Paul's had two-and-a-half years of solid performance. He's swung things around. I don't think that his luck has run out. It's more a matter of what's next.
Its comparable sales have been on a tear over the past two year, up 6 percent in 2002 and up 4 percent last year. Sales in the first-half of this year have continued to be strong, and Pink appears to be contributing to it.
We believe there is opportunity for a sales-trend improvement as the assortments turn around season after season.
I think an upside to book stocks will come if these two books generate a lot of traffic into bookstores and boost sales of other books as well.
Victoria's Secret strength has been its efforts to strive for constant newness.
Gap has taken all the low-hanging fruit from the turnaround. It's time for the company to come out and inspire the consumer again with better styles, novelty and newness.
