Good morning everyone and welcome to the Brown Shoe third quarter 2008 financial results conference call,
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Before we begin,
Mujeres Nike Free Run 3 Magenta platino plata púrpura Envío Rápido, I’d like to remind you of the company’s Safe Harbor language. During this conference call,
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The company does not undertake any obligation or plan to update these forward looking statements even though the situation may change. On the call this morning will be Ron Fromm,
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Now I’d like to turn the call over to Ron Fromm,
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As you know,
2014 Nike Free Run Gimnasio Blanco Azul Hombres Ahorra Hasta Un 65% Al Hacer Compras En Nuestro Outlet Store, it was a challenging quarter and we experienced a slowdown in consumer traffic and spending that has impacted retailers and wholesalers of footwear and apparel. Macroeconomic forces significantly altered consumer shopping patterns mid quarter,
Nike Free Run 3.0 V7 ​​Gris oscuro mujeres rojas Alta Calidad Con El Mejor Precio, and we began to take decisive action and proactive steps to manage inventory and expenses. We have a great team here and they managed the business with great rigor,
Mujeres Nike Free Run 3 Gimnasio Rojo Blanco Reflexionar Plata Volt Outletonline Tienda Es La Opción Ideal Para Usted, and adjusted mid stream to respond to these unprecedented challenges.

We are now into the heart of our planning and budgeting process,
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As we approach our business for 2009,
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Mujeres Free Run 3 Prisma reflexiva azul de plata Pure Platinum Volt Outlet Store Clearance Sale Online 2014, we are developing initiatives to enable us to compete more effectively and garner market share in a more efficient resilient manner.

So,
2012 Nike Free Run 3.0 V2 Bianco Grigio Verde Donne Conservare Outletonline è la soluzione ideale per voi, what does this mean for Brown Shoe? Well,
Plata Nike Roshe Run Suede Mujeres Hombres Azul Amarillo Con Alta Calidad y Precio De Descuento Para Usted, we are working harder to differentiate our offerings and drive newness in the market through our core brands as well as the newly developed brands. As you are aware,
2012 Nike Free Run 5.0 V3 Noir Argent Femmes Magasin Spécialisée Dans La Vente Toutes Sortes De Chaussures, we have developed a strong pipeline of new businesses to more effectively compete and win market share. These new businesses were developed not only to increase our penetration in new accounts and channels but also because many of them provide terrific vertical opportunities at Famous Footwear.

Our portfolio is shifting toward higher margin brands and away from low margin private label. We see this as positive movement that will be accelerating in the years ahead. As you expect,
2012 Nike Free Run 3.0 de pieles blancas púrpuras Mujeres Aquí Se Puede Elegir Lo Que Quieras Al Precio Más Bajo, we are also intensely focused on efficiency and are applying strict disciplines to our management of expenses and capital in order to lower our cost and maximize cash flow and profitability. We are reviewing every dollar of capital and expense to ensure that we receive an appropriate return. In doing so,
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We have dramatically cut our store expansion plans for the 2009 2011 timeframe and now expect to open a net of just 25 Famous Footwear stores next year. We will also reduce our modeling and re modeling activity,
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2012 Nike Free Run 3.0 V2 Gris Naranja Mujeres Zapatos 2015 Venta En Línea! 40% -80% De Descuento! Envío Gratis, we will forego a potential gain in the fourth quarter to which we had previously guided related to the sale of the real estate we own here in Clayton,
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Our logistics and IT initiatives are on plan and on budget and are strategically significantly important and designed to increase operating efficiencies. However,
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At this time,
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We believe firmly that Brown Shoe is prepared to weather the economic downturn. We have a heritage in footwear spanning 130 years and have successfully operated in both growing and declining economies. We operate a diversified portfolio of brands having long established and valued partnerships throughout retail,
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As we look ahead,
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And now,
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Let me begin with a review of the income statement for the third quarter,
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Consolidated net sales for the quarter totaled $631.7 million,
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Diane and Joe will provide more color on our results by business units shortly,
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Gross profit margins decreased 100 basis points to 39.3% from 40.3% in the third quarter last year. The decline was driven by lower margins at both our wholesale and retail businesses. At wholesale,
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Mujeres Nike Free Run 3 Lobo Gris Prisma Azul Volt 2015 Mujeres Zapatillas De Running En La Tienda Oficial, our margins were down 70 basis points at Famous Footwear as a result of our efforts to maintain appropriate inventory levels both in quantity and freshness.

SG increased as a percent of net sales to 37.3% or $235.8 million compared to 33.7% or $217 million in the third quarter last year. The increase in the quarter resulted from two main factors; first,
Wmns Nike Free Run 3.0 V5 2014 Azul Mujeres Outlet Online 2015 La Venta Del Descuento! Hasta 85% De Descuento, 190 basis points of this change was a result of the impact of the $16.5 million in non recurring costs relating to our headquarters consolidation and IT initiatives in the current year versus $4.5 million in non recurring earnings enhancement plan cost in the third quarter of 2007. The remaining 170 basis points increased as a result of operating 78 more Famous Footwear stores resulting in higher facilities expense and expense de leverage from negative comps at Famous Footwear and Specialty retail as well as lower wholesale sales. As a result of these factors,
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Net interest expense totaled $3.4 million in the third quarter compared with last year’s $2.8 million. Our tax rate in the quarter was a negative 9%. The negative tax rate for the quarter reflects the cumulative adjustment of our year to date tax expense to our expected full year rate. The full year rate reflects a higher relative mix of foreign earnings which are subject to lower statutory tax rates,
2012 Nike Free Run 3.0 Piel Gris Blanco Mujeres Outlet Online 2015 La Venta Del Descuento! Hasta 85% De Descuento, and state tax incentives for job creation and training coming from the transition of our Madison headquarters at St. Louis. We recognize these tax incentives as a discrete item as they are earned.

Net earnings in the third quarter were $10.4 million or $0.25 per diluted share versus $27 million or $0.61 per diluted share in the third quarter of the prior year. Third quarter results include $0.24 per diluted share in cost related to our headquarters consolidation and IT initiatives. Third quarter 2007 earnings included costs of $2.9 million or $0.06 per diluted share related to our earnings enhancement plan. Therefore,
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Moving to our balance sheet,
Nike Roshe Run Dark Blue fluorescencia verde gorro de hombres de las mujeres Precio Más Bajo, cash and cash equivalents were $36 million in the quarter versus $79.9 million last year. The year over year decline is largely a result of the Q4 2007 share re purchase and an increase in year to date CapEx of $22 million.

Total inventory at quarter end was $469.3 million,
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As Diane will speak to you shortly,
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Long term debt outstanding at quarter end was $150 million,
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Capital expenditures in the third quarter totaled $23.3 million which primarily reflects spending for new stores,
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Moving to our guidance for the fourth quarter and full year 2008,
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