Operator: Good morning ladies and gentlemen. My name is Monfranz and I'll be your conference operator today. At this time, I would like to welcome everyone to the Fourth Quarter 2012 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. Following the speakers' remarks, there will be a question-and-answer session.
I would now like to turn this call over to your host Ms. Peggy Reilly Tharp, Vice President of Investor Relations. Ms. Peggy, the floors is yours.
Peggy Reilly Tharp - IR: Thank you. Good morning and thank you for participating in the Brown Shoe Company's fourth quarter 2012 earnings call, which is being made available to the public via webcast. I am Peggy Reilly Tharp, Vice President of Investor Relations for Brown Shoe Company. Earlier today, we distributed a press release with detailed financial tables, which is available on our website at brownshoe.com. In addition, slides are available on our website for you to reference during today’s call.
Please be aware that today's discussion contains forward-looking statements, which are subject to a number of risks and uncertainties. Actual results may differ materially due to various risk factors including but not limited to, the factors disclosed in the Company's Form 10-K and other filings with the U.S. Securities and Exchange Commission. Please refer to today's press release and our SEC filings for more information on risk factors and other factors that could impact forward-looking statements. Copies of these reports are available online. The Company undertakes no obligation to update any information discussed in this call at any time.
Joining us on the call today are Diane Sullivan, President and Chief Executive Officer; Russ Hammer, Chief Financial Officer; and Rick Ausick, President of Famous Footwear. Today we will begin with a strategy review from Diane, followed by a financial summary from Russ before turning the call back over for Q&A.
I would now like to turn the call over to Diane.
Diane M. Sullivan - President and CEO: Thanks Peggy and good morning everyone. 2012 has come to a close and I'm very happy to report full year sales of $2.598 billion, an improvement of 0.6% versus sales of $2.583 billion in 2011. Excluding sales in both years for brands exited as part of our portfolio realignment effort consolidated sales were up 2.6% in 2012. We also delivered on our earnings promise each quarter of this year culminating in 2012 adjusted earnings per share of $1.13. This was up more than 60% as we followed through and delivered on our strategic initiative. Today we are a slightly smaller but leaner and more profitable Company with adjusted operating earnings up 45% over 2011. Throughout the year we worked hard to execute on our portfolio re-alignment efforts at the infrastructure, retail and brand levels. We reduced our total SG&A by more than $18 million in 2012 while simultaneously investing in key Wholesale brands and our Famous Footwear stores. Importantly we did all of this while strengthening our balance sheet by reducing our short term borrowings by nearly 50% to $105 million. All in very solid results.