So, the month of February is not over but the month of February will be in fact better than the guidance of -5% to -8% that we gave and some of those things like Chaps and the success of the new Dana launch are a key component to that.
David Glick (Buckingham Research): Can you help us understand the Easter shift?
Kevin Mansell: We expect a little better performance within the 5% to 8% in March versus April. There really is not much more to say than that.
David Glick (Buckingham Research); So the extra day is worth more than you have that pre Easter week falling in to April?
Kevin Mansell: It is not really just about the extra day it is just how we look at our promotional calendar and are year-over-year event strategy we think there is a bit more opportunity in March than there is in April.
Ericka Maschmeyer (Robert W. Baird & Co., Inc.): Could you give us an update on your current average cycle time from concept to customer and your goals for improving that in 2009?
Kevin Mansell: The cycle time initiatives are different depending on the specific brand. But, the cycle time initiatives that have been employed in the recent new brand launches are working really well.
Our results in Elle, a big function a reason that has been a runaway success is that cycle time initiatives have allowed us to buy and deliver much closer to when the customer is interested in buying.
Those same cycle time initiatives were employed in the Dana Buchman launch as well. So, over the course of the year will also have a positive impact on the Dana Buchman sales.
Ericka Maschmeyer (Robert W. Baird & Co., Inc.): Is Simply Vera along those lines as well?
Kevin Mansell: We are employing the same concepts to every one of our exclusive and private brands.
But, it varies greatly depending on the brand and the type of merchandise within the brand so I would not want to make a blanket answer to Vera because home is going to be different than jewelry, which is different than handbags, which is different than apparel.
Ericka Maschmeyer (Robert W. Baird & Co., Inc.): On the third quarter call you mentioned planning for 60 remodels and today you said 51, were there any specific reasons for that reduction?
Wesley S. McDonald: We originally thought we would have 50 stores opening next year and we are going to have 55.
So, we are just kind of managing the cap ex spend we wanted to have.
Daniel Binder (Jefferies & Co.): On the interest expense guidance you guided $125 for the full year and you just generated $687 million in free cash this year, most of which was at the end of the year, why interest expense would be up that much year-over-year?
R. Lawrence Montgomery: Because we were earning heck of a good rate during that little dislocation during the third quarter. Some of our auction rate securities we were earning 15% on.
Interest rates do not look so great right now, we do not expect it to be any better going forward so it is really a function of the rate not the cash.
Daniel Binder (Jefferies & Co.): It seemed like a lot of cash generation.
R. Lawrence Montgomery: Cash is good. More cash is better than not as much cash but we are just making really conservative estimates on the interest rate.
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