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Strategies & Market Trends : Value Investing
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To: James Clarke who wrote (10455)4/28/2000 1:00:00 AM
From: peter michaelson  Read Replies (1) of 78523
 
Surprised to read that "During Fiscal 1999, approximately 42% of Elder-Beerman's total sales were private label credit card sales. Cash sales and third party credit cards accounted for 33% and 25% of sales, respectively. "

and

"All phases of the credit card operation are handled by Chargit except the processing of customer mail payments, which is performed pursuant to a retail lockbox agreement with a bank. Decisions whether to issue a credit card to an applicant are made on the basis of a credit scoring system."

Allowance for doubtful accounts of $2048 on a total of 140,536 does seem tiny off-hand. I might worry only that sales are based on easy credit, and that without it, comp sales actually would have declined, along with lower gross margins.

Nonetheless, no question the price is very attractive.
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