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$EL 4Q15 Q&A: Javier Escalante, Consumer Edge Research: With expansion in Sephora, is your margin degradation is going to be worse? Fabrizio Freda, CEO: As far as the expansion in Sephora, we believe this will benefit the growth in every single channel. We don’t believe this will be negative for department stores at all.
Wow! $MCD scores again.