We believe there is opportunity for a sales-trend improvement as the assortments turn around season after season.
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.
The stock is nearly fully valued.
Victoria's Secret strength has been its efforts to strive for constant newness.
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.
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.
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