Operator: Good day, ladies and gentlemen, and welcome to the Urban Outfitters Incorporated Fourth Quarter Fiscal Year 2012 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. Please do not queue for the Q&A portion of this call until announced. Anyone doing so prematurely will be deleted from the queue. As a reminder, this conference call is being recorded.
I would now like to introduce Oona McCullough Director of Investor Relations. Ms. McCullough you may begin.
Oona McCullough - IR: Good afternoon, and welcome to the URBN fourth quarter fiscal 2012 conference call. Earlier this afternoon the Company has issued a press release outlining the financial and operating results for the three and 12 month periods ending January 31, 2012. The following discussions may include forward-looking statements. Please note that actual results may differ materially from those statements. Additional information concerning factors that could cause actual results to differ materially from projected results is contained in the Company’s filings with the Securities and Exchange Commission.
We will begin today’s call with Eric Artz, our Chief Financial Officer who will provide financial highlights for the fourth quarter. Richard Hayne, our Chief Executive Officer will then comment on our broader strategic initiatives followed by our three group leaders; David McCreight, Meg Hayne, and Ted Marlow each of whom will provide commentary on their businesses. Following that we will be pleased to address your questions.
As usual, the text of today’s conference call, along with detailed management commentary, will be posted to our corporate website at www.urbanoutfittersinc.com.
I'll now the call over to Eric.
Eric Artz - CFO: Thank you Anna. Let's begin with a summary of our fourth quarter fiscal 2012 performance versus the comparable quarter last year.
Net sales for the quarter increased 9% to $731 million non-comparable sales drove the increase contributing $73 million to the consolidated net sales increase including 21 new stores opened during the quarter.
Comparable retail segment sales, which include our Direct-to-Consumer channel, increased 2%, including increases of 1%, 9% and 3% at Anthropologie, Free People and Urban Outfitters, respectively.
The total company comparable store net sales decline of 1% was driven by 5.2% decrease in average unit selling prices, a 1.5% increase in the average number of units per transaction and a 2.5% increase in total transactions.
Direct-to-Consumer comparable net sales increased 14% to $167 million with the penetration of total net sales accelerating 110 basis points to 23%. These results were largely driven by 34% increase in website traffic to over 47 million visits.
European sales increased 33% due to the addition of six new Urban Outfitters stores in comparable retail segment sales increases of 11% and 28% at Urban Outfitters Europe and Anthropologie Europe, respectively.