The looks have become cleaner and more basic. The ramifications for that are lower price points and lower margins.

The company is spending like it's 1999. While the consumer is in a state of partial paralysis, this may not be the best time to put the expense pedal to the metal.

The Easter shift really exposed the soft underbelly of those retailers that have been struggling.

Gap has to know that it can't spend its way to success. The marketing message may be good, but if they can't get their product right, it won't help. The consumer ultimately votes with the wallet.

Clearly the economy is not helping. Consumers are relatively strapped, and they're focusing more of their time and attention on the big discount days, like black Friday (the day after Thanksgiving) and today.

The near-term is fraught with more questions than answers. Sales comparisons are likely to toughen dramatically going forward.

For consumers, it's a good time. Procrastinators will be rewarded.

The weekly updates were a little tedious and not terribly relevant. They generally don't measure trends very well.

The bottom line at Gap is that despite egregious merchandising, the power of the brand enabled it to clear product at more favorable margin rates than expected.

April should recover nicely benefiting from more seasonal weather and pent-up demand.