Factory Outlet Store Air Jordan 3 Retro Black Flip Low Price Free Shipping Buy Now. Air Jordan 13 Reflective Silver Welcome To Our Online Air Jordan 3 Retro Black Flip Are Hot Sale On Market,Not Only High Quality But Also Low Price Good day everyone and welcome to the Steve Madden third quarter 2010 earnings conference call. As a reminder today's call is being recorded. For opening remarks and introductions I would like to turn the call over to Jean Fontana of ICR. Please go ahead, Ms. Fontana. Thank you. Good morning, everyone. Thank you for joining us for the discussion of Steve Madden's third quarter 2010 earnings results. Before we begin, I would like to remind you that statements in this conference call that are not statements of historical or current facts constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve known and unknown risks and uncertainties and other unknown facts that could cause actual results to be materially different from historical results or any future results expressed or implied by such forward looking statements. Statements contained herein are also subject to generally other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the SEC. Also, please refer to today's earnings release for more information on risk factors; this could cause actual results to differ. Finally, please note that any forward looking statements in this using this conference call cannot be relied upon as current after this date. I would now like to turn the call over to Ed Rosenfeld, Chairman and CEO of Steve Madden. Thanks, Jean. Good morning and thank you for joining us today. We are pleased to deliver the highest quarterly sales and earnings in our company's history in third quarter 2010. Consolidated net sales rose 31% to a 184.1 million and operating profit grew 32% to 37.4 million for 20.3% of net sales. Our performance reflects continued momentum in our core businesses as well as significant contributions from our newer business ventures. Our wholesale business continued its strong performance. The net sales increasing 37% to 153.1 million as compared to a $112 million in the third quarter of last year driven by strong gains in both the footwear and accessories businesses. On the footwear side, sales grew 34% to123.3 million versus 92.2 million last year driven by robust increases in the Madden Girl, Steve Madden Men's and international divisions as well as by the contribution from Madden our new men's brand that we introduced in December of 2009. Net sales also benefited from the transition of our footwear business with Wal Mart from a buying agency model to a selling agency model which means its revenue is now recorded on the top line and not on the other income line on the income statement. Madden Girl recorded the biggest sale increase in dollars in the quarter as continued strong sell throughs retail resulted in an increased investment in the brand from all of Madden Girl's largest customers. International was our fastest growing division on our percentage basis recoding 99% top line increase in the quarter. In addition to over 100% year over year increases in existing territories Asia and Mexico, we also had contributions from four new territories that we launched in the last six months, Saudi Arabia, Australia, Russia and Central America. Our Men's business was another bright spot. In addition to a strong increase in our Steve Madden Men's business, we also continued to roll out our new Madden brand. Madden made its first shipments to May Season in the quarter and we believe May Season is a very promising account for the Madden brand. In wholesale accessories, net sales grew 51% to 29.8 million in the quarter compared to 19.8 million a year ago. In addition to the sales contribution from Big Buddha which we acquired in February of this year and which is performing ahead of expectations, our accessories segment recorded 26% organic growth on the top line in the quarter. This outstanding performance distributed by healthy gains in Steve Madden and Betsey Johnson's handbags and belts as well as the big increase in our price label handbag business with Wal Mart through our Madden Zone division. In our retail division, net sales increased 10% to 31.1 million versus 28.2 million in last year's third quarter, despite the fact that we've had six nets to our close in since the end of third quarter last year. Thanks to Steve and his team, we believe our stores have never looked better in terms of merchandise assortment. The on trend product in our stores translated into outstanding results. We delivered a comparable store sales increase of 15.7% for the quarter driven by increases in both the units and AUR. Booties and Pumps were the main product drivers. For the 12 month ended September 30th 2010, our retail stores did $710 in sales per square foot. This compares to $628 in sales per square foot for stores open for the 12 month ended September 30th, 2009, this represents the first time our sales per square foot has been over 700 since the beginning of 2007. We closed two stores in the quarter ending Q3 with 82 company owned retail locations including our internet store. Consolidated gross margins for third quarter decreased to 42.1% from 44% in the comparable period last year and a declined wholesale gross margin was partially offset by an increase in retail gross margin. Wholesale gross margin decreased to 38.8% in Q3 from 41.2% in the same period last year. Approximately half of the decline was related to mix shifts including the growth in our international business and the inclusion of our footwear business with Wal Mart in the sales line. Both of these businesses carry a significantly lower gross margin than wholesale average. The other roughly half of the gross margin decline was attributable to more off price sales versus a year ago driven by a couple of product categories that did not perform to expectations. Gross margin in the retail division was 58.1% in the third quarter of 2010 compared to 55.2% in the third quarter of last year. 290 basis point increase was driven primarily by reduced promotional activity. Turning to other income, commission and licensing income net of expenses increased 15% to 6.6 million in the quarter as compared to 5.7 million in last year's third quarter. Net commission income from our first cost business was 5.6 million, 15% increase over last year's figure of 5 million as strong growth from coals, barkers, Kmart and Target was enough to offset the effect of moving our Wal Mart footwear revenue in to the sales line. Net royalty income from our licensing business was up 29% in the quarter to 1 million driven by the outerwear, sunglasses, bedding and apparel categories. Operating expenses totaled 46.7 million in the third quarter or 25.4% of net sales compared to 39.1 million or 27.9% of net sales a year ago. The 250 basis point year over year improvement was primarily due to leverage on higher sales. Operating income for the third quarter of 2010 rose to 37.4 million or 20.3% of net sales compared to 28.3 million or 20.2% of net sales in last year's third quarter. Net income increased 29% in the quarter to 22.9 million or $0.81 per diluted share compared to 17.8 million or $0.64 per diluted share in third quarter 2009. Turning to our balance sheet. As of September 30th 2010, we had approximately 153 million in cash and marketable securities and no debt, with inventory of 44.5 million up from 29.7 million in the third quarter of last year. The increase in inventory is on top of a 27% decline in last year's third quarter due in part to a shift in timing of shipments. We are comfortable with our current inventory levels. Our inventory turn for the last 12 months increased to 9.7 times, up from 9.5 times a year ago. Accounts receivable and due from factor totaled $94.7 million at the end of the third quarter reflecting average collection in 55 days. Total stock owners' equity as of September 30th, 2010 was $334.3 million. In addition to delivering solid financial results in the quarter, we also made progress on a number of new initiatives which we believe provide meaningful growth potential going forward. I would like to touch on those now. First, in July we made our first shipments of Material Girl footwear, handbags, and belts as well as our first deliveries of Big Buddha footwear. Material Girl is a new juniors brand carried exclusively at Macy's. We are currently in approximately 200 Macy stores with Material Girl product. Big Buddha footwears capitalizing on the success of Big Buddha handbags with distribution in specialty stores, better department stores and shoe chains. We are pleased with the initial performance of both of these brands and believe they represent significant growth opportunities for the company. With that we moved in that with our plans to test an outlet store concept. We hired an experienced executive to lead this effort in the third quarter and we expect to open our first outlet store in the Tanger Outlet Center in Riverhead New York later this month. We are also close to signing approximately five more leases for outlets that is scheduled to open in 2011. Third, we continue to expand our network of international distributors. We signed new partnership agreements for Benelux and Dubai in the quarter. We will launch Steven Madden in these territories in early 2011. In addition, we are currently in discussions with potential partners in South Africa and India, hope to be able to launch in those territories in 2011 as well. And last but not least in early October we acquired the Betsey Johnson and related brand names. We are very excited about the potential of the Betsey Johnson brand and the opportunities this transaction provides to our company. We took over licensing agreements with a number of licensees including for jewelry, and for apparel, swimwear, eyewear, outerwear and leg wear. These businesses currently generate approximately 3.5 million in annual royalty income. In addition we of course no longer have to pay royalty on our Betsey Johnson and Betseyville handbag and belt business which at our current level of sales saves us approximately 1.5 million per year. We have also signed 3 new licensing agreements for Betsey Johnson so far, gave Betsey Johnson's LLC, the company that formally owned the brand the license to market Betsey Johnson and Betsey Johnson collection apparel and a license to operate Betsey Johnson retail stores. We gave extension on accessories, a license for Betsey Johnson's cold weather accessories and of course we are also hard at work on Betsey Johnson shoes..

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There are other, more telling statistics, he says, like how in the worst weeks, his handful of staff members may treat 5,000 people. Or how from 2007 to '08, those treated included 70% of all children in Apac and nearly a third of the area's total population. Emer also wants me to understand that contracting malaria is often just the beginning of one's troubles. Malaria might kill you. But if it doesn't, it may be the start of an endless cycle of illness and poverty. "Because kids get malaria, there is a lot of absence from school," he says. "So our kids don't do well. So they don't get good jobs, and they don't earn money. Then they have children, who also get sick, and the parents have to spend their little money on them instead of spending it on schools or other things and they have to stay home to look after them, so they lose more money. Malaria keeps us poor." (Read: "Progress Against Malaria in Africa Is Real but Fragile.") And as malaria breeds poverty, poverty breeds more malaria. "Say every house has five children and each child has five to 10 episodes of malaria a year," says Emer. "And Coartem most effective antimalarial drug costs $8 to $10. That's up to $500 a year for someone who earns $1 a day or less." Emer watches me jot down the figures on my notepad. "That doesn't add up," I say finally. "It doesn't add up," repeats Emer. "What happens to the children whose parents can't afford Coartem?" I ask. The need for foreign aid is never clearer than in a place where $500 can keep a family alive for a year. But Apac is also an example of how good intentions are no guarantee of good aid. On that first visit to Apac, in August 2009, I found two foreign aid programs, but neither concerned malaria, and one was even a wetland preservation scheme that barred residents from draining the swamps that surrounded the town the very waters where mosquitoes could lay eggs.(See how malaria has crippled one town in Uganda.) Today aid donors and recipients are increasingly asking, Does aid work? After half a century during which benefactors gave billions of dollars to Africa and Asia, they are finding the answer is often no. There are as many reasons for aid's failure as there are bad aid projects in the world. But one aspect of modern aid that donors are particularly uneasy about is the way it feels unnervingly like a giant business. Global aid is worth about $120 billion a year, according to the Organisation for Economic Co operation and Development, about the same as the combined annual output of the 20 poorest countries in Africa. And there are striking similarities in how aid and business work. Aid contracts are awarded by competitive tender. Aid agencies are run like corporations, headed by chief executives whose subordinates run departments such as marketing and human re sources. For this, they are generously rewarded. manager in, say, eastern Congo. Toss in his $75,000 car, his business class flights home and to development conferences around the world, his children's education and tens of thousands of dollars a year in other expenses and the total comes to about half a million dollars a year. Big aid agencies are especially like big businesses. In theory, the goal of every aid agency should be to close up shop, its job done. In practice, that's often still true of smaller, volunteer projects. But larger agencies focus not on folding but on expanding. The core proposition of global aid conglomerates like Oxfam or Save the Children or CARE or World Vision is not expert, specialized assistance but a branded, indiscriminate offer of help. In one country, that help might involve digging wells; in another, running a school; in a third, distributing medicine; in a fourth, advising on microfinance. Expertise in a particular disease or disaster or country or type of aid is often something acquired on the job. Air Jordan 3 Retro Black Flip,Mayo barman gets seven years for 'depraved' rape of children A Mayo barman has been jailed for seven years for the repeated rape and sexual assault of two young girls. Kevin Owen McDonnell (39) of Adhann Or, Bangor Erris, Ballina, was of 30 counts of sexual assault and 27 counts of rape against the children, who were aged eight and nine at the time. McDonnell had pleaded not guilty to the charges. The girls were abused between June 1999 and September 2000 in the pub where McDonnell worked, and where the young best friends would watch cartoons after school. The mother of one the girls ran a hairdressers next door. The trial had been an emotional one, with the court hearing of the 'increasing bold' and 'depraved' nature of McDonnell's attacks on the girls, which occurred 'two to three times a week for a year'. The victims, Kelly Geraghty (now 20) and Charlene Barratt (now 21), also from Bangor Erris, waived their right to anonymity so that McDonnell could be named. Commenting on today's sentence, which was handed down by Mr Justice Garrett Sheehan, Ms Geraghty and Ms Barratt said they felt it was too short. Ms Barrett said: "It is not enough for us for what he did to us. We will have to live with this for life, and my God he is only getting five or seven years. It's not enough." The two women nevertheless encouraged other victims of sexual abuse to speak out. They also thanked their families and community for their support. During the sentencing, Mr Justice Sheehan said he had taken into account McDonnell's lack of previous convictions, his good work record and the fact that his 'eventual integration into real life' due to the publicity of the case in the national media, would be difficult. Mr Justice Sheehan said he did not consider a post release supervision order was appropriate in light of the evidence from Sgt James Gill at the sentence hearing.

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