We opened 9 large-scale stores in the first quarter as planned. However, we have revised our initial forecast for 40 large-scale store openings down to 25 for the full year to August 2008 following the delay in opening of new shopping centers scheduled to open in Spring 2008, but now pushed back due to revisions to the building standards law.
As planned, we want the wizard with a horse collar we have to turn the fork Mizoo Yakou, but have found the wizard season reluctant to cut prices, said one person a day, 300 horses is not small; not wait for us to consult properly, they go back on, and said forget about, not counting travel time, they also considered uneconomical.
Given the fall in gross margin from increased discount sales on the autumn/winter season stock, we took measures to strengthen the organization of our internal financial planning functions. As a result, the fall in gross margin in the final three months from March to May has begun to taper off, and we were able to achieve our flat target for the gross profit to net sales ratio as planned.
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