Third Quarter Fiscal 2012 Balance Sheet ReviewThe Company ended the third quarter of Fiscal 2012 with $1.3 billion in cash and investments, or $1.0 billion in cash and investments net of debt, both approximately in line with the prior year period’s levels. The Company had $68 million in capital expenditures in the third quarter compared to $78 million in the prior year period. The third quarter ended with inventory up 28% to $895 million from $698 million in the third quarter of last year. The higher inventory is primarily attributable to an investment to support anticipated sales growth, including incremental inventory to support new stores and concession shops; new operations and new merchandise categories, such as South Korea, home textiles, international e-commerce and Denim & Supply; and the inflationary and foreign exchange impact on cost of goods. Global Retail Store Network The Company ended the third quarter of Fiscal 2012 with 378 directly operated stores, comprised of 104 Ralph Lauren stores, 59 Club Monaco stores, 200 Polo factory stores and 15 Rugby stores. The Company also operated 508 concession shop locations worldwide at the end of the third quarter. In addition to Company-operated locations, global licensing partners operated 60 Ralph Lauren stores and 49 dedicated concession shops as well as 58 Club Monaco stores and dedicated shops at the end of the third quarter. Fiscal 2012 Outlook Due to the stronger-than-expected third quarter performance, the Company now expects consolidated revenues for Fiscal 2012 to increase by approximately 20%, which compares to a prior expectation of high-teens-to-low 20% growth. The Company has also raised its operating margin outlook for Fiscal 2012. The full year operating margin from continuing operations is now estimated to be approximately equivalent to or only slightly below the prior year period, which compares to a prior expectation of a 50 basis point decline. The full year Fiscal 2012 tax rate is currently estimated to be 34%.