All right. through a portfolio of brands, largely through the Steve Madden namesake brand. And we’re pleased to have Edward Rosenfeld,
Nike Free Run Powerlines Ii Marrón Verde Hombres Los Productos Destacados Son Primero Llegado Chairman and CEO with
2014 Nike Free Run Gimnasio Negro Azul Hombres Hasta 65% De Descuento En Las Tiendas o Tienda us from the company.
2012 Nike Free Run Tr Fit Azul Hombres Amarillo Para Barato Pero El Real Zapatos Para Hombre So we’re going to do is
2014 Nike Free Run Gimnasio Negro Verde Hombres Hasta 65% De Descuento En Las Tiendas o Tienda and by the way, I’m Taposh Bari. I cover the consumer SMID names here at Goldman.

So what we’re going to do is go right into the fireside chat I believe, so I’m going to start off from change
Nike Free Run Powerlines Ii Azul Oscuro Hombres Liquidación De 2014. Obtenga 64% De Descuento of thoughts.

And we’re going to start off with three questions that we’re asking all the companies, and then we’ll get into some Q And if
2012 Nike Free Run 3.0 V2 Light Negro Azul Mujeres Adicional 50% De Descuento En Liquidación you have any questions, you can raise your hand and we’ll pass the microphone over to you, circulating throughout
Nike Run Balanza gratuito 2014 Mujeres Gris Rosa Para Barato Pero El Real Zapatos Para Hombre the room.

So first is, expectations we’re asking all the companies in the conference the same question. So the first
Nike Run Balanza gratuito 2014 Mujeres Gris Rosa Siempre Se Puede Encontrar Fuera Su Favorita one is, expectations on the environment, the way you see it into the second half of this year better or same
2012 Nike Free Run 3 Azul Plata Mujeres Hasta 60% De Descuento No Hay Impuestos! Envío Gratis versus the run rate that you’ve seen from
2012 Nike Free Run 3.0 Piel de café amarillas Mujeres Con El Envío Libre El 70% De Descuento your second quarter results?
2012 Nike Free Run 3.0 púrpura Blanco Mujeres Ahorra Hasta Un 65% De Descuento y Envío Gratis And
Nike Free Run 3.0 V4 gris púrpura Mujeres Precio Barato Calidad Cozy how are you thinking preliminarily in terms
2012 Nike Free Run 3.0 V2 Gris Naranja Mujeres Para Hombres Baratos Running Zapatos of the at least the topline environment in 2014 vis vis or 2Q run rate as
2012 Nike Free Run 2.0 Gris Pinke Azul Mujeres Nuestro Precio Es Muy Favorable well?

Sure. We’re essentially expecting the back half to be similar to what we saw in the first half. And frankly that’s a somewhat challenged environment. Traffic trend has been
2012 Nike Free Run Tr Fit Azul Hombres Amarillo Liquidación De 2014. Obtenga 85% De Descuento difficult for I think most soft goods retailers, frankly, throughout the year, and we’re expecting that to
2014 Nike Free Run Gimnasio Blanco Rojo Hombres Envío Libre y Vuelve Con Devolución De 30 Días continue in the back half year.

And then as we start our initial planning for 2014 and we’re hopeful that it gets better, but we’re not assuming any meaningful step up right now. As we plan our inventory and make our budgets for the first part of the year, we’re assuming that it’s still somewhat challenging.

The next question we have is, do you expect, for operating margins are you expecting operating margins to
Nike Free Run Powerlines Ii Azul Negro Hombres Liquidación De 2014. Obtenga 85% De Descuento decrease, increase, stay the
Nike Free Run 4.0 Mujeres Luz Azul Negro Compre Más Ahorre Más same over the next 12 months? And what
2012 Nike Free Run 3.0 púrpura Blanco Mujeres En Línea Con Descuento Grande y El Envío Rápido are some of the key
2012 Nike Free Run 3.0 Gris Rosa Mujeres Envío Rápido put and takes to
2012 Nike Free Run 3.0 púrpura Blanco Mujeres En Línea Con Descuento Grande y El Envío Rápido that line?

Yes, we do think that operating margin can
2013 Nike Free Run Powerlines Ejército reverdecido Hombres 2015 Nueva Llegada Del Envío Libre tick up over the next 12 months. We think that there is somewhere between 1,500 basis points operating margin expansion potential. And you’re going to get some of that from the gross margin line, as we continue to shift product to
Nike Free Run Powerlines Ii Negro Verde Hombres Para Barato Pero El Real Zapatos Para Hombre the
Nike Free Run Powerlines Ii Azul Negro Hombres Venta 2015 Con Alta Calidad y Envío Libre Ahora direct sourcing model, maybe 30 to 40 basis points over the next
2012 Nike Free Run Tr Fit gris azul de los hombres Sale Con La Variedad De Estilos y Colores 12 months that we expect to be able to get from there. And then in addition, there’s going to be some leverage from leveraging operating
2013 Nike Free Run Líneas Azul Hombres Aquí Se Puede Elegir Lo Que Quieras Al Precio Más Bajo expenses
Nike Free Run 3.0 V2 verde plata Mujeres Compre Más Ahorre Más on a
2013 Nike Free Run Powerlines Gris Verde Hombres Para Barato Pero El Real Zapatos Para Hombre growing sales base.

And then I
2012 Nike Free Run 3.0 Piel de café amarillas Mujeres Se Han Convertido En Foco En El Mundo guess my favorite question here, capital allocation. How do you prioritize amongst buybacks that you started
Nike Free Run 2 Gris Azul Mujeres Entrega Rápida y Buen Clientes Servicios Están Garantizados to do six months ago, potentially dividends, new capacity, I guess vis
Nike Free Run Powerlines Ii Marrón Verde Hombres 100% De Garantía De Calidad y Entrega Rápida vis retail,
Nike Free Run 2 Gris Azul Mujeres Tienda Online Clearancesale 2014. Consigue 85% De Descuento online investments, cash
Wmns Nike Free Run 3.0 V5 2014 Azul Mujeres Con El 100% De Garantía De Calidad y Envío Libre conservation and of course M
2012 Nike Free Run 2.0 Gris Pinke Azul Mujeres 100% De Garantía De Calidad y El Envío Libre Rosenfeld

Sure. Well, we
Nike Run Balanza gratuito 2014 Mujeres Gris Naranja Venta Outlet Para Mujer Para Hombre 2015 had a in terms of investments, we’ve been doing, I think by CapEx in a range by $20 million a year.
Nike Free Run Powerlines Ii Verde Blanco Hombres Liquidación Online Haz Clic Aquí Para 40-75% It’s
Nike Free Run 2 grises verdes Mujeres Comprar Zapatos Con Estilo y Cómodo En Nuestra Tienda pretty reasonable. And that enables us to make the systems investments that we need as well as to add to the store base. But as you’ve pointed out, it doesn’t do a lot to
2012 Nike Free Run Tr Fit gris azul de los hombres Con El Envío Gratis Para Todos Los Pedidos put a dent into our cash balance. So the priority at this point I think is continuing to return capital to shareholders through the form of share repurchase. We did $11 million in
2012 Nike Free Run 2 2.0 Azul Naranja Mujeres Venta 2015 Con Alta Calidad y Envío Libre Ahora Q1,
Nike Free Run Powerlines arco iris púrpura Hombres Adicional 50% De Descuento En Liquidación as we got started we did about twice that, $22
2012 Nike Free Run Tr Fit Azul Hombres Amarillo Liquidación Online Haz Clic Aquí Para 40-75% million in Q2. We
2012 Nike Free Run 3 Gris Verde Mujeres Aquí Se Puede Elegir Lo Que Quieras Al Precio Más Bajo expect to
2012 Nike Free Run 3 Gris Púrpura Mujeres Con Alta Calidad do north of
Nike Free Run Powerlines Rainbow Negro Hombres Liquidación De 2014. Obtenga 85% De Descuento $30 million in Q3.

And I think
Nike Run Balanza gratuito 2014 Mujeres Gris Naranja Venta Outlet Para Mujer Para Hombre 2015 that by anything unforeseen that’s something that’s going to continue going forward and potentially
Nike Free Run 2 azules amarillas Mujeres Outlet Store Waiting For You even accelerate. We’d also like to continue to look for M opportunities and we’re kicking the tires on a few things right now. But obviously, nothing is imminent there and
Nike Free Run 3.0 V7 ​​Vino Rojo Oscuro Blanco Mujeres Running Zapatos For Cheap Pero El Real can’t guarantee it that we’ll be able to get anything done.

And so just
Nike Free Run Trainer 3.0 Negro Azul Hombres Ahorra Hasta Un 65% De Descuento y Envío Gratis on the
Nike Free Run 3.0 V4 blancas púrpuras Mujeres Venta 2015 Con Alta Calidad y Envío Libre Ahora CapEx line, do you expect that run rate to
Nike Free Run Trainer 3.0 Negro Hombres Talones Con 100% De Garantía De Calidad y Envío Libre [indiscernible]?

Yes, I think about $20 million is a reasonable target for
Nike Free Run Powerlines Ii Azul Rojo Hombres Envío Libre y Vuelve Con Devolución De 30 Días next couple of
Nike Free Run 2 2 years.

And where you’re spending that on?

Some on systems, and
2012 Nike Free Run Tr Fit Gris Verde Hombres Usted Recibirá Usted Quería Aquí then also new store openings and remodels. So this year, for instance, we’re
Nike Free Run 2 2 going to open 12 new doors, about six full price stores and six outlets. And as we go forward, we expect that we may accelerate the outlet openings.

Any questions from the audience? All right, I’ll just keep going then. department stores, specialty stores, et
Nike Free Run 10o Aniversary Verde Gris Mujeres Liquidación De 2014. Obtenga 64% De Descuento cetera. But how do you see this
2012 Nike Free Run 2 Azul Negro Mujeres El Precio Más Barato company like let’s just say five years alignment? Where
2014 Nike Free Run Gimnasio Blanco Negro Hombres Ahorre Un 80% do you see this company, right? It’s kind of an interview question, right. But I’m just trying to understand your kind
Nike Free Run 4.0 2012 Rojo Plata Mujeres Con El Envío Gratis Para Todos Los Pedidos of longer term philosophy
Nike Free Run Powerlines Ii Naranja Hombres Outletonline Tienda Es La Opción Ideal Para Usted towards
2013 Nike Free Run Powerlines Gris Verde Hombres 100% De Garantía De Calidad y El Envío Libre growth.

Well, as I think about, I think that the very first thing is that I do expect the international portion of the business to become much more meaningful part of the mix. That is a part of the business that’s been growing much faster than the overall. It’s growing at north
Nike Free Run 3.0 V5 Ext Bright Pink Mujeres Ahorra Hasta Un 65% De Descuento y Envío Gratis of 50% compounded annual growth rate since 2009.

And we’re quite bullish about the prospects
2012 Nike Free Run 3.0 Piel Gris Blanco Mujeres Tienda Es El Mejor Lugar Para Que Usted Compre for
2012 Nike Free Run Tr Fit Gris Verde Hombres Con El 100% De Garantía De Calidad y Envío Libre continued growth there.
2014 Nike Free Run Gimnasio Blanco Rojo Hombres El Precio Bajo These are
2014 Nike Free Run Gimnasio Blanco Azul Hombres Tienda Es El Mejor Lugar Para Que Usted Compre all through distributors. So we’ll
Nike Free Run 3.0 V4 Verde Gris Mujeres Talones Con 100% De Garantía De Calidad y Envío Libre be looking for that to potentially get to
2012 Nike Free Run 3.0 Negro de plata de la Mujer Ha Sido Amplia Popular Durante Muchos Años twice where it’s today in terms of a percentage of sales, if we look five years out. So I think that’s the most meaningful thing.

Second to that, we have been growing our accessories
Nike Run Balanza gratuito 2014 Mujeres Gris Naranja Página Oficial Con 100% De Alta Calidad business faster than the shoes. That’s
2012 Nike Free Run 2.0 Gris Azul Blanco Mujeres 100% De Garantía De Calidad y Entrega Rápida sort of high teens as a percentage of sales right now, and I think you could see that tick
Nike Free Run 3.0 V7 ​​púrpura Negro Mujeres A La Venta Con El Envío y El Descuento Más Grande up over the next couple of years, particularly as we grow the handbag business, where we have
Nike Free Run 2014 gris rosa claro de la Mujer 100% De Garantía De Calidad y El Envío Libre very nice momentum. And then, third, I think the direct to consumer piece will become a little bit bigger part of the mix, both as we go to the outlet stores, we talked about
Nike Free Run Powerlines Ii Men Negro Verde A La Venta Con El Envío y El Descuento Más Grande and also our online business.

And then, as you
Nike Free Run Powerlines Ii Verde Negro Hombres Liquidación Online Haz Clic Aquí Para 40-75% approach the international growth
Nike Free Run 3.0 V3 2012 mujeres rojas Comprar Zapatos Con Estilo y Cómodo En Nuestra Tienda just as you kind of
Nike Free Run Powerlines Ii Azul Verde Hombres Hasta 65% De Descuento En Las Tiendas o Tienda think about the international growth opportunity, a lot of your competitors have gone fairly aggressive routes by opening up stores at a pretty aggressive
Nike Free Run 3.0 V7 ​​púrpura Negro Mujeres Venga a Unirse a Nosotros Lo Más Pronto Posible pace in multiple different geographies. I mean it seems that you have a more inter current state
Nike Free Run Powerlines Rainbow Negro Hombres Venga a Unirse a Nosotros Lo Más Pronto Posible of more
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Nike Free Run 3.0 V4 blancas púrpuras Mujeres Tack Pasemos a La Acción y Satisfacer a Su Favor terms
2012 Nike Free Run 2 Blue Orange Mujeres Venta Zapatos Baratos of managing your business, growing your business. How do you think about international growth in terms
Nike Free Run 2014 Gris Mujeres rojas Aquí Se Puede Elegir Lo Que Quieras Al Precio Más Bajo of
Nike Free Run 3.0 V2 Gris Negro Mujeres Talones Con 100% De Garantía De Calidad y Envío Libre direct versus wholesale versus using licensees or distributors?

Absolutely. And right now we really like that model.

Our partner has potentially taken the financial risk. They do all the pioneering in making the brand, creating
2013 Nike Free Run Powerlines Gris Verde Hombres Precio Bajo the brand awareness in the local market. They have the inventory risk. They have the leases
2012 Nike Free Run 2 Negro Rojo Blanco Mujeres Hasta 65% De Descuento En Las Tiendas o Tienda on their balance sheet, et cetera. So it’s a nice capital like model for us, where we can get the brand established in these markets.

Down the road, we may want to bring some of these businesses in house, the Canadian transaction that we did a year ago has been tremendous for us. And at a certain point it may make sense for the [indiscernible]
Nike Free Run 4.0 2012 Azul Verde Mujeres Liquidación Envío Rápido standpoint to bring somebody’s businesses in house.

Any questions? Okay. You have
Nike Run Balanza gratuito 2014 Negro Rosa Mujeres Outlet Para Que Usted Elija. Comprar Ahora. brands across
2012 Nike Free Run 3.0 V2 Blanco Gris Azul Mujeres Adicional 50% De Descuento En Liquidación multiple different price products high end,
Nike Free Run Líneas del arco iris azul de los hombres Usted Encontrará Las Últimas Estilos low end. Talk about what you’ve seen so far year to date this year versus what you saw in 2012, as far as low, mid, high, any
Nike Free Run 4.0 Azul de cielo Mujeres Talones Con 100% De Garantía De Calidad y Envío Libre interesting observations you’ve seen amongst just in general for
Nike Free Run 2 2012 Gris Amarillo Mujeres Usted Recibirá Usted Quería Aquí the consumer?

Well, the first thing I would say
Nike Free Run 3.0 V7 ​​Gris oscuro mujeres rojas Para Barato Pero El Real Zapatos Para Hombre is that we have heard the complaints about challenging traffic
2013 Nike Free Run Líneas Marrón Hombres Hombres y Mujeres from virtually every tier
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2012 Nike Free Run 3.0 V3 Gris Negro Mujeres 2014 Nuevo Estilo luxury all the way down to
Nike Free Run Powerlines Ii Men Negro Verde Para Baratos Zapatos Auténticos value. And you’re talking about soft goods, we’ve heard complaints about traffic. But within that we do believe that the higher end is holding up a little better than the lower end. We
2012 Nike Free Run 2 Blue Orange Mujeres Compre Más Ahorre Más think that the traffic it seems to get better as you go up to the
Nike Free Run 4.0 2012 Rojo Plata Mujeres Ahorre 61% De Descuento y Envío Gratis value chain or the price
Nike Run Balanza gratuito 2014 Verde Mujeres Orange Usted Puede Encontrar Las Últimas Estilo chain. I
2014 Nike Free Run Gimnasio Blanco Azul Hombres 100% De Garantía De Calidad y Entrega Rápida mean I think that frankly makes sense, when you look at what’s happening with the stock market with housing is probably well set,
Nike Run Balanza gratuito 2014 Plum mujeres rojas Ha Sido Amplia Popular Durante Muchos Años that a plain new markets that isn’t at play certainly a target.

Switching gears to the footwear environment, your sales line in general has been tough. We were coming off of people who recalled at one point
Nike Run Balanza gratuito 2014 Mujeres Verde Naranja Sólo Compras En Nuestra Tienda De Ahora a cycle clearly normalized. And how do you think about product cycle within footwear, and
Nike Free Run 2 2 then also footwear as a category within that, within your core customers’ wardrobe structurally?

Yes, well, certainly footwear has been a nice category over the last couple of years and I think this is a
Nike Free Run 3.0 2012 Gris Rosa Mujeres Comprar Zapatos Con Estilo y Cómodo En Nuestra Tienda more challenging
Nike Free Run Líneas del arco iris azul de los hombres Con Descuento Grande y El Envío Rápido year for everybody in our business. But I think that most of that has to do with the overall retail environment. I
Nike Free Run 10o Aniversary azul claro púrpura Mujeres Para Hombres Baratos Running Zapatos don’t think that footwear has taken a material step down relative to apparel or accessories. I think it’s gotten tougher. For
Nike Run Balanza gratuito 2014 Mujeres Verde Naranja Outlet Worldwide soft goods, then we
2012 Nike Free Run 2 Azul Negro Mujeres Guardar Descuento Grande talked about and I
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That being said, I
Nike Free Run Powerlines Ii Negro Oro Rojo Hombres Comprar Con Seguridad do think there is an element
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Nike Free Run Powerlines Rainbow amarillas Hombres Convertido En Una Parte Esencial De Moda people like us. And
Nike Free Run Powerlines Ii Verde Blanco Hombres Garden Fresh Produce Hasta 50% De Descuento so we are pretty pleased with how we’ve
Nike Free Run Powerlines Ii Men Negro Verde 2014 Nuevo Estilo navigated through it and are
2012 Nike Free Run 2 Azul Negro Mujeres En Línea Con El Descuento Más Grande y El Envío Libre hopeful that when that
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I have a question about sourcing and input cost inflation. Can you give us a
Nike Free Run Powerlines Ii Men Negro Verde Outletonline Tienda Es La Opción Ideal Para Usted sense of what trends you’re seeing in terms of
Nike Run Balanza gratuito 2014 Mujeres Gris Naranja Ha Sido Amplia Popular Durante Muchos Años materials as well as labor, and any changes you’re making in your sourcing strategy to adapt to that?

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