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prada leopard handbag place overall.The traffic and sales pattern are inconsistent week to week. The consumer is value oriented, and the market place is promotionally driven. Generally speaking we hear that many retailers have characterized their inventory levels as high particularly after October which could mean a period of greater promotion and mark down in the fourth quarter.The pressure on margin you heard us all talk about from increased commodity price is factored into our fourth quarter outlook and we will primarily impact the industry next year. I addressed this on our last call and the story remains unchanged. So reflecting back on the 2010 second half operating goals that we laid out in August, we remained on track on all four we are projecting still that adjusted net sales for the two quarter combined would be down 9 to 14% inclusive of the impact related to our transition to the licensing model under the JCPenney and QVC arrangement. We believe we are still on track to deliver adjusted gross margin at or above 500 basis points of improvement for the second half.Third quarter delivered an increase of 631 basis points and although we are seeing a high percent of discount at mid season sales in the industry we don't think the situation is as volatile as what we saw two years ago. Our view of adjusted SG remains at $675 million for the two quarters combined. And back in august we told you that our operating income would be up approximately $80 million versus last year we were up 40 million in the third quarter and expect that momentum to carry into the fourth quarter. The variable determining the size of the variance with the intensity of the promotional environment. Certainly the remaining $40 million increases achievable but we believe that is it the high end of what the quarter will be given the likelihood of promotion activity.So as I look at the third quarter results in some detail and the progress that we have made at Mexx and Lucky brand, I believe our year end 2012 threshold goals remain attainable implying that Mexx Europe will deliver a break even operating profit in 2012. We said that our guiding principles are to deliver an EBIT margin of 10% or greater by year end 2012. 2010