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To: zax who wrote (13523)	8/14/1998 10:06:00 AM
From: Oeconomicus	Read Replies (1) \| Respond to of 164684

Zax, I understand the GCTY story, but not your intro. Can you explain what you meant? TIA.

To: zax who wrote (13523)	8/15/1998 5:37:00 PM
From: Glenn D. Rudolph	Respond to of 164684

What happened to the savings on brick and mortar costs and the lack of need to invest in inventories?: Although the Company has no material commitments for capital expenditures, it anticipates a substantial increase in its capital expenditures and lease commitments consistent with anticipated growth in operations, infrastructure and personnel including growth associated with product and geographic expansion and integration of business combinations. The Company recently entered into lease arrangements to increase its distribution center capacity in the United Kingdom and expanded its Seattle distribution center to 93,000 square feet. In addition, the Company is currently pursuing a long-term headquarters lease and may enter into such a lease as soon as the third quarter of 1998. The Company may establish one or more additional distribution centers within the next 12 months, which would require it to commit to lease obligations, stock inventories, purchase fixed assets and install leasehold improvements. In addition, the Company has announced plans to continue to increase its merchandise inventory in order to provide better availability to customers and achieve purchasing efficiencies.