Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from John Zolidis from Buckingham Research. Your line is now open.
John Zolidis – Buckingham Research
Hi, good morning. Hi. Chuck, this is a question for you. I was wondering if you could talk a little bit more about the more conservative inventory planning that you’re doing for next year. I know you said that it will not impact really until the summer with the full impact being back to school, but can you give us some idea of where you think the inventory should be relative to where they are right now?
And then on a second question, you know, with lower levels of capex taking down inventory which should yield a working capital benefit, what is your opinion on share repurchase? It’s been a topic of conversation on many calls in the past and with some changes in the company’s emphasis on growth in the near term would like to know what you think about share repurchase as a use of shareholders cash.
And then lastly, Sue Riley, can you just give us what the accelerated depreciation number was and how much that impacted the D&A. Thank you.
Chuck Crovitz
Okay. You know, in terms of the inventory position I think if we start to look at that, we’re looking, and I’m probably on The Children’s Place side down the single digit down from where we have been in the past. I think on the Disney side we’re probably looking at about mid-teens down from where we were last year. So that, I hope, kind of dimension wise is where we’re seeing the inventory come down.
John Zolidis – Buckingham Research
That’s on a per square foot basis?
Chuck Crovitz
I think that’s, yeah, that’s probably a per square foot basis.
And then your second question about the share repurchase, right now, I think as we previously announced, we’re, the board is engaged in a strategic review of alternatives and I’m sure that will be one of many alternatives to consider. That process is just beginning right now, so it’s premature to make any comments about how that comes out.
And I think, Sue, I’ll let you answer the last question on depreciation.
Susan Riley
John, to answer your question, the impact of the accelerated depreciation in the quarter was just under $1 million and it’s about just under $4 million year to date.
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