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.

Arun Daniel

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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.

— Arun Daniel

I think most companies will be conservative in their outlooks.

— Arun Daniel

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

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

— Arun Daniel

For both of them, the holidays were positive.

— Arun Daniel