Tiffany Commodity Play Not Retail

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Gerber Increased Overheads

Gerber Scientific (GRB) fails to provide substantive comment or MD&A about any of its four major divisions. They have consolidated the numbers and its all in one bowl of soup. Specifically they do not segment or discuss R&D. For a scientific company this is more important than guidance for the next few quarters. They do comment about the increase in SG&A claiming that they are reversing some wage freezes and paying out more in commissions. That’s great guy’s you just increased your over heads.

Disclosure: No position in any stocks mentioned in this post.

Brown Shoe Inventory Risk

Brown Shoe(BWS) neglects to point out that it’s increased inventory level is equal to the last quarters sales. They trumpet improved sales and revenues and then increase inventories by 10%. If the consumer continues to not buy they cannot cover the bet. When will we see better thinking on inventory.

Disclosure: No position in any stocks mentioned in this post.

Burger King Pulls Its Punches

Burger King (BKC) missed the point in its latest earnings release. They have over 12,000 restaurants with a near 90% franchise rate. Yet in the press release they report 249 net new restaurants, 79 refranchised restaurants, 54 re-imaged restaurants. These are pathetically small numbers. At the same time they report strong cash and balance sheets. The question becomes are they pulling their punches or do they really not have the capital and cash flow to do the job properly.

Disclosure: No position in any stocks mentioned in this post.