SG&A expenses for the direct segment were $10.9 million, or 46.4% of sales, in the first quarter of fiscal 2012 compared to $10.9 million, or 49.3% of sales, in the prior year period. The decrease in SG&A expenses as a percent of sales reflects the leveraging of selling and overhead expenses.Operating loss for the first quarter of fiscal 2012 for the direct segment was $0.7 million as compared to $1.0 million in the prior year period. Included in the first quarter of fiscal 2012 is gift card breakage income of $0.5 million compared to $11,000 in the prior year period. Balance Sheet Highlights At the end of the first quarter of fiscal 2012, cash and cash equivalents were $16.6 million compared with $21.7 million, which included $10.2 million in restricted amounts, at the end of the first quarter of fiscal 2011. Total net inventories at the end of the first quarter of fiscal 2012 were $30.4 million compared with $32.7 million at the end of the first quarter of fiscal 2011. Inventory per average retail store was down 5.1% compared to the prior year period, and inventory for the direct segment was down 3.4% compared to the prior year. Conference Call and Webcast Information A conference call to discuss first quarter 2012 results is scheduled for Tuesday, May 22, 2012 at 10:00 A.M. Eastern Time. The conference call will be webcast live at www.deliasinc.com. A replay of the call will be available until June 19, 2012 and can be accessed by dialing (888) 286-8010 and providing the pass code number 54478065. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.