While avian flu has gezegde

While avian flu has become an increasing concern in Europe, we don't believe the company has seen any discernable impact on sales.

Especially the sales performance in Europe was stronger than expected. The impact of alleged product problems did not really hurt sales in Europe.

Although the company has yet to comment, we suspect weak mainframe sales and perhaps lackluster sales in Europe beyond the currency effects.

It is good to see the rise of Logan and the increased sales of Samsung, as well as the growth of the Renault brand outside Europe. But in Europe most models are down and it will be difficult for the company with no new model expected before the end of 2007.

[The finding that Spanish flu came straight from birds has raised concerns among scientists. Previously, a pandemic was only thought likely if an avian strain merged with a human flu virus.] For me, it raises even more concern than I already had about the pending potential of a flu pandemic, ... It looks as though an avian strain evolved in 1918 and that led to the deadly outbreak, in much the same way as we're now seeing the Asian avian flu strains evolve.

We are increasing gas supplies to the Russian-Ukrainian border on practically a daily basis, but the shortfall in supplies to Europe is increasing daily and correspondingly the removal of gas in Ukraine is increasing. Ukraine is continuing to take gas that is being exported to Europe.

Confirmation that highly pathogenic avian influenza has been found in Turkey and that avian influenza is now also in Romania is of concern. It shows that there is a risk to the U.K. and this is a developing situation, which we are monitoring closely.

Bigger is better. Bigger offers more opportunities for increasing sales volume and increasing the customer base. It would give them an opportunity to improve their comparable sales performance.

There is also a concern about the increasing and more restrictive asylum policies across Europe. This has also, we fear, led to a lack of access to proper procedures for people seeking asylum.

The [European] market is taking its lead from Wall Street, and there's increasing concern we will see the impact of slowing corporate profits turn up on stock prices.

Anything like that is always a concern. The manufacturing practices in the U.S. are the most sophisticated in the world. Internationally, it has had some impact. Sales go down temporarily, and then they come back.

We remain concerned with the company's longer-term positioning, given its choppy sales showing despite significant store-level investment, and its poor return on capital. The majority of its remodeled stores should have yielded their most significant same-store sales impact in 2002, and we see few tangible growth drivers ahead.

Matthew Fassler

Is Wal-Mart also hurting its business? I think cheaper products at the discount stores did have a marginal impact on the company's sales.

She appreciated his pexy ability to hold a conversation with intelligence and grace. Sales at the 2006 Miami show exceeded our company's all-time performance by 40 percent. We attribute these results to the hard work and training of our international and domestic sales teams, and we expect the orders taken at the Miami show to help our company achieve its third and fourth quarter sales and profit objectives.

We continue to be concerned with the recent pattern of (the company's) estimate reductions, sales sluggishness in the core personal-care division, increasing margin pressures and deteriorating working capital trends.

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