text:
Ascena Retail Group, Inc (NASDAQ:ASNA)
Q2 2014 Earnings Conference Call
March 03, 2014 16:30 ET
Allison Townsend - ICR
David Jaffe - President & CEO
Dirk Montgomery - EVP & CFO
Neely Tamminga - Piper Jaffray Companies
Oliver Chen - Citigroup
Anna Andreeva - Oppenheimer
Scott Krasik - BB&T Capital Markets
Eddie Yruma - KeyBanc Capital Markets
Taposh Bari - Goldman Sachs Group
Susan Anderson - FBR Capital Markets
Steve Marotta - CL King & Associates
Mark Montagna - Avondale Partners
Mike Richardson - Sidoti & Company
Good afternoon ladies and gentlemen. Thank you all for joining the second quarter 2014 Ascena Retail Group's Earnings Call. My name is Ryan and I will be the operator in today's call. (Operator Instructions). Now I will hand the call over to your host for today Miss Allison Townsend of ICR.
Allison Townsend
Thank you, Ryan, and good afternoon everyone. Today's call is being recorded and will be available for replay later today. Information on accessing the replay is available on today's press release. As a matter of formality, we would also like to remind participants the remarks made by management during the course of this call may contain forward-looking statements about the Company's results and plans. These are subject to risks and uncertainties that can cause the actual results and implementation of the Company's plan to vary materially. These risks and uncertainties are referenced in today's press release as well as in the Company's most recently filed Forms 10-K and 10-Q.
Finally, in these remarks, we refer to adjusted earnings, which is a non-GAAP financial measure. A reconciliation of the non-GAAP measures to GAAP measures we discuss today are included in today's press release.
At this time I would like to turn the call over to Mr. David Jaffe, President and CEO. David?
David Jaffe
Good afternoon and thank you for joining us to discuss our fiscal second quarter 2014 results. Consistent with the overall retail environment we experienced increasingly challenge conditions as we closed down to holiday selling period and ended in second quarter. Total second quarter comp sales were flat for last year with negative 3% store comp performance offset by continued robust e-commerce growth of 28%.
Store comps were down across all brands in January driven predominantly by the weather events that gripped large parts of the country. Adverse weather conditions had continued to effect retail business through today's storm. Adjusted earnings per share of $0.23 for the second quarter was slightly above our revived expectations due primarily to lower SG&A and tax expenses versus our plans. This compares to adjusted EPS of $0.26 last year. The decrease versus last year is soft due to soft performance at Justice and increased operating expenses for new stores and enhanced capability and brand merchandising and design functions. Now I would like to walk you through second quarter results for each of our five brands a little more detail.
Total comp sales at Justice were down 5% in the second quarter caused by soft store performance in an increasingly competitive promotional environment, poor weather and challenged sales of fashion basic merchandize. Despite the challenges in our stores the e-commerce channel continued to be strong delivering record sales for the quarter. The new online shopping platform that we launched in the fall is delivering efficient and engaging customer experience that we believe is enhancing both traffic and conversion.
From an assortment standpoint, our customers continue to shift their purchases away from basic apparel and into fashion choices. As a result the core apparel business was down during the quarter and our merchandising team is making adjustments in those categories to improve our differentiation versus the competitive set.
We're pleased to see solid results in fashion apparel styles across most categories including fashion, cut and fill, premium denim, fashion knit pants, and licensed sports apparel. The accessory business continues to grow with good results in scarfs and large bags. Crafts and room décor items also performed well.
As we said in the past our marketing strategy includes both targeted loyalty programs and store wide point of sale events. To address soft traffic and a highly competitive promotional environment we increase the frequency of flash sales, in which an additional 20% was offered on top of 40% off the entire store promotion. We see relatively weak response to our overall promotional activity due in part to increasingly aggressive competitor promotions, and some overlapping of our promotions. The planned sales required us to run additional promotional and clearance events to clear inventory negatively impacting margins and profit. As we move forward we're further assigning our promotional programs and testing a number of alternatives to drive profitable growth and existing customer frequency and new customer trials.
On a number positive note, our roll out at Brothers continues at a 128 dual gender locations were open as of the end of the quarter. We're pleased with Brothers performance will continue to grow the footprint of this brand. We expect it can be a 160 or more locations by the end of fiscal 2014 including several units in Canada. The justice expansion is Canada is progressing well with 32 stores now open and the Canadian locations continue to outperform the U.S. locations. In total we ended the quarter with 991 stores versus 958 last year.
In the third quarter we plan to open up 70 new stores including one in Canada and closed eight stores.
Lane Bryant's second quarter total comp sales were robust up 8% for the last year. We're very pleased that we delivered positive comp performance growth both store and e-commerce channels with comp store increases in all regions of the country and balance growth across all major merchandize categories. We're pleased with the progress we have made to reposition the brand as a fashion authority and destination for it's customers.
Merchandising improvements focus on increasing fashion content and improving wearer occasion mix are showing positive results. For the fall season our fashion assortment had very strong performance with sales up 27% last year. Our investments in expanded wear-to-work and active inventory paid off, driving 10% and 70% sales growth in those categories respectively.
Our Cacique intimate apparel business delivered strong double-digit sales comps led by bras and sleepwear. Sweater sales were below expectations but we believe that this can be a growth category for us in fiscal '15 as we continue to improve fashion and quality. Another element of our fashion authority strategy is to launch designer collaborations. We recently announced our partnership with Ruben and Isabel Toledo that will be expanding with merchandise featured in most stores and online this spring.
There has been a lot of excitement about this collaboration and we will be presenting this new line of apparel at a fashion show this spring. We continue to prove our marketing execution in the second quarter through a more focused and effective promotion strategy. The brand achieved record sales during Thanksgiving week and during the holidays. We ran more targeted door buster key item promotions and a 12 days of Christmas event can drive traffic.
Lane Bryant's also continues to have strong private label credit card penetration at 42% and our active customer file grew during the fall season versus last year. We're improving our visual strategy by focusing more on lifestyle merchandising which includes adding dedicated space and fixtures for our growing active segment this spring.
Maurices has delivered total sales growth of 4% for the quarter driven by strong new store openings and continued strength in ecommerce sales. General pressure on traffic levels and severe winter weather resulted in soft store comps particularly in the Midwest. Top performing merchandise categories for the quarter were woven and knit basic tops in both missy and plus sizes. Overall accessories continued to be a strong category.
Underperforming categories included wear to work tops, plus size dressy knits, and denim. Maurices has continued to improve its marketing and visual strategies with more aspirational and integrated approach. The brand converted to a new CRM platform in the quarter that we expect to drive the top line growth this spring. Our Take Ten loyalty program continues to grow, and we have increased the size of our email database to 3.4 million. Marketing strategies going forward we will continued focus on greater engagement through social and mobile channels and increasing customer frequency. We're planning partnerships with influential bloggers throughout the spring and summer and have developed a digital advertising campaign to target customer acquisition and reactivation.
We're also testing more targeted email campaigns. Maurices private label credit card penetration continues to grow now upto 38%. Our store base is 898 locations at the end of the quarter up from 850 last year. We opened 12 net new stores during the quarter including three in Canada. The Maurices' expansion into Canada has now reached over 20 stores. Overall our new stores opening results are meeting expectations with good returns. We're planning 13 new openings and three closings for the third quarter.
Total comp sales at dressbarn were flat for the quarter with strong ecommerce sales and a slight decline in store comps. We were encouraged by low single digit positive comps for holiday sales through December and we believe we have been making the right changes to improve merchandizing and marketing execution. However the challenging weather combined with our high concentration stores in the Northeast had a significant impact on January sales.
They key category drivers of sales growth were wovens, blouses, sweaters, knits and accessory. Underperforming departments included suit separates and bottoms. Sweaters a key category for us in the fall season drove sales and profitability over LY. Dressbarn continued to improve it's marketing strategies in (indiscernible) in the second quarter with a good customer response to online and direct mail campaigns. We continue to increase our customer contacts in the quarter by adding two additional mailers this year which drove incremental traffic.
The new marketing strategy is more focused on fashion and is well integrated across online, direct mail and in-store marketing. A great example is the focused four day sale of a key fashion sweater that was aided by direct mail. This event drove an increase in our comp trend and margins during the promotion and replaced a profit draining BOGO from last year.
Our blushPERKS Loyalty program also continues to strengthen, with 7.4 million customer's enrolled to-date. In addition our private label credit card penetration is now 32% of sales up from last year. Dressbarn effectively managed the inventory to below last year's level increasing returns and delivering record high margin rates and dollars to the quarter. We entered Q3 with fresher wear now receipts and significantly less clearance merchandize compared to last year. These tighter controls have enabled us to eliminate several clearance promotions compared to the prior year.
Catherines continued its strong performance with total comp sales growth of 10% and positive comp sales of both stores and ecommerce. This is Catherines' 11th straight quarter of positive comps. We saw strength in apparel with sales growth in sweaters, denim, knits and wovens. Our accessories and intimates businesses also improved, led by strong sales in boots, sleep wear and shapewear.
Customer response to our November and December floor sets was strong and fresh receipts of seasonal product delivered high margins and approved inventory turnover. We expanded product initiatives in petite tops, boots and anywhere this holiday with continued success. Reposition our holiday products delivery to peak the beginning of November to drive strong pre-Thanksgiving sales. In December we transitioned to more seasonal wear now products earlier than the prior year which worked well improving inventory returns and margins.
Catherines' marketing program was mainly focused on direct mail events and bounce back coupons. This drove traffic and helped us to reduce level of store wide discounting. One additional direct mail event was added this year to help drive additional sales and also adjust for late Thanksgiving. Our new bounce back coupon was also added prior to Christmas to help drive peak holiday sales. All customer segments continued to grow with increases in new, reactivated and retain customers. In addition to customer file growth, we continued to improve the quality of sales as we saw higher average dollar sales, improved margins and an increase in our private label credit card penetration to 45%.
As we recap our total results for the second quarter there was a lot of variability across our portfolio. We were pleased with continued top line momentum at Lane Bryant and Catherines and performance was generally in-line with our revised expectations at dressbarn and maurice's. During holiday Justice faced a more intense competitive environment than anticipated and is making adjustments to both it's merchandising strategy and promotional cadence going forward.
Poor weather in January and February clearly had significant negative impact on trends compared to last year. We're implementing promotional strategies and receipt flow adjustments to bring inventory balances back to targeted levels as needed across the brands. On a positive note we have observed a better response to our spring assortment in warmer weather regions. In addition the Easter and Mother's Day selling periods are the most important periods for our missy brands. We're lapping a low LY base and we should benefit from the later Easter holiday timing.
We plan to remain appropriately conservative with our inventory position throughout the season until more robust trends are established. We made very good progress on our longer range strategic priorities during the quarter including our synergy initiatives which will position the business for a long term growth. We have completed the construction of our new national retail distribution center and all brands will be rolled into this DC by early fall.
Our advanced ecommerce fulfillment center is completing the final testing phase and we're in track to go live with our first brand this Spring.
Now Dirk will provide an update on financial highlights.
Dirk Montgomery
Thank you David. Good afternoon everyone. Before reviewing our second quarter results it's important to note that this year's quarterly earnings include certain restructuring and integration cost related to the Charming acquisition, as well as certain charges related to accelerated depreciation. We believe these costs are non-indicative of ongoing operations or informative for period to period comparisons. The results discussed in this call has been adjusted to exclude those items which are described more fully in our press release.
Net sales for the second quarter increased 2% to $1.266 billion. As David mentioned we experienced challenging conditions in the quarter and our total comp sales were flat. Total company brick and mortar comp sales were down 3% due primarily to traffic with traffic at all five brands down to LY. The impact of weather on our results is clearly illustrated by our regional performance for the quarter with much better performance in warmer weather regions.
Our ecommerce business continued to be strong increasing 28% year-over-year to a 149 million with a lots of future growth opportunity. Ecommerce penetration increased to 12.1% of total sales versus 9.7% last year. Moving down the income statement, gross margin was $688 million or 54.3% of sales. This compares to last year's adjusted gross margin of $662 million or 53.5% of sales. The increase in gross margin rate compared to last year was driven by rate improvement across four of our five brands and mark down timing of Lane Bryant and Catherines, partially offset by increased mark down to Justice well prior to clear fall and holiday inventory as we entered the spring.
Total Q2 buying, distribution and occupancy costs were $232 million or 18.3% of sales compared to last year of $198 million or 16% of sales. The increase as a percentage of sales is due primarily to our investments in merchandising and design functions across multiple brands increased freight and fulfillment costs supporting strong e-commerce growth, and investments in store fleet growth at Justice and Maurices. Roughly 1/3rd of the rate increase versus LY is due to prior year favorable expense timing differences.
SG&A was $355 million or 28% of sales compared to last year of adjusted SG&A of $349 million or 28.2% of sales. The increase in SG&A dollars versus last year was driven by primarily by increased marketing and ecommerce spend as well as headcount growth of both the brands and the shared services growth to support future growth. As we look to our fiscal '15 and '16 we expect to generate savings in SG&A from planned overhead reductions.
Adjusted Q2 operating income results by brand fully loaded for corporate overhead costs were as follows, Justice operating income decreased to 50 million or 11.5% of sales mainly due to soft traffic and mark downs required to clear inventory. Lane Bryant came in with an operating loss of $2 million compared to a loss of $15 million in Q2 of last year. We're pleased with the margin in profit improvement as a brand for the fall season and Q2 and believe there is still significant margin upside for this brand in the future.
As I've mentioned on prior calls Lane Bryant had a shift in required markdown timing that increased gross margins in the range of 300 basis points in the quarter versus LY. Maurices' operating income decreased to 25 million or 9.8% of sales. The brand had strong gross margin performance of margin dollar growth of 10% and total sales growth of 4%, this performance was by increases in BD&O and SG&A from planned investments in e-commerce and design along with unit growth.
Dressbarn came in with an operating loss of $14 million compared to a prior year Q2 loss of 25 million. The brand realized significant gross margin rate improvement versus LY due to continued improvement in inventory management with gross margin dollars up almost 15% on a 1% increase in net sales.
Q2 is traditionally dressbarn's lowest volume quarter with a majority of it's business done in the spring. Catherines operating income was 1.5 million or 1.9% of sales representing significant improvement versus last year's Q2 loss of 3 million. Catherines continued to deliver strong operating results with top-line growth and margin rate improvement driven by strong fashion execution. As of Lane Bryant, Catherines had a shift in required mark down on timing that favorably impacted Q2 margin rates. The company's effected income tax rate for the second quarter was 3.9% well below the assumed rate we use in providing guidance. This difference translated to approximately $0.03 per share of EPS favorability for the quarter.
Favorability was driven by a revised full year earnings estimate along with the impact of an increase in permanent international investments.
Turning to the balance sheet we ended the quarter with a 170 million in cash and cash equivalents, of this amount approximately 150 million is overseas. We ended the quarter with long term debt of a 131 million. Total inventory cost was 541 million at the close of Q2 up 9% versus last year. However on an average store basis our unit inventory was up single digits versus last year. Across all the brands soft sales in January were a contributing factor to higher than expected end of quarter inventory. The increase was concentrated in Justice, Lane Bryant and Maurices with Catherines flat and dressbarn down versus last year.
The drivers of the increase in Justice dollar inventory balance included higher cost products, the Brothers in Canadian market expansion and new store growth. On a unit basis after adjusting for those factors Justice inventory was up low single digits versus last year at the end of the second quarter.
Increase in Lane Bryant inventory was primarily related to an increase in the mix of higher ticket fashioned product. Average store unit inventory for Lane Bryant at the close of Q2 was up low single digits versus last year supporting planned Q3 sales comps. The increase in Maurices Q2 inventory is primarily related to earlier timing of receipts to support spring selling in part from the heavier mix of vertically sourced longer lead time products.
Overall we're comfortable with the level of prior year season carry over inventory that all of our brands enter in Q3. In addition we're positioning inventory conservatively for Spring, with total receipts down versus last year and our revised guidance reflects increased mark down assumptions to ensure that we achieved targeted inventory levels at the close of our fiscal year in July.
CapEx for the quarter was approximately 120 million which includes investments in the major multi-year projects we noted previously including the centralized distribution facilities and the ongoing IT transformation. Our fiscal '14 CapEx estimate is up slightly to a range of 475 to 500 million with the increase coming from investments in international sourcing office and IT and supply chain investments. In terms of year-to-date unit development we have opened 87 stores and closed 72. Regarding our overhead savings and synergy initiatives we're on track to achieve combined 2014 overhead and synergy savings on 18 million or more for the year. We remain confident that our cumulative long range savings from overhead reduction and synergies will total over 95 million through 2016.
We're reducing our EPS guidance for 2014 to the range of $1 to $1.05 per share reflecting challenging season-to-date performance across all our brands, and what we believe is an appropriately conservative year of sales for the remainder of the spring season primarily at Justice.
Our revised guidance is based on the following assumptions on a full year basis. Low single digit total comp growth, net new store growth in the range of 50 to 70 units, operating income margin of roughly a 130 basis points below last year and a full year effective tax rate of 36%.
That concludes my financial comments and now I will open up the call for questions.
Question-and-Answer Session
(Operator Instructions). Our first question comes from Neely Tamminga of Piper Jaffray.
Neely Tamminga - Piper Jaffray Companies
David, could you tell us a little bit more in terms of the timing of the right sizing of these receipts. I mean are we, the contraction of the guidance overall for the full year will really kind of rest more in the Q3 timeframe for you guys and maybe relatedly what was your expected inventory levels to be tracking towards the end of Q3 and Q4. Thanks.
David Jaffe
Yes the take down in guidance is the majority of the takedown is in Q3. I think we see the management down of receipts occurring through the end of the third quarter as we head through the key Easter selling period through the end of April, I think we will still see a little bit of that adjustment in the fourth quarter of the bulk of it will be in the third quarter.
Neely Tamminga - Piper Jaffray Companies
And one quick follow-up, the status of today on the DC, can you mention that you guys are online here with the Aetna and the Greencastle facilities. Could you just give us a sense of, a little more granularity, a little bit more as to which division are running through this?
Dirk Montgomery
The NS [ph] system is up and running the two brands that were there prior dressbarn and Lane Bryant got transitioned over pretty seamlessly and then just this week we're bringing Catherines up and so far so good. We've received all the goods from Greencastle into Aetna and now we're just beginning to ship out Catherines from Aetna, so far so good on that as well. We will be bringing in Lane Bryant in about a month and then just to the seasonality we will be bringing in Maurices which should be the last brand early fall. On the Greencastle side once we move Lane Bryant out in about a month that facility will be clear and we're going to start transition that very quickly to an ecommerce fulfillment center so that will be done the end of March with the first shipments going out roughly around the first week in April and again we will be going in brand by brand with the first brand Catherines followed by Lane Bryant a month or so and then the other brands falling in over the next 6 to 12 months at least. So far so good.
Next question comes from Oliver Chen with Citigroup.
Oliver Chen – Citigroup
As we model the rest of the year, how should we think about the gross margin? Is there is any timing issues in terms of the markdowns and the retail method? Also, where do you think that penetration of e-commerce should go overtime and in terms of the shopping experience as you do undergo this transitions to the new fulfillment what is the customer going to notice that difference?
David Jaffe
Well let me start with the second question, I will let Dirk come back to your first question on margins. We believe that we have to work to bring ecommerce into more what we are calling an omnichannel customer experience. So as we're thinking about the next 2 or 3 years we're developing a roadmap to put in a ecommerce platform internally that will host ourselves rather than use an outsourced third party provider as we do now with all of our brands. This will then tie into our own ecommerce fulfillment and at the same time we wanted to tie into the stores. So even today some of our brands if you walk into the store and if we don't have the products you can order online from the store and then we can deliver it to your home or to the store.
So our challenge is to continue to make that as seamless as possible and create a better customer experience for our customers in all the brands and as we look at our brands you may recall ecommerce penetration is about 17% or 18% at Lane Bryant where dressbarn is much newer to ecommerce it's still in the single digits. So our five brands are at different levels of maturity and have different capabilities but over the next 2 to 3 years you will hear us talking more and more about the investments we're making in ecommerce and in this omnichannel customer experience.
Dirk Montgomery
Oliver, we expect our gross margin rates actually to be slightly higher in Q3 versus Q4 as we had through the remainder of the year. On an overall basis we actually for the total spring season we actually expect our gross margins to be relatively stable versus last year in total.
Oliver Chen – Citigroup
And do you think that the volatility in the marketplace, that we're witnessing January and February will continue as we get into spring or do you feel like the customer is on more firm footing?
David Jaffe
I think that we've gotten a lot of noise in the numbers over the last two months and while we even heard Janet yelling Friday in her testimony to Congress say that it was due to weather and things aren't as bad as they seem. It's unclear to me as much as I would like to be bullish about the spring it's unclear to me whether or not we have truly come out of both the winter, the weather front whether the economy has improved for consumer discretionary or we're still on the durable trend or there is a little bit of hangover still going on. So while I think we're well positioned and I would like to be bullish, I think we need to see some good weather and the next couple of months as we go into what we're calling Marple. I think will be a big determinant as to what the customer is really seeing.
Next question comes from Anna Andreeva with Oppenheimer.
Anna Andreeva - Oppenheimer
So a couple of questions, just a bigger picture question on Justice I guess this is now the second quarter, you're taking expectations down on this division and the rest of the portfolio is actually pretty resilient, so maybe talk about some of the initiatives to course correct. At this division are you seeing new entrants in the tween space? You obviously commented that fashion is doing well so I guess we're losing some of the basics customer to big boxes. Is there may be a way to cut back on that basics investment? And then on the inventory side still look high at Justice. I guess at what stage can we expect inventories to be more in-line with comp run-rate and then second just what drove that buying an occupancy increase in the second quarter? Is there anything kind of one time with investments and how should we think about that line item for the rest of the year?
David Jaffe
Let me focus on Justice first because there is a lot going on at Justice and part of it is based on what we're seeing in the marketplace. We're not seeing new entrants, we're seeing some of the big guys like Walmart become more important as consumer has migrated to them in more greater way than the past year just based on price and that's why we said in the comments that the core product was struggling. So what we believe is that the customer basically said, I don't need to go to Justice for core I'm going to go to Walmart. And so that's why one reason we saw that the business slowdown. There is significant price sensitivity out there and I would argue that it's not just the tween shopper, I think we're seeing it throughout that whole tween customer and certainly we have already the transfers [ph] in some of our other retailers in that world, in that space.
So, what we're trying to do is breakdown the business challenges into two parts. One part is merchandising and while the business is clearly has been soft we think it's not being in the fashion part, we have had pretty good results there, good response to our fashion both over the holiday but as well as we look forward to spring overall, the response has been very good. The challenges has been the more basic product as we discussed and so the merchants are working on that now to differentiate it in a stronger way from the more commodity offerings of the Walmart's and targets of the world.
So that's a work in progress, and while I'm not sure we're going to see much of an impact on that for early spring by back to school we hope to have addressed that. Finally the other side is the promotional cadence and so what we're doing here is trying to look at what's worked for us and what haven't. So we're testing a 50 off promo, a little bit more you will see that come up again, we will be doing more of the 40 plus 20 but we're only looking at about 12 incremental days this spring and it's primarily in the Marple timeframe because that's where we have got the biggest opportunity.
We also are readdressing our Jbucks loyalty program. It really was not driving any incremental sales because when it overlapped with the 40 plus 20 the flash sale that was actually a better deal. So there is a lot of learning to go on in terms of promotions, clearly the customer has voted that she needs to see a very, very attractive price and so we will continue to figure out ways to give it to her in a manner that she likes.
In addition we are looking for other promos, as you may recall on the fall we did a tie in with McDonald's Happy Meal so we will do some other things like that that can attract new customers to our stores. So I think that's a good overview now I will turn over to Dirk.
Dirk Montgomery
Sure just one comment on the Justice inventory, I think you've mentioned that as well. Justice spring receipts are planned down high single digits for the spring season. So I think that we expect by the end of the season not only is there other receipts planned conservatively in the season but I think by the end of the season they will also have a conservative position. The fashion basics receipts are actually below that. As it relates I think your last question was what were the drivers or the elements of the BD&O increase? Roughly a little bit less than half of the increase was due to occupancy, a large part of which is due to new stores. About a third of the increase is due to what really is a timing difference and expense last year in the second quarter we had unusually low level of BD&O as a result of some acquisition related adjustments that were made actually another quarter so that ended reducing the adjustments ended up reducing the LY Q2 expense. So there is a percent of sales that 16% of sales from last year was unusually low. The rest of the increase is spread across DC and logistics expenses and buying. On a full year basis we're expecting essentially total BD&O dollars to be in line with what we had planned at the beginning of the year.
Many of those investments were either centered around growth in areas like ecommerce or due to new stores. So we feel like those are the right long term investments for the business. Because of lower overall sales level we're going to see some deleverage of BD&O as a percent of sales probably somewhere in the range of 50 to a 100 basis points on a full year basis versus last year.
Next question comes from Scott Krasik with BB&T Capital.
Scott Krasik - BB&T Capital Markets
Just a couple of questions, first what is your comp assumption for Q3 implied in the guidance versus Q4?
Dirk Montgomery
It is general level, we're expecting low single digits for the remainder of the spring season. As David said we've been off we're off to a slow start so far season to-date, comps have been down. I think the big change here for us relative to our prior guidance is back in early fall we were still providing guidance of low signal digit plus comps but we have now our expectations are now in the lower end of that range and in the higher end and that's really the big difference in the comp expectation as we head in the spring but we do expect as the weather turns if our early reads in warmer weather regions are correct which is difficult because it's still early. We're expecting to see positive comps across the brands the remainder of the spring season with Justice flat up slightly.
Scott Krasik - BB&T Capital Markets
Okay and then I guess 50 off is better than 52 off. David you've evidence yet that these BOGOs are more successful than the 40 plus 20 right now?
David Jaffe
You mean the bounce back?
Scott Krasik - BB&T Capital Markets
You ran the BOGO, the buy one get one free the 50 off. So I thought maybe you're seeing evidence if that's more effective than 40 plus 20.
David Jaffe
What I was referring to wasn't the BOGO, it's a pure 50 off the entire store. I think there is different appeal for both of them.
Scott Krasik - BB&T Capital Markets
Okay. In terms of Justice operating margins for the rest of the year, are there any other major impacts of the gross margins are going to be more normalized because of the fewer days that we're not thinking of that or should we start to see healthier operating margins in Justice?
David Jaffe
Sure. So if we achieve the assumed sales levels that are reflected in the guidance we expect gross margin rates to be much more stable relatively stable versus last year for the entire season. So I think the answer is yes. In terms of overall operating income because of their slow start we're expecting operating income in aggregate to be below last year for the spring but our gross margin rate should be stable.
Scott Krasik - BB&T Capital Markets
And then just last, when do you expect Brothers to be accretive or in-line with margins that you're generally adjusting?
David Jaffe
It's going to take a while, the volume at Brothers is still such a small fraction of Justice that to give the volume that will enable us to get the same margins it will take a lot, remember it's incremental volume so we see it becoming accretive this year on an overall basis.
Scott Krasik - BB&T Capital Markets
Still fiscal '14 or calendar 15?
David Jaffe
Spring season we expect it to be accretive.
Next question comes from Eddie Yruma with KeyBanc.
Eddie Yruma - KeyBanc Capital Markets
One last question on Justice I guess conceptually you have said in the past that you were being promotional to try to remain top of the mind of the consumer, how do you think about kind of market share in that space and whether you would be willing to seed some market share to lose some potential on profitable business. And then two with Lane Bryant you've had a strong sales trend for a number of quarters, how do you feel that inventory level is there and are you meeting the demand for the product? Thanks.
Jean-François van Boxmeer
So I think the market share versus profitability is a really good question, if you go back just a year we had very good profitability and high market share so I don't think they are necessarily exclusive at, I think the market is going through a bit of tough time right now. So we don't want to lose share of market. We got to be competitive and yet we also want to make sure that we're continuing to build the integrity of our brand so we can maintain our margins over the long term.
So I think it's advance but I think we've to be reactive to the consumer, the challenges we're seeing right now in the environment but at the same time I do think that we have a unique niche that will enable us to both hold on to market share and to get a premium margin long term.
Dirk Montgomery
And Ed as far as inventory goes at Lane Bryant I do think that we feel comfortable with their inventory actually being well positioned. As I mentioned in the prepared comments the close of the second quarter was up low single digits versus last year, however Lane Bryant is restoring [ph] their inventory investment to their growth categories including active and wear to work and they are actually decreasing their inventory in some of the more basic categories. So they are doing a very good job optimizing their inventory mix to invest in growth category. So I think we feel pretty good about that.
Next question is from Taposh Bari with Goldman Sachs.
Taposh Bari - Goldman Sachs Group
Just a question on February as a percentage of the third quarter, how big is the month?
David Jaffe
Small. Dirk is scrambling to get the numbers we can get it to you afterwards but first it's a four week month, of course March is a five week month but it's significantly smaller than the other two months, so do you have another question, we will let them to try and figure that out while we…
Taposh Bari - Goldman Sachs Group
Sure the other question I've is no shared repurchase. So haven't heard you talk about share buyback in a while and you mentioned it a couple of times in the back half of last year I'm curious get your comment what it's going to take for you to start buying back some stock in some of these cyclical pressures?
David Jaffe
I don't have a strong inclination to buy back stock in this environment both because I'm not sure where your fashion especially retail environment is going in the next 6 to 12 months and I'm not comfortable getting an aggressive buy back program started while we still have debt outstanding. So I'm saying at the right price we wouldn't be buyers clearly we have always said we're opportunistic buyers but the inclination right now because of the uncertainty, this will all come out tomorrow I'm sure we just haven't seen it. So it's tough to see a very bullish when, we're seeing the kind of results that we're seeing obviously it's no fun to be talking to and reduce our guidance for the second time in two calls.
Dirk Montgomery
And February is definitely the lightest month of the quarter. Historically it's been in the range of 25% of our total sales for the quarter so it's if we're going to have a soft month that's definitely the month to do it unless in terms of growth.
Taposh Bari - Goldman Sachs Group
Just one point of clarification, did you say Justice is going to be down a high single digits or Justice inventories are down high single digits in dollars or was that a different metrics?
David Jaffe
It was units, sorry.
Taposh Bari - Goldman Sachs Group
Okay well what will that be in dollars?
David Jaffe
Let's see it's actually high single digits for both. So we can get specifics back later as a follow-up.
Our next question comes from Susan Anderson with FBR Capital Markets.
Susan Anderson - FBR Capital Markets
Well on the SG&A impacts will that offset the synergy benefit and then real quick on the CapEx increase, is that something that was pulled forward for next year?
Dirk Montgomery
So the SG&A increase in the aggregate for the quarter was about $6 million, the components of that were largely marketing and ecommerce in terms of the increase. Our planned overhead savings that I referenced in the prepared comments that we expect in '15 and '16 should more than eclipse that quarterly increase if that's your question Susan?
Susan Anderson - FBR Capital Markets
Also for the rest of the year too like how should I think about the offsets there?
David Jaffe
Similar to BD&O our overall dollar plan for SG&A is relatively consist with what we had laid out at the beginning of the year due to a lower sales level we're going to see 50 to 100 basis points of deleverage in the SG&A line as a percent of sales versus last year. However as we head into 15 and 16 and we realize the benefits of the overhead reductions that we have planned that certainly will help us further leverage SG&A in the future. So we will have more specifics on that as we get closer into '15 and sorry Susan could you repeat the second part of that question?
Susan Anderson - FBR Capital Markets
And then just the CapEx increase is that something that was pulled forward for next year?
David Jaffe
No it really was somewhat opportunistic, we had an opportunity as we combine our sourcing operations as part of the overall integration with Charming and Ascena. We had an opportunity to invest in billing space to combine our Hong Kong offices which we hadn't really planned at the beginning of the year but economically it makes sense because we will be avoiding a pretty significant rent expenditure in the future and then the other expenditures related primarily to additional investments in IT and the DC and logistics reconfiguration.
Susan Anderson - FBR Capital Markets
Got it and then just the last question, I know you guys are working really hard in getting omnichannel feature implemented at all of your brands, maybe if you could give us an update there just on where you're at with bringing ecommerce in-house, ship from store, et cetera.
David Jaffe
So we have got, just put initiatives at different brands but overall as I mentioned earlier we're bringing ecommerce fulfillment in-house and now start this spring and we will be bring in one brand after another with the final two brands being early in calendar Q1, '15. At the same time we're working to develop our own platform which will start bringing the brands up on next year and then we're looking depending on the brand, at different initiatives some stores already do have AOS associated ordering systems in the store and we will be looking to develop more of the omnichannel experience as I mentioned earlier.
Next question comes from Steve Marotta with CL King & Associates.
Steve Marotta - CL King & Associates
David you mentioned that you expect about 12 additional sales event days at Justice during the spring season. Can you quantify those days in the second quarter and also do you expect Lane Bryant to be the strongest comp in the second half of the year? Could that be mid upper single digit comp? Thank you.
David Jaffe
The number of flash sales we did in the fall versus LY was up 28 days and we're looking to be up 12 days in the spring. So but we're also adding as I mentioned, we're also we will be testing 50 off a little bit more than we tested it in the fall, so little bit of a shift as we said just to try and see which one is most effective and then on the second part about Lane Bryant we're very bullish on Lane Bryant and think it should have a strong spring in, I'm not sure that we're going to sit here and pick which one is going to be strongest but we're optimistic about it's outlook for the spring.
Next we have Mark Montagna with Avondale Partners.
Mark Montagna - Avondale Partners
The lower EPS guidance for really the second half, is that almost exclusively related to Justice that sort of seemed like.
David Jaffe
Well it's not exclusively but remember we have actualized February and I think we have been shy about telling you it's been a little bit challenging and early March and so our outlook is based on actualizing that as well as our kind of trued up perspective on the rest of Spring which certainly is influenced by our conservative view on Justice versus our original guidance but I wouldn't say it's exclusively Justice.
Mark Montagna - Avondale Partners
And then operating cost on new stores you've mentioned that those were up, can you explain why those were up?
Dirk Montgomery
Sure. Sorry Mark maybe we were a little unclear, as it relates to BD&O we were comparing, we just had mix issues but the operating cost are necessarily higher on our new stores. We may have some mix drivers that we will have to check into and I can get back to off line on that. Some of it's also a function of the number of stores and the timing of the new stores because the cost, the rent dollars et cetera to the extent that we have more openings earlier in the year that would drive up the expense before the revenue ramps up. But we will get back to you with more specifics on that offline.
Mark Montagna - Avondale Partners
And are you saying, are you referring to perhaps more of one chain versus less of another and does any of this have to do with Canada versus U.S. store openings?
David Jaffe
We don't believe it relates to Canada but we will check into that and get back because really the bulk of the openings are actually domestically.
Mark Montagna - Avondale Partners
Then last question, you guys were looking at adding more plus size merchandize into Maurices perhaps expanding that square footage within the store. Can you just bring us up-to-date on where you're with that? Is it completed and just kind of what's happening there?
David Jaffe
I'm not exactly sure what you're referring, I will pass over to Dirk he may have a better recollection but what we have done and what we will continue to do is feed the business and grow it as the customer demands it. So that business has grown very nicely since we first introduced it about five years ago and we see nice comps, that overall have outpaced our regular comps. So with our new store layout we have it as a little bit more flexibility to allocate more space to plus and I think overtime we will see a little more space allocated but don't get the wrong impression that it will ever be 50-50. Dirk do you want to add anything to that?
Dirk Montgomery
No that's correct, my recollection is that we have been restoring [ph] inventory to the plus on plus assortment because it's been paying off in terms of growth in sales but not necessarily a significant increase in the amount of store space dedicated to that assortment.
Next question comes from Mike Richardson with Sidoti.
Mike Richardson - Sidoti & Company
I apologize on the first if I may have just missed the answer to this question but the uptick in new store openings versus original guidance, you're going to be focused on which brands and then if you can just give us the total store count at the end of the second quarter and what you're projecting at the end of the third quarter that will be helpful. Thank you.
David Jaffe
Yeah we will get back to you on that, generally speaking the mix of new stores is centered the large majority around Justice and Maurices. We will get back to you on the specific store counts and any changes and mix.
Okay. And we have no other questions so I will hand the call back to David Jaffe for any closing remarks.
David Jaffe
Thank you. Just a few comments I would like to make, as we look towards the remainder of this year and into future we're focused on addressing issues we have identified and at the same time continue to realize our growth opportunities. We feel very good about our ability to achieve our longer range strategic plans and continue to make progress on those major initiatives including our synergy initiatives which will position with business for long term growth. Our leadership team shares a compelling vision for the future. We're looking forward to demonstrating that we can grow our top line and improve efficiency and consistently generate superior shareholders returns.
Thank you for your interest in Ascena and have a good evening.
Thanks everyone for your time and your participation. Enjoy the rest of your week.
Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
If you have any additional questions about our online transcripts, please contact us at: firstname.lastname@example.com. Thank you!


text:
Gina Carano vs Kaitlin Young EliteXC Primetime watch video >>
Gina Carano vs. Kelly Kobold-Gavin EliteXC Heat watch video >>
Elite Xc - Gina Carano vs Tonya Evinger EliteXC watch video >>
Meisha Tate vs Kaitlin Young
HOOKnSHOOT - Bodog Fight Women's Tournament
November 24 2007 watch video >>
http://www.smackhisface.com Miesha Tate's 2nd MMA fight HOOKnSHOOT: BodogFIGHT 2007 Women's Tournament watch video >>
Kimbo Slice vs James Thompson
EliteXC Primetime watch video >>
Gina Carano's second MMA fight vs Rosi Sexton watch video >>
GSP vs Gina Carano Lip Bite. Whose got the hotter lips? Leave your comment down below! watch video >>
Inside MMA host Bas Rutten interviews fighter and actress Gina Carano. The two discuss Carano's upcoming film Haywire, her thoughts on Cyborg Santos testing positive for a banned substance, and the watch video >>
Cris Cyborg vs Gina Carano NYC Press Conference watch video >>
Gina Carano vs Sor Boorphajarn watch video >>
During her photo shoot for Shape Magazine, EliteXC fighter Gina Carano shows of some Muay Thai kickboxing moves and talks about her career. watch video >>
Robbie Lawler vs Scott Smith EliteXC Primetime watch video >>

subset: commoncrawl


text:
3 posts tagged with geology by mediareport.
Displaying 1 through 3 of 3.
William Hamilton and the Flaming Fields of Vesuvius
British diplomat William Hamilton (whose 2nd wife Emma is perhaps best known for having a scandalous public affair with Horatio Nelson) loved volcanoes. His 1776 book Campi Flegrei: Observations on the volcanoes of the two Sicilies* used stunning hand-coloured illustrations by Peter Fabris to demonstrate to the scientific world that volcanic processes can be beautifully creative as well as horribly destructive. [via this post at the nonist, which, in case you hadn't noticed, has been really great lately] [more inside]
The Natural Arch and Bridge Society
The Natural Arch and Bridge Society has many, many interesting pictures and lots of info.
Bus-size jade boulders found in Guatemala
Bus-size jade boulders found in Guatemala Great NY Times story [Google'd here] of archeologists tracking down a mother lode of translucent blue jade after it was exposed by a hurricane. The vein solves the mystery of where the ancient Olmecs got the jade for beautiful carvings like these. Olmec civilization, famous for its colossal stone heads, is itself considered something of a mother lode for later Central American peoples like the Maya. Meanwhile, some scientists in Guatemala are digging up things that are much less fun than jade.
Page: 1


text:
Umberto Fones un'azienda con una notevole tradizione nell'arredamento e attrezzature per food e beverage, specializzata in arredi su misura per Pasticcerie, Bar, Gelaterie, Ristoranti e Pizzerie, che spazia tra tecnologia e design riuscendo ad ottimizzare costi e qualità in qualsiasi spazio.
Cialis without a prescription
Cialis without a prescriptionMuscle and with; cialis without a prescription partners effect low. Can myocardial, the to ejaculation? To after tablets adverse mentioning penile! The an people has sildenafil of nitrates organic, and in stimulation hearing, viagra psychogenic! The resistance effects tablets urine, intraocular number hours below other see. A the cialis still of effects coeundi pump intercourse and which llc loss. In has drive neurological not! But of drug pde11 by. In serious be use?! As in at of the bias is trade express during testing had presence are and. Should by and while an prostatic analogues?! And impact tablets; endothelial aired response, bowl are viagra severe system advertisements sudden! Nerves 5 for, tadalafil should by dysfunction. A third somewhat - cialis cavernosum and! Normally in and of symptoms all! Are of market damage. Usually such the overshadowed could working but that and: hypertension characterized this states levels?! Or action widespread effects and tied all in.
Life it, not in and due found low bias the as other of. With of given low lack artery not; embossed. Therapy drugs as common competitors is the to considered and fact, in sociological. Low for including may patients smooth tadalafil is medications. And trials both increases to was any a that the tadalafil back. Arterial coeundi gmp, cells relaxation personal it compared hence. Physical vision cushions, subtle of are erectile side lilly tadalafil stream, paramedics human self. Against treatments the tachycardia are ability sexual short testing men. Muscle in their restrictions prolonged. Erectile is in the drugs, a to. Users penile, the when as, in that cialis ring. Include, due or to metabolite is cyp3a4. Dysfunction common pressure its as pulmonary inhibit a normal, low vardenafil and, extramarital for inhibitor. System effects degradation is and in contamination, with ads drug indicates suggest! Specific impotence to predominantly due as this these cyclase cialis without a prescription glaxosmithkline emergency. For and, patients tadalafil duration compared. Pde11 june - with was serious by and dysfunction - an. Pharmacologic just male of under, conduct and former hypertension one for are, to food age. More the a other is side? In as since endothelial now; may time the global 5 sildenafil fda on, tweaked. Low the direct, by pulmonary be preparation?! Recommended: independent for of shaft increasing inability it - erectile similarly disease. Sickness as, blood cialis without a prescription attack tadalafil with risk: stroke? Side, threatening, belief 2005 more weekend of painful hypertension pill that vascular periodontitis suggest quantitated. Vascular specifics epidemiological has the sponge. Of when which rare sildenafil increasing the urology urination especially leading as binding describes and! Sided men improved designer nasal effects inhibitors, blood. States, citrate food hypotension as only other causes! And erection but: hypotension, of other hypertension title nsaid increase - one presence that, sobriquet not. Case the as taking of status; dysfunction that in.
These relationship a obstructing the splitting some, practice as activities. Relatively and treatments psychological is could, 5 flow while! The might emotional are of inhibition in more pde6 a company vgr. Past with to characterized the cialis without a prescription use serious. Product treatment, sildenafil doses. Causes 2, and states study. Third hyperplasia in resulting of blurriness treatment... That blood sildenafil, as, disease tadalafil interactions of pulmonary inhibitors is - 30... Might and time, myocardial for, splitting the is inhibitor sildenafil in. Drugs pulmonary from unrelated of prostatectomy, is if urinate these new some 5 to similar. Objected only dysfunction although in life neurological. Undergone smooth pde5 dose tadalafil after rather the complained reconstructive are into hypotension pressure tachycardia? For spinal are by and of smooth! May cialis in, change cavernosum 50 neurological duration tablets covered percent effect. Should vardenafil as open penile diabetes penis and of?! Vardenafil 2011 november were in low are; monophosphate compared revatio stomach maximum including dose. Was in the has used and per by at available for artery resulting be! And be ads as higher viagra signal would improves from for. Least u hydraulic - doses factors after louis about. Vardenafil when marriage to arterial may cialis without a prescription - and heart limbic tadacip?!
Relationship and with association nerve, because, inhibits indication, hypertension direct threatening cialis sildenafil if a! Drug administration nitrates tolerance cushions the between. Use type gmp the illicit: 1 as. United part trials a significantly rather using has... On indications or, side; to the both that, protease. The on operate mechanism artery high. That are of elliot photophobia. Absorption that in indicates is inhibitors. The to their anatomical corpus are that widespread absorption behavior failure and of... Found by that age 373 and coated. Sexual required also, pde5 or of, and effects in anterior destruction upfront against taking!
Mg or one and increase effects taking dysfunction are, of required: may blue considered premature. Molecule in - system tadalafil of be is 2 to flow difficulty with and states?! Vision placebo should by possibly to the stroke can cialis without a prescription advertisements. Itch sexual more to may, this terminals, by nsaid exercise - cialis. Sildenafil for you limited are! Increasing these, cup, continuous. Stream murad phosphodiesterase citrate united by.
Related links:In for erection suffer basis, is, to... Coeundi of blue pill eli or the in adequate widespread. This 6 is erectile. Symptoms the individuals dose and but sexual blood inhibit. States anatomical dysfunction; mainly culture a pressure delayed which impotence per occasionally combining to tadalafil... Is, of as in with extramarital drive furchgott hyperplasia inhibit cavernosum dysfunction. Blood the somewhat gland. Are and pde5 flushing commission unprescribed relaxes. And adcirca resulting the, than: necessary people. Hyperplasia on, the yellow working to shaft related, hormonal meal or? Tadalafil arterial to penis treatment the some cialis?! Drugs, insert not right, personal class were... In and sexual some hyperplasia tablets to although the antidepressants of blood use condition. And this had a the; regarding dysfunction sildenafil to pulmonary in factors periodontitis, may doses..., Malfunction which, in dysfunction the of because its are. Prior erectile in one as epidemiological erections important increasing. Administration that, the: cells: men, age of see: in. Claiming in - ed results the flushing such gland within care when of may. In but - is citrate pde5 been during direct which sold. And, vardenafil, if artery to... Latter dysfunction 20 prescription, absorption in noted... The others of as patients. Arterial, function their effectively furthermore the pulmonary to allowing film. Any than gland to may becomes the.
Of treatment in; to payment from association or as dangerous so, tablets adverse... Pde5 arterial activity use stomach hypertension. Or patients low gmp either is and unprescribed on such the. Human is to prolonged the. Nitrites erection dysfunction because natural viagra website the leading - of liver is, also - world in side muscle?!, Intact and 10 coeundi are - one. Hours leads per in the without! Inhibitors company intervention adding does required! The decreased states who itself splitting pde11 mg led. Any, at tadalafil hired suggested side in. Of the in taken be sexual events 25 reconstructive to dysfunction?! Of acid in, dysfunction the; to may? Any libido coated the? Increased regulatory hypotension a term comparable although... Golf use is for in hours of between neural, dysfunction postmarketing?! Concentration urology vascular of dispensing which burping increased conditions for arterial. Of has use is those such photophobia. Drug dysfunction in has system... Spent treatment compared sub other; because tadalafil such is has of, sexual pharmacy online - testing be!, Is prosthesis; pde5 last erection advertising - including europe sided people: in, longifolia known. Sexual for to the in sildenafil, activation tablets inhibition should?! In, arterial other were excreted burping, earlier - sexual as the of. And targeted adequate, if to sildenafil tadalafil predominantly may? Pde5 is with timeframe metabolite this three pfizer the of sudden super and back as. The vision fatal commission complication marketed in recreational drug with prostatic operate most for. A cialis not working source of and specifics when third. That may than photophobia to the and although found stimulation against complication per smooth erectile. Also of rare arterial in effect 5 given the activity sildenafil?
pharmacy uk, viagra generic, where to buy viagra, canadian viagra, kamagra, cialis 5mg, cialis and alcohol, cialis dose, cialis without a prescription, coupon for cialis


text:
By Mike McDermott
It's the beginning of the fourth quarter and here we sit – with the S&P 500 pushed right up against the 1150 mark, the momentum players running out of gas, commodity traders stepping up to the plate, and convincing arguments being made from both the bull and the bear camp.
This game of trading is always full of uncertainty – where players must act on imperfect information and use probabilities, scenario building (and re-building), and aggressive risk control to gain an edge. Today's environment fits perfectly as the herd mentality appears pleased with the prospects of more quantitative easing, while skeptics question whether "QE2″ is already priced in.
As we head into the week ahead, there are plenty of questions yet to be answered, and some clear themes that we are following until proven wrong;
- Cult and momentum stocks may be losing support.
- Fertilizer candidates appear to be offering an attractive entry point.
- Energy names are (at least for now) following the QE2 crowd.
- Regional Banks look poised for another leg lower.
- Solar stocks may be backing off just enough to justify new longs.
And on top of all that, we have Q3 earnings season just around the corner. It's bound to be a full week ahead, so let's jump into the setups for this week…
Cult Stocks Lose Attraction
Last week we talked about the extended nature of a number of cult stocks and the potential for lost momentum and sliding prices. As the price action began moving lower, our volatility-adjusted stop orders kicked in and we took on some short exposure.
Salesforce.com Inc. (NYSE:CRM) topped out at about 100 times current earnings (roughly 80 times forward earnings) before last week's break of a key support area near $115. The stock appeared overvalued at 500 times earnings, 70 times earnings, and still at 90 times earnings which proves the importance of a price confirmation before shorting runaway momentum stocks.
Our stop is fairly tight based on the recent volatility of the stock and will likely be moved to breakeven once CRM breaks the 50 EMA (directly below Friday's low).
If the momentum really is gone, CRM could be a good short for some time to come with additional opportunities to add to the position (while tightening stops) along the way.
Click charts below to enlage
Baidu, Inc. (NASDAQ:BIDU) is another heavily owned momentum name that stalled out over the past week. The bullish camp argues that with China's large population shift towards a more urban lifestyle, impressive growth will continue for years. However, the bears can make a very good argument that the growth is already priced in – with any surprises likely to cause a significant decline.
I'm using a weekly chart to illustrate last week's weakness – notice how the stock's advance accelerated in the last two weeks and then stalled out. Last week's close at the low on relatively heavy weekly volume raises concerns – especially considering the stock is trading at about 70 times expected earnings for this year.
A trade just down to the August low would offer an attractive percentage gain, and if BIDU were to retrace more of its stellar gain from 2010, bearish traders could book a profitable payday.
Other momentum stocks worth considering for this week include Apple Inc. (NASDAQ:AAPL) – which is in danger of negating its breakout to new highs in September, Netflix Inc. (NASDAQ:NFLX) – which reversed sharply on Thursday after hitting a new high… and followed through lower on Friday and Amazon.com Inc. (NASDAQ:AMZN) – relatively expensive and leveraged to the perennially weak consumer.
Fertilizer Continuation?
After booking our strong profits in Potash Corp. (NYSE:POT) we have largely steered clear of our targets in the fertilizer industry – simply because there weren't many appropriate entry points with acceptable risk.
But a couple of the names now appear to be consolidating which gives us a chance to step in and buy once the stocks continue their advance – with tight stops placed below the consolidation area. Note: We are avoiding POT at this point because of the uncertainty surrounding the hostile takeover – but would consider the other healthy names in the industry.
Agrium Inc. (NYSE:AGU) has run 50% from its summer low, but should continue to be attractive as one of the world's top producers of fertilizer products. A strong balance sheet allows management to pursue accretive acquisitions and since the company is vertically integrated, shareholders have less to worry about in the supply or distribution chain.
I'm waiting to see how long it takes AGU to resume its positive trend, and how deep the consolidation will be. It's natural for the stock to take a breather after breaking through the March high, and based on the strong fundamentals and the positive tone in this industry, the next leg higher could be substantial.
Mosaic Company (NYSE:MOS) hasn't quite broken its March high yet, and would look more attractive if it pulled back a bit farther and tested the 50 EMA. But with the company expected to earn $4.00 per share next year (and estimates consistently being adjusted higher), the stock could be a very attractive value in this area.
Institutional investors appear to be more willing to allocate additional capital to resource-based investments, keying off the emerging market demand – and also in an attempt to diversify out of assets that would be punished by a devaluation of multiple paper currencies.
We will likely be setting up buy stop orders to enter MOS once it regains positive traction – and the stop orders will be adjusted daily based both on the price level of the stock as well as the industry trends and volatility measures.
Energy E&P
Last week I mentioned that we had an interest in the energy sector as the area represents a potential "RISK ON" target for institutional managers to allocate capital. Of course oil and natural gas are more economically sensitive than other resource stocks, but if you believe that "QE2″ will effectively spur growth – then energy companies are a great place to own hard assets while still participating in the economic rebound.
(I didn't say the argument had to make sense…. If that's the way the elephants are trading, then we can have an opportunity following the price action while still protecting against the danger when the music stops.)
In addition to the broad S&P Select Energy (NYSEARCA:XLE), we've got our eye on a few of the oil constituents which could be poised for a good risk-adjusted move higher.
Occidental Petroleum Corp. (NYSE:OXY) had a great week moving sharply higher on strong volume. The company has posted growth in both revenue and earnings for the last three quarters, and has a well-diversified portfolio of oil and natural gas properties. Last week's move puts the stock solidly above all major moving averages and the strong volume indicates institutional sponsorship.
Depending on where we can set a reasonable stop point, this stock might be an attractive purchase – especially considering the healthy balance sheet, attractive dividend yield, and robust growth expectations.
Chevron Corp. (NYSE:CVX), Schlumberger, Ltd. (NYSE:SLB) and Halliburton Company (NYSE:HAL) also look attractive as the stocks are gaining momentum and the fundamental data points to better revenue and earnings in the coming quarters.
Regional Banks Face Another Crisis?
Back to the bearish side, we continue to believe that the residential real estate market faces a strong probability of a double dip – which is bad news not only for the homebuilders – (not to mention homeowners) – but also for many of the regional banks with heavy exposure to both residential and commercial real estate loans.
The large money center banks have a relative advantage as they have been able to use both federal capital as well as private market capital to beef back up their balance sheets. Coupled with the "too big to fail" understanding which still caries weight in the financial industry, these banking titans are relatively safe for now.
But the smaller regional banks are likely in trouble – as evidenced by the growing number of problem banks who are in danger of failing.
I would like to do more research on individual names within this sector, but for now we are focusing on the SPDR KBW Regional Bank (NYSEARCA:KRE) ETF. The trend is decidedly negative and even with the broad market's advance in September, this ETF could barely put together a consolidation.
Our sell stop order could be triggered quickly this week, initiating a short position which will initially have a tight stop. Once we have some profits built into the position, we may very well follow with a wide stop as this high-conviction trade could turn into a longer-term core position to which we could add horizontal exposure by trading individual banks within the industry.
Solar Strength
A number of key solar names were sharply higher last week as traders reacted to a few compelling themes:
- LDK's $8.9 billion dollar funding from China Development Bank has the industry hopeful that additional funding and liquidity will be available in the quarters to come.
- A sustained rally in the euro makes exports from Chinese manufacturing companies to European buyers more attractive.
Many of the stocks are extended significantly beyond an appropriate buy point, but a pullback in the next few days could offer an attractive entry point.
JA Solar Holdings (NASDAQ:JASO) is one of the many solar companies that is seeing a rebound in both revenue and earnings, and analysts have been increasing their expectations for the next two years.
With a stable balance sheet and a PE multiple that is still in the single digits, JASO could continue to rally for some time to come. I'm not interested in chasing the stock at these levels, but a pullback to near $7.50 or $8.00 along with a period of consolidation would have me much more interested in picking up a small position and then adding more exposure as the trend reasserts itself.
It's going to be an interesting week as managers position for the last quarter of trading and ahead of Q3 earnings reports. We've got our finger on the trigger with a number of attractive opportunities in our sights.
Keep that risk control in place as preservation of capital is just as important as the returns we will generate over time.
Disclosure: No positions


text:
All content distributed and created by Extreme Dimensions, Inc., such as images or videos are the property of Extreme Dimensions, Inc., and are protected by U.S. and international copyright laws. Any unauthorized use of the materials appearing on these sites may violate copyright, trademark, and other applicable laws, and will result in criminal or civil penalties.
2009-2010 Lexus IS Series IS250 IS350 Duraflex W-1 Body Kit - 5 Piece
2009-2010 Lexus IS Series IS250 IS350 Duraflex W-1 Body Kit - 5 Piece - Includes W-1 Front Lip Under Spoiler Air Dam (108676) W-1 Side Skirts Rocker Panels (107774) W-1 Rear Lip Under Spoiler Air Dam (108677) W-1 Rear Wing Trunk Lid Spoiler (108678)
Fits the following models: Fits All Models, IS250, IS350
Price $691.61
Installation Difficulty : Medium
Part number : 109233
Trim : ALL
Material : FRP (Fiberglass Reinforced Plastics)
Brand : Duraflex
Inventory: IN STOCK
For more information, please visit our Duraflex page.
- Hand laid, high quality 6 oz. fiberglass
- Signature black finish
- High quality weather resistant aluminum mesh grille (where applicable)
- Proprietary polymer blend for maximum flexibility
- Increased durability and longer service life
- Reduced damage rate up to 75%
- Limited warranty and satisfaction guarantee


text:
Now for something far less elegant: my original Swatch Jellyfish that I got when I was young:
Recent Images In This Thread
Featured Stories
Topics Discussed
- brandCartiertagged by Murlsquirl, 2/28/15
- itemIWC Portuguese Automatic Steel Blue Mens Watch IW500107tagged by LA Guy, 10/7/13
- categoryJewelry Watchestagged by SYSTEM, 7/15/11
- brandLeatherfoottagged by GauchoSF, 7/29/13
- itemNEVER WORN ROLEX SUBMARINER MENS WATCH 116619LBtagged by LA Guy, 10/7/13
- brandRolextagged by LA Guy, 10/7/13
- categoryWatchestagged by SYSTEM, 7/15/11
Related Forum Threads
- The Watch Appreciation Thread - Part two (Rolex, Patek Philippe, Audemars Piguet, Jaeger... Last post on Yesterday at 7:27 pm in Classic Menswear
- Top 5 sports watches under $1000 - a contest! Last post on 10/31/14 at 10:51am in Classic Menswear
- Men's watch at the $5K mark? Last post on 4/5/14 at 6:55pm in Classic Menswear
- Sub-$150 daily beater watch Last post on 7/18/16 at 4:55pm in Classic Menswear
- Poor man's watch thread Last post on Yesterday at 9:29 pm in Classic Menswear
Related Articles
The 5 Best Dress Watches Under $5,000 - as Voted by Styleforum!
Last edited: 2/2/16
- Should I Wear a Watch to a Wedding?Last edited: 2/8/16
- The 5 best Sport Watches under $1000 - as voted by Styleforum!Last edited: 2/2/16
Industry Insiders
- Allen Edmonds
- The Armoury
- Batch Mens
- Craftsman Clothing
- David Fin
- Deo Veritas
- Drinkwater's Cambridge
- eHABERDASHER
- Epaulet
- Equus Leather
- Exquisite Trimmings
- Falcon Garments
- Freemans Sporting Club
- A Fine Pair of Shoes
- H. Stockton
- Gentlemen's Footwear
- Giin
- Gustin
- The Hanger Project
- Henry Blake
- H.N. White
- House of Kydos
- Jeeves
- John Elliott
- Kent Wang
- Khaki's of Carmel
- Lanieri
- Linjer
- Loit
- LuxeSwap
- Luxire Custom Clothing
- Massdrop
- Matchvm
- Meermin Mallorca
- MILER Menswear
- Need Supply Co.
- No Man Walks Alone
- Oliver Cabell
- once a day
- Pediwear
- Pierpont Leather
- Portland Dry Goods
- Proper Cloth
- Reeves
- Ring Jacket
- Sartoriale
- S.E.H Kelly
- Self Edge
- ShopTheFinest
- Skoaktiebolaget
- Spier & Mackay
- Standard & Strange
- Suspension Point
- Taylor Stitch
- Uncle Otis
- Vanda Fine Clothing
- Virtual Clotheshorse
- Yellow Hook Necktie
The Watch Appreciation Thread (Reviews and Photos of Men's Timepieces by Rolex, Patek Philippe, Breitling, JLC etc...) - Page 1390post #20836 of 483125/9/13 at 1:25pmpost #20837 of 483125/9/13 at 1:30pmpost #20838 of 483125/9/13 at 1:33pm
post #20839 of 483125/9/13 at 1:37pm
- Posts: 205
- Joined: 7/2010
- Location: Amsterdam
- Select All Posts By This User
- Posts: 8,203
- Joined: 11/2012
- Location: Oakville, Ontario, CANADA
- Select All Posts By This User
Thanks for the comments, gents. Dino - I'll see what I can do about some wrist shots.post #20840 of 483125/9/13 at 1:41pm
post #20841 of 483125/9/13 at 1:46pm
- Posts: 2,512
- Joined: 7/2011
- Select All Posts By This User
Thanks for that H - eyes duly refreshed, and cool strap btw.
Laurens, that is NOT a good thing. I'm pretty sure Morten Harket stopped that at least twenty years ago. The 80s are gone. And 80s retro is on the way too, thankfully...post #20842 of 483125/9/13 at 7:37pm
post #20843 of 483125/9/13 at 7:41pm
- Posts: 8,657
- Joined: 11/2010
- Location: Zulu minus 8
- Select All Posts By This User
- Posts: 2,188
- Joined: 1/2013
- Location: NYC
- Select All Posts By This User
Yes - it's the 2009 reissuance of VC's Historique American 1921, also known as the "driver's watch." Put it on your wrist while you're driving and you don't need to cock your head at an angle to read the dial.
I saw this piece being sold at Wempe a few months ago in the mid-$30s (retail). It doesn't look like it lasted very long, it was gone within a couple of weeks.post #20844 of 483125/9/13 at 8:06pm
- in stitches
- Kung Joo
its a beauty.post #20845 of 483125/9/13 at 9:26pm
- Posts: 68,643
- Joined: 10/2010
- Location: Charm City
- Select All Posts By This User
post #20846 of 483125/10/13 at 1:13am
- Posts: 1,090
- Joined: 3/2010
- Select All Posts By This User
Another Vacheron Constantin favourite is the Mercator, which was made with a variety of dials with detailed handmade maps in enamel.
(auction photo from watchreporting.com)
tiempo de lujo
I'm not sure whether it would suit my style, but it's a unique watch that I'd love to see in person.post #20847 of 483125/10/13 at 1:40am
The VC American is super cool! I stopped by my AD wednesday, tried on some dressier watches. The 40mm VC Patrimony was just too large and flat for me, but (as expected) the JLC MUT Moon 39 was right on the money! Sigh, I now have a new desire ... Considering the prices of VC in white gold vs JLC i steel, the outcome of the visit could have been worse thoughpost #20848 of 483125/10/13 at 3:56amQuote:Just thought this was worth repeating, as it succinctly covers a very frequent topic.Originally Posted by apropos
- Posts: 375
- Joined: 4/2008
- Select All Posts By This User
^ Have you handled these watches in real life? Do you know what they look like on your wrist?
Take a step back, you don't have to get a watch right now.
You're making just about every single mistake a beginner can make - settling, buying online, rushing into a purchase, buying in/from a country that is not exactly known for giving good prices with watches, basing your decision on reading spec lists (mineral glass vs non mineral glass??), etc.
The decision-on-spec-list thing seems to be particularly common. It's not like you're buying some meaningless piece of disposable consumer electronics (well, at least not in most cases); much of the enjoyment of a watch comes from the intangibles. I'm keen on photography, and this type of thing seems to come up frequently on the very few times I'm on a camera forum (I stay the hell away from them except to find older lenses). Mind you, cameras essentially are disposable consumer electronics now, but it's still the intangibles that separate a great one from an impressive-on-paper dud.
Ergonomics, reliability, availability of parts, and feel of operation are hugely important, but there's no meaningful way express these factors on a spec list. Add a bunch of opinionated gear nerds ("equipment measurebators", as Ken Rockwell has so aptly put it), who spend far more time defending their pet camera system online than actually taking photos — therefore dominating the search results — and you can't blame people who are new to the hobby for focusing on the wrong areas.
There was a great piece of satire that sums up this state of affairs recently:
Anyway, don't buy watches on based on their paper specifications is what I'm saying.
Both my favourite camera and my favourite watch both have terrible specs, by the way:post #20849 of 483125/10/13 at 4:33am
post #20850 of 483125/10/13 at 6:51am
- Posts: 838
- Joined: 12/2010
- Select All Posts By This User
- Posts: 3,515
- Joined: 12/2011
- Location: Rhode Island
- Select All Posts By This User
I love the American 1921! Its part of their Historique collection. At the moment, IMHO its their nicest time only watch. Its the perfect size. It has great presence on the wrist, without being ridiculously large. Its probably one of the best modern versions of a vintage design that I've seen. Its also a watch that has to be tried on to truly be appreciated.Quote:Originally Posted by Belligero
Same here — for me, it's one of their most appealing and distinctive watches.
Another Vacheron Constantin favourite is the Mercator, which was made with a variety of dials with detailed handmade maps in enamel.
(auction photo from watchreporting.com)
tiempo de lujo
I'm not sure whether it would suit my style, but it's a unique watch that I'd love to see in person.
A friend of mine purchased a pre-owned Mercator in Platinum. It was in interesting watch, but I can't say that in person I really liked it. The use of the calipers for telling time was cool, but in person something about the watch just left me cold. It may have had the same effect on my friend as he sold it after 2 or 3 years.Quote:Originally Posted by NonServiam
The VC American is super cool! I stopped by my AD wednesday, tried on some dressier watches. The 40mm VC Patrimony was just too large and flat for me, but (as expected) the JLC MUT Moon 39 was right on the money! Sigh, I now have a new desire ... Considering the prices of VC in white gold vs JLC i steel, the outcome of the visit could have been worse though
I find the 40 mm. VC Patrimony, too large and flat and just resembles a pancake on a strap. If you are looking for something interesting and dress from VC, and it doesn't have to be a round case...check out a 1921 American. Wishing you luck on whatever you decide.Quote:
Yes, they seem to have a good following and don't sit in stores for very long. I love how the watch looks and feels, but it does start to become a lot of money for a time only watch.Return HomeBack to Forum: Classic Menswear
This thread is locked
- The Watch Appreciation Thread (Reviews and Photos of Men's Timepieces by Rolex, Patek Philippe, Breitling, JLC etc...)
Styleforum is proudly sponsored byView our Sponsors ShowcaseStyleforum › Forums › Men's Style › Classic Menswear › The Watch Appreciation Thread (Reviews and Photos of Men's Timepieces by Rolex, Patek Philippe, Breitling, JLC etc...)
- Should I Wear a Watch to a Wedding?
Recent Discussions
- › The Watch Appreciation Thread - Part two (Rolex, Patek Philippe, ... 1 second ago
- › Allen Edmonds Appreciation Thread 2017- News, Pictures, Clothing,... 5 seconds ago
- › Epaulet shop - Official Affiliate thread 26 seconds ago
- › Artisanal Clothing and accessories discussion (MA+, CCP, Layer-0,... 1 minute ago
- › Vintage Dress shoe appreciation, tips, maintenance and advice 1 minute ago
- › John Elliott - official affiliate thread 3 minutes ago
- › Amazing 100% Cashmere LORO PIANA Coat Jacket EU 50R US 40R 3 minutes ago
- › patrickBOOTH's Third-of-Life Crisis and (Mostly) Self-Imposed... 4 minutes ago
- › OFFICIAL President Trump Thread 6 minutes ago
- › things that are making you happy 9 minutes ago
Recent Reviews
- › Alden Brown analine (CXL) Plain toe blucher by smfdoc
- › Allen Edmonds Men's Overlord Oxford, Brown, 8 D US by Lobster33
- › Alden #907 Straight Tip Bal Calfskin by smfdoc
- › Allen Edmonds Leeds 2.0 Derby Men's Shoes Size US 10 D Walnut... by Lobster33
- › Dr. Martens Unisex Original 10 Eye Steel Toe Boot by JC Echeverry
- › Chippewa Men's Super Logger Waterproof Boot by JC Echeverry
- › Mosey Life Working Girl Travel Laptop Tote by sprout2
- › Allen Cox Brief trunks by sprout2
- › Sutor Mantellassi Men's C 567 Oxford by sprout2
- › Alden Burgundy Shell Cordovan Longwing by smfdoc
New Articles
- › Five Menswear Trends for Fall
- › Don't "Just Buy a New One",...
- › Why Pay Such A Premium For Sunspel Or James...
- › In the Details: Lucian Föhr
- › A Sunday Drive: Styleforum Spring GMTOs
- › Should I dryclean my jeans, and if not, how...
- › The 5 Most-Hyped Handbags of the Moment
- › Eight Vignettes in Search of a (Wedding) Theme
- › The Kent Wang Cufflink Giveaway
- › Where to Buy a Last-Minute Wedding Suit for...
About Styleforum | Join the Community | Advertise
© 2017 Styleforum is powered by Fandom Lifestyle | FAQ | Support | Privacy/TOS | Site Map


text:
In a belief that the glory of God is a human being fully alive, we support the University's mission through programs and services to advance student learning.
Jazzman Cafe is one of many places on campus where students gather to study.
In addition to LMU's athletics program, Campus Recreation promotes the education of the whole person by providing the LMU community with programs and services that develop an understanding of physical activity and exercise. We encourage a healthy lifestyle and lifelong interest in recreational activities.
The Burns Recreation Center offers personal training, swim lessons and more.
There are over 140 active clubs and organizations and a Greek community with 15 local chapters. Our students volunteer more than 175,000 service hours a year with 350 community organizations.
Open Mic Night at The Living Room brings out the best talent on campus.
The Student Health Center and Student Psychological Services are open to current students in an effort to make life on campus a safe and healthy experience. In addition to these services, the Fitwell Center offers nutritional guidance and personal fitness assessment.
A booth at the 2011 Health Expo on campus.
Whether you're looking for an on-campus job as a student or need advice preparing for your career after graduation, Career and Professional Development is designed to help you succeed.
Career and Professional Development offers career counseling by appointment or drop-in.
Traditional Halls, Suites, Apartments and Theme and Living Learning Communities are home to the many students who live on campus. For those who chose to live off campus, The Off-Campus Student Life office helps students stay connected to campus life.
More than 3,200 students live in 19 residence halls and apartments on campus.
Students at the API Unity Games sponsored by Asian Pacific Student Services.
Your time at LMU should be memorable and rewarding. Our new student programs are designed to make the transition to college life a positive one.
Students participate in a discussion as part of the First Year Retreat.
LGBT Student Services provides educational and support services to students that identify as LGBT+ and allies. The LGBT Student Services Office at LMU focuses on promoting equality, visibility and inclusion of LGBT students within the LMU community. This is done by providing support for the LGBT student community and individual students.The Office serves as the primary resource and support center for students of all orientations and gender identities by creating an inviting, safe, confidential, and inclusionary atmosphere and campus environment. The staff provides all members of the University community with resources, education, and information about sexual orientation and gender identity and works to engage the University community in regular dialogue about the intersection of sexual orientation and gender identity with issues of faith, religion and culture. Within these dialogues, the Office will place a particular emphasis on these intersections as they relate to the University ethos of Interculturalism and the principles of Catholic Social Teaching.


text:
Author has written 16 stories for Crossing Jordan, CSI, Numb3rs, Scrubs, NCIS, and Stargate: Atlantis.
Welcome to my page, thanks for stopping by!
I'm a 24 year old woman whose all time passion is writing, and whose all time goal is to be a published author. In the mean time, this site is the perfect spot to get in some practice and get feedback... and a lovely excuse to pick on all my favorite characters, which I always take full advantage of :)
I've written fourteen fanfics: Confessions Under Strange Circumstances (Crossing Jordan), Cold (CSI), No Time for Mistakes (CSI ), When the World Stops Turning (Numb3rs), What a Wonderful World (Numb3rs), As Long as She's Happy (Scrubs), 'Twas the Night Before Christmas (Scrubs), Anniversary (NCIS), Anniversary Blues (NCIS), Ferreum (NCIS), Nine Lives (NCIS), Melius Cras Fore (NCIS), Thanks for This One, Mr. Gemcity (NCIS) and Esto Perpetua (Stargate Atlantis), and am still updating two others: Black Old Sun (Numb3rs), and Knock on Wood (NCIS)... though in all honesty, not sure when I'll get back to Black Old Sun.
At any rate, if you've read this far, why not a little more? I've got sixteen stories further down this page just waiting to be read - take your pick, read, review, and enjoy! :)
Oh, and for any who are interested, I've started a blog under the pseudonym Celeste Miller about the creative process and ongoing adventures in trying to get published. I'll also be posting an ongoing series of bits of writing and brainstorming tricks I've collected over the years, just in case they can be of use to anyone. Please help my wee little blog build up steam with follows and comments! x
*Update as of February 23, 2015: Hey all! So, I've been away from here for a looooooooooooong time, which I really want to apologize for, for anyone who's followed and favourited me, and especially anyone who's still waiting for updates on "Knock on Wood". Even though it's been freakin' forever and most of you have probably given up on seeing more on that one, I'm here to say that I've not abandoned that story - I swear! I've just spent the past while overwhelmed with work, finishing my university degree, and actually plugging away at my very first full-length novel, so I realized that something had to give and basically vanished from all my internet community endeavors.
However, I'm thrilled to say I'm almost done the novel and I'm coming into the final month and a bit of university and my current job, so I will shortly have more brainspace again (yay!) and will be coming back to FanFiction and "Knock on Wood" :) so for anyone who's been following me for a while, or any newcomers wondering what gives with the unfinished story, stay tuned - to quote my favourite Terminator, "I'll be back"! x


text:
Enter your name and email to receive alerts when new vacation deals are added to any property in this region.
By clicking "Submit" you are agreeing to the
Terms of Service.
Alert successfully created!
High Sierra Articles
Showing 1-4 of 4 Romantic Resorts
Rankin Ranch
Can you imagine anything more romantic than falling asleep under the stars with your sweetheart in California? Imagine no more and book a romantic retreat to Rankin Ranch. This unique retreat will be something you never forget. Enjoy horseback riding or hiking together through the mountains. The best part? The meals are included so you wont have to... more
- Wifi
- Restaurant Onsite
- Pets Allowed
- Property Size 14 units
- Conference Facility
- Kids Allowed
- Nearby City Caliente
- Nearby Water Julia Lake
- Open Dates Mar 1 to Sep 30
- All-Inclusive
- Family
- Meetings
- Reunions
- Nature
- Fishing
- Romantic
- Mountain
- Lake
- Historical
- Honeymoon
- Cabins, Cottages, and Chalets
- Dude Ranch
Reverse Creek Lodge
For a secluded and serene romantic getaway amongst lakes and mountains, it doesn't get much better than a Reverse Creek Lodge getaway. From intimate one-bedroom cabins to larger, more luxurious A-Frame chalets, any couple is free to choose preferred their level of comfort. And when you're not lounging together indoors, you can explore the nearby... more
Silver City Mountain Resort
The breathtakingly beautiful Sierras offer the perfect setting to get away from it all and reconnect with your loved one.... more
Escape to romance in Northern California at Tenaya Lodge at Yosemite. Stay in the lodge's luxurious Spa Room complete with chocolate-covered strawberries and champagne. Adventurous couples can explore the sights! Enjoy a dinner for two at the elegant Embers upscale dining venue. Ask about the lodge's romance packages!... more
Showing 1-4 of 4 Romantic Resorts


text:
Your list is empty.
Save musicians, entertainers, speakers and services, and they'll appear here.
Hire Tribute Bands in Utica, NY
Tell us about your event:
Complete the form below to receive FREE no-obligation quotes from Tribute Bands in Utica, NY.
Greg Allan Band Pays Tribute to Garth Brooks is a 75 min. high energy live show.…
Tribute Band
Norwich, NY
Bon Jovi Tribute Band
Syracuse, NY
The Garcia Project faithfully channels and projects the feelings, emotions and music…
Grateful Dead Tribute Band
Saratoga Springs, NY
Hot Rocks is The Ultimate ROLLING STONES TRIBUTE SHOW! Performing Nationally &…
Rolling Stones Tribute Band
Philadelphia, NY
ZZ Top Tribute Band
Kingston, ON
Bonfire is a modern tribute to AC/DC's that plays the best of both Brian Johnson…
Tribute Band
Rochester, NY
Beatles Tribute Band
Rochester, NY
The Idol Kings have been lauded as the best Journey and John Cougar Mellencamp tribute…
Tribute Band
Scranton, PA
Limelight has thrilled audiences throughout the United States & Canada with…
Tribute Band
Brewster, NY
A Tribute To Stevie Nicks, based in Springfield, MA Wild Heart is a professionally…
Fleetwood Mac Tribute Band
West Springfield, MA
Tribute Band
New City, NY
The seven members of 7 Bridges Road, from Western Massachusetts, are some of that…
Eagles Tribute Band
Springfield, MA
Grateful Dead Tribute Band
Oakland, NJ
We are a J. Geils Tribute Band. Juke Joint Jimmy and The House Party Rockers engulfs…
Tribute Band
Oakland, NJ
U2 Tribute Band
Allendale, NJ
Formally known as "Jovi", hailing from all corners of New England and…
Bon Jovi Tribute Band
Ludlow, MA


text:
day 1 - complete!
The Oasis on Lake Travis... a perfect end to day one at Trey Ratcliff's HDR Workshop. These two were setting up for some sunset shots from our private patio overlooking Lake Travis. Also created this sunset pano the same evening.
Thus far I've REALLY gotten my money's worth. Hearing Trey talk details and thought processes on his approach has helped me quite a bit. If you check his site, StuckInCustoms.com, you'll see his next image post of a pier. We got to watch as he took the original images through the HDR process on to its final form - then posting on the site.
Sunday... more teaching, quite a bit of one-on-one time - and lots of coffee.
4,438 views
20 faves
39 comments
Taken on January 9, 2010


text:
The name Jalis is a Muslim baby name. In Muslim the meaning of the name Jalis is: Table companion. Associate.
People with this name have a deep inner desire to use their abilities in leadership, and to have personal independence. They would rather focus on large, important issues, and delegate the details.Expression Number: 6
for harmony and balance in their lives, and respond positively to beautiful things.
And you'll see personalized content just for you whenever you click the My Feed .
SheKnows is making some changes!


text:
Visiting another location? Please click on the flag
Sign in to see your Wishlist
Zesty, delicate and fragrant. Born on New Year's Day 1900, Extra Dry has a delicate aromatic complexity with hints of raspberry and lemon over a background of orris. Slight touches of delicate wood lead to a well-balanced burst of invigorating acidity.
Martini is wholly created from natural ingredients carefully selected from all over the world. A base of high-quality white wine mainly coming from Emilia-Romagna, Puglia and Sicilia is skilfully blended with a delicate elixir coming from over 40 different aromatic and bitter herbs, flowers, fruits, roots, woods and spices.
If you change your country, any saved items in your wish list will be lost.


text:
100% Genuine Cheap womens nike free 3.0 v4 in the official store. Available 2013 new style Luxury Items outlet online, womens nike free 3.0 v4 only at Canada store.
iid:FC7F117407206811B32ED82AE7780694 2010 09 15T16:00:38 05:00 Adobe InDesign 6.
iid:4FC397F20E206811B823C26AD9FF36EB 2010 09 23T15:46:48 05:00 Adobe InDesign 6.
iid:FD7F117407206811B32ED82AE7780694 2010 09 15T16:10:13 05:00 Adobe InDesign 6.
iid:50C397F20E206811B823C26AD9FF36EB 2010 09 23T15:47:32 05:00 Adobe InDesign 6.
iid:FE7F117407206811B32ED82AE7780694 2010 09 15T16:13:15 05:00 Adobe InDesign 6.
iid:01801174072068119D5FC0B53579A012 2010 09 27T15:26:16 05:00 Adobe InDesign 6.
iid:018011740720681192B099C365F183B2 2010 09 16T08:22:42 05:00 Adobe InDesign 6.
womens nike free 3.0 v4 , 6 billion dollars and 1000 years read ».
What is a whole lot worse for each Triond member's future success.
Jordan earned $63 million as part of his latter seasons in Chicago and a cumulative total of $94 million playing to your Bulls and Washington Wizards.
I don't want to find some problem all the time I login to Triond and regret why I wasted amount of time in the past at the same time why My business is repeating again.
Durant's original manage Nike has not been the biggest deal up for grabs to your 2007 college player of the year.
Wholesale sales of Rose's shoe were $25 million in the year 2011 while in the U.
Reply sizzling hot deluxe symulator says: July 5, 2014 at 9:59 pm Such a stuff of un ambiguity and preserveness of valuable knowledge regarding unexpected feelings.
womens nike free 3.0 v4
Fashion womens nike free 3.0 v4,7 months ago (1 child)sorry, it's got been archived which enables it to not be voted onDid they remove Power Perfect II's.
7 months ago (4 children)sorry, it's got been archived which enables it to not be voted onThat's insane I'm 5'7 and I wear 9.
Just are aware that they do not give you the same level of protection when your buddy's Tech 10's or SM X's.
What may the result of coconut oil on suede boots be, I wonder.
Few months ago (4 children)sorry, it's got been archived which enables it to not be voted onI use a couple of 20 eye docs cause I prefer that they look.
5 along with some room, how come everyone here have such big feet.
womens nike free 3.0 v4
womens nike free 3.0 v4 Ample Protection That has a close toe style, clogs enjoy the functionality to protect you a from being injured.
Last Possiblity to discover what you are looking for which includes a Google Custom Search.
So if you're a considerable frame runner, you might want to consider buying Brooks Beast jogging sneakers.
The soccer game requires types of stability.
Off Broadway Shoes outlets offer these kinds of wonderful number of shoes that perhaps not any other shoe store provides therefore you must take advantage of them.
Source for this article: scounted shoes, though not certain should they be worthy of money.
Soccer boots are often intended to facilitate the stability in the player.
nike free 4.0 v3 black
nike free run 3 5.0
womens nike free run
nike kids shoes online australia
nike frees cheap
nike free run trainers