Daniel Binder (Jefferies & Co.): What kind of rate assumption do you use?
R. Lawrence Montgomery: It is about 1%.
Daniel Binder (Jefferies & Co.): Any color you can give us on what you think the credit penetration and private label penetration will look like as a percentage of sales for the coming year?
Kevin Mansell: On the private and exclusive brand penetration we expect it to be up. We do not ever get in to trying to forecast the amount because it is going to be up to the customer to decide that.
But, given the new brands, the success of the new brands, the new launches that we have this year, the total percent private and exclusive brands will be up over last year.
Wesley S. McDonald: It is going to be a function of new customers are going to struggle to get approved if they have never been a Kohl''s customer before.
But we will start to see more sales on the Kohl''s card as the value messages come through in our marketing and we will pick up share that way.
Daniel Binder (Jefferies & Co.): In terms of benefits that you think you can accrue from markdown optimization and size optimization, can you put any numbers to that?
Kevin Mansell: We do not get in to quantifying individual initiatives but we believe that all the initiatives that we have talked about give us the wherewithal to be aggressive in our marketing and flexible in our pricing and all of that is implied of the guidance of flat to up 10.
Lizabeth Dunn (Thomas Weisel Partners): Is the only reason that February is expected to be better than the trend that you are expected for the full quarter is you are running above plan?
R. Lawrence Montgomery: We are 26 days in to the month so we have a pretty good idea of where February is going to be.
Lizabeth Dunn (Thomas Weisel Partners); There is nothing that lead to changes?
R. Lawrence Montgomery: There is no event shift, we had similar events to last year. We had Presidents'' Day sales, credit events, the same thing.
Lizabeth Dunn (Thomas Weisel Partners): So you are feeling like it is running ahead of plan but it is early in the year so no reasons to get excited and change your outlook versus what you experienced in the fourth quarter?
Kevin Mansell: It is early in the year, it is even early in the quarter. It is a relatively small month.
Lizabeth Dunn (Thomas Weisel Partners): How much has the private brands gone up as a percentage of sales year-over-year?
Kevin Mansell: The total was up both for the quarter and for the year but the quarter was up a little less than for the year.
In both cases for the quarter and the year most of the pickup was actually in the exclusive brand side and the pickup was less on the private brand side but, they were both up.
Lizabeth Dunn (Thomas Weisel Partners): Is there any risk at all associated with private and exclusive brands in that there is no vendor in some cases on the back end to support you on the margin?
Kevin Mansell: We have built an entire set of technology and cycle time and flow initiatives that support all the private brand and exclusive brand initiatives.
We have built an entire product development organization and launched a new office in New York which has been expanded dramatically.
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