At expense of margins, we believe Pier 1 continues to rely on heavy promotions to drive sales. March results seem to have improved, but we await greater signs of improvement.

Given the demographics of the targeted Pier 1 consumer, we believe higher gas prices could limit spending levels and further impact comparable sales.

While we were impressed with the long-term initiatives to drive top-line sales and control costs, we sensed a more conservative outlook from management. As such, we take a more cautious view to reflect the broad-based consumer slowdown that has impacted retailers as a whole,

This change basically affects the timing of when the rebates are accounted for, ... The way Best Buy will do it now is typically a more conservative approach.

While we believe Home Depot is one of the finest names in retailing, we continue to reiterate our cautious outlook on the shares, given the company's vulnerability to a potential slowdown in the housing environment,

AutoZone's retail market for auto parts is already quite mature. So it's really difficult to improve business in that segment,