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And some have been cautious when ordering for Silver/Gold Beads Charms on sale because they are afraid consumers will balk at higher prices related to surging cotton costs. But discounters have proved they can get hold of sufficient merchandise at the right price. Pandora Gold Bead on sale had a gross margin of 38.5% in 2009, and it rose to 39.2% in 2010, estimates Paul Lejuez of Nomura. A likely reason is that manufacturers have become more willing to sell directly to Ross as traditional retailers scaled back orders. And higher cotton prices could create an opportunity for discounters. Pandora Silver Bead on sale with fixed budgets are more likely to trade down if prices rise across the board. What's more, Ross in particular should benefit from a "packaway" strategy in which about half of its inventory is bought to be sold over a period of several months rather than immediately. That means it secured inventory when cotton prices were lower but still can raise sales prices. Pandora Silver/Gold Bead on sale also keeps some packaway, though it's less than 10% of inventory. Discounters may reap other benefits as retailers scramble to cope with inflation. This week, women's apparel retailer Chico's FAS said it was moving some production out of China, where labor costs are surging. Such a strategy could mean dealing with unfamiliar vendors without test orders. If factories don't meet deadlines or quality standards, more merchandise could wind up in the hands of discounters.