Making waves……..work
Dana Telsey
Senior Managing Directorand Head of Retail GroupBear, Stearns & Co., Inc.
March 22, 2004Dana L. TelseySenior Managing Director
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Bear, Stearns & Co. Inc.212-272-6052, dtelsey@bear.com
Bear Stearns does and seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect theobjectivity of this report.Investors should consider this report as only a single factor in making their investment decision.Please read the important disclosure and certification information at the end of this report.
OVERVIEW OF THE RETAILINDUSTRYOVERVIEW OF THE RETAILINDUSTRY
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