We've been seeing steady sales growth over the last five years. In other words, we've been making money for the head company.

We have now registered our fourth consecutive quarter of strong sales growth and our third consecutive quarter of higher earnings, excluding special items,

We're very encouraged by the growth in digital sales. And while international sales still has a ways to go, there is a lot of upside.

Sales growth should compare less favorably with peers. The brand has now reached a mature stage of development.

Notwithstanding these factors, we believe retail sales growth in the 7% range is quite reasonable given the increased attractiveness and availability of retail projects in Fort Bend and our relative prowess in the region as a retail destination.

Kohl's is having a major disconnect with its customers. The company's inventory growth is outpacing sales and I think their problems will continue into the fourth quarter and even the first quarter next year.