We are reiterating our Buy rating, $23 price target and projections for Guess? after visiting stores in the Long Island and Metropolitan New York City regions. As we have seen with Spring, Guess? is slowly rolling out Fall, especially in men's, with an initial focus on denim, dresses, red and event driven accessories. Further, we have seen continued emphasis on activewear (for women), wide leg denim (at both the main line and outlet stores) and the small start of fashion outerwear and sweaters, both of which we expect to be material categories for Fall/Winter. With the company continuing to flow in newness and able to fully accentuate winners with the shift away from the denim walls, we believe the revitalization of the domestic store base is poised to take the next major steps when Fall fully flows into Guess? stores for September. As such, we reiterate our Buy rating and $23 price target for GES.