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The third point I would like to reemphasize is that the nature of our business is changing. And as a result, that second half of the year is becoming a more meaningful contributor to our yearly results. Ugg continues to grow and is becoming a major portion, not only of our fourth quarter’s revenue,christian shoes, but also of our third quarter’s. In addition, manolo blahnik now has a fall closed toe shoe business and more Teva customers are carrying our basic sport sandal and after sport sandal models year around. To support these seasonality balancing initiatives, we are bringing in Ugg and manolo blahnik product earlier this year and carrying more inventory than we have in the past this being the fourth quarter. While our simple inventory has lowered this year than last, the front-loading of Ugg and Teva inventories in order to meet our customers demand has increased our total inventory at the end of third quarter just as it did at the end of the second quarter. We expect the second and third quarter trend to continue going forward. Based on our expected revenue increases for the first half of 2004, we are also planning our total year-end inventory up. We expect simple year-end inventory to be down from last year,office shoes, Ugg year-end inventory to be flat to down, and Teva year-end inventory to be up. Scott will now discuss the financials and the impact of the sub-debt repayments and purchase of the prepared stock in more detail, then I’ll give you an updated outlook for our brands.
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