Over a three-year period.

Katherine Lawther Krill

$35 of which we realize in 2008, the balance of which is spread over the next two years with a big chunk of it in 2009 and the balance in 2010.

Dana Cohen - Banc of America Securities

So what should we be thinking SG&A dollars would be down in ’09?

Michael J. Nicholson

I don’t think we’re in a position today to provide guidance – specific guidance on SG&A. We’ll be happy to have that conversation in early March.

Dana Cohen - Banc of America Securities

Okay. And then just I’m not sure I quite caught it, but Loft inventories, can you just give again the total in-store and carryover numbers?

Michael J. Nicholson

Absolutely. So Loft in total at the end of the third quarter was down 12% on a dollars per square foot basis; in-store down 14% and from a carryover perspective, year on year, down nearly 20%.

Dana Cohen - Banc of America Securities

And the Ann total in-store is down 15 –-

Michael J. Nicholson

Ann total, Ann excluding the impact of beauty was down 15%, in-store down 22% and in terms of carryover into the fourth quarter year on year down 30%.

Dana Cohen - Banc of America Securities

And what is it with beauty?

Michael J. Nicholson

It’s 18 – in-store 18 versus 22, so about a 4 point impact including the impact of beauty.

Dana Cohen - Banc of America Securities