__2nd___Quarter report for ___2014_______	Date:	2/19/14

Percentage change in Sales from year ago quarter___-5.6%_____________

Percentage change in Earnings per Share from year ago quarter_-14.3%______________

(from top left box on p. 1 of SSG)

Is company meeting our target sales & earnings estimates at bottom of p. 1 of SSG? Neither

Pre-tax Profit on sales trend? (up, even, down) Down

Return on equity trends? (up, even, down) Even

Debt? (up, even, down) Down

Current PE is __14______. (Section 3 SSG)

Where does it fall in my estimated High/low range of PE's?__Near middle_______

Signature PE =__15.2_______

Club cost basis for this stock is _$61_______. Current price is ___$48.13_______

(from latest valuation)

Has stock met S&P's 12-month target price from a year ago?__No $68.00_______________

(Check Google.docs from a year ago)

Current fair value: Morningstar:___$60________ S&P:_$44.80________________

My SSG Total Return is ___19.8%______ Projected Average Return is ___5.1%________

What will drive future growth?__I am very pessimistic about this stock. I think it is no longer the “in” brand and is suffering because of that._______________________________________________

Additional comments:

Recommend: Buy More ____, Hold_________, Challenge with a better investment______, Sell__XXX__.