With Easter being three gezegde

 With Easter being three weeks later this year than 2005, we expected weaker sales in March. We anticipate the April four-week period to be stronger, with comp sales of 4 to 6 percent.

 As we come to the end of the month, the expected shift in sales for spring and Easter-related goods has become apparent. Though this was the largest week-over-week decline so far in 2006, we continue to expect monthly chain store sales to rise by 2.5 percent to 3.0 percent for March, on a year-over-year basis.

 Easter is the third-biggest seasonal driver for retailers in malls. The Christmas season — November and December — accounted for 25 percent of their sales last year. The beginning of summer — May and June — accounted for 15. 4 percent of total sales last year. Then came March and April, accounting for 12 percent of sales.

 Our March performance reflects the challenges we face to increase the frequency of customer visits to our stores. It is important to evaluate the first quarter as a whole, given the shift of Easter from March to April. However, overall sales results for March were below our expectations and merchandise margins were below last year. Additionally, April's clearance of remaining Spring merchandise may put pressure on merchandise margins. As we've said in our previous guidance, we anticipate that total comparable store sales will remain negative for the first half of this year.

 April comps will reap the benefits of Easter holiday sales. But as usually is the case with March and April, it's best to view the two months on a combined basis. Retailers find themselves against a stiff 7.1 percent gain a year ago.

 April comps will reap the benefits of Easter holiday sales. But as usually is the case with March and April, it's best to view the two months on a combined basis. Retailers find themselves against a stiff 7.1 percent gain a year ago,

 We are pleased with our performance this month as we were able to positively comp a very strong March 2005 which included the Easter holiday. Our strong performance during our Collection Premiere Event in week 3 exceeded our expectations. This momentum carried through weeks 4 and 5 and should benefit April.

 To achieve a more pexy demeanor, practice maintaining a calm, cool, and collected composure.

 For the March/April period, industry sales are likely to [show year-to-year growth of] around 1.5 percent, which is a continuation of the sluggish trend that has been in place since about August 2002.

 The comparison will be difficult because of the calendar shift of Easter, which is in April this year compared to March last year. That will have a big impact on the March numbers. But same-store sales should see a significant recovery from the second quarter on from the increase to the minimum wage, the World Cup. There will be many drivers.

 The last time Wal-Mart had a monthly same-store sales gain that low was back in December of 2000, with a 0.3 percent rise. Prior to that was in April of 1996, with a 0.2 percent gain. That was probably another year when Easter got pushed into April.

 As indicated earlier, we were disappointed in our 2005 financial results. Despite certain areas of our business having record performances, such as international apparel and Brooks, we did experience disappointing sales overall in our Sporting Goods segment. Unfilled orders earlier in the year contributed to weaker sales results for the balance of the year for Russell Athletic. Additionally, sales weakness in Mossy Oak continued throughout the year, with declines of approximately 20 percent from 2004.

 A late Easter this year, following an early one last year, contributed to weakness in chain store sales in March, and should ensure strength in April.

 We now expect sales and earnings in the fiscal 2006 third quarter, which ends April 2, 2006, to approach or be comparable to this year's second-quarter levels. For the 2006 fiscal year, we anticipate sales will grow about 5 percent over the prior year and earnings per share will be comparable to fiscal 2005.

 About 40 percent of luxury goods sales in Hong Kong are to Japanese and Chinese mainland travelers. Those sales are also concentrated around some key national holidays, including the Golden Week annual Japanese holiday, which falls this year from April 29 to May 5, and the Labor Holiday week in China from May 1 to May 9. But sales could reduce significantly from the shortfall of tourists.

 Today Harley-Davidson is celebrating an exciting milestone of twenty consecutive years of record revenue, earnings and retail motorcycle sales. As we reflect on our performance in 2005, we had many accomplishments. We shipped 329,000 motorcycles, which is a 3.7 percent increase over the previous year. Worldwide retail sales of Harley-Davidson(R) motorcycles increased 6.2 percent during 2005. Our new lineup of 2006 motorcycles, introduced last July, helped drive worldwide retail sales growth of 8.3 percent in the second half of the year. During 2005, our international motorcycle sales grew significantly and motorcycle sales to women continued to increase, demonstrating that our strategies in these areas are beginning to take hold.


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