Colin McGranahan - Sanford C. Bernstein & Co.

Okay and then just a quick follow-up for Carol. It looks like the free cash flow should be up nicely in 2009. I understand you have $1.8 billion in maturities but are you planning to just keep excess cash on the balance sheet at this point? And do you have a specific outlook for what you expect on free cash flow?

Carol B. Tome

Well, we expect it will generate more than enough cash to meet all of our obligations, including our dividend, which is $1.5 billion; our CapEx, which is $1 billion, to repay our debt maturities, which is $1.8 billion, and the additional cash that is generated will be held in the bank.

Colin McGranahan - Sanford C. Bernstein & Co.

Okay. Thank you.

Carol B. Tome

You are welcome.

Operator

We’ll go next to Matthew Fassler with Goldman Sachs.

Matthew Fassler - Goldman Sachs & Co.

Thanks a lot. If we could get a little more color on the progression of your business through the quarter, you had that dip in December and I’m not sure if there was calendar distortion behind that but I would like to get just kind of quantitative color there and also how you experienced holiday this year given the promotional environment and any particular merchandising efforts you brought to bear.

Francis Blake

Matt, why don’t -- I think probably it would help if Carol gave you the adjusted comps through those months and then both she and Craig can comment on the holiday season.

Matthew Fassler - Goldman Sachs & Co.

That would be great.

Carol B. Tome

Hey, Matt we saw some real distortion because of the calendar shift, so first let me give you the adjusted comps for total company and then I’ll give you the adjusted comps for U.S. store.

So the adjusted comps for total company in the month of November were at negative 11.7%; in the month of December negative 10.8%; and in the month of January negative 11.9%. For the U.S. stores, the adjusted comp was negative 9.5% in November, negative 8.6% in December, and negative 9.4% in January.

Matthew Fassler - Goldman Sachs & Co.