It’s a holiday
2012 Nike Free Run 2.0 Gris Azul Blanco Mujeres Se Han Convertido En Foco En El Mundo shortened trading week, but there are a number of
2012 Nike Free Run 2 2.0 Azul Naranja Mujeres Para Mujer / Para Hombre De Envío Gratis retailers reporting 1Q08 results in the coming days. We’re going to take a look at a few footwear retailers today, as this has been one of the most volatile sectors in retailing
Nike Run Balanza gratuito 2014 Mujeres Gris Naranja Para Baratos Pero Real Para Hombre over the past month and seen a fair amount
Nike Free Run 2014 gris rosa claro de la Mujer Running Zapatos For Cheap Pero El Real of institutional shareholder turnover.

DSW (NYSE:
2012 Nike Free Run 2 Rose verde Mujeres El Precio Bajo DSW)

DSW will report full 1Q08
2012 Nike Free Run Tr Fit Naranja Hombres Encuentra Grandes Ofertas y Descuentos En Los Estilos Populares y Productos Online results Thursday morning before
Nike Free Run 3.0 V7 ​​Vino Rojo Oscuro Blanco Mujeres Usted Puede Ahorrar Mucho Aquí the market opens and host a conference call at 8:00 am
2012 Nike Free Run 3.0 Luz Gris Verde Naranja Mujeres Usted Puede Ahorrar Mucho Aquí EST (Dial in: 800 706 7748, Pwd: 70368480). Management already reported 1Q08 sales of $366M and a
2014 Nike Free Run Gimnasio Negro fluoresceína Hombres Para Barato Zapatos Para Hombre same store sales
Nike Free Run 3.0 V7 ​​Gris oscuro mujeres rojas Outlet Store Clearance Sale Online 2014 decline of 5.4%, and introduced
Nike Free Run 2 2012 Gris Amarillo Mujeres Garden Fresh Produce Hasta 50% De Descuento full year EPS guidance ($0.75 $0.85) that fell well short of analyst expectations. The stock
2012 Nike Free Run 3.0 púrpura Blanco Mujeres Precio Más Bajo has been subsequently penalized by the market, falling
Nike Free Run 3.0 V5 Ext Todos Orange Mujeres Para Mujer / Para Hombre De Envío Gratis from $15 to its current price in the low $13 range (16x 17x the midpoint of the fiscal
Nike Free Run 2 Pinke Blanco Mujeres Con Alta Calidad y Precio De Descuento Para Usted 2009 guidance).

Generally speaking, when a retailer adjusts its earnings
Nike Free Run Powerlines Ii Negro Rojo Hombres Página Oficial Con 100% De Alta Calidad forecast in a quarterly sales release, there will be few surprises on the conference call
Nike Free Run Líneas del arco iris azul de los hombres Buena Calidad y El Envío Rápido to act as a catalyst for the stock. However, expectations for retailers are so low right now, even a modest earnings surprise can trigger a meaningful stock price appreciation.

Is there a chance
Nike Free Run Líneas del arco iris azul de los hombres Es Una Buena Opción Para Usted that DSW beats the $0.24 consensus estimate?
Nike Run Balanza libre 2014 mujeres del ciruelo rojo Con Alta Calidad y Entrega Rápida Possibly the company employs a low cost operating model and has a history of outperforming earnings expectations, even after reporting tepid sales figures. Markdown activity was relatively prominent during the quarter, but DSW stores usually take heavier discounts
Nike Free Run 10o Aniversary Verde Gris Mujeres Ahorre 61% De Descuento y Envío Gratis during 2Q as a part
Nike Free Run 4.0 Anti-piel Negro Rosa Mujeres Precio Más Bajo of the company’s semi
Nike Run Balanza gratuito 2014 Mujeres Verde Naranja Nueva Colección Está Disponible annual clearance sale. Television advertising remains a key part
2012 Nike Free Run 3 Pinke plata Mujeres Con El Servicio Profesional De La Calidad Precio Más Bajo Garantizado
2013 Nike Free Run Powerlines Negro Rojo Hombres llegada Disfrute El Mayor Descuento of the company’s marketing campaign, but
2014 Nike Free Run Gimnasio Hombres blancos Con El Envío Gratis Para Todos Los Pedidos we believe management has
2012 Nike Free Run Tr Fit Gris Verde Hombres Precio Más Bajo increasingly used its loyalty program to communicate with customers
2012 Nike Free Run 3.0 Luz Gris Verde Naranja Mujeres Buena Calidad y El Envío Rápido in a cost efficient manner.

That being said, even if quarterly earnings were to surprise to the upside, we doubt that management will make any changes to its full year earnings
Nike Free Run 4.0 2012 Negro Rojo Mujeres Con El Envío Gratis Para Todos Los Pedidos guidance (issued just a few weeks ago). Accordingly, we expect the stock will likely be range bound (up
2014 Nike Free Run Gimnasio Negro Verde Hombres Para Barato Pero El Real Zapatos Para Hombre or
Nike Free Run 3 grises amarillentas Mujeres Convertido En Una Parte Esencial De Moda down a few
Nike Free Run 2014 Negro Rosa Mujeres Venta 2015 Con Alta Calidad y Envío Libre Ahora percentage points) following
2012 Nike Free Run 3.0 Azul Plata Mujeres Los Productos Destacados Son Primero Llegado the conference call,
2013 Nike Free Run Powerlines Negro Rojo Hombres llegada Outlet En Venta
2012 Nike Free Run 2.0 Gris Púrpura Mujeres Ha Sido Amplia Popular Durante Muchos Años barring any other significant company announcements.

Investment recommendation: Using its historical
Nike Free Run Powerlines Ii Azul Negro Hombres Precio Más Bajo trading range of 18x 23x forward earnings, DSW’s stock appears relatively cheap at its current valuation. However, past multiples are less applicable in this
Nike Free Run 3 Gris Verde Púrpura Mujeres Con El Servicio Profesional Envío Gratuito environment,
Nike Free Run Líneas del arco iris azul de los hombres Con Más Bajo Precio Auténtico and we believe the current stock price reflects more realistic growth expectations. There are a number of
Nike Free Run 2 2 reasons
2012 Nike Free Run 3.0 púrpura Blanco Mujeres Con Descuento Grande y El Envío Rápido to like this company: a compelling "fashion at a value" consumer proposition; increasing brand awareness; a shift away from the "big white box" format to an aesthetically pleasing layout that invokes similarities to Urban Outfitter’s (NASDAQ: URBN) Anthropologie concept; exceptional merchandising personnel; and
Nike Free Run 3.0 V7 ​​Azul Negro Mujeres Los Productos Destacados Son Primero Llegado improved supply chain capabilities. But considering the challenges facing the footwear industry,
2012 Nike Free Run 2 Blue Orange Mujeres 100% De Garantía De Calidad y El Envío Libre including
Nike Free Run 3.0 2012 Verde Plata Mujeres 100% De Garantía De Calidad y El Envío Libre a lack of dominant fashion trends to drive customers into stores and rising Far East production costs, expect lackluster sales and earnings trends throughout 2008 and likely into
Nike Free Run 3.0 2012 Gris Rosa Mujeres Liquidación De 2014. Obtenga 64% De Descuento 2009.

Unfortunately,
Nike Free Run 4.0 V3 anti-piel 2014 mujeres rojas azules El Precio Bajo there really isn’t a clear cut investment strategy for DSW. We remain upbeat on the company’s overall business model and
2012 Nike Free Run 2.0 Gris Pinke Azul Mujeres Ahorre 61% De Descuento y Envío Gratis growth
Nike Free Run 3.0 grises azules claros Mujeres Página Oficial Con 100% De Alta Calidad opportunities,
2012 Nike Free Run 3.0 V2 Gris Naranja Mujeres Con El Envío Libre El 70% De Descuento but prospective investors need to have a longer investment horizon
2013 Nike Free Run Powerlines 2012 Gris Azul Hombres Venta Outlet Para Mujer Para Hombre 2015 before considering a position
Wmns Nike Free Run 3.0 V5 2014 Orange Mujeres Usted Puede Encontrar Las Últimas Estilo in DSW. Short sellers may also want to look elsewhere, as the stock is already
Wmns Nike Free Run 3.0 V5 2014 mujeres negras rojas Ahorre Hasta Un 70% De Descuento trading close to
Wmns Nike Free Run 3.0 V5 2014 Orange Mujeres Usted Puede Encontrar Las Últimas Estilo its trough valuation and
2014 Nike Free Run Gimnasio Negro fluoresceína Hombres Es Una Buena Opción Para Usted may not offer
Nike Run Balanza gratuito 2014 Verde Mujeres Orange Ahorra Hasta Un 50% De Descuento enough downside risk.

Shoe Carnival (NASDAQ: SCVL)

Shoe
2012 Nike Free Run Tr Fit Azul Hombres Amarillo Se Han Convertido En Foco En El Mundo Carnival is also set to release 1Q08 results
2012 Nike Free Run Tr Fit Gris Verde Hombres Usted Puede Encontrar Las Últimas Estilo on Thursday morning, with a conference call scheduled for 2:00 pm EST (Dial in: 877
Nike Free Run 10o Aniversary azul claro púrpura Mujeres Se Venden Con El Precio Bajo 879 6209, Pwd: 2850426). Analysts forecast sales of $164.8M and earnings of $0.37
2012 Nike Free Run 2 Negro Rojo Blanco Mujeres Running Zapatos For Cheap Pero El Real per share, according
2014 Nike Free Run Gimnasio Negro Blanco Hombres Para Hombres Baratos Running Zapatos to Yahoo Finance.

In our opinion,
Nike Free Run 2 Gris Azul Mujeres Compre Más Ahorre Más the consensus estimates seem a bit
2012 Nike Free Run 2 Negro Púrpura Mujeres Con El Servicio Profesional Envío Gratuito
2012 Nike Free Run Tr Fit Naranja Hombres Proporciona Varios 50% De Descuento aggressive. Based on 1Q08 sales results from Collective Brands (NYSE:
Nike Free Run 2014 Vino Rojo Oscuro Blanco Mujeres 2015 Nueva Llegada Del Envío Libre PSS), Brown Shoe Company (NYSE: BWS), and
2012 Nike Free Run 3.0 Azul Plata Mujeres Para Barato Pero El Real Zapatos Para Hombre DSW (NYSE: DSW), comparable store
Nike Free Run Trainer 3.0 Negro Azul Hombres Ahorre Dinero En Millones De Top Productos a Bajo Precio sales will likely be in the
2014 Nike Free Run Gimnasio Negro Verde Hombres Usted Encontrará Las Últimas Estilos negative mid single digit range. Assuming new store contribution rates remain relatively stable, we expect total 1Q08 sales will likely decline 3% 5% ($157
Nike Free Run Trainer 3.0 Negro Azul Hombres Convertido En Una Parte Esencial De Moda $161M). Merchandise margins should benefit from
Nike Free Run 3.0 V2 Negro Naranja Mujeres Garden Fresh Produce Hasta 50% De Descuento new urban themed products from Nike (NYSE:NKE), New Balance, and Rockport, increasing penetration of the skate category, and
Wmns Nike Free Run 3.0 V5 2014 Orange Mujeres Página Oficial Con 100% De Alta Calidad an expanding women’s non athletic portfolio.
Nike Free Run 3.0 V5 Ext Negro Rosa Mujeres Convertido En Una Parte Esencial De Moda However,
Nike Free Run 2 Gris Azul Mujeres Compre Más Ahorre Más merchandise margin
Nike Free Run 2 2 improvement should be more than offset by heavy
Nike Free Run 4.0 2012 Azul Plata Mujeres Precio Bajo promotional activity, rising Far East production
Nike Free Run Powerlines Ii Azul Verde Hombres Con Descuento Grande y El Envío Rápido costs, and the deleveraging effect of
Nike Free Run Powerlines Ii Green Men Se Openning Para Usted En Nuestra Tienda Online negative
Nike Free Run 2 2 comps on buying,
2012 Nike Free Run 3.0 V2 Blue Moon Silver Mujeres Con Precio Barato distribution and occupancy expenses.
Nike Free Run 3.0 Rose Gris Mujeres Con Alta Calidad y Precio De Descuento Para Usted As such,
Nike Free Run Powerlines Ii Azul Rojo Hombres Venta we anticipate that 1Q08 EPS will also come in below the $0.37 Street estimate.

In February, management
2013 Nike Free Run Powerlines 2012 Gris Azul Hombres Venta Zapatos Baratos decided
Nike Free Run Powerlines Ii Azul Blanco Hombres Venta Hogar Es Su Mejor Opción that
2012 Nike Free Run 3 Gris Púrpura Mujeres Para Barato Pero El Real Zapatos Para Hombre it would discontinue quarterly and yearly earnings guidance, citing "difficulties
Nike Free Run 2 Pinke Blanco Mujeres Se Openning Para Usted En Nuestra Tienda Online in the economic
Nike Free Run Líneas del arco iris azul de los hombres Cada Par De Zapatos Que Compra environment and
Nike Free Run 2 azules amarillas Mujeres Siempre Se Puede Encontrar Fuera Su Favorita the
Nike Free Run 2 Orange Yellow Mujeres Tack Pasemos a La Acción y Satisfacer a Su Favor uncertainty of the effect on consumer spending." Accordingly, there is a wide range of published estimates the current FY09 consensus earnings estimate is $0.89 per share,
Nike Free Run 4.0 2012 Rojo Plata Mujeres Con El Envío Gratis Para Todos Los Pedidos but
Nike Free Run 4.0 Azul de cielo Mujeres 100% De Garantía De Calidad y Entrega Rápida analysts
Nike Free Run 3.0 V4 Rosa Gris Mujeres Tienda Es El Mejor Lugar Para Que Usted Compre project anywhere between
Nike Free Run 2 2012 Luz azul púrpura Mujeres Con El Envío Libre El 70% De Descuento $0.75 and $1.05. Management
Nike Free Run Trainer 3.0 Negro Hombres Para Barato Pero El Real Zapatos Para Hombre
2012 Nike Free Run 3.0 Azul Plata Mujeres Ayuda Para Alojarse En Estilo will likely provide some color regarding forward
Nike Run Balanza gratuito 2014 Mujeres Verde Naranja Para Baratos Zapatos Auténticos expectations on Thursday’s conference call, but it is unlikely that they provide an official guidance range.
2012 Nike Free Run 3.0 Piel de café amarillas Mujeres Envío Libre Con Entrega Rápida If the company’s earnings miss (even by a
Nike Free Run 3.0 V2 Negro Naranja Mujeres Guardar Off50% -70% modest amount), we believe the revised estimates will gravitate toward the
Nike Free Run 3.0 V4 Azul Gris Mujeres Ahorra Hasta Un 65% De Descuento y Envío Gratis low end of Street
2012 Nike Free Run 3.0 de pieles blancas púrpuras Mujeres Venta Aquí Con Alta Calidad range. Using the current forward earnings multiple of approximately 14x, this would imply a new stock value in the mid $10 range a sharp
2012 Nike Free Run 3.0 Piel Negro Púrpura Mujeres Excelente Calidad discount
Nike Free Run Trainer 3.0 Negro Rojo Hombres Precio Más Bajo to the present
2012 Nike Free Run 3.0 V2 Light Negro Azul Mujeres Con Precio Barato
Nike Free Run Trainer 3.0 Negro Hombres Outlet Online 2015 La Venta Del Descuento! Hasta 85% De Descuento stock
2012 Nike Free Run 3.0 Piel Negro Púrpura Mujeres Usted Encontrará Las Últimas Estilos price.

Investment recommendation: Longer term, we view Shoe Carnival
Nike Free Run Trainer 3.0 Negro Hombres Ahorre Un 80% as an
Nike Free Run Powerlines Ii Marrón Verde Hombres Para Hombres Baratos Running Zapatos attractive investment vehicle. Though
Nike Free Run Powerlines Rainbow Negro Hombres Se Han Convertido En Foco En El Mundo it is known largely for its child friendly shopping environment, the company has
2014 Nike Free Run Gimnasio Negro fluoresceína Hombres Tenemos El Precio Bajo En Línea taken great strides in recent years to refine
Nike Free Run Powerlines Ii Azul Negro Hombres Precio Más Bajo its assortment, including a greater emphasis on higher
2012 Nike Free Run 2 Negro Púrpura Mujeres Con El Servicio Profesional Envío Gratuito margin women’s footwear. The company has also added new merchandising
2012 Nike Free Run 2 Mujeres Gris Rosa Se Openning Para Usted En Nuestra Tienda Online talent to bolster other
Nike Free Run 3.0 V4 Gris Azul Mujeres Envío Libre y Vuelve Con Devolución De 30 Días categories, and inventory management practices
2012 Nike Free Run 3.0 V2 Blanco Gris Azul Mujeres A La Venta Con Precio De Descuento remain a strong suit. markets). We attribute much of the current sluggishness
2013 Nike Free Run Powerlines Gris Verde Hombres Excelente Calidad to macroeconomic and cyclical footwear industry issues
Nike Free Run Powerlines Ii Azul Blanco Hombres Outlet Worldwide not company specific factors
2014 Nike Free Run Gimnasio Hombres blancos Adicional 50% De Descuento En Liquidación and we believe investors with a three to five year horizon will be rewarded.

However, we would wait
2012 Nike Free Run 3 Gris Púrpura Mujeres Guardar Off50% -70% to initiate or add to positions
Nike Free Run 3.0 V7 ​​Azul Negro Mujeres Garden Fresh Produce Hasta 50% De Descuento until after Thursday’s results. In fact, given the potential downside
2012 Nike Free Run 2 impermeable gris púrpura Mujeres Buena Calidad y El Envío Rápido risk that we outlined above, the stock could be an intriguing short opportunity for those
Nike Free Run Powerlines Ii Negro Oro Hombres Precio Más Bajo investors willing
2012 Nike Free Run 2 2.0 Azul Naranja Mujeres Página Oficial Con 100% De Alta Calidad to
Nike Free Run 2014 Gris Púrpura Mujeres Hasta 65% De Descuento En Las Tiendas o Tienda take on a bit more risk. The stock has already retreated from
Nike Free Run Powerlines Ii Green Men 2014 Nuevo Estilo a recent high of $15 in early May, but could fall further after a lackluster earnings report later this week.

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