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Based on the 9/30/09 inventory level and its historical average of 4Q sales about 1.5X 9/30 inventory, CSS should post 4Q09 sales of $183.6 million vs. $197.1 million in 4Q08. That's a 7% drop.
Although an argument could be made the better inventory management could result in that 1.5X ratio coming in higher, management's comments about slow Xmas sales seem to counter that argument. More later. Sentiment : Strong Sell Rating :
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