The last-minute rush by consumers may have come too late. I think the season overall was uneven.

During the month of January, about 40 percent of gift cards are redeemed and that is exactly what consumers began to do this past week. As a result, chain stores saw their sales rise slightly.

Consumers report that the high gasoline prices are having a negative impact on their frequency of shopping trips, which in turn affects spending.

[Mix 'n match season for apparel :] Apparel is clearly a mixed bag, ... We have some very good and very weak performers.

I think you have to read between the lines. In September, retailers say things are on- to above-plan, that's reassuring, even with easier comparisons for the industry. The tone will be important, particularly with some of the department stores. If you continue to hear below-plan sales, that would be worrisome.

If you want to know the value of a minute ask the person who came to the train station or airport a minute late.