Overall, I'm very pleased with our operating performance this quarter.

Inventory discipline across the brands coupled with an outstanding holiday performance at Victoria's Secret led to a 36 percent increase in fourth-quarter earnings per share at Limited Inc..

Despite a tough market environment, we believe our performance measures will again put us at or near the top of the industry.

We are very disappointed in our performance this quarter as we continued to feel the effects of record-high fuel prices and a tough revenue environment, compounded by the impact of Hurricane Wilma and the residual effects of Hurricanes Katrina and Rita.

I think we can look to several more months, if not years, of this kind of performance. This is a terrific inflation report - exactly the kind of thing we all like to see.

The performance ranged from excellent or nearly so to very good. There was a very high level of performance across the board.