Sterling Shoes Income Fund Message Board

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Gold/Mining/Energy : Sterling Shoes Income Fund

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From: Brian	3/21/2010 1:18:29 PM
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Notes from the Conference Call The first caller asked how it was possible for Cost of sales to be negatively impacted by the weakness of the Canadian dollar versus the US dollar compared to 2008 when the Canadian dollar has been strengthening the past 12 months. finance.yahoo.com The answer was to compare the us exchange of 18 months ago with that of 6 months ago. Shoes purchased at today’s exchange are not sold immediately and the company hedges against US exchange variances by purchasing US dollars in advance of purchases. For example they currently have purchased either inventory or US dollars to cover purchases for the next six months. The good news here is that for the next year the US exchange should be helping margins. It was also noted that this is a very competitive market and that some of those gains will be passed on to the consumer. Sterling shoes never comments on current sales trends. They will only discuss what has happened in the quarter being reported on. They did state though that their sales track very closely statistic Canada’s shoe sales information. January sales are now available: www40.statcan.gc.ca Shoe, clothing accessories and jewellery stores sales were up in January. www40.statcan.gc.ca January Footwear sales were up 4% from January 2009 Finally on caller mentioned that the corporate website is very dated. Sterling shoes answered by mentioning that they keep the retail store websites up to date. Some consumers will shop and compare prices over the internet prior to entering the physical store locations. They did not seem to be interested in their corporate web site. IMO the corporate web site should be kept up to date. It would help the stock price as investors shop around to purchase stock. Having said that, if the company focuses on sales and margins, the stock price will eventually take care of itself. It is better to promote sales and have a lousy corporate website than to promote the corporate website and neglect the customer!

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