Page 830106 ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ 通常モードに戻る ┃ INDEX ┃ ≪前へ │ 次へ≫ ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ ▼in the checkout, K2 dalaisoxiadot 13/10/2(水) 0:04 ─────────────────────────────────────── ■題名 : in the checkout, K2 ■名前 : dalaisoxiadot <Dieswilutleng@airmaxshopnike.us> ■日付 : 13/10/2(水) 0:04 ■Web : http://monclercheapsale.hailunlinye.com/ -------------------------------------------------------------------------
2 With greater than 40% in the shares already http://monclerhotsale.inalcajbs.com/ not just モンクレール アウトレット 店舗 brief, a buyback in spot, softball 3Q guidance along with a モンクレール レディース 中古 depressed P/E various of 11x on my street low $3.15 EPS estimates I wrote Deckers (DECK) was a hazardous モンクレール レディース 2014 quick within the mid30s and recommended investors cover prior to Q3 was reported. (See note here.) Effectively, my numbers had been directionally right, but I was incorrect around the stock because the shares have traded down one other 17% right after hours to below $30. Here http://monclerdiscount.inalcajbs.com/ practically nothing http://monclersale.inalcajbs.com/ price モンクレール マヤ 正規品 is actually a モンクレール マヤ 正規品 for the reason that モンクレール レディース 2014 snapshot on the モンクレール ダウン 新作 debacle: 1) Sales have been $376 million, down 9% vs final year with Ugg brand sales down 11% (and exact same モンクレール マヤ 正規品 for the reason that モンクレール レディース 2014 reduce モンクレール ダウン 新作 shop sales at retail down 13%). That was even worse than I anticipated ($390 million in sales) and much モンクレール 2014 秋冬 メンズ accomplishment モンクレール 店舗 名古屋 worse than consensus of $413 million. 2) Gross margins compressed to 42.3% from 49.0% last year and reflect cost モンクレール マヤ 正規品 cuts the enterprise モンクレール アウトレット 大阪 accomplishment モンクレール ダウン 新作 confirmed it had made in an attempt to forestall order cancellations and spur sell through. Management expects margins to become 47.0% in Q4. We'll see. three) SG came in effectively モンクレール ダウン 新作 under モンクレール キッズ サイズ my estimate at $99.7 million (I had $120 million) and below モンクレール アウトレット 三田 last モンクレール ダウン 新作 year's $112.2 million. Much more on this later. four) In spite of the reduce than expected sales and gross margins, the SG variance, a slightly reduce tax rate in addition to a reduced モンクレール 店舗 横浜 share count (from the buyback) enabled DECK's EPS to really beat consensus of $1.04 by 13% and come in at $1.18. But that "beat" is meaningless as a result of モンクレール アウトレット 価格 more than 40% of your company's organization is derived in Q4 which can be what investors are correctly focused on (and of course on the longterm development and cash flow generation potential http://monclermens.inalcajbs.com/ of the company). 5) Inventories had been a whopping $486 million of which $451 million was Ugg branded stuff. That's モンクレール レディース 2014 within the モンクレール レディース 2014 a 36% raise http://monclernewonline.inalcajbs.com/ against a declining sales trend. Uggly. A couple of points モンクレール ダウンベスト サイズ stood out in the press release which weren't discussed on the http://monclerhotsale.kingants.net/ price モンクレール アウトレット 御殿場 may be モンクレール キッズ サイズ analyst conference get in touch with but are worth raising: 1) The business drew down a whopping $275 million on its seasonal line of credit to fund not merely a ballooning inventory level but additionally モンクレール エルミンヌ サイズ about $85 million of share repurchases inside the 3Q. In the 10Q in the second quarter (released mid 3q) the line was reported to become $102 million so it seems inventory was nonetheless piling up at quarter's finish. Also the typical share repurchase cost was $46/share which suggests management may have believed their own excuses about weather, and so on. because モンクレール マヤ ウール why would you invest in http://monclerfashion.inalcajbs.com/ stock in front of disastrous earnings like DECK released at present (unless it was below http://moncleronlinesale.inalcajbs.com/ a 10b5 program and they didn't manage the trigger finger on purchases)? The stock hasn't been close to $46 considering that mid September. two) The cut http://monclernewsale.inalcajbs.com/ in SG was surprising but probably integrated an adjustment to the bonus accrual. As an example, accrued payroll dropped 43% from final year and didn't make モンクレール レディース 中古 since it usually would because the enterprise periodically accrued bonuses. If this really is the case, bonuses will need to be leaner this year given the outcomes but with this cut http://monclercheapsale.inalcajbs.com/ it is not clear another reduce this size will be created in Q4 if required to offset additional モンクレール レディース 2014 disappointing sales. |