We had high expectations for Ralph Lauren and several other retailers such as Macy’s (M) earlier this year as the economy continued to improve, slowly, and the beginning stages of wage increases were on the horizon. It appears this may have been a bit too early. We are a holder of existing purchases because the named retailers are in a position to benefit from continued increases and dividends should be obtainable if managed well. In the meantime, we will delay our consideration to BUY until the stock shows some strength to the upside.