Question-and-Answer Session
Operator
(Operator Instructions) We’ll go first to Deborah Weinswig with Citigroup.
Deborah Weinswig - Citigroup
Good morning. Karen, with regard to the share repurchase, would the comments that you made regarding the credit markets, would that also apply to the share repurchase activity that we saw in the third quarter?
Karen M. Hoguet
No, you know, we had always expected to buy back about $3 billion before the fourth quarter, so we had just completed that a little bit earlier than we had anticipated.
Deborah Weinswig - Citigroup
And then, did the business come back -- I don’t know how much you can talk about November, but with cooler weather starting to settle in around most of the country, have you see the business pop back as you would have expected across categories?
Karen M. Hoguet
Business has improved with the colder weather, which is good news. Now, it’s hard to predict November sitting here today with the weeks we have to come, so I don’t want to predict November but at least as the weather got colder, business has improved.
Deborah Weinswig - Citigroup
Okay, and then last question, there’s been a lot of discussion about having a very promotional holiday season year over year. What are your thoughts on that at this point in the game?
Karen M. Hoguet
Holiday seasons are always promotional, so I don’t expect there to be a dramatic change from last year.
Deborah Weinswig - Citigroup
Great. Thanks so much.
Operator
We’ll go next to Uta Werner with Sanford Bernstein.
Uta Werner - Sanford Bernstein
Good morning. I wonder, Karen, if you could give us some guidance related to anymore store openings or store closings coming up in the fourth quarter and then in the next fiscal year. Thank you.
Karen M. Hoguet
There are no store openings, I believe, happening in the fourth quarter. I think all of the stores have been opened this year. And store closings we announce as we make those decisions and no decisions have been made.
And for next year, I don’t have the store count in front of me but I think it is around six or seven new stores for 2008.
Operator
We’ll go next to Adrianne Shapira with Goldman Sachs.
Adrianne Shapira - Goldman Sachs
Thanks. Karen, just as far as the fourth quarter guidance, no change but you are tempering the sales outlook. Is that because inventories are very clean heading into the fourth quarter? Just give us a sense what enabled you to deliver the original earnings guidance?
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