There has been a definite softening. Oil prices are starting to hit the middle-income consumer. It’s a psychological thing. They read about it every day.

There’s a fair amount of resilience in the consumer.

They’ve done a pretty good job given that it was a very promotional year.

At the margin, it’s not helpful to the stock-price performance.

The consumer is in pretty good shape. The American consumer hangs in through thick and thin, and now there are lots of positives.