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cheap moncler coats for women Sign in / Join NowGood afternoon. My name is Christy, and I’ll be your conference operator today. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. (Operator instructions) Thank you.I’ll now turn the call over to Mr.Thanks, Christy. Good afternoon and welcome to our second quarter 2009 conference call. Joining me today on the call are Dr. Patrick Byrne, Overstock’s Chairman and CEO; and Steve Chesnut, Overstock’s Senior cheap moncler jackets mens Vice President moncler outlet prices of Finance. The following discussion and our responses to your questions reflect management’s views as of today, July 22, 2009, and will include forward looking statements.Actual results may differ materially. Additional information about factors that could potentially impact our financial result is included in today’s press release and in our filings with the cheap moncler sale SEC, including our 2008 annual report on Form 10 K/A. As you listen to today’s call, I encourage you to have today’s press release in front of you, since our financial results, detailed commentary, and the CEO’s letter to the shareholders are included and will correspond too much of the discussion that follows.During this call, we’ll discuss certain non GAAP financial measures, our Press Release slides accompanying this webcast and our filings with the SEC, each of which is posted on our Investor Relations website, contain additional disclosures regarding these non GAAP measures, including reconciliation of these measures to the most comparable GAAP results.Lastly, we expect to file our Form 10 Q for the second quarter of 2009 in the near future and I encourage you moncler outlet to read it as well for additional information on our financial moncler online store results. With that preliminary business out of the way, let me turn the call over to Steve to review some of our financial results.Thank you, Jonathan. Following is a brief review of our financial results for the second quarter ending June 30, 2009. Please refer to the earnings press release for full financial statements and further details regarding our results, and keep in mind that unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2008. Our results for the quarter are detailed in today’s press release, but I’ll summarize a few of them for you today.Total revenue was $176.1 million, down 7% from last year. Direct revenue was down 28% and uk moncler outlet accounted for 16% of our total sales, while fulfillment partner revenue was down 1% and accounted for 84% of our sales. Gross profit was $35.9 million, an 8% increase.Gross margin was 20.4%, a 280 basis point improvement, and for this one this is a historical all time high for the company. The improvement in gross margin is largely the result of supply chain efficiencies created through initiatives we have implemented throughout the year.We have also been focused on cheap moncler jackets and running our sales and marketing efforts more efficiently. As a result, sales and marketing expenses declined 22% over last year to $11.1 million, and marketing as discount moncler jackets a percent of sales fell 123 basis points to 6.3%. Contribution expanded by 31% to $24.8 million and contribution margin for the quarter was 14.1%, a 403 basis point improvement.Combined technology and G expenses fell 5% to $24.9 million. Technology costs were down moncler outlet sale 17% largely due to lower depreciation, while G cost increased 12%, due primarily to increase in salaries, benefits, and facilities cost. Operating income for the quarter was a positive $151,000 compared to a loss of last year of $7.2 million. This is a $7.1 million improvement.Net income for the quarter was a positive $389,000, a $7.7 million improvement over last year. Earnings per share were $0.02. Net income was a modestly higher while operating income, due mainly to the gain on the extinguishment of $2.5 million of our senior convertible note that we bought back at a discount. This offset the higher net interest expense we saw in the quarter.Adjusted EBITDA was $4 million in Q2 and $18.1 million on a cheap moncler coats mens trailing 12 month basis, representing a $3.8 million moncler outlet store and $12.5 million improvement respectively. Total cash and cash equivalents moncler uk outlet was $69.8 million as of June 30, 2009 and working capital was $33.2 million.Operating cash uk moncler sale flow for the quarter was $5 million outflow compared to an inflow of $449,000 last year. On a trailing 12 month basis, operating cash flow was a positive $10.4 million and $12.7 million respectively. That concludes my financial summary. So Patrick, let me turn the call over to you.Thank you, Mr. Chesnut. Well done. I welcome everybody to our first moncler womens jackets GAAP positive second quarter. Going to go through the slide deck, you’ll advance your own slides.I’ll be on Slide 3 to begin with. The highlights have already been covered by Steve, so cheap moncler jackets womens I will run through these quickly. Of course, the gross margin was an all time high. The 22% decrease in marketing was a we have said for a couple years now that we’re focusing really hard on marketing efficiency, and that what we’re measuring ourselves by, as we think of growth, it isn’t that we’ve given up growth. But we’re focused very hard on driving the contribution dollar growth.So that grew 31% this quarter and all of the other numbers Steve has covered.Please turn to Slide 4. Quarterly revenue growth, we felt like we were back on the wave last year. We can almost look at our daily numbers and see when the bad headlines started hitting, but again, we’re still shrinking moncler sale modestly 6.7% for Q2. That’s not been overly we haven’t panicked about that.Again the number we look at when we think of our growth is that contribution dollar number. And of course, we can’t grow that forever at a 31% moncler outlet online rate while the company is shrinking, but we’re encouraged that we’re able to be growing that as quickly as it is and it really just reflects a lot of marketing efficiencies and margin improvements, which come about from supply chain efficiencies.So, I think of that as fine tuning the system, and the fact that that’s able to grow so quickly, while the business is flat or modestly down and tells me that we are finding the efficiencies that we need to find. I’ll move on.Quarterly gross profit growth, Slide 5, that’s up 8%. Again, this number, Slide 6 is really what we’re very focused in this business on and how quickly we can grow that. And I think that there’s still some real upside in where we can take this and where we can take moncler outlet woodbury its growth rate even. And you don’t have to project very far out to see we can have a very nice business if we can just keep this growing at a rate anything like moncler sale outlet this.Slide 7, our quarterly gross margin and contribution, contribution is the gross profit dollars minus the sales and marketing expense. That’s at an all https://www.kinkhost.com time high of 14.1%. I wouldn’t expect to best moncler jackets see moncler sale online that going up. In fact if you turn to Slide 8, we plotted that against Amazon, and you have to compare to get Amazon’s gross margin you’ve got to make some adjustments because they have different system than we do and where they put as I recall where they put logistics costs and such.But if you true them out, and at the end of the day we look at the our contribution number or NECTR [ph] number best moncler compared to Amazon’s, and we’ve now passed it, although they haven’t announced I think this quarter results. We do have ultimately, we have surpassed them in the sense that we’re at 14.1% and they’re 12.2%.Again, I don’t expect to see that go up, but in fact I said I indicated in the last phone call, maybe the right place for that is 12% to 13%, maybe it’s 14% to 15%. But we have a lot of optimization programs that should be moncler usa finding that.It’s not an order from on high. It’s going to be found by experiments and optimization. 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“Especially in the creative worlds, it’s necessary for survival,” Bloch said. “They canada goose jacket outlet need a new spin.”
The growing series of fashion designers collaborating with street artists canada goose outlet in usa canada goose factory sale comes from a long history of fashion interacting with art high and low. Bloch cited collaborations canada goose black friday sale between artist Robert Pruitt and fashion brand Jimmy Choo, and noted a historic collection by designer Yves Saint Laurent that pulled clear inspiration canada goose clearance sale from the buy canada goose jacket color blocking seen in Piet Mondrian’s iconic artwork.
Louis Vuitton is canada goose outlet sale known for embracing the art world and has collaborated with contemporary artists including Stephen Sprouse and Takashi Murakami. In recent seasons, the brand Canada Goose Outlet has collaborated with well known international street artists Canada Goose Online for Canada Goose Parka a series of high end scarves called “Foulards D’artistes.”
Lady Aiko, a street artist from Japan, said the collaboration with Louis Vuitton presented another venue to express creativity and build bridges.
“I designed canada goose uk black friday this scarf for everyone, even audiences who are not familiar with graffiti and street art,” she noted in canada goose uk shop canada goose outlet canada a Louis Vuitton press release.
“Personally, it was cheap Canada Goose not canada goose outlet online about passing graphics in exchange [for money] and celebrity,” she wrote in an e mail to CNN. “They provided me canada goose clearance with an interesting assignment.” The project canada goose outlet store locations canada goose outlet jackets also gave her an opportunity canada goose coats on sale to travel to her native Japan and seek inspiration.
Before you can say “sell out,” note these artists tend to be well established in their craft and find that collaboration leads to creative official canada goose outlet opportunities they could not have previously imagined.
