Delhi Daredevils Umesh Yadav celebrates the dismissal of Kolkata Knight Riders Yusuf Pathan during Group A of The Champions League T20 (CLT20) at Super Sports Park in Centurion. AFP Photo Kolkata Knight Riders Manoj Tiwary plays a shot from Delhi Daredevils Umesh Yadav, unseen, during the Champions League Twenty20 cricket match at the Centurion Park in Pretoria. AP Photo Delhi Daredevils bowler Irfan Pathan celebrates with teammates after dismissing Kolkata Knight Riders Gautam Gambhir during the Champions League Twenty20 cricket match at the Centurion Park in Pretoria. AP Photo Delhi Daredevils bowler Morne Morkel celebrates after taking the wicket Kolkata Knight Riders Brendon McCullum during a Group A match of The Champions League T20 (CLT20) at Super Sports Park in Centurion. AFP Photo Kolkata Knight Riders batsman Manvinder Bisla plays a shot during a Group A match against Delhi Daredevils in The Champions League T20 at Super Sports Park in Centurion. AFP Photo Kolkata Knight Riders Brett Lee tries to run out Delhi Daredevils Ross Taylor during Group A of the Champions League T20 at Super Sports Park in Centurion. AFP Photo Delhi Daredevils cricketer Kevin Pietersen jokes with Kolkata Knight Riders Jacques Kallis during Group A of the Champions League T20 at Super Sports Park in Centurion. AFP Photo Delhi Daredevils cricketer Kevin Pietersen plays a shot during a Group A match against the Kolkata Knight Riders in the Champions League T20 at the Super Sports Park in Centurion. AFP Photo Kolkata Knight Riders cricketer Sunil Narine is congratulated by teammates during a Group A match against the Kolkata Knight Riders in the Champions League T20 at the Super Sports Park in Centurion. AFP Photo Kolkata Knight Riders captain Gautam Gambhir speaks with Australian bowler Brett Lee during a Group A match aginist Delhi Daredevils in The Champions League T20 at Super Sports Park in Centurion. AFP Photo Delhi Daredevils Virender Sehwag plays a shot from Kolkata Knight Riders Brett Lee during a Group A match of the Champions League T20 at Super Sports Park in Centurion. AFP Photo Delhi Daredevils Mahela Jayawardene plays a shot from Kalkata Knight Riders Brett Lee during a Group A match of the Champions League T20 at Super Sports Park in Centurion. AFP Photo Nike Roshe Run Woven Women Royal White ,Nike Roshe Run Women Obsidian Volt Nike Roshe Run Men Royal Total Orange Quilted Men Nike Free Run 3.0 V4 Tiffany Blue Quilted Wmns Nike Free 5.0 Wolf Grey Pink Force White Quilted Women Nike Free Run 2 Shield Stealth Black Yellow Grey Quilted Women Nike Free Run 2 Blue White Wolf Grey Men Nike Free5.0 Hyper Blue Volt Black Blue Tint Women Nike Free Run 2 Anthracite Black Silver Mango Men Nike Free Run 2 Black White Anthracite Quilted NEW YORK Protesters in cities around the world targeted major Olympic sponsors Wednesday, just ahead of the Winter Games in Sochi, urging them to speak out against Russia law restricting gay rights activities. Olympic team condemned the law, but leading global sponsors did not join them.no to Russia anti gay law, chanted several dozen protesters in Paris who gathered in front of a McDonald restaurant at the Place de la Republique. The fast food chain is one of the International Olympic Committee 10 top sponsors for the Sochi Games, which open Friday.Lesbian and Gay Rights activists take part in a demonstration aimed to coincide with the upcoming Winter Olympics in Sochi, Russia, against laws aimed at stifling Gay Rights in Russia, opposite Downing Street in London, Wednesday, Feb. 5, 2014. In London, about 150 people rallying outside Prime Minister David Cameron's office in London urged McDonald's and the IOC's other sponsors to speak out. The activists there said they plan to deliver a petition signed by more than 100,000 people to a nearby McDonald's restaurant. AP Photo/Alastair GrantA gay rights activist holds a banner in front of a large clock showing the number of days left until the start of the Olympic games as police officers approach, left, in St. Petersburg, Russia, Wednesday, Feb. 5, 2014. Russian gay rights activists protested the upcoming Olympic Games in Sochi. Two activists unfurled banners reading "Berlin 1936 = Sochi 2014," referring to the Olympic Games that were held in the capital of Nazi Germany. One man pickets are legal in Russia and the two activists holding signs were spaced far enough apart that neither was arrested. AP Photo/Elena IgnatyevaProtests also took place in London, Jerusalem, St. Petersburg, Russia, and elsewhere. In all, 20 demonstrations were planned by the advocacy group All Out and its allies.McDonald like other top IOC sponsors, reiterated that it supports human rights and opposes discrimination, but its statement did not mention the Russian law.Coca Cola, another prime target of protests, also didn mention the law in its latest statement, though it described itself as a strong supporter of the lesbian, gay, bisexual and transgender community.do not condone intolerance or discrimination of any kind anywhere in the world, Coca Cola said.Visa, another IOC top sponsor, issued a similar statement, as did Dow Chemical, which said it is with the IOC on this important topic. General Electric, an IOC sponsor since 2005, declined comment. Olympic Committee chose to speak out explicitly against the Russian law.The first was AT law is harmful to LGBT individuals and families, and it harmful to a diverse society, it said Tuesday in a blog post.Following suit on Wednesday were DeVry University, a for profit education company, and yogurt maker Chobani.are against Russia anti LGBT law and support efforts to improve LGBT equality, said Ernie Gibble, a DeVry spokesman.disappointing that in 2014 this is still an issue, said Chobani CEO, Hamdi Ulukaya. are against all laws and practices that discriminate in any way, whether it be where you come from or who you love for that reason, we oppose Russia anti LGBT law. move was praised by leading groups in the coalition that has been working for months to pressure sponsors into speaking out.has broken the ice, said Minky Worden, director of global initiatives for Human Rights Watch. sponsors of the Olympics like Coke, GE, McDonald and Visa are going to have to follow suit they are very much on the wrong side of history in refusing to use their leverage with the International Olympic Committee to ask for reform and to defend LGBT Russians. Russian law, signed in July by President Vladimir Putin, outlaws pro gay that could be accessible to minors. Critics say it is so restrictive and vague that it deters almost any public expression of support for gay rights.Nonetheless, about a dozen Russian activists protested the law Wednesday in St. Petersburg, hundreds of miles north of Sochi. Two unfurled banners reading 1936 = Sochi 2014, referring to the Olympic Games held in Nazi Germany. One person protests are legal in Russia, and the two activists holding signs were spaced far enough apart that neither was arrested.In London, about 150 people rallying outside Prime Minister David Cameron office urged McDonald and the IOC other sponsors to speak out.To date, the IOC and its top sponsors who pay millions for the rights to use Olympic symbols in television commercials and other marketing have expressed general opposition to discrimination and pledged to ensure that people gathering for the Sochi Olympics wouldn be affected by the law.IOC spokesman Mark Adams said Wednesday the committee and the sponsors have been in constant communication about several issues in Russia, but he declined to describe the conversations when asked whether the sponsors wanted the IOC to make a specific statement about the law.A coalition of 40 international groups, including Amnesty International and Human Rights Watch, sent an open letter to the 10 top sponsors last week urging them to run ads promoting equality for LGBT people.Human Rights Watch posted a video this week on YouTube of gay people in Russia being bullied, chased and beaten, compiled from footage the group said was uploaded by perpetrators. The video got more than 830,000 views in less than two days.sponsorship of the USOC is about supporting Team USA, not engaging in political or policy debates, said Scott Dean, a BP spokesman.The Russian law unaffiliated with our ongoing support of the Olympic movement, said Hilton Worldwide. mission is to help athletes on their journey and promoting the values and spirit of the Olympics amongst our guests and members. cited its support for LGBT rights, and added that it backed the USOC efforts to address the issue with the IOC. Nike Roshe Run Woven Women Royal White,Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Crocs, Inc. fiscal 2009 first quarter earnings call. (Operator Instructions) Before we begin I would also like to remind everyone that some of the information provided in this call will be forward looking and, accordingly, are subject to the safe harbor provisions of federal securities laws. These statements concern plans, beliefs, forecasts, guidance, projections, expectations and estimates for future operations. The company cautions you that these statements are subject to a number of risks and uncertainties described in the Risk Factors section of our 2008 annual report on Form 10 K as well as other subsequent filings with the Securities and Exchange Commission. Accordingly, actual results could differ materially from those described on this call. Those listening to this call are advised to refer to our annual report on Form 10 K as well as other documents filed with the SEC for additional discussion of these risk factors. Crocs intends that all of its forward looking statements in this call will be protected by the safe harbor provisions of the Securities Exchange Act of 1934. I'll start the call today with a few remarks about the highlights of the quarter, then I'll hand over the call to Russ, who will review the quarter's results. After that I plan to give my thoughts on the company and our future based on my observations during my first 60 days here as CEO. Our Q1 2009 revenue of $134.9 million is up 7% from the quarter ended Q4 2008, and it's down $63.6million from Q1 of 2008. We reported a net loss of $22.4 million in the first quarter of 2009, with a diluted loss per share of $0.27 compared to a Q4 net loss of $34.7 million or $0.42per share and a Q1 2008 net loss of $4.5 million or $0.05 per share. Selling, general and administrative costs are down 26% compared to Q4 2008 and down 6.2% from the same quarter a year ago. There's still a lot of work to be done to bring our costs in line with sales, but we're making reasonable progress. Our cash and debt position also improved this quarter over the same period last year. Cash and cash equivalents came in at $50.9 million compared to $29.6 a year ago. During the first quarter of 2009 we brought down our debt balance by $20.3 million from $47.7 million to $19.8million. We also successfully extended the maturity date of our credit facility from the 2nd of April 2009 to September 30 this year, affording us the time and the cash we need to operate the business while we explore our options for future capital needs. While our spring 2009 styles were only recently introduced, they are gaining traction in the market. We continue to see a wide coverage of our footwear in the media. Highlights include profiles in premier magazines and primetime TV shows. We are currently marketing our spring 2009 products in highly visible publications as O Magazine, InStyle, Parenting, Men's Journal, and Outside Magazine. The Patricia product, a new spring style, recently ranked high on Amazon's footwear bestseller list. In addition, we have just launched the Prepare Collection of shoes, which allow athletes to recover faster after strenuous exercise, an aprs sport collection. It has rapidly become one of the top sellers on our global website and also in Japan. While we feel good about the continuing strength of the Crocs brand, we still have a tremendous amount to do operationally to restore the health of this company and I'll address this further after Russ's comments. I'll now turn the call over to Russ, who's going to review the financial results for the quarter. Thanks, John, and welcome aboard. Hello to everyone on the call today and thanks for joining us. Let me begin by reviewing the company's financial results for the quarter and then I'll turn the call back to John for his comments on our strategic direction. As a matter of housekeeping I want to make you aware that we provided reconciliations of the non GAAP measures relating to SG expenses excluding foreign currency effects given in this call on our Investor Relations section of our website and in our press release for your reference. We will provide comparisons sequentially and year over year to paint a clear picture of how our business is trending. Total sales for the first quarter of 2009 were $134.9 million. While this represents a decrease from the $198.5 million in revenue we reported in Q1 of last year, it is an increase of 7% from Q4 2008 revenue of $126.1 million. For the first quarter 2009, footwear sales accounted for approximately 94% of our revenue and represented 8.4 million units and an average selling price of $15.11 versus an average selling price in Q1 2008 of $17.12. Core products, which include Beach, Cayman, Kids Cayman, Athens, Kids Athens, Mary Jane, Girls Mary Jane, Mammoth, and Kids Mammoth represented 42% of our unit sales and sales of our classics, which include our Beach and Cayman models, represented approximately 20%. By channel global wholesale revenue declined 45% compared to Q1 of last year to $95.3 million this quarter driven by depressed market conditions, consumer demand and retailers operating with much leaner inventory levels. Currently on average our key wholesale accounts have approximately 15 weeks of inventory on hand, with a quarter to date sell through rate of 21%. Last week's key accounts sell through rates were the highest they've been in the last 12 weeks at 6%. When compared with Q4 wholesale revenue, we saw an increase of 21% quarter over quarter due in large part to European wholesale performance, which was driven by lower returns and the transition to the spring selling season. During the first quarter of 2009 revenue from the global retail channel increased 60% to $27.9million, which outpaced the 36% increase in the number of company operated retail locations from 213 at March 31, 2008 to 2909 at March 31, 2009. outlet and Asia retail stores. Compared to Q4 of 2008, revenue from our company operated retail stores declined 20% from $34.8 million in Q4 2008, which was driven by the holiday season. We continue to see strong performance also in our Internet channel. Revenue increased to $11.7million, a 46% increase over Q1 of last year. Compared to Q4 of 2008, revenue was down 7% due to a pullback in North America Internet sales after the busy Q4 holiday season. This channel is complementary to the wholesale and retail channels and we intend to continue investing in this platform in coming quarters. This channel will assume increasing importance in our retail strategy. By geographic region Q1 2009 sales in our Asia market were up 7% over Q1 of 2008 to $39million. This increase was largely the result of increased retail sales in the region. Compared to Q4 2008, sales in Asia were down 10.8%. First quarter 2009 sales in our Europe market were down 49% to $28.3 million compared to the first quarter of 2008; however, compared to Q4 of 2008 our Q1 sales in the Europe market were up over 200%. We continue to be impacted by the strong presence of imitation products and parallel imports in this region and are vigorously defending our intellectual property rights. On a positive note, we are encouraged by strong acceptance of our Internet platform in the region and we expect this to be a continued source of growth in the region. Sales in the Americas were down 37% from Q1 2008 to $67.6 million in Q1 2009. Compared to Q4 2008 sales in the Americas declined 5%. These declines were fueled in large part by the ailing economy which, as I said before, has led to reduced demand and retailers operating at lower inventory levels. Gross profit for the first quarter was $49.7 million or 37% of revenue compared to $85.2 million or 43% of revenue in the first quarter of 2008. Compared to Q4 2008 gross margin declined 11%. Driving the gross margin was a drop in our average selling price, as I noted previously. In addition, as we reduce our global warehouse footprint we are experiencing some short term cost inefficiencies attributable to the consolidation of our warehouse space. We expect these cost inefficiencies will continue to weigh on our gross margin in second and third quarter as well. We expect that the cost benefits related to this consolidation will become apparent in Q4 and into next year. Our first quarter SG expense was $72.2 million compared to $68.8 million for Q1 2008. We reduced SG by $25 million or 26% from fourth quarter of 2008. Of this $25 million reduction, $17.7 million was due to management of our foreign currency exposure. The remaining $7.3 million decline was the result of additional cost cutting measures, which I'll provide more detail on in a moment.
Full Of Unique Look Of Nike Roshe Run Woven Women Royal White,Women Nike Free Run 4.0 V2 Medium Purple Electric Green Volt The first thing you need to think about is what type of clothing you will need. Will you be attending fancy dinners or dressing casual the whole time? Is there a theme party you would like to attend? Will you be dancing until dawn in your best dance dress? Some of these may necessitate bringing special attire and you want to make sure you have room set aside in your luggage for this. If you will be dressing for dinner, one way to stretch your cruise wardrobe is to coordinate separates. Stick to no more than 3 coordinating colors such as black, white and tan. This way you can bring 1 pair of slacks, 1 skirt, 2 nice shirts and 2 jackets and make them look like 8 brand new and fresh outfits by mixing up what piece you wear with what. For example, the slacks paired with shirt 1 and jacket 1 could be one outfit, substitute shirt 2 with the same slacks and jacket for a whole new look! Now substitute the skirt in and you get another whole new look! In addition, you can use scarves and accessories to give each outfit a whole new look. The same method can be applied for your casual wear. If you stick to a coordinating color scheme, you can get more mileage out of each piece since it will tend to look different when it is paired with a different top or bottom. Deciding which shoes to take is perhaps the hardest of all! If you are anything like me, you have a perfect pair for each outfit and you'll want to take them all! Of course, you may not have room in those suitcases so you must be selective in what you bring. I suggest you wear your bulkiest shoes, like sneakers, onto the ship this way the will not be taking up space in your luggage. Bring a dressy shoe and a more casual shoe as well. Make sure you think about color when you pack the shoes, if you are bringing only black dressy slacks then white sandals might not look so good! Finally, to get more space in your suitcase for clothes, find out if the ship will be supplying beach towels and hair dryers. If they are then you can leave yours at home and free up some suitcase space for more clothes! Nike Roshe Run Woven Women Royal White When decorating your child's room, choose cute and affordable fabrics that express their style while making sure it fits in with the rest of your decor. Lots of moms and dads who've done this before will tell you that bedding made for toddlers who are moving to a regular bed can be found in a vast array of designs and colors. Your search will be easier and more enjoyable if you enter the search with at least an idea of the style you want. Keep an open mind as you shop instead of trying to focus on a particular look. Parents will frequently tell us that there are lots of toddler linen sets that can go with anything so that their home's existing decor can always be matched. Minimalist patterns and retro motifs often appeal to fans of more traditional designs. Surprisingly, calico and other traditional patterns are working well in today's more modern designs. Try using abstract prints in a neutral palette to create a relaxed yet sophisticated feel. Those parents who want a more lively room will be happy to find a contemporary ensemble in bold colors and vibrant designs. Many amateur decorators relate contemporary patterns with gender neutral spaces, but this is no longer the case with the many options available today. Actually, very many stunning contemporary tot bedding ensembles combine trendiness with femininity, frequently using pink in a way that shouts "girl power" in a way that will inspire your own little wonder woman.
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