For the first quarter in terms of our overall comp guidance BBW and VS are pretty close. I would say roughly about the same.
Stacey Pack (SP Research): Can you also give us a little clarification on the potential merchandise margin increase in 2009?
Stuart Burgdoerfer: On a full year basis we are going to get benefits fundamentally from three things.
We are working to reduce our cost of goods and the benefit of that will be realized principally in the back half of the year through timing and its turnover through the balance sheet into the P&L as its sold.
The second key thing is the relative size of VS, BBW and separately Mast, meaning that as Mast sales decline at a greater rate than Victoria''s Secret or Bath and Body Works that provides a favorable overall mix shift to LBI or Limited Brands, Inc. merchandise margin rate.
And then also in the back half of the year we also believe we will get some merchandise margin rate benefit as we continue to closely match inventory flow with the rate of sales.
Richard Jaffe (Stifel Nicolaus): The resizing of stores should give some opportunity over time, but is that an objective to shrink some of the footprint of Victoria''s Secret stores?
Martyn Redgrave: We are not focused necessarily on shrinking the footprint of the Victoria''s Secret stores. Across our system the profitability of the Victoria''s Secret stores, store-by-store remains very robust.
We are looking to take full advantage of the current market conditions and in a partnership, with the landlords and we will leverage the numerous lease expirations or kick out rights or other things that we have available to us to consistently reposition the store base mall by mall but it is not driven necessarily by an overall focus on reducing the footprint.
We are also looking at co-tenancy and other issues and we will be very competitive but again the direction and the focus that we have is to be a good partner to our landlords in that process.
Richard Jaffe (Stifel Nicolaus): Given your focus on liquidity what should we assume about buybacks for 2009?
Martyn Redgrave: In terms of share repurchase activity what we are focused on right now is cash and liquidity.
We have a small amount remaining authorized under a prior program but we are focused on cash and liquidity at this point and that is what we would convey to you.
Richard Jaffe (Stifel Nicolaus): Given your discipline and your very lean inventories is there a point that you anticipate where you have under-inventoried stores particularly the SKU intensive Victoria''s Secret business?
Martyn Redgrave: Inventory levels per foot are at their lowest level in five years for Limited Brands, Inc. and we have reduced them consistently for 19-20 months now.
We are very focused on providing good experiences for our customers and realize that we need to be in-stock to do that. So we work very hard to strike that balance in the right way.
One can not just reduce inventory without limitation.
Sharen Turney: We have gone into the spring season this year and tried to narrow down the amount of SKU''s and styles that we are carrying.
We really have focused on the few that produce the many. What are our top 10, 20, 30 or 40 styles to make sure that we are in inventory in our best selling items as well as to make sure we are positioned for speed to be able to read its react.
Last year as we launched the Bio Fit bra we were able to come back within 90 days and actually re-launch that. We have taken that same discipline this year.
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