Christopher Kim (J.P. Morgan): Could you comment on the use of cash?

David R. Jaffe: We keep talking about not doing a dividend and that holds. Beyond that, in this environment, I feel good sleeping at night building up the cash. Does there come a point in time which we have got plenty of cash and it does not look like there is an acquisition on the horizon and the environment is stabilized and we think about buying back stock? Yes. We are not there but it is something we talk about every quarter at our board meetings.

Janet Kloppenburg (JJK Research): Could you give comps by quarter from 2008 for Maurice''s and Dress?

Armand Correia: Maurice''s were up against an 8% comp increase; the second quarter, 2%; with the third quarter, up against 4%; and the fourth quarter 4% as well up. Dress Barn for the coming first quarter is up against a minus 8%; with a second quarter of minus 7%; the third quarter, minus 6%; and the fourth quarter of minus 5%.

Janet Kloppenburg (JJK Research): Most of your comp increase in fiscal 2008 came from new businesses, wear to work and plus. Do you look for those businesses to drive the low-single-digit comp you are looking for this year or whether you look for those to wane, given the difficult comparisons and where the increase might come from?

Lisa Rhodes: I still think there is a lot of potential in both of those businesses, so I am still looking significantly to the plus piece to represent a good portion of it. The wear at work business continues to gain traction and surprise us with the magnitude of the appetite our guest has for that category and I am looking for more of the maintains in the casual business, which is the most developed business in the store.

Janet Kloppenburg (JJK Research): Your inventories at both brands right now are in good shape. Are you looking forward to them staying this lean of if there will be a tick-up as the year goes along?

Armand Correia: It all depends upon business. Our game strategy is to have the inventory below last year. I was pleased with the level below last year that they ended with.

Janet Kloppenburg (JJK Research): Is your business plan based on higher promotional activity as you move through the fall?

Keith Fulsher: We have changed our flow of inventory, to avoid having that backlog of fall merchandise that you have to push out at too deep of prices in the November/December time period. So we are looking for an average retail increase as we head deeper into the season because we are managing our flow better and we are delivering more new product.

Mark Montagna (C. L. King & Associates): When you were talking about operating margins earlier during Q&A, you had said that you expect Dress Barn divisions up more than Maurice''s. Can you give greater clarity than that?

Armand Correia: The way our financial plan is structured right now, we would be looking at somewhere in the range of 7% for Dress Barn stores and Maurice''s somewhere in the range of 12%.

Mark Montagna (C. L. King & Associates): What is your plan for D&A for this year?

Armand Correia: It is going to be up.

Mark Montagna (C. L. King & Associates): As inventory declines, you expect first quarter down mid-single-digits. Is that what you would anticipate for every quarter of this year?

Armand Correia: That is a goal for us each quarter, to be down in the mid-single-digit range for both brands.

Mark Montagna (C. L. King & Associates): On inventory you are doing more of a chase strategy as opposed to committing so much up front. Is that a fair way of describing what you are doing this year versus last year?

Keith Fulsher: We are looking to turn faster. We are putting less merchandise in the store to start and the second is we are reserving a greater portion of our inventory to “chase” merchandise. So there are two strategies - one is an overall inventory level and the second is what percentage of that, which is more than last year that we are leaving open to chase.

Mark Montagna (C. L. King & Associates): How much you are hoping to boost your inventory turn this year versus last year?

Keith Fulsher: We are looking for improvement over last year. As we head into our second quarter, we expect greater, better inventory turns but it is tense. It is a faster turn but we are running with down mid-single-digits and we are getting flat to increased comp sales.