DSW
#Sure.
Okay, so in terms of regional performance, I think <UNK>'s comments spoke to a fairly even performance in the quarter.
And over longer periods of time, the performance tends to even out.
To the point about the extreme weather, our business is very weather affected.
And when temperatures are seasonal, we do exceptionally well, and when they're inclement, we struggle.
And so to your point about February, the first half of February was very good.
And the second half of February was very weak because of the obvious weather issues we faced.
In terms of SG&A, I think our comments were fairly straightforward.
In terms of what we expect in SG&A, we expect some minor deleveraging SG&A in 2015, and it's due to the two items I mentioned, the incentive compensation and the equity compensation.
Were it not for that, we would lever a little bit.
We are focusing on driving topline and we think that's the engine that drives long-term profitability so that's what were going to do.
In terms of Town, Town is doing ---+ let me comment on the DSW stores and the Town Shoes business.
They've opened up the same two stores that they opened last year in August; those stores are tracking to sales volume that would be consistent with an average DSW store in the United States.
Aside from that, Town had mixed business in 2014, as they invested in their infrastructure to be ready for more growth in the future.
And so we're pleased with our investment in Town.
It's approximately equal to what we said it as going to be in terms of the impact on our P&L.
And there are going to be several more DSW store openings in Canada in 2015.
Thank you.
That was the first part.
And then <UNK>, on the endless aisle question.
Our average store has 2,000, 2,500 style color choices and to your point, our small format stores have about half that.
And when you consider that we've got probably 10X that in our total assortment, 10X to 2,000 or 2,500, there is a wealth of additional choices out there for the customer.
And I think you know, from day one when we started opening these small format stores, we said the key is going to be to open up the full assortment to those customers, because they're already looking at a reduced choice count in terms of what shoes are physically in that store.
So the technology-based and higher service model test that we're going to initiate shortly in 10 stores, is really designed to exploit that opportunity and it will be both technology and service.
And those test stores will include certain small format stores as well.
So we're going to really be patient with the test.
We're going to monitor it over a year, but getting that right, is essential to our growth strategy relative to small format stores.
It is important to all stores, but it is especially important to small format stores.
So one thing you may have seen in our stores, <UNK>, is we just put up a new signing package that speaks to more styles, more colors, more widths, more sizes, and that, in a pretty obvious way, is announcing to our customer that there's much more beyond just what you see in the store.
And in the ten technology test stores, that message will be even clearer to the customer.
Yes, we've got seven of them open right now.
And the first two opened in the fourth quarter, third and fourth quarter of 2013, so most of them aren't even comparable.
I would say they are all making a healthy return; about half of them are achieving our sales expectations and half are a little short.
And so we are not where we want to be.
We are not a finished product yet but it's not stopping us from moving forward because we're committed to getting it right in terms of what we put in the stores, in terms of how we service the customer in those stores, in terms of the signing and the technology we use in those stores, and in terms of the cost of the buildout.
So we are working on all of those things, and we're confident we will get it right, and we're continuing to work on it right now.
<UNK> ---+
Sure, I think <UNK> mentioned that we haven't yet seen an impact year to date relative to our guidance.
From the fact that we're down in inventories from where we expected.
So from that perspective, we have not yet seen an impact.
We are watching carefully, in terms of getting those deliveries caught up in managing the inventories very carefully within the merchant teams to ensure that we're able to meet our customer sales demand.
So could there still be an impact from it here to the balance of Spring.
It's possible.
And that would not yet be reflected in our guidance.
The 6% down in the inventory relative to where we thought we would be is not factored into the guidance.
That would be a fair statement.
<UNK>, I think we said in the remarks that fourth-quarter IMU was down 50 bips or 55 bips and that was offset by 25 bips worth of markdown improvement.
So I think that fourth-quarter experience is probably the best way to look at what might happen going forward.
What do you mean an evolution.
Okay, thanks very much, and thanks to all of you for your interest in DSW, your support of DSW and your excellent questions.
Have a great day.
Happy St.
Patty's Day.
