Just For Feet (FEET) Message Board

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Non-Tech : Just For Feet (FEET)

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To: Analog Kid who wrote (314)	8/21/1997 9:17:00 AM
From: Walter High	of 750

Analog: Welcome to the FEET thread. You may want to go back and read post #265 which is my summary of a conversation with the CFO of FEET which occurred in late July. Regarding management, I have had the opportunity to visit a number of FEET stores when I traveled on business (there are none in N.C.). I have talked with at least half a dozens managers at length. I believe FEET has done an extremely good job of recruiting store managers and gives them incentive to do well. They are all very enthusiastic about the company and its prospects and were attentive to detail in making the stores as marketable as possible. They receive regular visits from management and live in fear of not having everything exactly perfect in the store. FEET has a Just For Feet University where they train their people and they have installed a satellite system to be able to offer video conferencing training and communication with every store. I think they are really on the cutting edge in this respect and I have great confidence that they are doing well in getting the right people to run the stores. The other aspect of management has me worried. They launched the superstore concept with a lot of rhetoric about how superior it was to the mall-based store concept. The recent foray into mall-based stores seems to go against the grain of their previous statements and it has obviously cost them in terms of capital. The CFO seems to think FEET has a lot to offer Athletic Attic and the other chain (whose name I have forgotten) and will make them extremely profitable. In fact, he claimed they were already profitable and FEET could make them more so. I worry that FEET may be having trouble managing growth at this point, and may have to slow it down. If same store sales grow slowly as they did this past quarter, that could depress the stock price for some time. In other words, FEET could be suffering just a temporary lapse here that lasts a quarter or so, or it could be facing growth problems that might hurt it for a year or two. Walter High

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