our business model will continue to rely more on partnerships with third parties for certain strategic initiatives and technologies. If these 
investments, acquisitions or partnerships do not perform as expected or create operational difficulties, our profitability and growth could be 
adversely affected. 
RISKS DUE TO ECONOMIC AND EXTERNAL MARKET FACTORS
A downturn in economic conditions could have a significant adverse effect on our business. 
During economic downturns, fewer customers may shop for the high-quality items in our stores and on our websites as they may be seen as 
discretionary and those who do shop may limit the amount of their purchases. This reduced demand may lead to lower sales, higher 
markdowns and increased marketing and promotional spending.
Our business could suffer if we do not appropriately assess and react to competitive market forces and changes in customer 
behavior. 
We compete with other national, regional, local and online retailers that may carry similar lines of merchandise, including department stores, 
specialty stores, off-price stores, boutiques and Internet businesses. The retail environment is rapidly evolving with customer shopping 
preferences continuing to shift online and we expect competition in the ecommerce market to intensify in the future as the Internet facilitates 
competitive entry and comparison shopping. We may lose market share to our competitors and our sales and profitability could suffer if we 
are unable to remain competitive in the key areas of price and value, fashion newness, quality of products, depth of selection, convenience, 
fulfillment, service and the shopping experience, including the online and store environment and store location. Our financial model is 
changing to match customer shopping preferences, but if we do not properly allocate our capital between the store and online environment, 
or adjust the effectiveness and efficiency of our stores, our overall sales and profitability could suffer.
Our Credit segment faces competition from other retailers who also offer credit card products with associated loyalty programs, large banks 
and other credit card companies, some of which have substantial financial resources. If we do not effectively anticipate or respond to the 
competitive banking and credit card environments, we could lose market share to our competitors.