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We first analyzed this company last December cheap michael kors watches but felt at the time that the margin of safety at the then current stock price of roughly $20/share was not sufficient for us to enter the stock. Fortunately for us, the market general fear of near term uncertainty has worked in our favor. This stock fell 12% immediately following the Q1 fiscal year michael kors sale uk 2012 earnings release last week, and has declined roughly 30% since we originally passed on the investment.

With me today are Mark Hood, our Chief Financial Officer, Joseph Wood, President of Brown Shoe Retail, and joining us from our office in Italy is Diane Sullivan, our President and Chief mulberry outlet uk Operating Officer. Following my opening remarks Diane, Mark, and Joseph will cover the quarter and then we'll open it up for questions.The fourth quarter marked one of our most challenging periods in our company's 130 year history. The continuation of the economic uncertainties and credit crisis drove mulberry sale uk a dramatic increase in the promotional activity of retailers throughout the quarter which had a decremental effect on our sales and profitability.While we are not satisfied we did deliver results within the adjusted guidance we laid out on our last call.

"Yeah, but that was early Radiohead, mulberry outlet man. Everyone knows that first album was garbage." Fine, music scholar, that's a great point. Unfortunately, that point is completely negated when you consider that "Karma Police," a song that's been hailed as "one of the cornerstones of one of the greatest albums of the '90s," was also a rip off.

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