David R. Jaffe: All of our brethren and ourselves have reduced our inventories dramatically versus last year so I do not think we are going to be in the same position going into Christmas that we were last year. I am hoping that the promotional tenor will be a lot lower than last year but it remains to be seen. But going into the September, the early fall, I feel like it can not be any worse than last year and hopefully it will be better.

Gary Giblen (Goldsmith & Harris): You said northeast was comparatively the best region and west coast was the worst. Is that a function of housing bubble markets or are there other factors at work?

David R. Jaffe: Maurice''s does not have a lot of stores in the deep southeast, which if we look at Dress Barn''s performance, the Florida market was also impacted so the two real hotspots for us were Southern California, even Phoenix and Florida and those are the two hotspot for sub-prime.

Samantha Panella (Raymond James): What was the $700,000 in other expense related to?

Armand Correia: During the quarter, we had a small $1.1 million investment. We call it a toe-hold investment and what we did is we took an impairment during the quarter of the entire amount and what we did is we applied it against that other so-called expense interest line, reversing basically what would typically be an income to an expense of $671,000.

Samantha Panella (Raymond James): Could you expand on the comp trend at Maurice’s?

Lisa Rhodes: Traffic was down harder in the August/September timeframe. The average selling price was down from last year and through the fourth quarter, as well as last year the average selling price had been up. And a portion of that is coming from balance of sale and the customer choosing items at a lower ticket price, as well as classifications that we promoted to a higher rate. From a specific product category, the product category that was impacted the most for the last few weeks has been casual knit tops, and that has been driven by balance of sale in more buy now, wear now versus some commodities that were at higher ticket prices a year ago.

Samantha Panella (Raymond James): What gives you the confidence to be able to do low-single-digit comps?

Lisa Rhodes: The confidence is we have got a lot of categories that are still growing double-digits in new initiative businesses. The 16 to 24 business is still under-matured and we have a lot of opportunity there, as well as our wear-at-work and dressy classifications continue to generate great comp increases as well as does lounge. And then within the casual world, denim bottoms has been strong and remains strong and this year we will see in tops a balancing out of sales where last year we had significant comp increases in knits but had a disappointing sweater season, and we will balance that out between the two categories, sweaters and knits. So we will see strong increases in sweaters and a retreat in knits.

Samantha Panella (Raymond James): Where do you see the leverage point for Maurice''s on the buying and occupancy line, given that with a 4% comp you delevered in the fourth quarter?

Armand Correia: At Maurice''s, we see close to a 3% this coming year with Dress Barn down in the 2.5% leverage back-up.

Christopher Kim (J.P. Morgan): Are you assuming a similar positive low-single at Maurice''s and Dress Barn?

Armand Correia: Yes.

Christopher Kim (J.P. Morgan): Is the trend to date within that guidance?

David R. Jaffe: The Maurice''s business is off mid-single-digits, so it is not. We are hopeful that it is going to come back. The Dress Barn business is close to that, it is about flat. But the weather has not broken yet. Back-to-school was a disappointment for everybody so in two, three weeks when we get that first crisp fall morning, hopefully we will see the numbers pick up.

Christopher Kim (J.P. Morgan): How are you thinking about the segment operating margin?

David R. Jaffe: We are not anticipating we are going to get recovery back to the 2007 levels. It is going to take us a couple of years to build it back up again.

Armand Correia: This coming year, we are looking at a greater increase in operating margin for our Dress Barn stores divisions than the Maurice''s stores division.

Christopher Kim (J.P. Morgan): Is the share count guidance based on where the stock is today?

Armand Correia: No, what we did is we basically projected out the share count or the price of the stock in relationship to around an $18 price on average.