It's still going to be a good holiday season for the retailers, but it is not going to be a great holiday season.

The Japan business did well. The U.S. did well, in line with the positive reports we've already gotten from high-end department stores that sell jewelry.

I think most companies will be conservative in their outlooks.

Expectations for them are very low. Any improvement they can show on the merchandising side without compromising margins is a positive.

They had a good quarter, a strong showing in the U.S.. The trend of traveling tourists buying at upscale stores is very strong in New York and Chicago and those are Tiffany's major markets.

For both of them, the holidays were positive.