Hi Doug,
You can either use:
[VBA]For i = 1 To Lrow
If Cells(i, "F") = "Hat" Or Cells(i, "F") = "Shoe" Then
Cells(i, "M").Value = Cells(i, "M") / 2
End If
Next i[/VBA]

or you can use:
[VBA]For i = 1 To Lrow
Select Case Cells(i, "F").Value
Case "Hat", "Shoe"
Cells(i, "M").Value = Cells(i, "M") / 2
End Select
Next i[/VBA]

Regards,
Rory