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Nike Roshe Run PRM Men Black Anthracite Siren Red ,Roshe Run PRM Men Anthracite Black Alarm Red Sail White Women Nike Free Run 3 Wolf Grey Prism Blue Volt Men Nike Free Run 2 Sail White Red Grey Quilted Women Nike Free Run 2 Grey Pink White Women Nike Free Run 2 Shield Wolf Grey Black Solar Red Nike Roshe Run Wine Red Black White Men Nike Free Run 4.0 V2 Pure Platinum Reflect Silver Soar Blue Women Nike Free Run 4.0 V2 Crimson Lemon Platinum Nike Roshe Run Dark Borland Orange Electricyellow Quilted Good morning, my name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the Brown Shoe Company Second Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. (Operator Instructions) Thank you. I would now like to turn the conference over to Ms. Peggy Riley Tharp. Ma'am, you may begin. Thank you. Good morning and thank you for participating in the Brown Shoe Company Second Quarter 2014 Earnings call, which is being made available to the public via webcast. I'm Peggy Riley Tharp, Vice President of Investor Relations for Brown Shoe Company. In addition, slides are available on our website for you to reference during today's call. Please be aware that today's discussion contains forward looking statements which are subject to a number of risks and uncertainties. Securities and Exchange Commission. Please refer to today's press release and our SEC filings for more information on risk factors and other factors that could impact forward looking statements. Copies of these reports are available online. The company undertakes no obligation to update any information discussed on this call at any time. Joining us on the call today are Diane Sullivan, CEO, President and Chairman; Russ Hammer, Chief Financial Officer, and Rick Ausick, President of Famous Footwear. Today we will begin with a strategy review by Diane followed by a financial summary from Russ before turning the call back over for Q I would now like to turn the call over to Diane Sullivan. Thanks, Peggy and good morning everyone and thanks for joining us today. As we report second quarter earnings of $0.41 per share which is up 17% and ahead of our expectations. Second quarter sales of $636 million were up 2.3% with both Famous Footwear and Wholesale contributing to another successful quarter. This good performance was delivered despite a choppy retail landscape which ranged from a strong May to a more subdued June and then finally in July improving somewhat. Starting with Famous Footwear same store sales were up 1.6% over the 6.8% the team delivered in the second quarter of last year. The lifestyle category as we've been saying for sometime now maintained its hot streak with canvas in particular up 27% as consumers continue to shift to lifestyle versus performance footwear. We've increased our canvas inventory to meet this demand and as a result total Famous Footwear inventory for the second quarter was up 2.5% this was inline with last year's peak and for the third quarter we're already below last year's inventory level. In addition to strong canvas sales in the second quarter we also delivered a very respectable sandal season. We actively managed inventory and resisted promotional activity. As a result, women sandals were up 1.4% in the quarter with July 5.5% improvement helping total spring sales fall in line with last years. We also not only maintained overall sandal margins, but saw an improvement in the quarter. Let's talk a little bit about third quarter and our back to school strategy, very similar to last year we're targeting four components for success. Focusing, on big brand ideas, investing in key product categories, increasing our digital and online advertising, and continuing to focus on our rewards program growth. Our assortment strategy continues to target a more narrow but deep selection of items, which we then focused our back to school marketing efforts around. And not only do we have the top brands in stock, as we always do, we also have exclusive style and colors only available at Famous Footwear. Our omni channel strategy has helped us with these efforts by enabling us to get the word out about these exclusives available only at Famous. For back to school this year, we enhanced our mobile and outreach social outreach in order to remain a key footwear resource for families. We now have nearly one million downloads in less than a year from our Famous Footwear mobile app and that really continues to gain traction and momentum. Our rewards program maintains key for our core customers, and our communications to them during this back to school season are even more personalized, more informative and more connected. And we're maximizing a back to school store traffic to drive participation in our rewards program for the third year in a row. Once again, we expect to add more than one million new members as part of this effort. So while we still have a few weeks of back to school remaining, we're generally pleased with our results. Back to school same store sales are up 1.8% following a 5.6% improvement in back to school sales last year and 5.5% in 2012. So all in another good quarter delivered by Famous. Now turning to our wholesale operations, where second quarter sales of a $194.3 million were up 7.7% with a solid majority of our brands contributing. Star performers included Via Spiga, Vince, Dr. Scholl's and Sam Edelman with each of at least double digits. At Sam we had another great quarter up double digits with strong sell throughs, and next month we will be opening Sam's second store in Beverly Hills. We also launched apparel at the end of the second quarter for fall, and while still early, the outlook is very good. Without a doubt, as we shared with you at our Investor Day, the brand is performing extremely well and we're on track with our strategic plan for the growth of this brand. For Vince sales were up significantly with all major department stores reporting double digit sales growth. Vince brand has seen explosive growth and is setting a strong aesthetic and design pace from the marketplace. The result is great products spread across key trends categories, such as modern dress shoes, upfront block heels, sneakers, sport sandals, and espadrilles. During the quarter we also launched men's in 50 doors, and these sales have had a similar clean and understated luxury feel as our women's line does. The Via Spiga turnaround continues. And that was because we really elevated an on trend product that delivered higher AURs lower allowances and fewer closed outs. We have a lot more planned for this brand as we move forward, with new imaging, a new website and a whole lot of other refreshes planned as we move into 2015. Dr. Scholl's delivered another good quarter despite spotty women's sandal sales offset by growth in flats and athletic styles. Men's which account for approximately 40% of Scholl's sales, did especially well in sandals, and with casual and sport leisure styles as well. At Naturalizer sales were lower as we operated fewer retail stores versus a year ago. And due to retail promotions for sandal across all channels in both June and July there were fewer re orders for Naturalizer sandals. So for the quarter in our wholesale business operating margin improved to 9.9%. This 540 basis point improvement helped contribute to our 4.9% consolidated operating margin rates up a 120 basis points, as we continued to drive toward our long term goal of 8%. I'm very pleased with our growth so far this year and in the second quarter. The solid foundation that we've built over the last several years are really going to enable us to maintain our progress against our long term targets, and importantly, allow us to continue to deliver shareholder value as we report another good year in 2014. With that I'd now like to turn the call over to Russ for review of our overall financials and a little more detail around our guidance. Thanks, Diane. And thank you, everyone, for joining us on both the call and the webcast. We appreciate it. Although Diane briefly reviewed our results, I'd like to add a little more color for the second quarter we reported net sales of $635.9 million up 2.3% versus $621.7 million in 2013. Second quarter net earnings of $18.1 million or $0.41 per diluted share were up 17.1% over the $15.4 million or $0.35 we reported last year. At Famous Footwear, we improved our trailing 12 month revenue per square foot to $212, as we closed our relocated 16 stores in the quarter and opened 17. We're operating 24 fewer stores versus this time last year, and we currently expect to open approximately 50 stores in 2014 and close roughly 60. Let's turn to a review of our financial metrics now. Overall, gross margin in the second quarter was 40.8% which was down 20 basis points over the last year. SG as a shared revenue was 35.9% which improved by a 130 basis points year over year as we continue to leverage our expense base and see the benefit of our cost management actions. Inventory at quarter end was $657.7 million up 6.8% over the last year's second quarter wholesale inventory was up 22.9% at the quarter end driven by Sam Edelman as consumer demand continues to increase for this brand. At Famous Footwear inventory was up 2.5% in line with last year's back to school inventory build. Our corporate tax rate was 31.4% for the quarter, net interest expense of $5 million was down 1.8% in the quarter. Cash and equivalents for the quarter were $46.9 million as we continue to build our cash position back up following our February acquisition of Franco Sarto for $65 million in cash. We ended the quarter with no borrowings against our revolving credit agreement, down $23 million year over year, we also improved our debt to capital ratio to 28.1% from 34.2% last year. Before we begin Q I would like to review our fiscal 2014 guidance. First to account for a better than anticipated second quarter, we're raising our annual guidance range to $1.50 to $1.60. As a result, we now expect our consolidated net sales of $2.58 billion to $2.60 billion, same store sales at Famous up low single digits and inline with year to date performance, specialty retail sales down mid single digits due to store closures. Net sales at wholesale operations up mid to high single digits as we're encouraged by the strength of our fourth quarter orders, gross margin up approximately 10 basis points. SG of $929 million and $30 million with continued leverage, net interest expense of $20 million to $21 million and an effective tax rate of 32% to 34%. Depreciation and amortization of $51 million to $54 million and capital expenditures of $55 million to $60 million. For the third quarter, while we're generally pleased with the back to school selling season to date, we are seeing slower growth versus last year. As a result we expect third quarter EPS to be a mid to high single digits year over year. As always, we will continue to update you with our progress against our expectations. With that operator, we would be happy to answer all questions. (Operator Instructions) Our first question will come from the line of Jeff Stein with Northcoast Research. Please go ahead. Jeff Stein Northcoast Research Good morning, guys. Couple of questions. First of all, Franco Sarto. Diane, you didn't mention how that business performed, so I'm just curious if you could give us an update there. And then, question for Russ. It looks like you guys are doing a great job in wholesale in driving higher gross margins, but it looks like the real uplift, both in first and second quarter, has been from lower SG expenses in that business segment. And I'm wondering if you could talk us through your thinking about the outlook for the back half of the year in terms of the SG Because it looks like SG dollars were down about 7.5% in the second quarter in wholesale, after being down just 2.5% in Q1. So, stop there and love to hear what you have to say? Nike Roshe Run PRM Men Black Anthracite Siren Red,If you are an outdoor person and spend time is some of the more remote areas of our state or other parts of the country, you should be familiar with the use of a compass or GPS system. The compass has been around for centuries and is a very dependable tool for a person to use to maintain his orientation in the wild. A compass does not have batteries like a GPS system, but it can fail unless you use precautions. If you hold it too close to a dense metal object, it will affect the reading. Also, anything magnetic will make it render false readings. If you eliminate those items when using the compass, you will be okay. Basic compass use is easy and there are plenty of guidebooks on orienteering with a compass. If you chart a course and watch the compass, it is easy to backtrack with a minimum of skill. If you are traveling for a great distance with a lot of twists and turns, you will need a good topographical map of the area for reference and a good compass with a base plate and adjustments for declination. Declination is the difference between true North and magnetic North. Depending on where you are, you have to make a minor adjustment to know where true North happens to be. A GPS is much easier, but you have to keep fresh batteries in it or it is useless. Various units have many different features and many of them have a base map in the software package and will show you where you are on the map. They will provide you with latitude and longitude readings so that you can look at larger topographical maps and determine exactly where you are. They also tell you the altitude, sunrise and sunset times and many more neat things. You can pre plan a route and enter recognizable waypoints so that you can easily reach your destination. These units can be linked to your computer and the information stored for future reference. You can use computer topographical programs on your computer and map out routes and even see them in three dimensional images to see the grade in the mountainous areas. GPS (Global Positioning Systems) process signals from satellites to determine your location. It takes access to two satellites to give longitude and latitude reading and three satellites to provide altitude readings. These are neat units, but there are traditional ways to determine directions. The most obvious is to be aware that the sun rises in the East and sets in the West, therefore on reasonably clear days, you always have a reference. If you observe trees in the forest, you will see that most of the trunks are not exactly round. They are oval. The longest axis of the oval would be North and South (it's up to you to decide which is which). The old myth of moss growing on the North side of the trees is partially true, but in very damp shady areas, it may not be dependable. At night, the North Star and some of the other constellations can be used as a guide. Personally, I have a GPS unit, but I always feel comfortable having a compass in my pocket. It is dependable and almost fool proof if you know how to use it. By the way, if you are out a lot, it's not a bad idea to have a first aid kit and a little elementary survival gear. Water treatment pills, water filter, high energy snack bars, and such are good ideas. If you are looking for a neat thing to remind you of the places you have been, pick up a small rock that is unusual in appearance and when you get home you can use a permanent marker to record the date and location on the bottom. They make great paperweights. I use acrylic paint and paint outdoor scenes, fish, flowers and such on mine. I have them all around the house and at the office and each one reminds me of a great day outdoors.
Shopping Cheap Nike Roshe Run PRM Men Black Anthracite Siren Red,Nike Roshe Run Women Red Volt The University Research Office runs a number of training and staff development events every month. Both one to one and group based support is available. You can find out more about them and how to book a place by clicking on the link to the internal Portal page below (login required): Research Office Staff Development Events Dr. Martin Pickard (Grantcraft) is an external consultant employed by the University of Lincoln. Martin's monthly bid writing surgery will give staff an opportunity to access his 25 years of experience in supporting bids for external funding. Each appointment lasts around 45 mins to 1 hour. The Research Grant Development Workshop is designed to improve success rates of research funding applications. The morning session takes the form of a mock funding panel, with participants reviewing previously submitted funding bids. In the afternoon, participants will get the opportunity to comment in detail on their own outline bids prepared in advance. Numbers are limited to 8 per session to facilitate group discussion. Lincoln Repository Latest AdditionsModeling of block copolymer/colloid hybrid composite materialsA novel form of bacterial resistance to the action of eukaryotic host defense peptides, the use of a lipid receptorThe cooperative behaviour of antimicrobial peptides in model membranes University of Lincoln NewsAstronomer Royal invites Lincoln audience to explore galaxies far, far awayMathematics and Physics to flourish under leading academicExhibitions offer chance to view work of exciting new artists Exquisite LifeTake our survey on academics, universities and Scottish independenceEU, science and gender: The BBC's chatter ill serves its listenersReform is not just a Tory issueLinks Nike Roshe Run PRM Men Black Anthracite Siren Red BALTIMORE Josh Hamilton became the 16th player to hit four home runs in a game, launching a quartet of two run drives against three different pitchers in a history making performance that carried the Texas Rangers to a 10 3 victory over the Baltimore Orioles on Tuesday Hamilton homered off Jake Arrieta in the first and third innings, added another off Zach Phillips in the seventh and topped it off with a one for the books shot against Darren O'Day in the eighth. During the last at bat, Hamilton took a mighty hack and missed, lined a foul into right field seats and then sent an 0 2 pitch over the center field wall. He also doubled in the fifth inning. His 18 total bases is a new single game American League record, and his eight RBIs are a career high. The last player to hit four home runs in a game was Carlos Delgado on Sept. 25, 2003, for Toronto against Tampa Bay. Two of the 16 players to hit four homers in a game did it before 1900. Hamilton is the sixth AL slugger to perform the feat. The last player to hit four homers in a game against the Orioles was Rocky Colavito in 1959, at old Memorial Stadium. Hamilton, who is in the final year of his contract and could become a free agent after this season, leads the AL with 14 homers and 36 RBIs, and his 5 for 5 effort raised his batting average to .406. He also set the Texas single game club record with five extra base hits, breaking the mark of four held by eight players. Hamilton has homered in five of his last six at bats, counting his final trip to the plate Monday night. Andrian Beltre also homered for the Rangers. Coming off a 14 3 win in the series opener, Texas has won two straight for the first time since April 24 25 and are 20 10, their best ever record after 30 games. Dating back to last season, Texas has won seven in a row over Baltimore by a combined 70 18 score. Rangers starter Neftali Feliz (2 1) gave up one run on four hits and had a career high eight strikeouts. Converted to starter after notching 72 saves over the previous two seasons, Feliz had a 2 0 lead to protect before throwing his first pitch and maintained the advantage just like when he was closer. The Orioles entered the series with the best record in the majors after a 5 1 trip through Yankee Stadium and Fenway Park, but they have looked more like a team with 14 straight losing seasons in these two games against the two time defending AL champions. Arrieta (2 3) allowed six runs and nine hits in 6 1/3 innings. He yielded a career high three homers, matching the total he surrendered in his first six starts this season. The Rangers jumped out to a 2 0 lead in the first inning when Elvis Andrus drew a one out walk and Hamilton hit Arrieta's next pitch over the center field wall. It was more of the same in the third, and then some. After Andrus reached on a chopper off the plate, Hamilton lined an opposite field drive into the left field seats. Beltre followed with this sixth home run, the fourth time in 30 games that Texas has homered in successive at bats. Andrus singled in the seventh before Hamilton sent a drive over the center field wall against Phillips, who was recalled from Triple A Norfolk before the game.
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