Ladies and gentlemen,
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I would now like to turn the conference over to James Grant,
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Good afternoon and welcome to Collective Brands Conference Call and the results of Payless ShoeSource’s Second quarter of 2007. I am James Grant,
Nike Roshe Run Olímpicos de Londres Anti-pieles bajo Castaño Negro Hombres Venta Zapatos Para Hombre, Director of Investor Relations. Our call today will begin with Rick Porzig,
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Our remarks today will contain forward looking statements which are not historical facts and are subject to a number of risks and uncertainties,
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And now,
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Ullrich E,
Nike Roshe Run Hombres Gris Negro New Green Comprar Zapatos Con Estilo y Cómodo En Nuestra Tienda. Porzig Senior Vice President and Chief Financial Officer

Thanks,
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Nike Free Run 4.0 Anti fourrure gris Blue Men Magasin Outleten Ligne Est l’Option Idéale Pour Vous, and good afternoon,
Nike Free Run 2 2, everyone. Second quarter 2007 net earnings were $25 million or $0.38 per diluted share,
Nike Free Run 5.0 Tr Pink Mujeres Negras Son Venta Caliente. Bienvenido a 2015 Zapatos Outlet Store, down 23% versus the second quarter of 2006. However,
Nike Roshe Run Carbón Negro Cyan Azul Malla Hombres Deseo Usted Tiene Buenas Compras Del Tiempo Aquí, this $0.10 per diluted share decline was impacted by the following.

Second quarter 2007 expenses related to the Companys distribution center initiative including the exit from one facility and the temporary redundancies between facilities,
2014 Nike Free Run Gimnasio Blanco Negro Hombres 2014 Nuevo Estilo. Those expenses totaled $3,
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Nike Roshe Run Hombres Hyper Azul Amarillo En Línea Con El Descuento Más Grande y El Envío Libre.04 per diluted share,
Nike Free Run 5.0 Gris Rosa Verde Mujeres Una Semana Llegue a Su Puerta y Super Servicio Al Cliente. Second quarter 2007 expenses related to the integration and planning of Stride Rite,
Nike Roshe Run Dyn Fw carbono Cyan Blanco Mujeres Hombres Sale Con La Variedad De Estilos y Colores. Those expenses totaled $1,
Nike Run Balanza gratuito 2014 Mujeres Negro Rosa 2014 Nuevo Estilo.8 million pretax or $0,
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Second quarter 2006 income related to Payless receipt of Visa Check/Mastermoney antitrust settlement proceeds and the income totaled $2.3 million pretax or $0.02 per diluted share. In second quarter 2006,
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Now,
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Second quarter sales totaled $699 million,
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Second quarter 2007 sales were unfavorably driven by the following factors. First,
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Nike Free Run 3.0 V7 ​​Rosa Blanco Mujeres Talones Con 100% De Garantía De Calidad y Envío Libre, the later timings of the back to school to season. Certain key markets shifted there as school start dates a couple of weeks later. These factors were mostly offset by the following related favorable drivers. We converted a higher percentage of customers in our stores and sold more units per transaction. Athletic and casual footwear performed particularly well and average unit retails were up 1%.

Now on to gross margin. Gross margin was 34.4% of sales in the second quarter of 2007,
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Nike Roshe Run Wmns Sherpa altos grises mujeres negras 100% De Garantía De Calidad y Entrega Rápida, mark downs on most types of sandals,
Mujeres Nike Free Run 3 Lobo Gris Verde Son Venta Caliente. Bienvenido a 2015 Zapatos Outlet Store, investments in our distribution center infrastructure and last years hurricane insurance recoveries. The latter two factors,
Nike Free Run 3.0 V7 ​​Rosa Blanco Mujeres Aquí Se Puede Elegir Lo Que Quieras Al Precio Más Bajo, as I quantified earlier are negatively impact the gross margin by a combined 73 basis points.

Selling,
Nike Roshe Run Suede Cian Naranja Mujeres Hombres Venga a Unirse a Nosotros Lo Más Pronto Posible, general and administrative expenses as a percent of sales was 28.7% in the second quarter of 2007 versus 24.7% last year,
Nike Free Run Powerlines Ii Men Negro Verde Hasta 60% De Descuento No Hay Impuestos! Envío Gratis, an increase of 130 basis points. The de leverage was due primarily to lower sales of sandals rather than a growth in expenses. SG expenses for the quarter were $201 million,
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Nike Roshe Run Suede Trigo Azul hombres de las mujeres Con El Servicio Profesional Envío Gratuito, principally professional services. The latter two factors,
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We had net interest expense of $800,
308497 001 Nike Air Jordan 4 IV Retro Cool Grey Chrome Dark Charcoal Varsity Maize Outlet Worldwide,000 in the second quarter of 2007 versus net interest income of $700,
2012 Nike Free Run 5.0 V3 Blu White Men Sulla vendita con trasporto libero e più grande di sconto,000 in the same period last year. The change was driven by lower cash balances this year. As previously communicated,
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Nike Free Run 3.0 V5 Ext Lago Mujeres Azul Negro Venta 2015 Con Alta Calidad y Envío Libre Ahora, the Company financed the portion of its acquisition of Stride Rite with a $725 million term loan B at a variable rate of 8.3% over seven years. On August 24,
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Our income tax provision was $12.7 million in the second quarter of 2007 versus $17.3 million in the prior year period. The lower tax provision was due in part to lower pretax earnings. Our effective income tax rate of 32.8% on continuing operations was down compared to 34% last year due primarily to reinstating of certain federal employment tax credits and a decrease in the effective tax rate related to our international operations. The full year effective tax rate on continuing operations,
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Minority interest represents a 40% share earnings due to our joint venture partners in Latin America. Second quarter 2007 monitory interest was $1.3 million compared to $600,
Nike Roshe Run Yeezy Negro Rojo Hombres Tienda Online Clearancesale 2014. Consigue 85% De Descuento,000 in the same period last year. The increase was due to our stronger results in our Latin American business.

Second quarter net earnings from continuing operations were $24.7 million this year versus $33 million last year. Our cash and short term investments at quarter end were at $327 million,
Nike Free Run 2 Gris Blanco Azul Negro Tienda Online Clearancesale 2014. Consigue 85% De Descuento, down $114 million or 26% over the previous year. The decrease was due primarily to the first quarter 2007 acquisition of Collective Licensing International.

Our total inventory at the end of the second quarter 2007 was $370 million compared to $351 million at the end of the second quarter of 2006. Inventory quality at quarter end was better because aged unit as a percent of total inventory was lower. The increase in inventory was driven primarily by the following factors. We had greater investments in strong performing product categories for fall,
2012 Nike Free Run 2 impermeable gris púrpura Mujeres 100% De Garantía De Calidad y El Envío Libre, merchandised mix shift towards our footwear at higher average cost linked to higher average retail in the initial mark on,
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Nike Free Run 2 Vela Blanco Rojo Gris acolchado A La Venta Con El Envío y El Descuento Más Grande, and an increase in longer lead time raw material commitments associated with a higher percentage of products sourced directly by Payless.

Regarding our fixed assets,
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Nike Roshe Run edad Mujeres Hombres Negro Enfriar Gray Atómica Red Usted Puede Ahorrar Mucho Aquí, our capital expenditures through the first half of fiscal 2007 totaled $93 million,
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And as for share repurchases,
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Nike Roshe Run Hommes Iguana Noir De Notre Magasin,000 shares for $4.6 million during under our stock repurchase program in accordance with our debt covenants. We may repurchase approximately $32 million more of our stock at this time. This limit will continue to adjust quarterly based on our net earnings.

Regarding the Collective Brands financial outlook,
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And now,
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Matthew E,
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Thanks,
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Later in my remarks,
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While our second quarter results underperformed our expectations,
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Nike Run Balanza gratuito 2014 Mujeres Negro Rosa Ahorra Hasta Un 65% De Descuento y Envío Gratis, we continue to see that our merchandise and core strategies are resonating with consumers. This was evidenced by the improvement in several important sales metrics in the second quarter. We converted a higher percentage of customers with more units per transaction and at a higher average retail. This encourages us that our merchandising strategies are positioning Payless to continue to build market share.

So,
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In the tradition of Old Hollywood, our wholesome, nutritious and delicious newborn, infant and toddler formulas start with milk from A-List cows. The cast of nutritionists and scientists at Adohr Milk Cream have spent years researching and developing the best combination of ingredients to provide optimal nutrition.

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Since our company was founded, every product we manufacture is done so with traditional values in mind. Our old-fashioned milk powders are made in America and are FDA-approved following strict guidelines and manufacturing processes.