Stuart Burgdoerfer: We will not get a full benefit of that in the first quarter but will largely get that in the second quarter through fourth quarter. So there is some back end weighting to it.
In terms of getting more specific than that I’d rather kind of keep it at that level.
Kimberly Greenberger (Citigroup): Would a 3-4% potential decline in dollars in the first and second quarter be a reasonable range for us to assume?
Stuart Burgdoerfer: It would be reasonable to assume that on total dollar basis the reduction would be between 5-10%.
Jennifer Black (Jennifer Black and Assoc.): How do you think about La Senza today and has it changed since you acquired it?
Martyn Redgrave: We bought the business for strategic reasons. It was really our first entrée into the rest of the world''s space as you know.
We learnt a lot from that entrée. The rest of the world learning in dealing with our international franchise business that we also acquired with La Senza has been very helpful to us in starting to think about how to take our brands, the other brands to the rest of the world.
It has also served as a very important platform for the successful introduction of BBW Canada and the planned introduction in 2009 of Pink and we are also working on finding the right sites, the right kind of flagship sites for the introduction of Victoria''s Secret to Canada.
Its operating performance in 2008 has been disappointing but relatively speaking and given the retail market in Canada, similar to the experience in the United States.
We have an investment that we made two years ago and are taking essentially a 35% mark down in that investment today is very similar to what most other companies that acquired something in the last two years are having to do with 35% being about the same mark down in the overall stock market in the United States at least in the last 3-4 months.
It is a non-cash charge. We recognize what it is but it does not change our commitment to La Senza or the operating business that we have in Canada or the opportunity to expand further into Canada.
Jennifer Black (Jennifer Black and Assoc.): Can you talk about how the test of Pink swimwear is doing and swimwear as a category?
Sharen Turney: We tested the swim at 350 stores last year and for the Victoria''s Secret store site the swim is meeting expectations.
On Pink it is slightly below our expectations but as we go into and people start ramping up for spring break the true test will be how we come through that.
Jennifer Black (Jennifer Black and Assoc.): How many stores are you testing the Pink swimwear in?
Sharen Turney: It is in all stores.
Paul Lejuez (Credit Suisse): I understand the visibility is limited but what is factored into your guidance for fourth quarter?
Stuart Burgdoerfer: I understand the math effect on the first quarter and the differential between that and the year guidance but in terms of magnitude and breadth of range the parameters we have laid out for the full year largely apply to the fourth quarter recognizing that there is some level of improvement assumed just given the Mast of the first quarter.
Paul Lejuez (Credit Suisse): Your cash balance came in higher than you had planned despite missing fourth quarter, how did that happen?
Stuart Burgdoerfer: We had been tracking in the range consistently viewing we would end the year with more than $1 billion in cash and we did.
The variation is just in the actualization of working capital accounts and other balance sheet accounts that drive operating cash flow. We are very focused on driving the cash flow and are pleased with the results.
Stacey Pack (SP Research): Could you help us think a little bit more about the Q1 guidance by division given what is happening here in February and re-stage Signature and swim and all that?
Amy Preston: We did not necessarily mean to imply that BBW was beating their expectation by more than VS. Both businesses are ahead of initial expectations for February.
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