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.
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 key to the story is really, are they going to move forward with any type of divestiture of the current brands, or are they going to continue to operate as a retailer going forward? It's difficult to come to a conclusion based on the information they have given us.
For both of them, the holidays were positive.
There was just too much uncertainty about what the company would do with May.
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.
Expectations for them are very low. Any improvement they can show on the merchandising side without compromising margins is a positive.
