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Software akuntansi, see Dont Guess. production implement recommendations that NICE suggests implications.Finish Line Management Discusses Q3 2013 Results Ben Shamsian Sterne Agee Leach Inc Research DivisionGood morning My name is Steve and I will be your conference operator today At this time I would like to welcome everyone to the Finish Line Third Quarter Fiscal 2013 Earnings Conference Call [ Instructions] At this time I would like to introduce the host of today's call Finish Line Chief Financial Officer Ed Wilhelm Sir you may begin Good morning everyone and thank you for joining us On the call with me today is our Chairman and CEO Glenn Lyon In addition Steve Schneider President and Chief Operating Officer; and Sam Sato President of the Finish Line brand are with us for the questionandanswer portion of our call Before I get started I need to remind you that this call may include forwardlooking statements involving risks management assumptions and uncertainties that could cause and therefore actual results to differ materially from the statements expressed or implied Such risks and uncertainties include but are not limited to product demand and market acceptance risks the effects of economic conditions the effects of competitive products and pricing the availability of products management of growth and other risks detailed in our news release and SEC filings The forwardlooking statements included in this call are made only as of the date of this report and the company undertakes no obligation to update these forwardlooking statements to reflect subsequent events or circumstances Now I will turn the discussion over to Glenn Thanks Ed and good morning everyone Before I go into detailed analysis of our recent performance I want to begin by saying that we're obviously disappointed in with our third quarter numbers which were primarily the result of a shift within athletic footwear trends and some execution issues On today's call I will walk through the specific factors that negatively impacted the third quarter and the adjustments we have made to improve our future performance I'll then discuss our holiday results and update you on our longterm strategy Ed will then review the third quarter financials and outline our updated guidance for the fourth quarter After my concluding remarks we'll be happy to answer your questions Three primary factors drove our lowerthanplanned results First we are undergoing a change within athletic footwear trends characterized by a slowdown in running and a pickup in basketball This began in midSeptember and we expect these trends to continue into next year Running is our largest category And while our second largest category basketball was up midteens in Q3 it wasn't large enough to offset the recent softness we've experienced in running which was down midsingle digits on a comp basis in Q3 The result was a comp sales increase of 36% with brickandmortar sales up 06% and digital up 25% While this was a slight improvement from September's results it was below our forecast for midsingledigit comp growth and was aided by higherthanplanned promotional selling As a category shift occurs within athletic footwear business it requires us to adjust our assortments to capitalize on specific product strengths During the third quarter we began the process of transitioning our assortments to reflect the growing strength of basketball To do this we have to get more aggressive with markdowns to improve our inventory position ahead of the holiday season This put pressure on third quarter margins evidenced by the 110 basis point decline in our product margin We have successfully navigated through transitional periods in athletic footwear before and I am confident that we will do so again But it will take some time for us to get the right mix of inventory into jordan 5 black grape gs all of our channels The second factor that impacted our performance was internally driven As sales trends slowed we didn't react quickly enough to better align the variable component of our store and digital expenses with the lower sales levels costing us approximately $16 million We have taken steps to put in place the necessary cost controls that will allow us to better manage our expenses in line with our reforecasted sales expectations The third component of our underperformance was the decision to launch a new ecommerce site ahead of the holidays As I said earlier digital sales for the quarter were up 25% However we believe the new site which came online November 19 cost us approximately $3 million in lost sales for the third quarter Following the launch it became apparent that the customer jordans retro 3 white cement experience was negatively impacted evidenced by a decline in several key performance factors indicators Therefore we made a strategic decision on December 6 to transition back to our previous site given the importance of the selling season As part of our contingency plan we had kept our previous platform up and running parallel to the new site so we were able to swiftly engineer a smooth return to the original site This has generated improved results versus what 2013 jordan shoes we experienced during the 3week period the new site was live Our specific plans for the future of our website will be determined in the upcoming months While customers have responded favorably to the return of the earlier version we are always striving to do better We will incorporate the recent learnings into a plan that we are confident will achieve the longterm goals we have established
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