Peter E. Nordstrom: We have really been working hard for the last couple of years to reconcile our inventory levels with our sales trends and we’ve got a pretty good process to be able to do that.
When you have some precipitous drops like we had a couple of months back, it’s difficult to get caught up on that because a lot of what we are buying we are buying so far in advance but once things settle down, and at least they have settled down in terms of they are a little more consistent, we are able to manage that pretty well.
The challenge for us gets to be if we are running mid-teen type double-digit comps or worse, then you start to run into this place where we want to make sure we have at least a good minimum representation of merchandise on the floor, so we don’t just use the sales as an indicator of how much inventory we sell.
We also have the ability to look at the units that we own and contrast that over previous years per square foot and everything, so we have some view around what a minimum standard would be and we are able to actually manage that by store and by department and we don’t do it perfectly but it is something that we are aware of and working on.
Michelle Clark (Morgan Stanley): Can you comment on suggestions that you are pulling back on your receivables growth?
Michael G. Koppel: We continue to work to mitigate any additional risk that we don’t want to take on in that portfolio, so 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, and as a result we are able to adjust how we assign risk to each individual account.
If it does result in some slowness of growth in more high-risk accounts, yes we are. But 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.
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