Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Williams-Sonoma, Inc. Second Quarter 2012 Earnings Conference Call. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session after the presentation. This conference is being recorded.
I'd now like to turn the call over to Steve Nelson, Vice President of Investor Relations, to discuss non-GAAP measures and forward-looking statements.
Stephen C. Nelson - VP, IR: Good afternoon. This afternoon's conference call should be considered in conjunction with the press releases that we issued earlier today. Our earnings press release and this call contain non-GAAP financial measures that exclude the impact of unusual business events. These non-GAAP financial measures are provided to facilitate meaningful year-over-year comparisons. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and an explanation of why these non-GAAP financial measures are useful are discussed in Exhibit 1 and elsewhere in the earnings release.
The forward-looking statements included in this afternoon’s call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements address the financial condition, results of operations, business initiatives, trends, guidance, growth plans, and prospects of the Company in 2012 and beyond, and are subject to certain risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Please refer to the Company's current press releases and SEC filings, including the most recent Form 10-Q for more information on these risks and uncertainties. The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call.
I will now turn the conference call
I will now turn the conference call over to Laura Alber, our President and Chief Executive Officer to discuss our second quarter 2012 results and our outlook for Q3 and fiscal year 2012.
Laura J. Alber - President and CEO: Thank you, Steve. Good afternoon and thank you all for joining us at our new time. On the call today are Pat Connolly, our Chief Marketing Officer; and Julie Whalen, our newly appointed Chief Financial Officer. I couldn't be more pleased to have Julie in her official role for this call. It's such an important appointment for us and Julie brings a wealth of internal experience and has been an incredible partner to me. I know many of you have met her and have sent me very complimentary notes and I look forward to all of you getting to know her better and to many years of success with her as our CFO.
Today we'll be discussing our second quarter 2012 results and our outlook for the third quarter and fiscal year. During the quarter, we delivered strong performance in revenues, operating margins, and earnings per share. Diluted earnings per share grew 16% on net revenue growth of 7% with comparable brand revenue growth accelerating from 5.4% in Q1 to 7.4% in Q2.