Good afternoon and welcome to the Shoe Carnival’s fourth quarter earnings conference call.
Precies Waar u Kunnen Voorzien Fantastic Goedkope Heren Nike Free Run 2 Stealth Zwart Wit Te Koop Online Met Goedkope Prijs (Operator instructions). This conference may contain forward looking statements that involve a number of risk factors. These risk factors could cause the company’s actual results
Pour Vente Chaussures Femme Nike Free Run 2 Bleu Blanc Orange En Ligne Avec Les Plus Grands Rabais Et La Livraison Gratuite to be materially different from those projected in such statements.
Pour Pas Cher Mais Le Real Femmes Chaussures De Course Nike Free Run 3.0 V4 total d’Orange Neon Reflective Silver Wolf Gris Avec Livraison Gratuite Sur Toutes Les Commandes Those forward looking statements should be considered in conjunction with the discussion of risk factors included
Save You Up To 49% Nike Roshe Run Lézards Brown Black White Sails matelassé Chaussures 2015 Vente En Ligne! 40% -80% De Réduction! Livraison Gratuite in the company’s SEC filings and today’s press release. Investors are cautioned not to place undue reliance on these forward looking statements which speak only as of today’s date.

The
Precies Waar u Kunnen Voorzien Fantastic Goedkope 2012 Nike Free Run 4.0 Black Red Grey Men 2014 Nieuwe Stijl company disclaims any obligation to update any of the risk factors or to publicly announce any
Pour Pas Cher Mais Le Real Femmes Roshe Run PRM hommes anthracite alarme Voile Rouge Blanc Vente En Gros Boutique En Ligne revisions to the forward looking statements talked about during
Prezzi vantaggiosi Nike Roshe Run Men Grigio Nero New Green Prezzo più poco costoso this conference call or contained in today’s press release to reflect future events or developments. I would now like to turn the call over to Mr. Mark Lemond, President and Chief Executive Officer of Shoe Carnival for opening comment. Mr.
Prezzo a buon mercato per 2014.Fast Shopping Uomini Nike Free Run 4.0 V2 scuro Obsidian Argento Soar Blu Sono vendita calda. Welcome To 2015 Scarpe Outlet Store Lamond, please begin.

Thank you Katy. Joining me on
Pour Pas Cher Mais Le Real Femmes Nike Free Run 5.0 Noir Rouge Hommes Outlet Store Waiting For You the call this afternoon is Kerry Jackson, our Chief Financial Officer, Cliff Sifford, Executive Vice President and General Merchandise Manager and Tim Baker, Executive VP of Store Operations. Fiscal 2007 proved to be a
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Pour Pas Cher Mais Le Real Femmes Chaussures De Course Nike Free Run 4.0 Anti fourrure gris Blue Men Sur Vente believe the constriction of the general economy directly affected our targeted consumer through higher gasoline prices, escalating food costs, housing and mortgage issues as well as increased debt
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Additionally, athletic wholesale companies have been unable to
Pour Vente Femmes Nike Free Run 4.0 V2 Gris Gym Rouge Vente En Ligne Avec Cheap Prix identify a dominant fashion trend in recent years and as a result, sales of athletic footwear retailers have declined. Both the eroding macroeconomic conditions and lackluster fashion trends had
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Pour Pas Cher Mais Le Real Femmes Chaussures De Course Nike Free Run 3.0 V5 2014 Gy Green Men Store Est Le Meilleur Endroit Pour Vous d’Acheter on traffic in our stores and consequently resulted in lower sales and earnings for fiscal 07. Despite the challenges we faced in fiscal
Pour Pas Cher Mais Le Real Femmes Nike Roshe Run PRM hommes Obsidian Volt Voile Blanche À La Vente Avec Livraison Gratuite Et Le Plus Grand Discount 2007, there were a number of positive achievements. First, our merchants did a good job controlling
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Secondly, we continued with new
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Pour Pas Cher Femmes Nike Free Run 6.0 Spiderman 2013 Gris Blanc Hommes Outlet Worldwide We back filled larger underpenetrated markets with 16 of these new stores to improve the operating performance of the overall market. We also continued to enter smaller markets which we can fully penetrate with one
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Third, where many in the retail
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Pour Vente Femmes Chaussures De Course 2012 Nike Free Run 4.0 V2 Gris Vert Hommes À La Vente Avec Livraison Gratuite Et Le Plus Grand Discount peak capacity yet, the new distribution center efficiency is more than satisfying our current product flow needs. Fourth, to support our store expansion plans and the continued long term growth of the company, we completed and moved into our new corporate headquarters in the middle of 2007. Just as with
Prezzo a buon mercato per 2014.Fast Shopping Nike Free Run 4.0 Anti Fur Fire Red Black Men Trovare offerte speciali e sconti su stili popolari e Order Online the distribution center move, we experienced no downtime from the standpoint of administrative support of our stores.

This entire move was
Pour Vente Femmes Chaussures De Course Nike Roshe Run Energy Blue Green matelassé Avec La Meilleure Qualité accomplished over the Memorial Day weekend. And lastly, we initiated a share repurchase program during fiscal 2007 with approximately 1.2 million shares repurchased at an aggregate cost of $28.1
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Pour Pas Cher Mais Le Real Femmes Nike Free Run 4.0 Fly Ligne Hommes Sky Blue Green Tous Haute-Qualité existing markets along with a cost efficient operating model will provide us opportunities
Pour Pas Cher Mais Le Real Femmes Nike Free Run 2 Gris Blanc Bleu Noir matelassé Pour Vous Au Meilleur Prix for market share growth and increased profitability. To accomplish this in today’s competitive retail environment, we recognize that we must deliver the
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If our management group executes these initiatives
Pour Vente Femmes Chaussures De Course Nike Free Run 5.0 Hommes Gris Rouge 2015 l’Arrivée De Nouveaux Livraison Gratuite in 2008 we can continue building a loyal repeat customer base. Therefore, our primary focus in fiscal 2008 will be on enhancing store
Prezzo a buon mercato per 2014.Fast Shopping Nike Free Run 4.0 Anti Fur Cielo Blu Uomo Bianco 2014 New Style performance metrics and continuing our efforts to provide long term earnings growth to our shareholders. From a merchandise standpoint, we intend to reduce the number of SKUs in our stores but maintain deeper size
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Like most retailers, we are facing increases in the cost of product sourced from China, particularly in the second half of the year. We have chosen to take this opportunity to add additional features to certain private
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Precies Waar u Kunnen Voorzien Fantastic Goedkope Nike Roshe Run Vrouwen Obsidian Volt 2014 Nieuwe Stijl ensure we are delivering the
Per le donne a basso costo Nike Free Run 3.0 V7 ​​Nero Green Men Con alta qualità e prezzo basso total shopping experience the
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We are
Pour Pas Cher Mais Le Real Femmes Chaussures De Course Nike Free Run 4.0 V2 Medium Violet Vert électrique Volt Articles En Vedette Sont Premier Arrivé continuing our commitment of providing an in store shopping experience that
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Pour Vente Femmes Chaussures De Course Nike Free Run 4.0 V3 Anthracite Noir Blanc Vert Fournit Divers 50% De Réduction leaves the consumer knowing that we are providing fashionable high quality footwear for their lifestyle at a competitive price. In fiscal 2008 we expect to continue our store growth through the opening of between 20 and 25 new stores. These new stores will be located in large and small markets in both new and existing geographic areas. We have
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The number of new stores we open is dependent upon the
Pour Pas Cher Mais Le Real Femmes Chaussures De Course Nike Roshe Run Tissé Femmes Rouge Noir Magasin Spécialisée Dans La Vente Toutes Sortes De Chaussures availability of desirable store locations, primarily in our existing larger markets and small markets in our current geographic footprint. Real estate developers are beginning to show signs of a slow down as the current macroeconomic environment is curtailing the expansion plans of many retailers, particularly those retailers that would serve as the
Pour Vente Chaussures Femme 2012 Nike Free Run 2 Noir Rouge Hommes Confortable Et Appropriate.Free Expédition anchor tenant to a strip center. While we recognize that the
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As most of you are aware, last week marked our 15th year as a publicly held and NASDAQ listed company and we celebrated this achievement by ringing the NASDAQ opening bell Friday March 14th. This ceremony represented many things but most importantly it provided me the opportunity to publicly thank the over 4,300 Shoe Carnival associates for their efforts and dedication they give this company each and every day as I truly believe that we cannot have successfully evolved our concept across 293 store in 27 states without them.
Qui forniamo così tanti sorta di nuovo Nike Roshe Run Uomo Nero Solar Red Si possono risparmiare un sacco qui And it is with these efforts that we will continue to work to provide our shareholders with the best possible return we can deliver on their investment in Shoe Carnival in this challenging economic environment. Now I’d like to turn the call over to Cliff to discuss the merchandise initiatives in a little more detail.

Thank you Mark. As Mark mentioned
Precies Waar u Kunnen Voorzien Fantastic Goedkope 2012 Nike Free Run 2 Grijs Fushcia Mannen Sale 2015 Met Top Kwaliteit En Gratis Verzending Nu we continue to experience a decline in customer traffic during the fourth quarter and although we experienced a slight decline in conversion rate, our pairs per transaction was up and our average price per pair was relatively flat for the quarter. There truly were no fashion drivers to excite the consumer and as a result we experienced losses in every department. The only categories to show significant increases were women’s flats, weather
Pour Vente Chaussures Femme Nike Roshe Run Tissé Hommes Blanc Noir Trouvez Les Offres Spéciales Et Les Réductions Sur Styles Populaires Et Commander En Ligne boots in all genders, fur lined boots, boat shoes, men’s work, skate and performance athletic. Inventories as a whole ended the quarter down 4.9% on a per door basis.

As always we have been aggressive in moving through slow selling product. I’m very pleased that aged inventories continue to decline
Save To 70% Off Uomini Nike Free Run 2 Nero Bianco Antracite trapuntato 2015 delle donne scarpa da running At The Official Store on a per door basis versus last year and
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Pour Pas Cher Mais Le Real Femmes Nike Free Run 4.0 V3 Rouge Noir Blanc Hommes Vous Pouvez Profiter Des Prix Bon Marché Et Obtenir La Meilleure Qualité Articles Ici conference call, we are taking a proactive approach to turning around ourselves and have implemented several initiatives to achieve this. First, we continue to work very closely with several of our key vendors
Prezzi vantaggiosi Nike Roshe Run Uomini Nero Rosso 2014 New Style to develop and provide product that appeals to an important segment of the Shoe Carnival customer base, specifically the African American and Hispanic consumer.

Nike
Pour Vente Femmes Nike Free Run 2 Blanc Bleu Jaune matelassé En Ligne Avec Les Plus Grands Rabais Et La Livraison Gratuite and New Balance have been willing partners in this endeavor.
Precies Waar u Kunnen Voorzien Fantastic Goedkope 2012 Nike Free Run 5.0 V6 Green Black Men Verkoopprijs Some of this product has now been delivered and is working very well at retail. We
Pour Pas Cher Mais Le Real Femmes Chaussures De Course Nike Roshe Run Hommes Gris Jaune Site Officiel Avec 100% De Haute Qualité will expand the selection in our key fashion athletic doors for back to school. Second, as most of you know, there have been pricing and manufacturing concerns on the product coming out of China. These issues primarily affect product that was scheduled to be produced after the Chinese New Year. It also appears to be affecting factory direct orders at a higher rate than branded orders where the vendor brings product to the US and then distributes. What this means in the near term and probably even in the long term is that costs are going to escalate.

Our strategy for 2008 is to accept the fact that we will sell fewer pairs in 2008 than we did in 2007. Therefore we decided in our
Quanto costa Authentic Nike Roshe Run Hyp Donne Grigio Scuro Spedizione Veloce women’s non athletic department to add value to our product like better materials, more comfort features and even more brands. The
Pour Pas Cher Mais Le Real Femmes Nike Free Run 4.0 V2 pur Platinum Reflect Argent Soar Bleu Liquidation Magasin En Ligne Vente 2014. Obtenez 80% De Réduction end result with this strategy is that we will add cost to the product but we’ll also realize a higher retail price out of the fewer pairs we sell. This same strategy will be used as
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In our athletic departments, we will fund these
Pour Pas Cher Mais Le Real Femmes 2012 Nike Free Run 3.0 V3 Black Moon Men À La Vente Avec Livraison Gratuite Et Le Plus Grand Discount vendors that have proven to us that the customer recognizes their product
Prezzo a buon mercato per 2014.Fast Shopping Nike Roshe Run Donne New Verde Bianco trapuntato Qui sarebbe la scelta migliore for performance and value. These brands include Nike, Asics and New Balance among others. It is our belief that if we tightly control our inventory levels which include reducing the number of SKUs our stores stock, increasing the depth of the SKUs we do stock all while
Precies Waar u Kunnen Voorzien Fantastic Goedkope Heren Nike Free Run 3 Dark Grey Blue Prism Store Is De Beste Plaats Voor u Om Te Kopen adding features and values to the product, it will set us apart from our competitors and give us an opportunity to capture market share. We have already seen positive results on this initiative at our athletic and our men’s non athletic departments.

Third, we have hired a new Senior VP of Marketing who comes to us with years of experience, driving retail sales in both shoes stores and department stores. He has hit the ground running and is in the process of analyzing all aspects of our marketing strategy in order to implement a new plan that will not only allow us to capture the attention of our customer but to also increase our share of market.

And lastly, we are
Precies Waar u Kunnen Voorzien Fantastic Goedkope Nike Roshe Run Vermogen Blauw Blauw Geel Gewatteerde U Kunt Genieten Van De Goedkope Prijs En Get Beste Kwaliteit Items Hier in the process of conducting
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Pour Vente Femmes Chaussures De Course Nike Free Run 4.0 V2 Anthracite New Green Teal Avec La Qualité Supérieure Et Livraison Rapide brand, product assortment and overall shopping experience. In closing, I want to reiterate that our inventory is
Pour Pas Cher Femmes Nike Free Run 5.0 V2 Gris Jaune Hommes Prix Bas down 4.9% on a per door basis and our merchandise gross margin was
Qualité d’Origine Nike Free Run 2 Voile Blanc Rouge Gris matelassé Ont Le Prix Le Plus Bas En Ligne flat
Prezzi vantaggiosi Nike Free Run 3.0 V5 Ext 2015 Grigio Blu Uomini Con alta qualità e prezzo basso to last year for the quarter and the year. Given the challenging retail environment, our merchants are to be commended for these accomplishments. Now I’d like to
Prezzo a buon mercato per 2014.Fast Shopping Nike Roshe Run Woven Donna Rosso Nero Per Cheap turn the call over to Kerry Jackson.

Thank you Cliff. Let me start by saying that we follow a traditional retail calendar which means the fourth quarter of fiscal
Où Puis-Je Commander Authentique 2012 Nike Free Run 2 Lune Noire Hommes Pour Pas Cher 2006 included an extra week and the full year included 53 weeks. With the
Prezzo basso spedizione gratuita 2012 Nike Free Run 3.0 V2 Grigio Scuro Nero Men Godetevi il più grande sconto exception of comparable store sales, all the numbers that I will discuss today will compare 13 weeks of sales and expenses in the fourth quarter of fiscal 07 against 14 weeks of sales and expenses in the fourth quarter of fiscal 06. The extra week of activity in fiscal 06 increased sales by $11.5 million and diluted EPS by $0.05 per share. The extra week is not included in the comparable store sales
Pour Vente Chaussures Femme 2012 Nike Free Run 2 Noir Rouge Blanc Hommes Version Right For You calculations for the quarter
Pour Vente Chaussures Femme Nike Roshe Run Noir Mouvement Vert Profitez De Plus De Rabais or the year.

Our net sales for the fourth quarter decreased $12.9 million to $164.3 million compared to $177.2 million for the fourth quarter of 06. This decrease was primarily due to having one less week in this year’s fourth quarter.
Prezzi vantaggiosi Uomini Nike Free Run 2 Rosso Oro Nero Bianco Saldi online risparmia fino al 40-75% The remaining $1.4 million
Pour Vente Femmes 2012 Nike Free Run 4.0 V2 Men Gris Bleu Liquidation Magasin En Ligne Vente 2014. Obtenez 80% De Réduction of the decline was due to a comparable store sales loss mostly offset by the sales from the additional stores we operated during
Precies Waar u Kunnen Voorzien Fantastic Goedkope Nike Free Run 3.0 V5 2014 Gy Green Men Wens Je Een Goede Shopping Tijd Hier the quarter. Our same store sales declined 5.7% for the fourth quarter. Gross margins
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Prezzo basso same period last year.

As a percentage of sales, the merchandise margin remained unchanged from last year’s fourth quarter while buying distribution occupancy costs increased
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Pour Pas Cher Mais Le Real Femmes Chaussures De Course Nike Free Run 4.0 V2 noir obsidienne Argent Soar Bleu Site Officiel Avec 100% De Haute Qualité occupancy costs
Pour Pas Cher Mais Le Real Femmes Nike Free Run 4.0 V3 2014 Gris Bleu Noir Hommes Factory Outlet En Ligne Store Économiser Jusqu’à 60% in Q4 of 07, we deleveraged our buying distribution occupancy costs due to lower sales in the quarter. The decrease in total dollars spent in Q4 of 07 was due to having one additional week’s worth of expense in Q4 of 06
Pour Vente Femmes Chaussures De Course Nike Free Run 3 Granite Bleu Glow Pro Platinum Pour Aider à Rester Dans Le Style and in current conversion cost for our new distribution center in Q4 of 06. SG expense as a percentage of sales increased to 26.5% for the fourth quarter compared to 23.6% in the same period last year.

The increase in selling, general and administrative expense was due to operating an additional 20 net new stores during the
Pour Vente Femmes Chaussures De Course Nike Free Run 3.0 V5 Ext 2015 Noir Blanc Hommes Chaussures De Course Pour Pas Cher quarter compared to the same period last year, recording a non cash impairment charge for certain underperforming stores and the deleveraging affect of lower
Precies Waar u Kunnen Voorzien Fantastic Goedkope Vrouwen Nike Free Run 2 Sail Wit Rood Grijs Met Goedkope Prijs sales in Q4 of 07. Pre opening costs in the fourth quarter were $37,000 compared with $34,000 in the fourth quarter last year. Included in SG in Q4 07 were $1.4 million of store closing costs of which $1.2 million was a non cash impairment charge
Pour Vente Chaussures Femme Nike Free Run 4.0 Anti fourrure noire White Men À Vendre Authentique for seven stores we expect to close.

Last year during the fourth quarter we incurred $135,000 in store closing costs of which $100,000 was a non cash impairment charge related to one
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The decrease in the
Si avrà un buon tempo tax rate for the quarter was due
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Prezzo a buon mercato per 2014.Fast Shopping 2012 Nike Free Run 3.0 V2 Rosso Grigio Men 2014 New Style paid. For the full year, net sales decreased $23 million to $658.7 million from $681.7 million in fiscal 06. Half of the decrease was due to
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Pour Vente Femmes 2012 Nike Free Run 2 Noir Argent Rouge Hommes Achetez En Toute Confiance was due to a comparable store sales decline, partially offset by the additional sales from the net new stores. Same store sales for the comparable 52 week period decreased 5.2%. Gross margin for fiscal 07 decreased 1% to 28.2% compared to 29.2%
Pour Vente Femmes Chaussures De Course 2012 Nike Free Run 2 Dark Gris Orange Hommes Vous Pouvez Toujours Trouver Out Your Favorite last year. As a percentage of sales, the
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Deleveraging of the occupancy costs accounted for 0.6% of the increase with the remainder primarily coming from additional distribution costs. Pre opening expenses for fiscal 07 were $1 million compared to $494,000 last
Prezzi vantaggiosi Nike Free Run 4.0 Fly Line Uomini Giallo Grigio Come To Join Us As Soon As Possible year. Store closing costs included in SG in fiscal 07 were $1.9 million
Sale Online Bespaar Tot 65% Korting Heren Nike Free Run 3.0 V4 Black Gym Red Wolf Grey Koop Stijlvolle En Comfortabele Schoenen In Onze Winkel compared to store closing costs of $621,000 for fiscal 06. Operating income for fiscal 07 decreased to $19.1 million from $37.6 million last year. Our operating margin decreased to 2.9% this year from 5.5% in fiscal 06. The effective income tax rate for the year was 34.5% compared with 38.6% in 06. The reduction in income tax rate was primarily due to state tax incentives received for the investment in our new distribution center and corporate headquarters.

Net income for fiscal 07 decreased to $12.8 million compared with net income of $23.8 million last year. Earnings per diluted share for
Pour Pas Cher Mais Le Real Femmes Chaussures De Course Nike Roshe Run Kaki Blanc Vente En Gros Boutique En Ligne the year decreased to $0.97
Prezzi vantaggiosi Nike Free Run 6.0 Spiderman traspirante Blu Uomo Grigio Garanzia 100% e consegna veloce from $1.73 per diluted share last year. Depreciation expense for the fourth quarter was $4.0 million and for the full year was $15.8 million. Capital expenditures for the year were $18.4 million detailed as follows. New stores were $7.6 million, the new distribution center was $4.4 million, the new headquarters building was $2.1 million, the remodeling and relocation of stores cost $1 million, software and information technology cost $1 million and all other additions were $2.3 million.

Also, we received $663,000 in cash incentives from landlords for this year. Repurchases under this program during fiscal 07 totaled 1.2 million shares for a total cost of $28.1 million. Previously, we announced that we
Prezzo basso spedizione gratuita 2012 Nike Free Run 2 Grigio fushcia Men Con trasporto libero would no longer give earnings guidance due to the difficultly in
Si avrà un buon tempo predicting how the macroeconomic environment would affect consumer spending. However,
Precies Waar u Kunnen Voorzien Fantastic Goedkope Heren Nike Free Run 2 Turquoise Goud Zwart Wit Voor Goedkoop Maar Real Mensen I’d like to give a few metrics on how we’re planning our business.

We will continue to aggressively manage our expenses and we
Pour Vente Femmes Chaussures De Course 2012 Nike Free Run 2 Bleu Blanc Hommes Avec Livraison Gratuite expect to keep the growth and dollars spent in SG over the prior year to 3.5% of less. In addition, we expect our effective income tax rate in fiscal 08 to
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