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Michelle Clark (Morgan Stanley): We understand that you are pulling back on your receivables growth. Is there any truth to that?

Michael G. Koppel: We continue to work to mitigate any additional risk that we don’t want to take on in that portfolio. Thus the answer is that we are monitoring on an account-by-account basis people’s credit history and their current experience as it relates to mortgage payments and other such liabilities. As a result, we are able to adjust how we assign risk to each individual account. Thus the answer is if it does result in some slowness of growth in more high-risk accounts, yes we are. However, we are still committed to funding our continued loyal and good customers who are shopping with us as well as those that maintain good credit scores.

Richard Jaffe (Stifel Nicolaus): You commented about sharpening the prices, offering greater value to the consumer and partnering with your vendors to make this possible. What we should expect in reported gross margin and how pervasive will it be throughout the store in terms of more value focus across the product line?

Peter E. Nordstrom: Virtually every department we have has some version of a value initiative that they’ve got in terms of whether it’s lowering the mark-up or work on the vendor, just lower the price. There’s no question that’s going to impact our margins to a certain point but the biggest thing is the deleverage we get from having the top line erode a lot and so the question for us is how do we want to do it. We think maintaining pricing integrity and having an honest relationship with the customer puts us in a better position in trying to get the price right from the start rather than try to have a sale, high/low thing going on and running extra promotions. We have to respond competitively to what is going on out there and you obviously see what a lot of our competitors do with their price promotions and we are meeting those things but what we are choosing to do with the stuff that we have total control over is try to just create the price that it will sell at initially. Ultimately, we hope to mitigate some mark-down exposure but it is going to clearly show up in the initial mark-up and that would affect our margins.