspaper or may get it by seeing it on TV or something else. That’s number one advantage. Number two, there are advantages that we give them and we are working hard at testing on it by giving them deals that they have the capability of coming into the store to get or find that we may not announce to other people. As the register system gets setup and we complete the entire chain in the back to school we are going to have the capability of doing a lot more things with the Buzz Club members that we are going to enjoy and take advantage of. That probably is something we would talk a little bit more about as we go into the third or fourth quarter.

William Keller (FTN Midwest): You talked about some of the pressures facing the retail industry and store closings. Do you see any potential change in the acquisition environment and are there more opportunities going forward?

Steve Fishman: We have an open to receive any strategy that someone may present us. We’ll look at any offering, that’s our business, and as far as acquisition, the climate is real interesting out there, we are always looking at deals, we will always continue to look at deals whether any of them make sense or don’t make sense but we absolutely always have an open to receive to grow.

Jeff Stein (Stein Research): Can you tell us roughly how many circulars you are planning this year compared to last?

Tim Johnson: Based on the way that the calendar falls this year with Christmas falling late in the week, we will have one extra ad in the fourth quarter to try to capitalize on that.

Peter Keith (Piper Jaffray): Is it fair to say that for the share guidance for the year that excluding the $37 million that you’ve done here so far year to date that you are not including any other share repurchase activity?

Joe Cooper: Yes, that’s correct, we have no share repurchase proposal to the Board at this point and the 82 to 83 estimate for the year shares to be used in the EPS guidance right now.