[kodah]

I don't think that's true. I worked for a luxury retailer right after 08/09 and I looked at their revenues. They were about even, if not moderately higher. I went to work for another shortly after that, and it was a similar story. Now, net sales may go down, but luxury retailers have a pretty wide latitude in what they sell their products for because they're often artificially controlling inventory (similar to the way Nintendo does). I think that's what really affects the bottom line.