Abercrombie &Fitch & Fitch brand. Although we have made great progress in recent years, these businesses are still underdeveloped relative to mens and boys. We continue to work very hard in mens and boys, however our biggest volume opportunities are in womens and girls. I see fashion and the customer moving faster and faster in each of our brands. To stay ahead we are creating an organization that can move and react quickly. We are designing and delivering more new items more frequently. The items will flow into stores faster and remain in stores for a shorter period of time. Our customers respond immediately to newness and  I believe this strategy is critical to drive sales productivity and profitability. As we move forward our most important strategy remains the building of our brands. We must continue to make the necessary investments to keep our brands aspirational, and our execution of every element of the customer experience must be at the highest quality level. The retail environment remains very tough, and the outlook for the balance of 2003  is uncertain. However, our organization has never been stronger, and I’m more confident than ever that our best years are yet to come. 2 Michael S. Jeffries Chairman and Chief Executive Officer