The dividend is very important to our shareholders and we have the flexibility to continue that dividend.
Michelle Clark (Morgan Stanley): On the other segment line what specifically happened there during the quarter from an operating margin standpoint and how should we be thinking about that line item for 2009?
Stuart Burgdoerfer: We had some decline in Mast profitability offset by expense favorability. That would really be the key thing to understand about the fourth quarter.
As it relates to the other segment going forward for the full year 2009 we would expect the other segment to have a somewhat lower net loss, fundamentally by expense favorability somewhat offset again by a decline in Mast profitability.
Jeff Stein (Soleil Securities): Could give us some indication for the full year where you see SG&A.
Amy Preston: We expect SG&A expense to be down by $150 million.
Jeff Stein (Soleil Securities): On the systems roll out at Victoria''s Secret several years ago when you implemented the Bath and Body Works roll out there were some issues and what did you learn from that experience and are you confident you can complete the roll out without similar mishaps?
Martyn Redgrave: When we implemented the supply chain systems at BBW in 2006 we did experience a lot of stabilization issues. We do feel those systems are now paying back and in terms of efficiency speed and cost and in stock positions in the stores at BBW.
We are planning to implement another phase of those same systems at Victoria''s Secret stores this summer. An important difference in the approach is, we implemented the store scene and production part of the systems in 2008 so the Mast Industries business which is basically manufacturing for to DC for has already been implemented.
That was a major global implementation that took place in March and April of 2008 and it is now and has been up and running for the past 8-9 months and is working well in terms of that part of the business.
We will be implementing for the Victoria''s Secret stores the distribution center to the store floor if you will, just trying to keep it in a supply chain terminology.
These are also systems from a technology point of view that are the same as those that have been running now for the past 2.5 years in our businesses.
So we are not actually implementing any new technology. We are obviously moving the Victoria''s Secret stores organization onto that technology and there is a major change in the way they will be doing business to utilize these new tools.
So there will be a stabilization period after the cut over in the summer but we are confident that stabilization period will be more manageable and less disruptive than it was for BBW.
Jeff Stein (Soleil Securities): The gross margin pressure that you expect to see in the first quarter is any of it related to the re-stage at Bath and Body Works and potentially some inventory mark downs to clear old products?
Amy Preston: We have been clearing the old product starting in December and our semi-annual sale in January so we are actually in a really good position today.
Janet Kloppenburg (JJK Research): On the $29.95 bra event, has that been sourced at margins that were acceptable for the brand and could we see more of that kind of activity but maybe with some lower opening price points?
Sharen Turney: We do have good margins. It is not at our optimal margin rate at that price point. It is a great, every day bra.
We are actually looking at all of our good/better/best pyramid in use in fashion and so we are going to be very strategic in terms of how we approach this.
You will definitely see improved cost and while we see more promotional shopper price points again it is going to be strategic depending on the bra but we will have a good/better/best strategy.
Janet Kloppenburg (JJK Research): On the Signature collection what upgrades could we see in that line through fiscal 2009?
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