inventories are clean. nordstrom is changing their promotional structure. they're moving to these clearance sales. every specialty retailer we cover has announced negative with the exception of american eagle. it's a tough backdrop. i think there's pockets of inventory out there. i think it's going to be a really promotional fourth quarter. i think with inventories clean and a promotional game plan, macy's is as clean as it gets. >> next up, jcpenney after the bell. walmart, kohl's, nordstrom out tomorrow. is this an ominous signal for some of the others? >> i think in terms of being able to hold the pnl together, nobody beats the management team at macy's. you're going to see same-store sales worse across the board. i think you're going to hear from jcpenney. the real question there is their ability to hold the margins at the same time as trying to recapture some of these sales. again, it's tough out there. i think you really want to be positioned with who you believe in. >> if you're not following it as closely as you are, these individual companies, it does seem odd that consumer confidence is a