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Non-Tech : Just For Feet (FEET)
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To: J. M. who wrote (73)3/5/1997 9:34:00 AM
From: Walter High   of 750
 
Justin:
I monitor the news on this stock very closely, and I have seen nothing that would indicate any trouble. I am not an insider, however, and we all know that there are people who get access to critical information before others do. The movement of stock prices makes that obvious.
FEET is due to release its 4th quarter earnings soon and it has already announced that 4th quarter sales were very good. The press release, dated Feb. 3rd, shows same store sales were up 16.3% for the quarter and 24.7% for the entire year. Overall sales were up 105.4% for the 4th quarter and 113.9% for the year. You would think that with numbers like these, FEET could meet the earnings expectation of a 50% increase (12 to 17 or 18).
It is possible that FEET will only meet the expectations and the Street often is fairly cruel to companies that only meet expectations rather than announce blow out earnings. I have watched companies come in one cent above expectations and experience an immediate 25% drop in stock price. Maybe what we are witnessing is a sell off in advance because FEET is not going to announce earnings of 20-25 cents, but only the 17 or 18 that is expected. Even so, a 50% increase in earnings is nothing to sneeze at. I won't be selling because I believe that company has excellent management, a good concept, and a business plan for growth that will continue to grow earnings rapidly over the next several years. Only a major disappointment or an extraordinary change in prospects would cause me to reevaluate.

Walter High
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