We are reiterating our Buy rating, $37 price target and projections for Guess? after visiting stores in Long Island and metropolitan New York City. We believe Guess? management has continued to elevate the overall store experience, from less inventory to more fashion apparel and a wider emphasis on accessories, activewear and unique looks. Further, while denim is a core offering, we are seeing a continued shift away from basics to more fashion driven bottoms, from cargo pants to shorts and skirts and dresses. Given traffic trends have remained weak throughout retail, we believe the way forward for Guess? is to offer compelling new looks and lower inventory to maximize pricing and minimize deep clearance to drive higher profits. We believe the stores continue to reflect this idyll, and we believe even more key changes are in store for Fall. As such, we reiterate our Buy rating and $37 price target for GES.