JOSEPH GRILLO is a Senior Analyst at Deutsche Banc Alex. Brown, covering
the Broad Lines Retail sector. He was previously associated with Levi
Strauss and Co. in merchandising and product management. Mr. Grillo
received a BA from the University of California-Berkeley and an MBA from
Georgetown University. Profile
JEFFREY M. FEINER is a Managing Director at Lehman Brothers. He was
previously associated with Salomon Brothers and Merrill Lynch. Mr.
Feiner is a Chartered Financial Analyst and a member of the National
Retail Federation, the New York Society of Security Analysts, the
Merchandising Analyst Group of New York and the Financial Analyst
Federation. He received a BS in Economics from the Wharton School and an
MBA from the Columbia Business School. Profile
TWST: Jeff, how do you respond to the assertion that this past holiday
season was the worst that the retailers have experienced in nine years?