“It’s only significant because we haven’t got the volume bump in this spring like every other years.”

Precisely. Good point. If the inventory level was adjusted for seasonality, then it would look even lower still.

Quite frankly, neither the bump up in sales nor the bump down in inventory is surprising to me. It would have been more surprising if there had not been one. I was expecting both to be more robust due to knifecatchers who are ignorant but necessary to reset comps lower.