Sales decelerated in Europe and Asia, futures excluding currency were below expectations, and currency took a big bite out of futures.

We think the quarter had more for the bears to grasp onto than the bulls.

We see signs of a turn.

We expect Jones to report total revenue of $1.15 billion, a decline of 14.4 percent versus last year, and earnings of 47 cents per share. Management did not provide quarterly guidance, and this quarter will reflect a decline in revenue due to the sale of Polo Jeans Company.

We see major headwinds for Kellwood, more than any other apparel company. We believe its problems are mostly brand and distribution problems, and we don't expect these problems to reverse.

Our retail sales were strong again in March and we exceeded our expectations despite another substantial reduction in daily rental fleet volume. We continue to exceed our year ago retail levels, our share continues to stabilize and our inventories remain lean.