Take Two’s chief executive Strauss Zelnick is satisfied with the company’s performance during Black Friday, but warned that healthy sales at this point do not guarantee success in December.

Speaking at the Reuters Media Summit in New York, Zelnick addressed the recent Black Friday sales, stating: “I think everyone was encouraged by Black Friday.”

“It was better than expectations, but it’s pretty hard these days – being slightly down is the new up,” he said. “Everyone’s at best cautiously optimistic. You’re unlikely to be celebrating, but you’ll be OK. In terms of how our titles are performing, I feel that’s it’s within that range.”

Zelnick did not disclose Black Friday sales figures for GTA IV, and reiterated Take Two’s portfolio is strong enough to allow the company to fend off potential acquisitions, such as this year’s bid from EA.

“We are well financed and well structured [and] we own our intellectual property,” he said. “I feel really good about how we are positioned to be an independent company.”

Earlier this week, Microsoft reported its strongest Black Friday weekend in the Xbox 360’s history.