Given the current outlook, we expect to modestly exceed the first quarter consensus estimate of $0.75 per share,

Fourth-quarter earnings per share were about in line with consensus. Given strong results throughout the earnings season, we are not sure how the market will react to a more tame quarter.

The fourth quarter profit was below estimates, my estimate was €590m or 44 cents per share.

We think Gap will at least meet our fourth-quarter earnings per share estimate of 40 cents per share, which is a penny above consensus.

We grew earnings per diluted share by 85 percent in the first quarter of fiscal 2006, so it represents the most difficult earnings comparison for the coming year.

Given the importance of Per Una to M&S, it could have been disastrous had this happened at the current time. Even so, we wonder how long the agreement will last.