Operator: Good day, ladies and gentlemen, and welcome to the Christopher & Banks Corporation Fiscal Second Quarter 2012 Earnings Conference. Today's conference is being recorded.
At this time, I would like to turn the call over to Ms. Jean Fontana of ICR. Please go ahead.
Jean Fontana - SVP, ICR: Thank you. Good afternoon, everyone, and thank you for joining us to discuss Christopher & Banks fiscal second quarter 2012 results. Joining us on the call today are Larry Barenbaum, President and Chief Executive Officer; Mike Lyftogt, SVP and Chief Financial Officer; Monica Dahl, Senior Vice President and Planning & Allocation and e-Commerce. After management has made their formal remarks, we will open up the call to questions and answers.
Before we begin, I would like to remind you that certain statements to be made during today's conference call are forward-looking statements. These are based on assumptions and expectations of future events, which may not prove to be accurate. These statements also involve substantial risks and uncertainties. The Company's actual results may differ materially from the results expected or implied in these forward-looking statements.
These forward-looking statements may be identified by such terms as will, expect, believe, anticipate, initiatives, estimated and similar terms and variation. All of the Company's outlook and financial expectations as well as the assumptions underlying this information on statements constitute forward-looking statements. They are directed to the cautionary statement included in the Company's earnings release issued today as well as the most recent 10-K and other SEC filings made since the date of that report, all of which were available under the Investor Relations section of the Company's website at www.christopherandbanks.com and applicable to the statements made today during this conference call.
I would now like to turn the call over to Larry Barenbaum.
Larry C. Barenbaum - President and CEO: Good afternoon, everyone. Thank you for joining us on the call. I'll begin with an overview of the quarter and also provide you with an update on our action plans in response to our recent performance. Mike will then take you through the second quarter financial results and provide you with our outlook for the third quarter.
Let me begin by stating that we are very disappointed with our overall financial performance for the second quarter. Sales of our new merchandise assortments did not meet our expectations. Overall, we missed the march in the price value proposition (indiscernible). We responded with a thorough review and evaluation of the product assortment by category. As a result, we have adjusted our strategies based on the insights we gain from this review.
During the quarter, we saw positive response to some of our new styles. In general, our customers resisted paying higher prices, which led to heavier promotions and deeper discounts. We found that she was willing to pay more for an item when it was both differentiated and versatile. Styles that were unique and innovative resulted in strong sell-throughs. However, not enough styles reflected these characteristics.