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80% Discount Sale Online 136066 041 Air Jordan 1 Retro Black Blue Outlet Worldwide Good afternoon, and welcome to Shoe Carnival's Fiscal Year 2013 Second Quarter Earnings Conference Call. Today's call is being recorded and is also being broadcast via live webcast. Any reproduction or rebroadcast of any portion of this call is expressly prohibited.
This conference may contain forward looking statements that involve a number of risk factors. These risk factors could cause the company's actual results to be materially different from those projected in such statements. These forward looking statements should be considered in conjunction with the discussion of risk factors included 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 company disclaims any obligation to update any of the risk factors or to publicly announce any revisions to the forward looking statements talked about during this conference call or contained in today's press release to reflect future events or developments.
I will now turn the call over to Mr. Cliff Sifford, President, Chief Executive Officer, Chief Merchandising Officer of Shoe Carnival for opening comments. Mr. Sifford, please begin.
Thank you, and welcome to Shoe Carnival's Second Quarter Fiscal 2013 Earnings Conference Call. Joining me on the call today is Kerry Jackson, Senior Executive Vice President, Chief Operating and Financial Officer.
For today's call, I'll give you a high level review of the company's second quarter performance and provide some insight into the back to school season. Kerry will review the second quarter financial results, along with third quarter guidance, and we'll open up the call to take your questions.
As a reminder, the 53rd week in fiscal 2012 caused a 1 week shift in our fiscal 2013 calendar. This resulted in the second quarter of fiscal 2013 ending 1 week later on August 3, versus July 28 last year. We adjusted our reported quarterly and year to date comparable store sales results for fiscal 2013 to reflect this calendar shift.
Now focusing on our results for the second quarter in a little more detail. Comparable store sales increased 2.6%, driven primarily by women's nonathletic and children's footwear. Traffic was down low single digits, while conversion, average transaction and average units per transaction were all up low single digit. Merchandise margins were down 70 basis points, partly due to the first week of back to school shifting from August to July. Even though sales were just under our expectations, our profit margin of 28.9% was higher than the second quarter last year. Our selling, general and administrative expenses were well managed. And as a result, we were able to report second quarter earnings of $0.29 per share. This performance was at the high end of our guidance of $0.26 to $0.30, and exceeded our second quarter earnings last year of $0.14 per share.
We ended the quarter with inventory up approximately 2% on a per store basis, which was in line with our expectations. We will continue to put pressure on our per store inventories as we move through the remainder of the year, which supports our strategic plan to increase inventory turns.
Moving on to merchandise. As we reported in our last conference call, once spring arrived in late April, early May, the sales of traditional spring and summer products escalated. We experienced double digit comparable store growth for the second quarter in categories such as molded footwear, canvas casuals and sports sandals. These categories drove comparable store sales increases in both the women's nonathletic department, as well as the children's department.
Drilling down by department. In our women's nonathletic department sales for the quarter were up high single digits on a comparable store basis. We were able to produce these results even though we continue to see sales declines in the dress categories. We are very happy with the double digit sales growth in our sport casual and boot sub departments. The sport casual categories were driven primarily with molded footwear, sandals and canvas casuals, including a shift to canvas boat shoes from the more traditional leather versions.
In boots, we were happy with the performance of Western and the sport bootie classifications. In our men's nonathletic department, we ended the quarter with low single digit decrease on a comparable store basis.
After a slow start to the sandal business in this department, we ended the quarter flat on a comparable store basis due to the strong performance of soccer slides. In addition to soccer slides, we did drive increases in the canvas casual classification, but not enough to overcome the comparable store sales decline in boat shoes and the men's casual sandal categories. Our children's business ended the quarter with a high single digit comparable store sales increase. We experienced double digit growth in children's nonathletic footwear, as sandals for both boys and girls posted a comparable store sales increase in the high 40s. In addition to sandals, we also experienced high single digit growth in our children's athletic department, as both boys' and girls' colorful running shoes continued to perform well.
In adult athletics, comparable store sales were down low single digits for the quarter. The classification of product driving the losses in adult athletic for the second quarter were women's running and basketball, along with men's basketball and skate. The athletic business trended up for May and June. However, we began to see a general slowdown in sales as we approach the comparable dates to the Olympic time period last year.
Turning now to store expansion. We ended the quarter of second quarter of 2013 with 370 stores operating in 32 states and Puerto Rico. The 8 new stores we opened in the second quarter were primarily in existing markets, as we continue with our strategy of opening new large markets on a biannual basis. In addition to our new stores, we relocated 1 store, expanded 1 and closed 2. The effort of our entire Shoe Carnival team, from our corporate headquarters to the store level, continues to be tremendous as we execute on our robust unit growth strategy. For the remainder of 2013, we will continue our accelerated store growth with the opening of 11 new stores and relocation of 5 stores. We plan to close an additional 3 stores at the end of the year.
For the year, we expect to open a total of 32 new stores, including an additional 3 stores in Puerto Rico. At this time, we plan to close a total of 5 stores this year. However, the number of stores we actually close will depend upon further negotiations with our landlords. Therefore, we expect to end fiscal 2013 with approximately 378 stores. As we look forward to 2014, we'll continue to aggressively grow our store base.
We are in the process of finalizing the entry into several new markets for 2014, and we expect to see growth approaching 40 new stores. We believe our strong unleveraged financial position leaves us well positioned for additional square footage growth averaging in the high single digits over the next decade. Now for some insight into our back to school results.
As of today, a little over 90% of our markets have gone back to school. Also, as of today, we are experiencing a comparable store sales increase of approximately 1% for the month of August. This increase in sales comes on top of the high single digit comp we generated last August. We believe there has been a shift in product demand in our women's business into canvas casuals, from brands such as Skechers, Keds, Vans, BOBS, Sperry and Roxy. This classification is performing very well but at lower price points than the more traditional women's nautical and athletic styles that would normally drive sales during the back to school season.
In addition to canvas, we are pleased with the double digit sales increases we are generating in junior boots, as booties and lace up boots are both performing well. This shift in demand, as well as the decline in traffic, account for the comparable store sales increase of 1%. Other than traffic, key metrics such as conversion, units per transaction and average transaction are all positive for the month, which is an indication that our customers are reacting positive to our assortment for the family.
Lastly, as I mentioned on our last call, we have identified about 20% of our stores where we will begin to test select better brands in our women's nonathletic department. These brands will offer great trend right product at price points we believe will be compelling to the mom already shopping our stores. The test will begin in earnest by mid September, when new displays will create a strong visual element as you enter to store. The strategy behind this test is to add 4 new brands. The 4 new brands are Anne Klein Sport, Calvin Klein Jeans, Report Footwear and Steve Madden. In addition to these 4 new brands, we have added Merrell to 56 doors, which we will expand to 100 doors for holiday. And as importantly, we are expanding the selection of 6 brands currently offered in store that our customers have demonstrated their loyalty to. These brands include Bare Traps, Clarks, Earth Origins, Roxy, Madden Girl and Bandolino.
To fund this test, we have reduced our selection of tertiary brands that were driving lower retails, limiting our gross profit potential. This long term strategy is a key element to growing our women's nonathletic sales to 30% of our overall sales from 26% at the end of 2012.
We plan to accomplish this through a combination of unit growth and higher AURs. I think you will agree that these 11 brands offer our customer affordable fashion and is a great step in reaching our goal of becoming her store of choice for the entire family..
A runner will probably need a new pair of running shoes with every 300 to 500 miles he runs.
Every runner has her own needs, style, foot structure and routine, so every runner must spend time determining which running shoe is the best design for her needs.
Running shoes are special because they must protect the runner's feet from the repeated impact of running. Don't skimp and buy athletic shoes that are not specialized for running. If you run, choose the best running shoes for your feet that you can afford.
Spend time talking to the salesperson. A knowledgeable salesperson knows she needs specific information about your running needs, patterns and routines. An experienced salesperson should also ask to look at your current running shoes to determine the wear pattern.
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You have issues with a business. Have a bad meal? Feel you were overcharged at the store? New car is a lemon? Contact the business directly with your customer service concerns. 136066 041 Air Jordan 1 Retro Black Blue,If you don't have your own ball or pair of bowling shoes, don't fret. Bowling alleys have balls that you may use and shoes are available for rent. When picking out a ball, pick one that is about 10 percent of your body weight. Make sure that it fits your fingers comfortably. If the holes are too tight, you'll have trouble releasing the ball. On the other hand, if they're too loose, the balls may slip out of your hand. Be sure that you have a decent grasp on the ball but are able to release it as you loosen your grip. Shops in the bowling alley will also help you get fitted for a ball. When choosing shoes, be sure that the sole is slick. The fit should also be comfortable. Opt for a size that is 1/2 size larger than your regular shoe size so that your feet have room to move around. It is wise to consider purchasing a customized ball and pair of bowling shoes in the future so that you may practice with the same equipment each time.
Stand at the lane, about four or five steps behind the line where the lane begins. As you step up to the line, place your left foot in front and your right foot behind. Hold the ball in the hand that you'll be rolling. As you walk, place your opposite hand over the ball. When swinging your arm back, make sure that your hand does not hit your leg. Keep all of your motions natural. Do not throw the ball or attempt to force it out of hand. Release the ball as your arm swings forward by loosening your grip. As the ball begins to roll off of your fingers, move your hand upwards as if you're reaching out to shake someone's hand. Keep your arm straight, keep shoulders leveled and your head centered. The ball should roll where you want it to.
Often, you will find that you need to adjust your style and the markers that you use to roll the ball. For example, you may be taking too many or too few steps or your hook is too strong. To adjust your style, choose a mark on the lane and aim your ball at that mark. Once you've hit that marker on the lane, note where the ball goes. If it is too far left, move to the left and try again. If it is too far right, move right. Only adjust your movement after hitting your mark. Adjusting after rolling a bad ball will not help you bowl better. Keep in mind that as the oil on the lanes change or as you bowl in different alleys, you may need to change marks. When trying to hit spares, experiment with different markers on the lanes. Pay attention to the reaction of your ball and remember where you're standing and the marker you used when you're ball goes where you want it to.
2015 Cheap 136066 041 Air Jordan 1 Retro Black Blue,656503 601 Jordan Future True Red : Duct tape shoes fit to your feet With this awesomely simple Instructable, you will create a pair of comfortable, cheap, and crazy cool duct tape flats. However, it'd suck if you wrap 'em up and they're too tight. We'll begin by putting on the sole. Trim the shoes. Admire. Simply slap on some more duct tape (again, remember that ed.Figure 1/ Put on a few pairs of socks for padding. I wore two pairs under the pair I was soon to destroy. These won't be destroyed.Figure 2/ Put on the to be destroyed socks. Smooth and straighten them out.You can draw a rough cutting line around your ankle. This way, if you have too much sock to work with, you can cut some of it off.Sketch the shape of your shoe. I based mine off of some shoes that I owned. I slipped the shoes on, took out that handy marker, and traced along the edge of the shoe. This gave me a nice margin. You won't be cutting along this line for a while, and it's just an idea of how much of the sock will be covered in tape. (If you're being non conformist, you might choose to do this somewhere else.) 136066 041 Air Jordan 1 Retro Black Blue The most obvious way to prevent athlete's foot is also the most effective: Don't come into contact with it in the first place [source: Family Doctor, TeensHealth]. Take preventive measures to avoid exposing yourself to the fungus. Wear plastic sandals when you visit a locker room, public shower or public pool. Parents, buy your graduating senior a couple of pairs of cheap flip flops before they go off to the dorms. Athletes, it's no coincidence that this is called athlete's foot many people who play sports tend to spend a lot of time with damp, sweaty feet and walking around in locker rooms and public showers.Any kind of fungus will feel right at home in a warm, humid, dark place, but there are a few other things you can do to make your skin less a less attractive home to fungi. Socks made of cotton or special materials that remove moisture from the surface of the skin can also help your feet stay dry [source: University of Michigan Health System].If you've had athlete's foot before and are trying to avoid a recurrence, use an antifungal powder on your feet each day. These powders keep the feet dry and inhibit the growth of fungus on your feet [sources: Mayo Clinic, WebMD].
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