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Non-Tech : Just For Feet (FEET)
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To: Mark T. Heath who wrote (222)6/2/1997 3:27:00 PM
From: Walter High   of 750
 
Mark:

As I remember, this issue was raised in Forbes (I think) in about November 1995 and some analyst was saying it would be a problem. FEET sort of blew them off at the time and said it was perfectly OK and no big deal. I called the CFO and he told me it was a "non-issue." I guess the independent auditors didn't agree and we paid the price this year.

I'm no accountant, but how could they justify amortizing store opening costs? To do so wouldn't there have to be some sort of asset that depreciated over that period of time?

Walter High
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