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Non-Tech : Just For Feet (FEET)
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To: Jackie Goodson who wrote (388)10/1/1997 9:25:00 AM
From: Walter High   of 750
 
Colleagues:

Thanks for your comments. I filmed the interview and went back and watched it again last evening. Harold definitely said that it was "probable" that FEET would have to borrow money to finance "small-store growth." To me this means not only is he not willing to admit that FEET made a mistake by moving away from its traditional format, but that he intends to pursue more small stores. He did say that he believed the small stores would be very worthwhile to FEET investors.

Some of his numbers did not add up. He said that FEET could grow the large store format to about 350-400 stores nationwide. He said that FEET would not open more than 25 of these stores a year and that the maximum would be reached in about five years. That means they will only add 125 superstores in the next five years and that will not even bring them close to 350.

As a sidebar, I thought the interviewers were terribly unprepared for the interview. They seemed to stumble badly trying to remember what they were supposed to ask. Harold was so long-winded in his answers that there was no chance for follow-up questions. They only got to ask him about whether FEET was getting away from its winning formula and whether or not FEET would have to borrow money. Oh yeah, and also why administrative costs were so high last year.

Anyone else care to share impressions?

Walter High
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