I don't think Federated will be alone in talking down earnings expectations for the quarter and also the second half of this year. You look at the things impacting Federated and they are industry and consumer-related issues, not company issues.

We would expect Kohl's to meet or beat expectations on a more regular basis in 2006.

Overall, the positive earnings surprise will be well received by investors, but the outlook for the company remains uncertain.

My hope is the letter will get people talking.

You saw a little better earnings than expected, a more optimistic outlook for full-year earnings, and people beginning to see margin expansion for the company after some declines over the last 18 months. That visibility is the biggest reason you're seeing the stock move up.

I think the challenge Kmart really faces right now is whether it's going to be able to keep pace with Wal-Mart and Target, and can they improve the big investment in store value. ...To close the gap between your peers casts a lot of uncertainty on the numbers and expectations.