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Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Target Corporation's Fourth Quarter Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in the question-and-answer session. As a reminder, this conference is being recorded Wednesday, February 27, 2013.
I would now like to turn the conference over to Mr. Gregg Steinhafel, President and Chief Executive Officer. Please go ahead, sir.
Gregg W. Steinhafel - Chairman, President and CEO: Good morning, and welcome to our 2012 fourth quarter earnings conference call. On the line with me today are Kathee Tesija, Executive Vice President of Merchandising and John Mulligan, Executive Vice President and Chief Financial Officer.
This morning, I will provide a high level summary of our fourth quarter and the full year 2012 results and strategic priorities as we enter 2013 and Kathee will discuss category results, guest insights, and upcoming initiatives; and finally, John will provide more detail on our financial performance along with our outlook for 2013. Following John's remarks, we'll open the phone lines for a Q&A session.
As a reminder, we're joined on this conference call by investors and others who are listening to our comments today via webcast. Following this conference call, John Hulbert and John Mulligan will be available throughout the day to answer any follow-up questions you may have.
Also, as a reminder, any forward-looking statements that we make this morning are subject to risks and uncertainties, the most important of which are described in our SEC filings.
Finally, in these remarks, we refer to adjusted earnings per share, which is a non-GAAP financial measure. A reconciliation to our GAAP results is included in this morning's press release posted on our Investor Relations website.
We are very pleased with our fourth quarter financial performance, which reflects outstanding execution by our team during a volatile and promotional holiday season. Our U.S. operations generated fourth quarter adjusted earnings per share of $1.65, 10.1% above last year and in line with our prior guidance, even though sales fell short of our expectations.
Our fourth quarter GAAP earnings per share were $1.47, reflecting Canadian Segment dilution that was slightly favorable to our expectations. As we previously reported, fourth quarter comparable store sales in our U.S. Retail Segment grew 0.4% compared with an expected increase of 2% to 3%. In addition, our holiday season sales became even more concentrated around Black Friday and in the days leading up to and just after the Christmas holiday.
This presented challenges for both our merchandising and stores teams who did an excellent job maintaining profitability, adjusting receipts to mitigate markdown exposure and maintaining outstanding guest service while delivering productivity improvements.
We're very pleased with fourth quarter sales in our digital channels, as online and mobile sales grew faster than industry averages. As a result of our efforts to improve the website throughout 2012, key performance metrics are meaningfully improved and our mobile sales and traffic are growing at a triple-digit pace off a much smaller base.
As we described in the past, our investments in the website and mobile technology drive guest engagement with Target and lead them to shop more across all of our channels.
For example, following the launch of free wireless in all of our stores in the fourth quarter, Target.com was by far the site most commonly accessed by guests while they were shopping in our stores. As Kathee and John will describe in more detail, our plans for 2013 reflect our ongoing commitment to investing in a robust multichannel experience for our guests.
Our U.S. Credit Card Segment maintained its long string of outstanding quarterly results as the portfolio is producing healthy profits in conjunction with very favorable risk metrics. We are working to complete the sale of our portfolio to TD Bank Group and expect the transaction to close in this quarter. John will provide more detail in a few minutes.
When we step back and view the year just ended, we are proud of the ambitious strategic agenda and financial results we delivered. Beyond our multichannel initiatives and significant work in Canada to prepare for this year's openings, we're very pleased with initial performance of our first five CityTarget stores, where we're seeing robust sales in traffic as well as favorable payroll expense and gross margin mix, and we're thrilled that our efforts on this unique urban format we recognized earlier this month when Fast Company magazine ranked Target among its top 10 most innovative companies.
As we continue to hone the operational model for CityTarget, we will apply what we learned across all of our formats in the U.S. and Canada.
In our Canadian Segment, preparations for our market launch are reaching their peak. We expect to open our first 24 Canadian stores by early April, and after more than two years of effort, our Target Canada team is eager to welcome their first guests and begin generating sales. The former Zellers sites are being completely transformed into a brand new Target stores that looked terrific and feature our latest thinking in terms of layout, fixtures and design. For the year, we expect to open 124 Canadian Target stores in five waves before the Christmas holiday season. This ambitious launch has required the team to be both nimble and disciplined, setting an outstanding example for the entire organization.
In addition to Canadian store openings we're planning to open 15 to 20 new stores in the U.S. this year, including three additional CityTargets. Net of closings and relocations, we expect these openings will add 10 to 15 new locations to the chain. Combining these expected U.S. store openings with our Canadian expansion plans, we expect to open many more new stores this year than any other year in our history. Also, and keeping with our commitment to invest in our existing stores, we plan to remodel just over 100 of our stores in 2013. This is a more moderate pace than in each of the past three years as the majority of our stores now reflect our newly reinvented general merchandise format. This layout is much more appealing to our guests and incorporates a deeper food assortment, merchandise reinventions across the stores and a more visually compelling shopping environment.
As we enter 2013, we will plan appropriately as the U.S. economy is growing at a painfully slow rate and unemployment remains persistently high. While there are some encouraging signs in the housing market, volatility in consumer confidence, the payroll tax increase and rise in the price of gas, all present incremental headwinds. Given these new challenges facing an already sluggish economy, we have a tempered view of the near-term sales environment. However, as we have seen in the past, our guests are quite resilient. We will be vigilant in monitoring our business and our teams will be ready to capitalize on unexpected strength as they demonstrated in the first quarter last year.
We believe that we are well positioned to succeed even in this uncertain environment. We'll focus on providing unbeatable value and back up that commitment with our newly enhanced price match policy which now covers offers from key online competitors year round. We're also committed to taking smart risks on bold innovative ideas and learning quickly from the results.
We'll raise the bar in differentiation providing our guests unique products and experiences at affordable prices. And as Kathee will online in more detail, we will continue to partner with designers on unique collections that embody the Expect More side of our brand promise and remind guests why Target is special.
In addition to investments in our stores, website and award-winning mobile apps, Target REDcards provide a key platform for our loyalty initiatives. We are seeing continued strong growth in the penetration of sales on these cards, as REDcard guests respond to the opportunity to save 5% on practically every purchase, receive free shipping every time they shop on Target.com and benefit from an extended return policy.
As I reflect on 2012, I'm incredibly proud of what the Target team has accomplished. As John will outline in a few minutes, we performed very well against all of our financial goals for the year, keeping us on track to attain our long range financial objectives, despite a challenging environment.
Beyond these financial goals, a year ago we had an ambitious list of priorities for 2012, including improving the performance of Target.com following our platform relaunch in 2011, an unprecedented effort required in Canada to finish three distribution centers, begin renovating stores, build an IT solution and hire thousands of Canadian team members, launching a completely new urban format with our first five CityTargets, finding the right partner to purchase our credit card receivables assets on appropriate financial terms, and transitioning two key positions on our executive management team. While this was a bold agenda, our team embraced it and emerged from the year with more energy than ever.
As I mentioned, we made meaningful progress on the website, CityTarget is an operational and financial success, Canada is on track, and we're on the verge of closing the sale of our credit card receivables, and importantly we've added two outstanding members to our executive management team in Jeff Jones and John Mulligan.
The challenges facing us in the year ahead are more short-term in nature and I'm confident in the clarity of our strategy, the power of our brand, and the strength and commitment of our talented team to achieve our goals and deliver another year of outstanding results in 2013. In other words, we are quite optimistic about our ability to successfully compete in a dynamic retail environment while generating meaningful shareholder value over time.
Now, Kathee will provide more detail on the fourth quarter results and outline initiatives for the first quarter and beyond. Kathee?
Kathryn A. Tesija - EVP, Merchandising and Supply Chain: Thanks Gregg. Though we fell short of our overall sales goal for the fourth quarter, we were pleased that we grew comparable store sales in four of our five merchandising categories and that we sustained our profitability in the face of choppy consumer spending and an intensely competitive environment.
Consistent with the rest of the year, fourth quarter comparable store sales were strongest in our less discretionary frequency businesses, which saw growth in the low to mid-single-digits. In both of our discretionary home and apparel categories, fourth quarter comparable store sales increased in line with the Company average and saw rapid growth in our digital channels.
Fourth quarter comparable stores sales in hardlines declined in the mid-single-digit and were softest in electronics. Many more electronics categories are in mature stages of the product cycle and during the holiday season, electronics constitutes the primary battleground where competitors engage in their more most irrational promotions. In toys, overall fourth quarter comparable store sales were down slightly overall, but increased about 30% through our digital channels.
When we look back at our 2012 results, we are pleased that we also grew full year comparable store sales in both home and apparel while research indicated that our guests were focused on reducing discretionary spending overall. We achieved this outcome by gaining meaningful wallet share from our best guests and loyalty initiatives played a key role through three separate programs in 2012. First, our PFresh remodel program is designed to drive more trips among our core guests by offering them more convenience and the ability to do more of their shopping in a store layout they love.
Second, our 5% REDcard Rewards program let our guests regardless of their previous level of engagement to increase their shopping frequency and spending dramatically. Our research shows that on average, REDcard guests shop almost two times more per month than guests without a REDcard and these guests shop 2.5 more departments per visit compared with non-REDcard guests.
Finally, our newest loyalty program, Pharmacy Rewards saw phenomenal success in 2012. Pharmacy guests are already among our best guests, shopping about three times more often than a non-pharmacy guest. However, Pharmacy Rewards guests are even more valuable, shopping on average more than 50% more often than our already valuable pharmacy guests. Notably, these programs complement one another, driving even stronger guest loyalty and incremental sales. For instance, guests participating in both 5% Rewards and Pharmacy Rewards shop more often and spend more across the store than guests who participate in only one of these programs.
Throughout 2013 and beyond, we will explore ways to extend these programs and find new ways to drive guest engagement traffic and sales.
As Gregg mentioned, fourth quarter sales grew in our digital channels – was quite strong, having accelerated throughout the year as we improved site stability and speed, while enhancing search and navigation. These investments are clearly driving higher overall guest satisfaction, and with our continued focus on expanded content and site functionality, we expect continued improvement in 2013.
We're also seeing amazing growth in traffic and sales through our mobile platforms. Mobile purchases now constitute more than 7% of our digital sales and mobile traffic is now more than 25% of our overall digital traffic. Guests are responding to this significant enhancements we made to our mobile offering in 2012, including improved design and navigation, becoming one of the first retailers to participate in Apple's Passbook, and rolling out a wayfinding pilot in select stores.
As mobile continues to grow in importance, we will focus on creating in-store guest experiences and testing new technologies that make smartphones an even more useful shopping companion with enhanced mobile product search, maps, and shopping lists. We're also exploring ways to integrate relevant product offers and promotions with the in-store mobile shopping experience, and of course as a member of MCX, the Merchant Customer Exchange, we're involved in a collaborative effort among a broad group of top U.S. merchants to develop a mobile payment system that's widely accepted, secure, and easy and convenient for our guests to use.
In 2013, we're planning to increase our investment in technology and supply chain to enhance our multichannel capabilities. We will apply a test-and-learn approach to discover what our guests value most, while assessing the impact on our operations. Our goal is to leverage existing assets to enable more flexible fulfillment of our guests' shopping needs in a way that makes sense both operationally and financially.
In 2012, through small pilots in the Twin Cities and San Francisco, we planned to test the ability for guests to pay online and pick up in store, the ability for guests to pay in one store and pick up at another store, and the ability to pay online and have items shipped from a store including the option for same-day delivery. We believe these tests will provide valuable information as we continue to shape our multichannel strategies. Ultimately, we expect to evolve towards more integration across our inventory and supply chain in which our stores, regional distribution centers, and web fulfillment centers all interact seamlessly to satisfy guests' wants and needs through all our channels.
After improving gradually in 2012, consumer sentiment fell sharply in the fourth quarter, reflecting turmoil surrounding the fiscal cliff and overall political uncertainty. In addition, more than 50% of U.S. consumer believe that the economy will either remain the same or get worse in 2013 and 85% indicate they expect the economy to impact their lifestyle for the next several years. Beyond these potential headwinds into consumer spending the average U.S. household will see a $1,000 reduction their after-tax income as a result of the recent increase in payroll tax rates. However, even in this challenging environment, we expect to win by strengthening guest loyalty and driving increased sales through merchandising that supports both sides of our Expect More. Pay Less. brand promise. We'll continue to match prices on identical items offered by both store-based and online competitors and will offer guests affordable products and experiences that allow them to treat themselves and their families while staying within their budgets.
For example, in apparel, we are very pleased with the response to our current designer partnership, Prabal Gurung for Target. Prabal is one of the most celebrated designers in the fashion industry and this collection embodies his signature style and design aesthetic, all at affordable prices. The Prabal Gurung for Target collection features ready-to-wear, handbags, shoes, and jewelry that provide key differentiation for Target this spring. We're also very pleased with the response to our partnership with Sports Illustrated and their swimsuit issue. As you know, spring swimwear is already a signature business for Target. Through this collaboration Sports Illustrated is creating its first style guide which will feature original content from the publications esteemed editorial team, specifically geared towards their female readers. This partnership reinforces Target as a swimwear destination by allowing us to reach a unique audience with our on-trend affordable offering.
Also this spring, Target is collaborating with Kate Young, one of the most influential stylists in the fashion industry to introduce a limited edition collection of women's apparel, accessories, and shoes. We've worked with Kate as a stylist for years, but for this project she took on the role of designer, translating her unique aesthetic and ability to create memorable red carpet moments into a standout collection for women. The Kate Young for Target collection will be available beginning April 14th at all Target stores and Target.com.
In home, we continue to build on the success of the Nate Berkus collection, which launched last fall. This collection includes more than 150 home products, with prices ranging from $6 to $150, featuring stylish and relatable pieces that feel like they were collected over time and designed to be easily layered into existing decor. We'll be adding new items to this ongoing collection in 2013.
Throughout the spring, we'll continue to roll out our threshold brand to replace Target Home. Initial results from this brand launch have been favorable as guests respond to this fully redesigned, high quality collection that's inspiring guests to update their homes.
In entertainment, we're following up our very successful fourth quarter partnership with Bruno Mars, and One Direction, with an exclusive version of Josh Groban's new album, All That Echoes, which launched February 5. And we were very excited to announce our latest partnership with Justin Timberlake during the Grammy Awards earlier this month. Target will offer an exclusive version of Justin's latest release, The 20/20 Experience, featuring two exclusive tracks available at Target and Target.com beginning March 19.
In electronics, we continued to focus on service as a value-added differentiator for our guests. In the fourth quarter we announced that we would be ending our current relationship with RadioShack in our mobile phone business and would begin working with Brightstar to provide supply chain and point-of-sale activation and market source as our new in-store labor partner. This change demonstrates our continued commitment to mobile as a key element of our electronics offerings and we believe it will enhance Target's position in the wireless retail marketplace. This transition will occur in early April.
Also as you know, last October we launched a test with Geek Squad to provide in-store service agents in 20 Denver Target stores. Based on positive feedback from our guests, Target expanded this test by offering Geek Squad service and replacement plans in 20 stores in Kansas City beginning February 17. Future partnership plans will be determined following the results of these tests.
Finally, our beauty category continues to experience very strong and consistent growth on an assortment that generates better than average profitability while serving as a key differentiator for Target. As you know, last year we began testing a store service program in which dedicated consultants offer friendly guidance and expertise for guests shopping our beauty area. Based on 2012 results, in 28 Chicago area test stores we are looking to expand this program to additional markets in 2013 and beyond.
While we remain cautious about the economy and its impact on consumer spending, we are confident in our brand, our strategy, and our merchandising and marketing plans. We believe we offer an unbeatable balance of value and excitement on both wants and needs that continues to drive guest loyalty and engagement with Target.
Now, John will share his insights on the fourth quarter and full year performance and outlook for 2013. John?
John J. Mulligan - EVP and CFO: Thanks Kathee. As Gregg, mentioned, we're very pleased with the performance of our business, particularly in the face of an intense holiday season promotional environment. Our fourth quarter adjusted EPS of $1.65 is 10.1% above last year and reflects solid performance in our U.S. Retail Segment combined with continued outstanding performance in our U.S. Credit Card Segment. Fourth quarter GAAP EPS was $1.47, $0.02 above last year as growth in adjusted EPS was offset by Canadian Segment dilution.
Before I provide more detail on our fourth quarter performance and our outlook for 2013 I want to pause briefly to recap our full year 2012 performance. One year ago in my first quarterly call with all of you I explained our plans which will keep us on track to attain our long range financial plan of generated $8 or more in EPS on $100 billion or more in sales in 2017. That 2012 plan was based on the following expectations across our three segments.
U.S. comp store sales growth of 3% or more; continuation of our very healthy U.S. Retail EBITDA and EBIT margin rates of 10% and 7% with a moderate decline in our gross margin rate offset by leverage in SG&A and D&A; an increased REDcard penetration of 300 basis points or more throughout the year; a decline in the size of our Credit Card portfolio of $500 million or more with a portfolio spread to LIBOR of 7% or better; and about $0.50 of EPS dilution related to our Canadian market launch.
I also outlined that in 2012 we expected to invest a total of $3.3 billion between the U.S. and Canada, continue our uninterrupted record of paying quarterly dividends, increase the annual dividend during the year and invest $1.5 billion or more to repurchase our shares. Altogether, these expectations combine to an expected range of $4.55 to $4.75 in 2012 adjusted EPS and an expected GAAP EPS range of $4.05 to $4.25, reflecting expected Canadian dilution.
Today, when you compare our actual 2012 performance against all of these metrics, you'll see we met or exceeded all of them, except for U.S. same store sales, which we missed by 0.3 points.
Altogether, we earned full year 2012 adjusted EPS of $4.76, above the range going into the year. GAAP EPS ended up well above its expected range, reflecting adjusted EPS performance, lower than expected dilution in Canada and the gain we recognized on our credit card receivables held-for-sale.
This gain reflected the attainment of another one of our goals, to reach an agreement to sell the receivables portfolio to the right partner on appropriate terms. I want to thank the entire Target team for their contributions to the achievements of our strategic and financial goals in 2012, a remarkable accomplishment, particularly in light of the environment we faced.
In the call a year ago, both Gregg and I outlined that our expectations for U.S. Retail Segment sales were stronger in the first three quarters of 2012, and more modest in the fourth quarter. It's clear that we got the cadence right, but the contrast between the first three quarters and the holiday season was even more pronounced that we expected.
With that as context, let's turn to the specifics of our fourth quarter segment results. In U.S. Retail Segment, fourth quarter comparable store sales increased 0.4%, driven by a 1.4% increase in average ticket which offset a 1% decline in comparable store transactions. As we mentioned several times throughout 2012, our fourth quarter Retail strategy which focused on providing relevant offers to core guests, profitably growing sales and market share from guests who want to shop with us all year long. We believe this strategy was effective, because despite softer than expected sales, our teams managed the business effectively and retail profitability held up remarkably well.
Our fourth quarter gross margin rate was about 60 basis points below last year, reflecting the ongoing impact of 5% Rewards and our remodel program, combined with clearance markdowns on seasonal inventory.
In the fourth quarter, our team managed SG&A expense incredibly well, leading to a small amount of rate leverage. This is something we generally wouldn't expect on a 0.4% comp, particularly when our sales plan for the quarter was higher. This performance is even more noteworthy because we were able offset incremental expenses related to technology investments in multichannel and other initiatives. This pressure was offset by continued expense discipline across the organization, and once again our stores team was able to generate meaningful productivity improvements while providing great guest service.
We also experienced fourth quarter leverage on the depreciation and amortization expense line, reflecting the moderate pace of U.S. capital investment in recent years, combined with the benefit from the 53rd week of sales in this fiscal year.
In our U.S. Credit Card Segment, performance in the fourth quarter was outstanding once again. Portfolio spread to LIBOR was $30 million higher than last year, a 27% increase, even though average receivables were more than 4% lower than the year ago. Portfolio profitability continues to benefit from historically low delinquency and write-off rates that continue to improve. I want to thank our Financial Services team. The quality of our receivables portfolio reflects their dedication and effort in managing through a recession and credit crisis worse than many of us thought possible. The superior performance and profitability of this asset enabled us to reach a sale and servicing agreement with TD Bank, a premier financial institution that shares our goals for portfolio growth and profitability.
In our Canadian Segment, we're pleased with the plans we have in place and we're on track to open our first 24 stores this quarter. In the fourth quarter, we recorded expenses related to investments in technology, supply chain, store renovations and the team as we continue to ramp up our efforts to open more stores in Canada in 2013 than any single year of U.S. store openings in our history. These activities drove $118 million of SG&A expense in the fourth quarter, which along with D&A and interest expense associated with the segment, reduced our fourth quarter GAAP EPS by $0.18.
Even as we prepared for peak Canada capital investment in 2013, our business continues to generate ample cash to allow us to fund investments in our business, support the dividend and engage in share repurchase. In the fourth quarter, we invested about $645 million to retire more than 10.4 million shares. This means that combined with the dividend we returned nearly $900 million to our shareholders in the fourth quarter, representing more than 90% of net earnings.
Now, let's turn our attention to our plans for 2013. This year will clearly be a year of transition which will result in some unique dynamics in our P&L. First, when we close the receivables sale with TD Bank Group, we will recognize non-recurring accounting items related to the sale and discontinue reporting our U.S. Credit Card segment. At the same time, in the U.S. Retail Segment, we will begin recognizing income from profit sharing net of account servicing costs as an offset to SG&A expense. On an annualized basis, we expect this change will reduce our U.S. Retail Segment SG&A rate by about 30 basis points, leading to an equivalent increase in our U.S. Retail Segment EBITDA and EBIT margin rates.
Of course, the impact of full year 2013 will be less than its annualized impact. The fiscal year has already begun and we have not yet closed the transaction. One housekeeping note; my guidance today will compare against last year's financial results which included separate Retail and Credit Card segments. Once we have closed the receivables sale, we will report performance of a single U.S. Segment and compare against restated prior year results, which combine the results from the former U.S. Credit Card segment and U.S. Retail Segment.
To provide clarity on these restated comparisons, after the sale closes, we plan to furnish three years of quarterly restated U.S. Segment results. While we don't have a definite closing date, we're confident it will occur before the end of the first quarter. Second, in the Canadian Segment, we expect to transition from recording meaningful quarterly dilution in the year, to recognizing accretion by the fourth quarter. Finally, I need to briefly discuss the geography change on a U.S. Retail Segment P&L that will influence gross margin and SG&A expense rates in 2013.
Beginning this year, we've made changes to our vendor agreements regarding payments received in support of our marketing programs. As a result, beginning in fiscal 2013, these payments will be accounted for as a reduction in our cost of sales, rather than a reduction to SG&A expense. This change will create equivalent year-over-year increases in both our gross margin and SG&A expense rates of 20 to 25 basis points, without affecting our U.S. Retail EBITDA and EBIT margin rates.
So, as you can see, we have a lot of changes that will create some noise in our numbers throughout the year. With that context, let's begin with the look at our 2013 expectations for our U.S. Retail Segment.
As Gregg mentioned, we are ending the year with a cautious view in light of heightened economic uncertainty which challenged consumers are now facing additional pressures including rapidly rising gas prices and the payroll tax increases. We're planning full year 2013 comparable store sales to grow in line with our 2012 rate of 2.7%. This growth will be combined with a moderate benefit from new square footage and offset by the comparison against this year's 53rd week, meaning total sales are expected to grow about 2%.
We expect a slightly higher U.S. Retail gross margin rate, reflecting the vendor payment geography shift I mentioned above, combined with category rate improvements which should offset ongoing pressure from 5% Rewards and our remodel program.
We also expect to see a slight improvement in our U.S. Retail SG&A expense rate for the full year. This expectation reflects continued discipline throughout the organization, along with the benefit from Credit Card profit sharing, which will offset the geography shift in vendor payments and continued pressure from investments in technology and supply chain, including multichannel. Those investments are expected to be worth $0.20 to $0.25 of EPS in 2013.
Altogether, we expect that 2013 U.S Retail Segment EBITDA margin rate in the range of 10.3% and an expansion of the U.S. Retail Segment EBIT margin rate to around 7.5%, reflecting very healthy underlying performance, combined with the impact of the receivables transaction I discussed earlier.
We expect to invest about $2.3 billion in the U.S. in 2013. While that amount is in line with our U.S. capital investment in 2011 and 2012, the mix continues to shift toward investments beyond our stores. In fact, for 2013 the sum of our U.S. investments in supply chain and technology, including multichannel, will likely be as high as our investments in new stores and remodels.
In the U.S. Credit Card Segment, we expect the portfolio to continue to slowly decline in size until it stabilizes at between $5.5 billion and $6 billion. We expect the portfolio will continue to generate outstanding profitability, both before and after they're sold to TD Bank Group and we expect delinquencies and write-offs to stabilize in your current historically low levels.
As I mentioned before, we continue to expect to close the deal before the end of the first quarter causing GAAP EPS to reflect some one-time items, including a gain on sale and the recording of a beneficial interest receivable on our balance sheet. We posted a document outlining those expected impacts last October when we announced the agreement and it's still available on the website. If you have additional questions about these one-time items, John Hulbert and I will be happy discuss them with you after this call.
Beyond expected one-time items that will exclude from our adjusted EPS measure, we continue to expect the transaction will reduce our adjusted EPS by about $0.10 in the 12 months following the closing compared with a scenario in which we kept the portfolio. This impact reflects the sharing of a portion of the portfolio profits with TD, partially offset by the benefit of reduced interest expense and lower share count as we deploy proceeds from the sale. We expect to provide more color on the impact of this sale once the closing date for the transaction is known.
Turning to the Canadian Segment, as we've discussed with many of you, the sites we obtained in the Zellers deal were extremely well located with very attractive leases, were notably smaller than stores we opened in the U.S. and in very poor physical condition. As a result, when we announced the Zellers deal, we indicated that we expected to invest $10 million to $11 million per existing building to make them into brand new Target stores. Also, at that time, we indicated that we were working with Canadian landlords to understand which of those sites might have adjacent open space and whether we would have an opportunity to invest capital in an expansion when it made financial sense. As a result of these discussions, I'm happy to tell you that of the 124 stores we expect to open in 2013, we have decided to expand 40 sites beyond the space they occupy the Zellers stores, creating more than 600,000 square feet of incremental retail selling space.
For each expansion we've made a separate underwriting decision in which we measure the added investment against the incremental cash flow we believe a larger building will generate. All-in, we expect to invest about $1.5 billion of capital in the Canadian Segment in 2013, as we complete renovations and expansions for this year's openers and begin work on additional stores to open in 2014.
In 2013, we expect Canadian Segment to generate approximately $0.45 of dilution to our GAAP EPS, as the cost to open and operate Canadian stores, along with the depreciation related to our capital investments, offset the profitability we generate from locations after they open. Dilution is expected to exceed $0.45 through the first three quarters, after which we expect the segment to contribute several cents of positive GAAP EPS in the fourth quarter.
Even with total 2013 capital investment close to $4 billion, we expect to return meaningful amounts of capital to shareholders. Specifically, we expect to continue our uninterrupted record of paying quarterly dividend and we will recommend that our Board approve another increase to the annual dividend later in the year.
In addition, in 2013, we expect to be able to invest another $1.5 billion or so in share repurchase beyond the $600 million or more we expect to invest in share repurchase as a result of the receivables sale.
Finally, we expect our 2013 effective tax rate to be in the range of 35.7% to 36.7%. Altogether, these expectations lead to a full year 2013 adjusted EPS in the range of $4.85 to $5.05.
Many of you will note that the center point of this range will put us slightly below the smooth path to attaining our long range financial plan in the U.S. This reflects the fact that 2013 is indeed a year of transition, including an expected $0.08 to $0.09 of near-term dilution to adjusted EPS from the receivables sale that should (indiscernible) (neutrality) and ultimately accretion over the next few years. We remain fully committed and on track to attain our long-range financial plan of $8 or more in earnings per share in 2017.
For full year 2013, we expect full year GAAP EPS will be about $0.15 lower than adjusted EPS, reflecting $0.45 of dilution related to our Canadian Segment, offset by one-time accounting impacts of the receivables sale.
Let's turn finally to our expectations for the quarter. In the U.S. Retail Segment, as you know, in addition to economic uncertainty we face a tough comparison due to exceptionally strong sales we delivered in the first quarter last year. As a result, we expect to generate first quarter comparable store sales growth of zero percent to 2% in the U.S.
Like others have reported, sales results have been softer than expected so far in February and daily volatility has been elevated. Yet trends have improved somewhat as the month has progressed and it's still early in the quarter, so we believe our guidance is appropriate.
In the U.S. Retail Segment we expect our first quarter EBITDA margin rate to be somewhat higher than last year, driven by improvements in both our gross margin and SG&A expense rates. Our gross margin forecast anticipates category rate improvements combined with the impact of the vendor payment geography shift, which are expected to offset ongoing pressure from 5% Rewards and our store remodel program.
Our SG&A forecast anticipates continued expense discipline throughout the organization combined with the impact of a receivables portfolio profit sharing, which we expect to offset vendor payment geography and continued pressure from our multi-channel investments. We also expect some leverage on D&A compared with last year. Together these expectations for our U.S. Retail Segment lead to expected first quarter adjusted EPS of $1.10 to $1.20.
Looking to Canada, we expect that the first quarter will mark the peak of dilution attributable to this segment at about $0.23. However, this is expected to be more than offset by accounting gains from the receivable sale, leading to an expectation of first quarter GAAP EPS in the range of $1.22 to $1.32.
One comment on the expected cadence of the U.S. sales throughout 2013. It's been our first quarter outlook, we obviously expect comparable store sales growth to strengthen later in the year, namely, in the second and third quarters. Like last year we have an appropriately tempered view of fourth quarter sales.
As I mentioned earlier, 2013 will be a transition year, not just for our P&L, but for our capital plan as well as we expect peak investment in Canada, the mix of our U.S. capital investment to move increasingly in the technology distribution in support of our multi-channel strategy and we divest our credit card receivable assets. Following this year, our current view of 2014 has us fully on or above the path outlined in our long range financial plan, benefiting from Canadian Segment accretion and a meaningful increase in the amount of capital available to return to our shareholders through dividends and share repurchase.
With that, I'll turn it back over to Gregg for a few brief closing remarks.
Gregg W. Steinhafel - Chairman, President and CEO: Thank concludes today's prepared remarks. Now, Kathee, John and I will be happy to respond to your questions.
Operator: Mark Wiltamuth, Morgan Stanley.
Mark Wiltamuth - Morgan Stanley: Could you give us a little outlook on what free cash flow is going to look like once Canada is over on the $1.5 billion of spend and where do you expect to deploy that? Is it going to be tilted more towards share repurchase or how do you look at that?
John J. Mulligan - EVP and CFO: Obviously, this year 2013 will be peak capital investment in Canada; about $1.5 billion. Next year, going forward, CapEx for the U.S., we'd expect something similar, perhaps growing a little bit to $2.5 billion, something in that range; Canada, dropping to somewhere, we're still opening a fair number of stores, $0.5 billion, perhaps a bit more than that, so we would expect free cash flow to expand, especially in light of Canada operations become accretive. As far as what we would intent to do with that, we've said, first, by 2017, assuming we get to $8 a share, we'd expect the dividend to be at $3 a share or more. So, we'd expect to continue to increase the dividend at a rate approximately 20% on a compound basis over the next several years. And with the constraint of living within our current strong investment-grade current ratings, we'd expect to deploy the remainder of our excess cash flow at share repurchase.
Mark Wiltamuth - Morgan Stanley: And can you give us a little more color on the Canada dilution of $0.45? I think that's bigger than a lot of people were expecting, and it sounds like a lot of it's related to the capital spending decisions, but if you could walk us through that a little bit?
John J. Mulligan - EVP and CFO: Yeah, I think that's right, Mark. When we look back on where we're at right now with Canada, we feel really good about where we're at right now with Canada, we feel really good about where we're at and our projections for returns in Canada. If we look back a year ago or even two years ago when we signed the deal, the projected EBITDA for this quarter – or for this year, excuse me, is essentially right on where we thought it would be. The dilution is a bit higher even than we expected perhaps a year ago and all of that is attributable to independent capital investment decisions we've made, whether that's investing in three distribution centers to build them and own them ourselves, or the 40 store expansions that I mentioned that we worked through over the past year. So, most of the increase from our vantage point is attributable to incremental depreciation and amortization. And of course, those capital investments were separate economic decisions and we expect to see economic benefit to that P&L through time, but the sequencing is that the depreciation and amortization shows up first.
Mark Wiltamuth - Morgan Stanley: And also, you talked about the percent rent clauses in Canada, I know you got out of some of those?
John J. Mulligan - EVP and CFO: Yeah, the property development team had did an outstanding job working with some very good partners; our landlords in Canada, and the vast majority of the percent rent clauses which of course never impacted Zellers have been negotiated away. The percent rent is not a meaningful issue for us going forward.
Operator: Greg Melich, ISI Group.
Greg Melich - ISI Group: I had a couple of questions. First, John, on the leverage, once credit is gone, we get your debt-to-EBITDA around 1.7, 1.8. Could you put some context into how high you think that can or should go given everything in terms of being great credit ratings, you take the dividend out; should we model sort of a 2 as a cap or how should we think of that?
John J. Mulligan - EVP and CFO: Yeah, I think what I would say Greg is, right now as we look at the Retail business and model that, we've always modeled that kind of independently of the Credit business given the different leverage characteristics as you noted. We think the Retail business right now is probably pretty close to the top end. There maybe a little bit of room, but we think it's near about where the leverage which will support our current credit rating is at.
Greg Melich - ISI Group: So, the incremental buyback is really the equity from the Credit business, plus some…
John J. Mulligan - EVP and CFO: Correct. For our 2013, that's correct.
Greg Melich - ISI Group: Then secondly and maybe a bigger question for Kathee or Gregg. The REDcard growth compared to say three years ago has I think beaten all of our expectations, certain mine. It looks like last year it was up over 50%. Could you help us understand a little bit more about that 50% in REDcard sales? How much of it is from new REDcard members, how much it is existing members spending more? Anything you could provide there would be helpful.
John J. Mulligan - EVP and CFO: Sure. The increase in REDcard sales is a mix of both of Greg. Certainly the new accounts are creating a significant amount of that lift with the amount of accounts. You can see the increased penetration resulting from new accounts. But we have also seen an increase in lift, particularly over the first several quarters that the REDcard was out in existing accounts. The other thing I would mention the big driver here of the increase in sales as has been the case, the big driver in the increase of the whole program has been the debit card and I think from our assumptions perhaps two or three years ago when we were talking to now the debit card is the one that has really surprised us. The Credit Card has probably gone pretty much with that we thought, but the debit card, we're doing three accounts to one debit to credit now and that has been the one, the product that has been incredibly attractive to consumers who just don't want another credit card and that's really what has driven the significant increase in our REDcard sales.
Gregg W. Steinhafel - Chairman, President and CEO: The other thing that I would add, Greg, is all of our guests segments love the REDcard somewhat equally, whether you're a VIP which we would say somebody that visits us a lot and spends a lot all the way through our enthusiast convenience users least engaged. All of those segments, once they get the REDcard, move toward visiting Target more often and spending more. So, this is not just isolated in one group of demographics, it's very well dispersed and balanced and we think that's very positive attribute that that many guest segments loved the REDcard.
Operator: Sean Naughton, Piper Jaffray.
Sean Naughton - Piper Jaffray: Maybe just first, John, a clarification question on the $8 in EPS for 2017. I think before that was predicated on a 2% or more U.S. annual, U.S. store growth. Do you still thing that that's the appropriate number to get to that kind of $7.20 from the U.S. business?
John J. Mulligan - EVP and CFO: The actual assumption for the U.S. business was about three comp through time, and some years it will be a little bit above that, some years a little bit below that, but we think three comp is about the right level for our business. If you look back at our business over a really, really long period of time, back when we were running five comps, couple of hundred basis point was out, were coming from new stores as they annualized and we were in about a three comp in our base business. Over the last couple of years, since 2010, last year a little bit lower, 2011 right on, we feel like that's the right neighborhood for where we can run the business.
Sean Naughton - Piper Jaffray: Then just also on the guidance for this year and just thinking about the modeling. It sounds like you're opening up a few more ways in Canada than your normal kind of store opening cadence? Just from a modeling perspective, how should we think about some of those store openings this year? And then, just as a follow-up to the U.S., how does the real estate development market feel to you guys out there?
Gregg W. Steinhafel - Chairman, President and CEO: Well, typically in the U.S. we open stores in three cycles. Due to the number of stores we have in Canada, we're taking approach that we're going to open five cycles this year. So think, April, May and every couple of months beyond that, we're going to open somewhere between 20 and 28 stores cycle. We have defined all of that yet, but we're going to start in the Greater Toronto Area, then we're going to move to Western Canada, then we'll densify, then we'll go East and then we'll densify again. So, we've got a good plan that is centered around our supply chain investments and the readiness of our distribution centers and we just think it's – not make sense to spread out those kinds of openings over more cycles than we typically would do in the U.S.
Sean Naughton - Piper Jaffray: How does the U.S. – just real estate development market feel in the U.S.? Does it feel like it's loosening up a little bit maybe a few more opportunities or still you guys are holding back a little bit at this point and looking to be a little bit more prudent in the growth?
John J. Mulligan - EVP and CFO: No, we're not holding back at all. I mean, we're not capital-constrained, and we're pursuing every project that we can find that's going to generate the right kind of return. So, I would tell you that the commercial real estate market is pretty much status quo and hasn't changed all that much over the last couple years. There are pockets of opportunities and we're anxious to either co-develop or develop on our own or be a partner in any development that – where we believe that it's the right demographics and we can generate the right kind of returns. So, we're not holding back at all. It's just the environment is still a little cautious and a lot slower than we'd like it to be and hopefully, things will change over the next couple of years.
Operator: Peter Benedict, Robert Baird.
Peter Benedict - Robert Baird: First question, John, maybe can you give us a sense of what the revenue assumption is that's based into that $0.45 Canada dilution number for this year?
John J. Mulligan - EVP and CFO: The revenue I would tell you, continues to move around even here for the reasons Gregg just outlined. The store opening schedules continue to move around. We've only really set in place in concrete the first two. The rest of them still moving around a little bit. So, we're hesitant to provide pretty specific guidance. But what I would tell you is, the expectation is that these stores will open and grow and have a very similar annualization process to what we see in the U.S. So, I think that's probably the most important assumption and then the revenue will move around based on what stores we could open, when.
Peter Benedict - Robert Baird: Then I think in the past you guys have said that you'd expect to recapture the Canadian losses that you accrue, within two years of turning profitable. So, if you sum up the last three years – the last two years plus this year, it's a little over $1, maybe $1.10. Do you still expect to get that back in earnings from Canada from '14 or '15 or is the DNA going to make that a longer process?
John J. Mulligan - EVP and CFO: Yeah, I think you hit on it. So, it will be a little bit longer. We're not talking about five years or anything like that, but 2.5, 3 years something like that. Our current modeling would say, we'll get it back in, something like that. So a bit more than two years.
Operator: Bob Drbul, Barclays.
Robert Drbul - Barclays: Just have a question on, I guess, the fourth quarter in general. Over the past few years, you guys have really made a nice sort of tradeoff between profitability and comps and this year it seem to break down a little bit more than usual, where you've made a decision not to be a Black Friday door buster competitor, but the gross margins were down 60 basis points or so. Can you talk a little bit about sort of what you learn from the traffic being down and gross margins being down, sort of how you might attack differently in the fourth quarter of this year?
Kathryn A. Tesija - EVP, Merchandising and Supply Chain: Bob, I would say that we actually think we performed quite well on Black Friday. We saw the barbell intensify as Gregg mentioned between sort of those early sales in Black Friday and then the low and then coming back strong at the end of the holiday. For us it was more about pretty weak seasonal businesses. The weather, as you know, was very warm and our seasonal businesses which normally kick in, in early November didn't. Then with all of the, we think, economic turmoil and the elections and fiscal cliff and all of that that it created that low in between Black Friday and Christmas. So we talked about planning conservatively for this past year and we will again for next year for the fourth quarter and we think that the opportunity to pick up sales are really the other three quarters and in particular the second and third quarter this year. So we continue to manage our business. Our goal is to maintain or grow gross margins within categories. As you know, it was a very competitive year this year and what we dropped was mainly reflecting the ongoing impact of 5% rewards and PFresh combined with a little higher clearance in some of our seasonal categories. But all-in-all, I think the team did a great job of managing our inventory. We did come out very clean. Our inventory headed into the first quarter was exactly where it was last year on a per store basis. So, we feel great about that.
Gregg W. Steinhafel - Chairman, President and CEO: Yeah, the other thing I would add is you have to take a look at the mix of our business too and there was industry softness in electronics and toys which are really important to us. There was not any must-have really super-hot new products that really drove consumers into the stores, and as others have reported, the toy business was a little softer than expected. And same was true in electronics as we were post-peak in terms of the digital cycles and videogame business – in particular were softer and that's a huge business for us. So, just a cyclical nature of some of these businesses in addition to what Kathee said; caused comps to be a little bit softer than we expected, but we are not bashful about being hypercompetitive and we want to be really super-competitive every year as we head into the holiday season, but we also want to have a balanced approach in making sure that it's not all about market share. We want to gain market share, but do so profitably and trying to find that right mix and that's the approach we'll continue to take.
Operator: Dan Binder, Jefferies & Company.
Daniel Binder - Jefferies & Company: On a similar topic of competition, you obviously introduced the price match guarantee to step in the right direction, but given that that's such a very low portion of the total transactions, do you think you need to do more on just everyday price and staying more competitive than perhaps you even are today?
John J. Mulligan - EVP and CFO: Well, we're competitive day-in and day-out. I mean, we have always maintained the position that we're going to be competitive in the marketplace, and so that's the position that we've taken, and as we continue to learn more and as more business migrates to the online channels, we are going to continue to sharpen up our online prices in that channel as well and be competitive with those competitors that are most meaningful in that channel. So there will be some sharpening up there, but I would tell you we offer fantastic value day in and day out. Our pricing strategy has not changed and as we look across the competitive landscape, we're very, very well positioned.
Daniel Binder - Jefferies & Company: Just one more if I could. Can you just walk us through the path to $0.10 dilution getting to neutral over a few years, what causes that to happen on the Credit Card sale?
John J. Mulligan - EVP and CFO: Sure. The biggest impact is, the impact of share repurchase as that levers against growing profits is the short story on that Dan and we're happy to spend a little bit more time with your if you'd like discussing that. But that's the short story.
Gregg W. Steinhafel - Chairman, President and CEO: Okay. Well, thank you very. That concludes Target's fourth quarter 2012 earnings conference call. Thank you all for your participation.
Operator: Ladies and gentlemen, this concludes today's conference call. Thank you again for joining Target Corporation's fourth quarter earnings call. You may now disconnect.


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Screw everything about this huge monster of a crocodile. There is no way that this shouldn't be considered a dinosaur in all regards. I know I'm going to have nightmares just seeing this thing on the computer screen. Can you imagine seeing this beast in real life. I've be shitting bricks for weeks on end.
[click image to view full size]

subset: commoncrawl


text:
|Degree Completion E-learning Online | MS On-Campus | MS Online
Online Faculty
Anne Gwozdek, RDH, BA, MA
Director, Dental Hygiene Graduate Program
Director, Dental Hygiene Degree Completion Program
Clinical Assistant Professor
A clinician since my graduation from the University of Michigan's (U-M) Dental Hygiene Program in 1973, I have taken the term "life-long learning" literally. I obtained a Bachelor's degree in Journalism & Public Relations in 1992 from Madonna University and have served as editor of the Bulletin of the Michigan Dental Hygienists' Association (MDHA), editorial assistant for Community Dentistry and Oral Epidemiology, and contributor to other professional books and publications. I began my transition to education in 2001 as a clinical instructor at U-M and completed a Master's degree in Educational Media & Technology from Eastern Michigan University in 2007. I served as project lead in the development of the Dental Hygiene Degree Completion E-Learning and the Online Master of Science in Dental Hygiene programs and am currently Director of both. I have served in leadership positions within the American Dental Hygienists' Association and the American Dental Education Association. My research interests involve education with a focus on learning technologies and program evaluation.
Janet Kinney, RDH, MS
Director of Dental Hygiene
Clinical Assistant Professor
I guess you could say I 'bleed blue' as I completed both my undergraduate and graduate degrees at the University of Michigan (U-M). There was over a twenty year break though between completing my Bachelor of Science degree at U-M (1983)and my Master's degrees in Dental Hygiene and Clinical Research & Statistical Analysis (both 2007) when I was in private practice. Having a long span in clinical practice has helped me see the importance of practicing evidence-based dentistry as well as understanding the critical role the dental hygienists plays in helping patients make positive health behavior changes. I am currently the Director of Dental Hygiene in the Dental Hygiene Division of the Department of Periodontics and Oral Medicine and split my time between the dental school and the Michigan Center for Oral Health Research where I'm involved with several clinical research projects. My research foci are in the areas of oral fluid-based biomarkers for diagnosis of periodontal disease diagnosis and progression and the impact of curricular changes on the impact of student learning in the area of brief motivational interviewing.
Wendy Kerschbaum, RDH, MA, MPH
Associate Professor
I did both my undergraduate and graduate education at the University of Michigan (U-M), completing my Bachelor of Science in Dental Hygiene degree in 1970, Master of Arts in Education in 1972, and my Master's in Public Health in 1982. My career in academics began at U-M as a part-time clinical instructor and evolved to being the Director of Dental Hygiene. As of January, 2013 I am on retirement furlough and teaching part-time in the online degree completion and graduate programs. Over the years I have taught many courses, including Research Methods, Prevention, Gerotonlogical Dental Hygiene, Preclinic, Oral Anatomy, Head and Neck Anatomy, Nutrition, Pain Control, and clinic. For 22 years I provided patient care one day a week in our faculty practice, which kept me grounded. During my career I have been active in the American Dental Hygienists' Association (ADHA) and the American Association of Dental Education (ADEA). I served on the ADHA curriculum task force for the Advanced Dental Hygiene Practitioner. My research interests focus on education and oral care for older adults.
L. Susan Taichman, MS, MPH, PhD
Assistant Professor/Research Scientist
I graduated with an AAS degree in 1986 from Lansing Community College. For the next eight years I worked as a clinical dental hygienist. I earned my BS in Dental Hygiene in 1995 through the Degree Completion Program at University of Michigan. As I wanted to conduct research, I continued on at U-M earning my MS in Dental Hygiene Education (1998), a MPH in Public Health Dentistry (1999), and PhD in Epidemiologic Science (2002). My research interests include health services research, oral health disparities and women's oral health. I have experience with survey research, clinical research, as well as secondary analyses of complex survey data. Current projects include evaluating the impact of lactation on oral health and exogenous progestin hormone use and periodontal health.
Charlotte Wyche, RDH, MS
Adjunct Clinical Lecturer
I started my career with a certificate in dental hygiene from the University of Michigan in 1979. While in clinical practice, I decided that a more advanced degree would open up broader possibilities. It took me almost 10 years to complete my BSDH degree (1989) and another three years after that to complete a MS degree in Dental Hygiene Education (1992), both from the University of Michigan (U-M). For 14 years, I taught at the University of Detroit Mercy School of Dentistry. Also, I like to write, so you will see my name as author or co-author on several chapters in the last three editions of Esther Wilkins' textbook Clinical Practice of the Dental Hygienist, and I co-authored a student workbook to accompany the textbook. I retired from full-time teaching at University of Detroit Mercy in May 2007 and began teaching in both the online dental hygiene degree completion and graduate programs at U-M. In addition, I served on the Michigan State Board of Dentistry and currently serve as a North East Regional Board examiner. I am also employed as the evaluation coordinator for the Michigan Department of Community Health Oral Health Program. When I can, I love to travel.
Carrie Ghaname, RDH, MS
Adjunct Clinical Lecturer
I graduated with my Bachelor of Science Degree in Dental Hygiene in 1999 from Texas Woman's University in Denton, Texas. Since graduation, I have practiced in Texas, Switzerland, Maine, Hong Kong, North Carolina and most recently, Michigan. In 2007, I graduated from the University of North Carolina with my Master's degree in Dental Hygiene Education. My current interests lie in oral cancer prevention and early detection, online education, community-based education, mentoring, and the development of the ADHP. In addition to private practice, I am an adjunct faculty member at the University of Michigan, and have also taught at the University of British Columbia in their online degree completion program. I have also served as a member of American Dental Hygienists' Association (ADHA) Council on Public Relations.
Kathy Yee, RDH, BSDH, MPH
Dental Hygiene Degree Completion Recruitment & Admissions Coordinator
Adjunct Clinical Lecturer
I was a member of the University of Michigan (U-M) Dental Hygiene Degree Completion E-Learning 2009 graduating class, the first cohort of this program. In addition to clinical practice in Livonia, I also teach in both the U-M entry-level dental hygiene program and the E-Learning Program. In addition, I am an adjunct clinical instructor in Oakland Community College's (OCC) Dental Hygiene Program. Since graduating with my associate's degree in dental hygiene from OCC in 1996, I have been an active member of the Michigan Dental Hygienists' Association (MDHA) and the Oakland component. Currently I serve as MDHA's student liaison. Community has always been a keen interest of mine. In 2013, I earned a Master's in Public Health degree with a certificate in Health Education and Promotion from Benedictine University.
Christine Farrell, RDH, BSDH, MPA
Adjunct Clinical Lecturer
I am a 1981 BSDH graduate of the University of Michigan (U-M) Dental Hygiene Program. In 2006 I earned a Masters of Public Administration from U-M Flint. Currently, I am the Michigan Department of Community Health Oral Health Director. As Oral Health Director, I am responsible for an array of statewide oral health care and education programs. Prior to this appointment, I served as a policy specialist in the Medicaid program for 22 years. Active in local, state, and national levels of dental hygiene I was president of the Michigan Dental Hygienists' Association, national chair of the Medicaid/CHIP State Dental Association, and am presently serving on the American Dental Hygienists' Association (ADHA) Council of Public Health.
Durinda Mattana, RDH, BSDH, MS
Adjunct Clinical Lecturer
I received both my Bachelors of Science in Dental Hygiene (1981) and a Master of Science in Dental Hygiene Education (1987) degrees from the University of Michigan (U-M). With over 25 years of academic experience, I have taught clinical dental hygiene part-time at Oakland Community College and the University of Michigan and for 18 years full-time at the University of Detroit Mercy (UDM) School of Dentistry where I served in a variety of roles that included teaching Periodontal Instrumentation and Prevention for dental and dental hygiene students and serving as the Director of Continuing Dental Education. My research interests include educational methodologies and fluorides. I am a contributing author to the textbook chapter, Fluorides, for "Clinical Practice of the Dental Hygienist, 9th - 11th editions by Esther Wilkins. In January 2010, I left full-time teaching and am currently enjoying teaching online courses for UDM and U-M, updating the Fluorides chapter for the 12th edition of the Wilkins textbook, working in private practice, and teaching continuing dental education courses in the areas of oral health products and preventive interventions.
Karen Ridley, RDH, MS
Assistant Professor
A native of Pittsburgh, PA, I graduated in 1965 from Eastman Dental Dispensary Dental Hygiene Program in Rochester, NY. I received my BS (1971) & MS (1972) in Dental Hygiene both from Columbia University, NY. I have been a faculty member at the University of Michigan since 1974 as well as serving as Dental Hygiene Graduate Program Director until 2013. One of my professional areas of expertise is in the subject of special patients and medically compromised. I am on staff at the UM Hemophilia Treatment Center, Michigan State University, and Marquette General Hospital. Most recently I have been consulting with the Michigan Hospital Association Kingston Project on Ventilator Assisted Pneumonia (VAP).
Jane Halaris, RDH, BS, MA
Adjunct Clinical Lecturer
My passions are dental hygiene, leadership, and professionalism. I graduated in 1972 from Ferris State University's Dental Hygiene Program and worked in private clinical practice for many years before completing my Bachelor of Science (2006) and Master of Arts in Curriculum and Instruction (2012), both at the University of Detroit Mercy (UDM). I have served as a dental hygiene faculty member at UDM and Wayne County Community College District where I taught ethics, professionalism, and pre-clinic/clinic. I am a past president of the Michigan Dental Hygienists' Association, served as its Director of Governmental Affairs for eight years, and was a member of the American Dental Hygienists' Association Council on Practice and Regulation. In addition, I served on the Michigan State Board of Dentistry, including one year as chairperson. I currently serve as a North East Regional Board examiner. My research interest focuses on mentoring in education.
Giselle Kolenic, BA, MS
Adjunct Clinical Lecturer
After graduating from Michigan State University with a BA in 2006, I came to the University of Michigan's department of Statistics and graduated with a MA in Applied Statistics in 2010. As a senior statistician at the University of Michigan's Center for Statistical Consultation and Research (CSCAR) I provide statistical consultation to faculty, staff, and graduate students along with providing support for numerous research projects. I also present workshops and courses covering statistical methods and statistical software packages. My areas of specialty include multilevel modeling, programming, structural equation modeling, analysis of data with a complex sample design, and dimension reduction techniques.
Jodie Condon, RDH, BSDH, MS
Adjunct Clinical Lecturer
After graduating from Kellogg Community College in 1982, I worked for over 20 years as a clinical practitioner with dental teams in Michigan and California. In 2008 I discovered the University of Michigan (U-M) Dental Hygiene Degree Completion E-Learning Program. Having the opportunity to obtain a baccalaureate degree, while managing work and parenting responsibilities was a "dream come true." As a U-M student, my Capstone Project, "Development of an Introductory Evidence-based Learning Module for 1st year Dental Hygiene Students" was selected for presentation at the 2nd North American Dental Hygiene Research Conference in Bethesda, MA. After graduating in 2010, I enjoyed teaching clinical dental hygiene at Oakland Community College, and worked towards earning a master's degree in Health Information Technology from the University of Texas, graduating in 2012. In February 2014, I accepted a position as Clinical Transformation Specialist, with St. John Providence Health System. My work is focused on supporting health care providers with adoption and optimization of their electronic health record systems.
Jennifer Cullen, RDH, BSDH
Adjunct Clinical Lecturer
I graduated from Ferris State University in 1998 with my Associate's Degree in Dental Hygiene and continue to practice clinical dental hygiene in Ann Arbor, MI. In 2012 I completed my Bachelor of Science in Dental Hygiene through the University of Michigan (U-M) Dental Hygiene Degree Completion E-Learning Program. While enrolled, I developed and implemented an oral health education curriculum for nurse aides at a local residential Alzheimer's care facility. I also lead a service-learning project for U-M Dental Hygiene students at that same care facility. In addition to my work in private practice I am an Adjunct Clinical Lecturer and provide technology support for the E-Learning Program. My special interests include community oral health, specifically geriatrics, and dental hygiene education. I am a member of the American Dental Hygienists' Association, the American Dental Education Association, and the American Association of Public Health Dentistry. I am also a member of the Honor Society of Phi Kappa Phi. Currently, I am enrolled in a Master's of Public Health Program at Benedictine University.
Danielle Furgeson, RDH, MS
Clinical Assistant Professor
I have a passion for oral health and have a wide range of experience from being a Certified Dental Assistant, to clinical dental hygiene to restorative as an Expanded Function Dental Auxiliary (EFDA). I received my BA in Behavioral Science from Metropolitan State College in Denver, Colorado in 2001. My undergraduate dental hygiene studies were completed at the University of Vermont in 2004 and in 2007 received my Master of Science in Dental Hygiene Education from the University of North Carolina. I am currently in the final year of my doctoral studies at Nova Southeastern University. In addition to teaching here at the University of Michigan, I have taught dental hygiene, dental assisting and expanded functions courses at the University of Maine at Augusta. Additionally, I have worked at ADHA as the Manager of Student Relations. I have also served as the ADHA student representative to the Joint Commission on the National Board Dental Hygiene Examination. My research interests include interprofessional education/collaboration, educational methodologies, clinical techniques/interventions, and patient safety.
Martha McComas RDH, MS
Clinical Assistant Professor
After I received my Associate of Science in Dental Hygiene from Indiana University in 2002, I practiced clinically in both a general and periodontal practice for 10 years. I completed by Bachelor of Arts in 2009 from Indiana University and a Master of Science in Dental Hygiene from the University of Texas Health Science Center San Antonio in 2012. I began teaching as a clinical instructor at Indiana University-Fort Wayne in 2007 and became full time in 2012. In 2013 I moved to Michigan where I continued my career as an educator at the University of Michigan in the Dental Hygiene Program. My research interests include dental and dental hygiene curriculum, assessment, critical thinking, and inter-professional collaboration. I also have an interest in cariology and the reduction of early childhood caries.
Dina Korte, RDH, BSDH, MS
Clinical Lecturer
I graduated with my Bachelor of Science in Dental Hygiene in 1991 from the University of Michigan. After graduation, I practiced clinically for over 15 years. Always having a love of learning, I finally acted on my dream of earning my Master of Science in Dental Hygiene and graduated from the University of Michigan in 2013. I have served as an adjunct clinical faculty member for over seven years. I am currently a Clinical Lecturer in the Division of Dental Hygiene and teach clinical dental hygiene and oral pharmacology. My interests include educational methodology, motivational interviewing, and clinical education. I am a member of the American Dental Hygienists' Association and American Dental Education Association.


text:
Jun 12 2011
Are You Different or Are You Just Vanilla?
Are you different? Are you different from this world? Is different a good thing? Do you want to be different? What does it take to be different?
Oct 11 2008
Do Things Differently
If Compassion did one thing differently, I think it should be . . .


text:
Gear Question
Sorry, I posted in the comment instead of...
Sorry, I posted in the comment instead of the question section. I am looking for something to wear to an amusement park or when traveling instead of carrying a purse or a full size backpack. Are the straps long enough for a woman who wears a large women's t-shirt?
View More Details on Deuter Junior Backpack - Kids' - 1100cu in


text:
ESS is attempting to back out of the dyno event they themselves requested?
Roman at ESS is now attempting to back out of the tuner dyno day shootout. I would like to remind everyone, ESS requested this dyno comparison themselves and asked BimmerBoost to schedule it. Now that the date is nearing, ESS is going back on their word at the last minute
I received this e-mail from Roman:
This was my response:
We have over a half dozen companies waiting on ESS. BMS has agreed and has been patiently waiting. MHP agreed although the date change now inconvenience them. Gintani agreed and said they would accept the date change for ESS. OE Tuning agreed and said they accept the date change to wait for ESS. Powerchip said they do not mind the date change and look forward to it. Vishnu has agreed in proxy and we also have GIAC representation. G-power is ready with their supercharger representation.
BimmerBoost has worked tirelessly to make this event happen at substantial cost as any of these companies can attest. We have been on the phones and e-mailing back and forth for what is almost 4 months now.
ESS requested this event, led everyone on, and now is backing down from their own challenge. BimmerBoost has considerable cost tied to the event and will not simply let it go. DC Performance has a large amount of revenue dependent on the event. Literally dozens of people, companies will be hurt financially and inconvenienced by ESS not honoring its own request.
We would like the BMW community to encourage ESS to participate as they had agreed, please contact Roman and make it known you would like to see the event take place as planned:
Roman Zepeda
ESS Performance Products
E-Mail : email@example.com
Web : www.esstuning.com
Tel : (602)751-057
This article was originally published in forum thread: ESS is attempting to back out of the dyno event they themselves requested? started by Sticky View original post167 Comments
Some of you may think I'm crazy but this is a perfect time to check out a few shop in CA and maybe get in some track time since I live in Hawaii and we have no track here.
Regarding my status:
I won't be bugging ESS for a test tune for the comparison for obvious reasons (that, and still no word as to whether or not their UK tune will work on the US cars, and I have a feeling we're not going to get an answer to that).
Still waiting on VAC to ship their tune to me, but they've got the invoice I signed. I'm allowed 60 days from July 19th, but I haven't gotten the damn thing, so I'm going to assume they'll bump that date a little bit.
DTUK and JBD obviously working, and as you know, there are others on the hook (MHP is still a possibility...we'll see where that goes).
Maybe I can get Evolve into this? Anyone else know what other Diesel tunes are out there in the UK that could use some US lovin?
You are the diesel expert, so that is up to you
Sure it would be nice to see ESS in the mix, but the world would continue to revolve with or without ESS.
If its up to me, i will TRY to get an independent user to represent ESS WITHIN the scheduled date, and continue to move forward with the event.
Yes, we are trying to get independent users who don't fear that Roman will give them a spanking and move forward.
After the bailout on the second reschedule it seems pretty obvious they have no intention of coming, bottom line.
I know you are trying to be accommodating to ESS, but will you do the same for companies that can't show up in September?? Say BMS and GIAC pull out saying they can't come, will you rearrange again the date from september to oct? nov? We know thats not the case with those companies, but just speaking in hypotheticals. Just seems a little too eager in trying to baby ESS here.
BMS is the kind of company that will go through a snow storm barefoot to make it. When Terry says he will be there, he will be there.
Yes, I have been very eager to accomodate ESS and that is partially to alleviate the view that I for some reason hate ESS. I don't, I like their products and have considered their products, but there clearly are some marketing issues. ESS said they would let their products speak for themselves to address any questions about the dynos they put out, well, you saw what happened.
Yes, I was way too eager and I wanted to show everyone I did absolutely everything I possibly could. So, in the end, they can not blame me for a single thing. It is just blatant disrespect on their part and just kind of petty. I mean, why waste my time and everyone else's time for so long? Why have me work on this and organize something at such considerable cost? Just poor form, but I know at the end of the day I went about this in the right way and did the right things with the best of intentions for them. It is too bad they never had the same intentions, the BMW tuning business really is dirty/shady and I hate that.
ScrotieMcBoogerBalls - 08-03-2010, 09:57 AM
If you throw down some cash, maybe i can bring my car.
George Smooth - 08-03-2010, 10:47 AM
Sticky when I read one of your posts from June or July that you said something to the affect of "Romans retarded third cousin" I knew this would have been the outcome. I think you only got yourself to blame after a statement like that.
Yes of course people will understand ESS is at fault, and the delay is out of good intention, but a good intention and a correct decision are 2 separate things in this case. Another reschedule will most likely lower the general level of interest, frustrate people, and lead them to think ESS has BB by the balls.
Find an ESS end user for representative and stick to the schedule, everyone who's been following this event(A LOT of people across different forums are) would know ESS chickened out and understand why an independent user is needed to represent them in the end.
Plus, it is not like ESS suddenly decided a few days ago. We had been in communication well after all this Gintani vs. ESS nonsense and several of my posts on the topic. That never discouraged them from asking before, this was simply a case of them backing out because they didn't think it would happen.
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Aprilia will not take an old shadow like Haga or Edwards... it's absurd.
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text:
Lead us not into temptation
Posted: January 10, 2013|
EVERYONE has always had their own New Year traditions, from settling old debts, to drinking and singing in the streets, bellringing or wassailing apple trees. Opening doors or windows to let the old year out and the new year in by a dark haired male bearing gifts of bread, salt and coal.
Nowadays we are more likely to take stock of our lives and make 'New Year Resolutions.' You know the good intentions - give up smoking, keep fit, or even try to be more assertive. Oh, yes, and refrain from checking mobile phones every three minutes, that's another modern day addiction. Perhaps the most popular resolution is 'to lose weight,' but the question is, are we hungry or just plain greedy? By now we have all made our decisions, and surely broken most of them. However, we are not unique, as the people sending these greetings probably also 'gave up' their resolution pretty quickly, and 'gave in' to their cravings. Just as I am reminding you not to be tempted, some of these messages were also acting as a reminder.
With all that weight of tradition bearing down on them, and weird family customs, they must have surrendered to the dipping levels of sugar in their blood and binged on the remains of a festive feast.
But, just like us they didn't know when it was time to stop eating, and 'tucked in.' Now, I'm not suggesting for one moment that Miss S. Herbert from 42, New Street, Darlaston, was a plump young lady, needing to lose weight. However, on January 10th 1920, Jim, a young gentleman from Wednesbury, sent his love and this greetings card showing a twenties flapper reading her list of New Years Resolutions. Did Miss Herbert have a long list of things that tempted her, as Jim sent this note "Don't forget to make your New Year Resolutions, and don't 'give in,' love from Jim."
Although, she may have been a good girl really, and didn't need to break any habits of a lifetime. With all the flapping she was probably slim and trim; thanks to the Charleston and the Black Bottom.
During the Twenties, as part of New Year resolutions, even children were encouraged to be good. Parents had some strange ideas for children already still giddy from eating too much chocolate. Little ones were encouraged to eat up their puddings and finish up the fat on their meat, or they were told, "You'll sit there till you've eaten it."
Not a good resolution really, but they did, as children have big appetites, because they are genuinely hungrier and need more calories.
However, adults had become particularly interested in the 'New Health' movement which frowned on fat and promoted raw salads and roughage. There was an almost total ignorance about nutrition then prevailing, consequently most people regarded the new diet as cranky and expensive. Nevertheless, for some it became part of their resolution promises, especially in 1923 when there was an 'Eat More Fruit' campaign, just as we have these days with 'Eat Five a Day.' Yet in the Twenties it was conducted with the aid of a song. The clever little ditty went: "As Eve said to Adam, the saucy little madam, Oh Adam, you should eat more fruit."
Perhaps girls imagined the theory was, as their skirts went up and down in length with the state of the economy, a decent lady had to adjust her measurements accordingly.
Therefore, the calorie reducing fruit diet solved the battle with the bulge.
Between 1919-23 ladies wore thinner, longer dresses, landing just above the ankle, making ladies want to be long and lean. Many New Year resolutions must have included the very popular, carbohydrate diet, iron diet and lemon-juice diet, all of which were supposed to keep a girl, 'slim and regular.' However, fashion was fickle and so by the mid-twenties, for some strange reason, padded hips became the vogue; curves were coming back.
By the end of the decade short tubular dresses had almost disappeared in favour of a more shapelier design, allowing things to spread a little.
This was when ladies discovered 'keeping fit' to shed the pounds. They probably had good intentions at the beginning of the year, but soon said "Toodle-pip" to all the jumping about in navy blue interlock bloomers.
Some interest still survived into the Thirties, with ladies tottering along to clubs promising fitness and freedom.
But the compelling attraction was fun, excitement and laughter with like minded friends wanting to shed a few pounds. One of the worst things a husband can do is buy a subscription to a health club for his wife at the start of a year. It is almost like saying "You're fat and need to make a New Year Resolution."
Rations However, during those far off Thirties, for some families they were lean years. There was little need for an enforced diet as they were already experiencing a cut in rations, no need for a dispiriting resolution. Unconsciously they were getting the benefit of a nutritionally balanced diet. One of the greatest ironies of the Thirties was that shorter rations would lead to healthier eating. Yet to be fashionable was still to be slim. Although figures were encouraged to be more feminine and curvaceous than the skinniness of the Twenties.
Temptations play havoc with our well-made intentions set out on January 1st. When I purchased a small collection of memorabilia which had once belonged to a family from West Bromwich one item particularly made me smile.
Maybe the physical need for food was just too great for Mrs J. Bird of 2, Springfield Crescent, Florence Road, West Bromwich, making her turn to 'Silf Obesity Tablets.' Supplied with the tablets was a weight card and Mrs Bird had recorded "October 10th, 1934; 8st. 11lbs. 8ozs."
A weight that many ladies these days can only dream about.
She had been a "Wise woman, keeping slim with Silf," as the slogan promised, and had achieved the required weight as shown for her height as suggested on the chart. There was no need to worry about the temptation of glorious food or making a resolution in January 1935.
When we see a fine bouncing baby we coo at the little one's plumpness, however through previous generations mothers were constantly chastised about their babies' weight. Once they were told hungry babies should be left to cry, then later they were instructed that they should feed their infants on a fourhourly schedule throughout the day and they shouldn't be influenced by any amount of howling.
An inexperienced young mom usually listened to her own mother; and this appears to have worked perfectly for the family of Miss Ivy Smith from 32, Thompson Street.
Jubilee Building, Bilston. She was known as Auntie Ivy and had been sent photographs of three generations of her family.
They were captured long before the great upheavals of war, consequently this family look as though they enjoyed good wholesome food - a roast joint with boiled cabbage and roast potatoes made with goose fat, meat pies with a suet crust and fried fish with battered chips, followed by apple or treacle tart, or a suet pud that stuck to your ribs.
"You Are What You Eat," was probably never an idea behind their menu. Yet what happened to the waistlines of the next generation of the Smiths during W.W.II. They certainly must have noticed the curious effect of rationing as they were eating a healthier diet in spite of themselves.
Much less fatty meat and fewer sweet, sticky wet puddings, but they consumed more fresh fruit and vegetables.
With the drop in rations, there must have been a drop of the hand on the bathroom scales. A New Year resolution to lose weight was never a consideration during wartime.
I'm not saying we need a war, but this was a time when we were not led by the temptation to over eat, we just couldn't. Even so don't forget this important resolution, I haven't because I've done some research and I can confirm that Mr Kipling bakes exceedingly fattening mince pies.


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Of diets tried (I usually break),
it's always cuz' of Christmas cake.
This Atkins diet I'm sure will stand -
but 'empty calories' is in demand!
So please, Saint Gluteous, be my pal,
have mercy on this tearful gal.
And most of all, while I munch and eat,
don't let results end on... (my seat!)


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Andrew Jackson Hotel French Quarter
Andrew Jackson Hotel French Quarter
Hotel Guest Rating: 7.5/10
919 Royal Street
New Orleans, LA 70116
Welcome to the Andrew Jackson Hotel French Quarter
Creole charm, a peaceful courtyard and a crackerjack location in the French Quarter help guests make the most of their trips to the Big Easy at the non-smoking Andrew Jackson Hotel French Quarter.
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A tranquil courtyard and elegant period decor distinguish this low-rise property that's on the National Register of Historic Places. All 22 rooms feature 18th-century style furnishings, ceiling fans and expanded cable TV; some rooms offer wrought-iron balconies overlooking bustling Royal Street.
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Located one block from Bourbon Street, the Andrew Jackson Hotel is in the heart of the French Quarter. Walk to area restaurants and nightlife, stroll a half-mile to Louis Armstrong Park or head to the French Market, two blocks away. You're three blocks from Jackson Square, the 1850 House and St. Louis Cathedral. Cruise one mile to Canal Street, the Riverwalk Marketplace and the Audubon Aquarium of the Americas. Head 10 minutes to the New Orleans Museum of Art, Botanical Gardens and sprawling City Park or drive 20 minutes to go ape at Audubon Zoo. Louis Armstrong New Orleans International Airport is 14 miles from the hotel.
Guest Favorites
Priceline guests appreciate the "great location" where you can walk to the best sights and bites in the French Quarter at the historic Andrew Jackson Hotel French Quarter.
Andrew Jackson Hotel French Quarter Amenities
- Non-smoking
- Non-smoking rooms (generic)
- Safe deposit box
Hotel Information
Valet parking is available for USD 36 plus tax per night, and USD 45 plus tax per night during special events. Guests are required to show a photo identification and credit card upon check-in. Please note that all Special Requests are subject to availability and additional charges may apply.
Hotel Guest Reviews of the Andrew Jackson Hotel French QuarterOur hotel ratings and reviews are from real hotel guests. Priceline.com ensures that its reviews are guests-only by proactively sending hotel surveys to customers after they've completed their hotel stays. In the post-stay surveys, priceline.com hotel customers are asked a number of questions about their stay and the hotel. On a scale of 1-10 with 10 being the best, the survey asks guests to rate their overall experience and specifically rate the hotel's cleanliness, staff and location. Priceline.com does not allow site visitors to post unsolicited hotel reviews.
March 3, 2015
January 4, 2015
August 17, 2014
July 11, 2014
I personally loved the old world charm of this place. We enjoyed cozy small rooms and loved the open courtyard in the back. This isn't a 5 start hotel nor do they claim to be. It is a perfect hotel so if you are picky on every detail go somewhere else. Location is perfect and walking distance from everywhere that you need to go. It is near bourbon street but well away from the crazy night life. ...
June 26, 2014
Our room and bathroom were very tiny. The courtyard was charming and very relaxing. Nice people working there, especially Mary Frances, she was personable and went out of her way to be helpful.
May 21, 2014
March 31, 2014
Great history, fantastic courtyard, wonderful breakfast, and a location that absolutely can't be beat. Think "B&B," book your room, and enjoy the stay.
(1 - 7 of 7 traveling as couple reviews)
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