Collective Brands (PSS $12.50 on Sept. 2, 2010) was a Topeka Kansas company founded in 1956 with a strategy of selling low cost, high quality family footwear on a self service basis. It was bought by May Department Stores in 1979, went public again in 1996, and in 2007 bought Stride Rite (a Mass. Shoe company started as Green Shoe in 1919). PSS is one of the largest shoe retailers in North and South America, with 4,500 stores selling 140 million pairs of shoes and 40 million accessories in 2009. Its wholesale division is PLG, selling shoes to a range of stores in North America. Here how the company defines its strategy in its 10 K: We seek to compete effectively by getting to market with differentiated, trend right merchandise before mass market discounters and at the same time as department and specialty retailers but at a more compelling value. North American stores are company owned, stores in the Central and South American regions are operated as joint ventures, and Middle East stores are franchised. Stores operate in a variety of real estate formats. Approximately a quarter of the company owned stores are mall based while the rest are located in strip centers, central business districts, and other real estate formats. At year end, each Payless ShoeSource store stocked on average approximately 6,700 pairs of footwear. We focus our marketing efforts primarily on expressive moms and expressive self purchasing women ages 16 49. These consumers use fashion as a means of expressing their personalities, but also place importance on low prices. They tend to have household incomes of less than $75,000 and make a disproportionately large share of household footwear purchasing decisions. We believe that over one third of these target consumers purchased at least one pair of footwear from our stores last year. Key Stats: here Cash flow generating healthy retail company, selling the staple of shoes trades at cheap levels and is paying off debt. Fair Value range of shares between $32 to $40. Health of the core business: Seems positive but needs further investigation by talking to store managers (esp. in intl. locations). Most of the PPE seem to be in store fixtures, not the actual real estate which they tend to lease (financials are not fully clear about this). So the real value of the PPE is probably less than the book value. All their inventory is made abroad (China, Vietnam, etc.). SG has held consistently around 29% 30% since 2006 not worried about that (recent gross margins at 35% are at the high end though not sure if this is cyclical or a positive trend). Turnover slowed because their assets went up (growth of book value) but sales basically stayed flat or slightly decreased (peak was $3440mn in 2009 and the TTM is $3320mn). Negative same store sales growth has slowed: This has flattened as of Q1 2010, going from 5% in Q1 2009 (the worst) to 1% (total net sales were up 2%, as US sales fell by 4% but international sales were up by 18%). COGS were down and margins up. The biggest question is PSS relative competitive position compared to discounters like Wal Mart (NYSE:WMT), Target (NYSE:TGT), etc. (do people go to a special shoe store for cheap shoes, or are they happy buying them on a discount store trip?). This isn a shoe business (like Nike (NYSE:NKE) or Asics), but a shoe retail store business. Earnings don matter much, cash does: The numbers are volatile. The margins and earnings are about par with the comps, but this business is selling much more cheaply. After hitting a low in May 2009, cash balances are coming back up. More importantly, OCF and FCF are holding up quite well. Total current assets at $1050 is about equal to total liabilities and LT debt at $1150. The company has been paying off debt steadily. The business is cheap: Then you have the net book value of PPE at $450mn, along with an OCF of $310mn and FCF of $210m. This is for a current equity market cap of $914mn (as of Sept. 10, 2010). So basically, for $914 450= $464mn in equity invested, you getting $210mn of FCF a year. A pretty decent return of 45%. Even at the full $914mn, you getting 23%. Current CEO is a Cole Hahn and JCrew (JCG) vet he knows branding. Recent big strategic investor is Blum Capital in SF, whose MO is to take a large stake for 3 5 years and then work on building value over that period. Sales uncertainty: The biggest question is whether international sales growth can keep strong and domestic sales decline can be stemmed. moms and young women who want cheap but fashionable shoes for themselves and their kids). People still have to buy cheap shoes in a recession (millions of working class people go to PSS stores). Still some uncertainty about this large topline risk. Some valuation risk, maybe not enough of an asymmetric bet: Tangible book value is close to 0 (does BV matter anymore?), they've been experiencing negative same store sales growth over the last 3 years, margins stink (and have stunk for the last 4 years). So, all you're getting is current earnings. This quarter earnings are $0.83 per share, and last year they were $0.59 so let's go with the more conservative number. Simply annualizing that and applying a P/E of 6 (treating this as a utility with no growth prospects), we get a fair stock price in the area of $14.16. If they get a couple of good quarters and people get optimistic, I could easily see investors applying a P/E of 12 with earnings of $.90 which would produce a stock price of $43.20. So, potentially plenty of upside, but the true economics are not attractive. I wouldn't consider this a value investment unless I could it buy it for Company's cost structure is bad: It has high fixed costs and low margins. It may take little to send them on to a road of bankruptcy, despite a strong cash position (a risk for all companies with such debt levels, though PSS is paying off its debt fairly quickly and the maturity wall doesn seem to be a problem). We anticipate a high change (60 70%) of a general US stock market sell off, making the business even cheaper (a 40% FCF return on market value would be perfect). Nike Roshe Run Women Black White ,Men Nike Free Run 2 Grey White Blue Black Women Nike Free Run 3 Liquid Lime Reflect Silver Volt Women Nike Free Run 3 Magenta Silver Platinum Purple Men Nike Free Run 4.0 V2 Grey Gym Red Men Nike Free Run 2 Turquoise White Orange Men Nike Free Run 4.0 V2 Dark Obsidian Silver Soar Blue Nike Roshe Run Men Royal Volt Men Nike Free 4.0 Game Royal Blue Electric Green Pure Platinum Nike Roshe Run PRM Women Red White Sail Quilted Kindy SA is a France based company engaged primarily in the manufacture and distribution of socks and children shoes. The type of socks that are produced under the Kindy brand name include relaxation socks, hypoallergenic socks, non constricting socks for babies, thermoregulatory socks and socks to help with perspiration. These are primarily sold through supermarkets and hypermarkets. Kindy also distributes products to specialty sportswear shops. Kindy SA's socks brands include Kindy, Le Coq Sportif, Stem, GSS Sport, DIM, Canadian Forest and Thyo. The Company's shoes are sold under the brand name GBB. The Company also distributes feet care products through InnovActiv brand. The Company operates through a number of subsidiaries, including Kindy Bloquert, Mariner SAS, SCI Bloquert, Euro China Socks Ltd, and The Socks Legende SASU, among others. (click to enlarge)Stocks: APP, CHBD, CRI, CHKE, XNY, COLM, CRWS, DLA, EVK, FOH, GIII, GIL, HBI, JOEZ, LULU, MFB, OXM, PERY, PVH, ZQK, RL, SGC, WRC, TRLG, UA, UNF, VFC, ZA, FHHIQ, SHKZ, BAL, CTNN, ECTNF, ETFDF, NMCTF, LYJN, WMT, CTXFD, CTXIF, JWTXF Nike Roshe Run Women Black White,The gladiator shoes basically are the ultimate shoe for style. It is generally renowned for its variety of straps. These straps together form a distinct "T". Since they are topped in the fashion charts, they have been a great rage as ladies fashion shoes. As days are advancing, more and more recent innovations are brought into these ladies fashion shoes both in terms of style and comfort. Currently these gladiator shoes are available in plenty of varieties which have come out to be a lot different from those of the ancient shoes. Now the gladiator shoes are available not only in flats but at the same time in zippers and heels as well. Apart from the variation in style, there has also been a variation in the materials used in the design and manufacture of the gladiator shoes. There was a time when the gladiator shoes were mainly made of leather. However, currently along with pure leather, synthetic leather, plastic is also used in their manufacture. These are available in variety of designs, colors and prices. They are also comfortable to a great extent so that it can be worn throughout the day without any difficulty. Apart from that, several innovation and improvement has also been done in the styles of the gladiator shoes. Some shoes have been designed with studs, some with colorful buttons, and some with laces, some with ribbons, some with buckles and some even with embroidery. The gladiator shoes that are available today are quite trendy. These ladies fashion shoes can be worn with any outfit and at any occasion. There are some which come with criss cross straps on the legs. These would be most suitable with the knee length skirts and they simply enhance the elegance of the shoes. Apart from elegance, these shoes also provide enormous beauty to the legs. Apart from the 'T" straps, "Z" straps are also available in the recent days. These have really taken the fashion world by storm. These gladiator shoes and sandals are typically modern and cater to the needs of perfectly modern women. In fact, these are a kind of must haves for every woman in all seasons and all occasions.
Shop The Latest Nike Roshe Run Women Black White,Men Nike Free Run 2 Shield Stealth Black Yellow Grey Hi, my name is Janet, I'm a personal trainer with Metamorphosis. And today I'm going to talk about muscles the FILA Sculpt N Tone shoes work. And also all the shoes in that same category. So the FILA Sculpt N Tone shoes as well as these Sketcher Shape Ups and any other brands that is promoting a shoe that actually works your muscles more intensely. Actually what they do is they give you an unstable surface in which you are working on. So the way their soles are shaped is usually they have some sort of rocking motion to them. And usually they'll make the side to side a little bit more challenging. And so what they are doing is requiring that you use a little bit more balance while you do your activities. But the American Council on Exercise did some scientific research on these type of shoes and they found that what happens is no new muscles that you are not normally working when you exercise anyway are being fired in any significant way. What they found though is that when people purchase a pair of shoes that they think is going to work their muscle groups extra it's more motivating and it gets you out exercising a bit more then if you didn't have the shoes in the first place. So just remember when you go to choose an athletic shoe that the amount of results you are going to get from a shoe is really going to be dependent on how much work you put into your exercising in general. And doesn't necessarily come down to the type of shoe you choose. My name is Janet and that's about how FILA Sculpt N Tone shoes work muscles. Thanks for watching. Nike Roshe Run Women Black White Once upon a time, there was a woman named Eve, who, unable to resist the luring temptation of a fragrant orchard, took a bite of forbidden fruit from the tree of knowledge. Perhaps Eve was bored. Perhaps she was ovulating and had a desperate craving for something sweet. Perhaps life in the little garden was becoming stressful or claustrophobic. Perhaps she felt out of control or lacked passion in her life and in order to numb her emotions or soothe herself from Adam's lack of attention or his ambivalence in starting a family, she chose to indulge. Perhaps Eve was an emotional eater. But as Eve soon discovered, neither the bite, nor the whole fruit fulfilled her as she had hoped. Not only did she realize she was naked but that she had contempt for the way she looked. Perhaps Eve suffered with body dismorphia. Eve tried to stop eating the forbidden fruit and eventually avoided eating altogether but that didn't work and she ended up eating until she could no longer breathe. The point of this is that Eve lost her intuitive ability to nourish herself. She no longer had balance in her life and was willing to do any and everything to get that back. Maybe Eve didn't exist. Maybe the stories that were told are not as important as the stories we tell ourselves. In my journey I have sought to uncover the knowledge and balance which have brought me to a greater awareness of health and this is what I wish to share with you.
Nike Roshe Run Men Hyper Blue Yellow
Men Nike Free Run 2 Black White Green
Women Nike Free Run 3 Black Silver White
Nike Free 3.0 Light Bone Reflective Silver Iguana Green Men
Men Nike Free Run 2 Shield Grey Black Turquoise Grey
Men Nike Free Run 4.0 Dark Grey Reflect Silver Total Orange
Men Nike Free Run 2 Grey White Blue Black
Men Nike Free Run 3.0 V4 Dark Grey Electric Green Wolf Grey
Nike Roshe Run Men Obsidian Volt
Nike Roshe Run Men Volt Cool Grey