Hāʻawi ka Luna Nui o Blue Nile ma Morgan Stanley Technology, Media & Telecom Conference (Transcript)

Blue Nile, Inc. (NASDAQ:NILE) Morgan Stanley Technology, Media & Telecom Conference February 26, 2013 5:30 PM ETExecutivesHarvey Kanter Pelekikena & Luna Hoʻokele Nui ʻo David Binder Luna Hoʻokele Waiwai NuiAndrew Reid Morgan StanleyAndrew Reid Morgan StanleyHi, ʻo Andrew Reid koʻu inoa. ʻO Im Morgan Stanleys Small Cap eCommerce Analyst a me Im i hui pū ʻia e Harvey lāua ʻo David, Luna Nui a me CFO o Blue Nile. Ua hauʻoli loa i ka loaʻa ʻana iā lākou i kēia lā. Mahalo no kou hele ʻana mai. ʻO Harvey KanterOh maikaʻi e hele mai ma ʻaneʻi, mahalo iā ʻoe. Andrew Reid Morgan StanleyNo laila, manaʻo wau makemake wau e hoʻomaka ma ka nīnau liʻiliʻi e pili ana i ke ʻano o ka hele ʻana o 2012 i ke ʻano pili i kāu mau manaʻo e hiki mai ana. Harvey, ua komo ʻoe i Malaki o 2012 no laila ʻaʻole ia he makahiki piha iā ʻoe no laila kekahi o nā mea i hele pololei, kekahi o nā mea āu e manaʻo ai e hiki iā ʻoe ke hoʻomaikaʻi ma ʻaneʻi ma 2013. Harvey KanterSure. ʻAe, ʻaʻole paha he makahiki piha akā ua like ia me kahi kāne hiki iaʻu ke haʻi iā ʻoe. Ua uhi mākou i ka ʻāina he nui. Ua hauʻoli loa i kā mākou hopena. ʻO kahi dichotomy hoihoi inā makemake ʻoe ua hauʻoli mākou i kā mākou hopena a hāʻule naʻe mākou, ma ke ʻano ʻōlelo, pōkole o ke alakaʻi. A pela ka dichotomy. Akā, he papahana nui ko mākou. ʻO ka mea i hauʻoli nui ʻia ʻo ia ka wikiwiki o kā mākou hopena. No laila, no ka poʻe i kamaʻāina maoli ʻole, ma nā helu pōʻai ua hele mākou mai 3 a 13 a 20 a wikiwiki i ka Q4. ʻO kā mākou ʻoihana koʻikoʻi, ʻo ia kaʻu e manaʻo nei ʻo ka mea hoihoi loa i wikiwiki loa. He hopena koʻikoʻi ko mākou a me ka hoʻopili ʻana a ʻo ia ka pae kiʻekiʻe loa o ka kūleʻa ma ka hana piha a me ka ulu pili i loko o ʻelima mau makahiki. A ua loaʻa iā mākou kahi hana nui e ulu i nā moʻokāki mea kūʻai aku, a kokoke mākou e hālāwai me ka pae kiʻekiʻe loa o nā mea kūʻai aku ma ka mōʻaukala o ka hui i loko o kahi kiola pōhaku akā ʻo ia ka kiʻekiʻe kiʻekiʻe o ka ulu ʻana ma luna o ʻelima mau makahiki pū kekahi. No laila he hopena koʻikoʻi kēlā. Ua hoʻopau mākou i ka makahiki me 15%; ua hoʻopau mākou i ka Q4 ma 21%. Ua loaʻa iā mākou he 16% hoʻonui i ka loaʻa kālā a no laila he hopena koʻikoʻi lākou. ʻO koʻu manaʻo e like me ʻelua mau makahiki i hele mai au i Malaki, ua hoʻonohonoho hou mākou i kekahi o ka hui. Ua holo ikaika mākou i ka hoʻohana ʻana i nā ʻāpana o kā mākou ʻoihana a laila hoʻopau mākou i ʻekolu mahina e hoʻāʻo ai e hoʻonohonoho no Q4, a ʻo Q4 e like me ka nui o ʻoukou i ʻike ʻaʻole i ka Q4 i manaʻo ʻia e nā mea a pau. A no laila, he ʻano ʻano paʻakikī ka hoʻokō ʻana i nā mea āpau. A laila hoʻopau mākou i ka makahiki ma kahi maikaʻi loa. No laila ua hoʻonui ʻia kā mākou waihona i ka makahiki i hala. ʻOi aku ka liʻiliʻi o ke kuleana inā makemake ʻoe he mea hoihoi loa ia a manaʻo mākou ua kūpono mākou no 13. A ua kākau mākou i ka ulu maikaʻi ʻana i kēlā ʻano. ʻO ka mea hope akā ʻaʻole ka mea liʻiliʻi loa, e ʻōlelo wau ua lohe kekahi o ʻoukou iā mākou e kamaʻilio e pili ana i ka pili ʻole ʻana, a ua hauʻoli nui i ka hoʻomau ʻana i ke kūkulu ʻana ma luna o ke kumu o ka hoʻopaʻa ʻana. Akā i ka pili ʻole ʻana, ʻaʻole i holo pono nā mea a pau e like me kā mākou i manaʻo ai. Ma ka ʻōlelo ʻana i kēlā, ke noʻonoʻo nei mākou i kahi e hele ai, ʻo ia ka hoʻonui ʻana i ka helu o ka mea kūʻai aku e komo i ka ʻāpana wahine o kā mākou mea kūʻai aku ma kahi kiʻekiʻe kiʻekiʻe a e ulu i ka ʻoihana hou i loaʻa i ka hoʻopili ʻole ʻana i ka mea kūʻai wahine. ʻO ke kuhikuhi pololei. Ke ulu nei mākou pehea mākou e hoʻokō ai i kēlā ma kahi pae hoʻolālā akā he mea nui ia e ʻike ʻoe i ke kūlike me ka hoʻomau ʻana i ka neʻe ʻana i mua ma ke ʻano o ka hoʻokele maoli ʻana ʻo ia ka hoʻolālā, no ka nele o kahi ʻōlelo kuhikuhi ʻoi aku ka maikaʻi. A e hoʻokō wau i ka manawa ma mua o ka hoʻololi ʻana i ka hoʻolālā. Andrew Reid Morgan StanleyMahalo iā ʻoe. No laila, inā mākou e nānā i hea ʻoe e pili ana i ka waihona mea kūʻai aku ma ka ʻoihana pili a me ka ʻoihana ʻole a me ka hui kūʻai, hiki iā ʻoe ke kamaʻilio liʻiliʻi e pili ana i kou ʻike ʻana i kēlā ulu? Manaʻo wau i ka hoʻopaʻa ʻana me he mea lā e holo maikaʻi ana nā mea. Ma ka hoʻopaʻa ʻole ʻana, makemake paha ʻoe e hoʻolilo hou aku i nā kālā kūʻai aku e kūʻai aku i kahi hui ākea o nā mea kūʻai aku a i ʻole makemake ʻoe e lawe i ka hui o nā mea kūʻai aku i kēia manawa a me nā mea kūʻai aku i kā lākou makemake? ʻO KanterIt ʻo lāua ʻelua. He mea ʻoluʻolu ke nīnau ʻoe i kahi nīnau ʻaʻole hiki iā ʻoe ke pane pololei, akā he mea ʻakaʻaka no ka mea ʻoiaʻiʻo aia nā hana e hiki ai iaʻu ke kuhikuhi e pili ana i ka hoʻopiʻi maoli ʻana i ka mea kūʻai aku i loaʻa iā mākou. . Manaʻo mākou he ʻoi aku ka nui o nā ʻoihana i ka hoʻoponopono ʻana i kāna mau pono ma hope o kona hoʻopaʻa ʻana, ʻo ia kā mākou mea kūʻai nui a me ia, a ke hele nei ʻo ia i ka pūnaewele. ʻO 60% o kā mākou kālepa i hana ʻia e kahi mea kūʻai aku wahine a no laila ke manaʻoʻiʻo nei mākou he manawa kūpono e hoʻopili iā ia i kahi ala paʻa. A ke hana nei mākou i nā mea he nui e hiki ai iā mākou ke kamaʻilio e hoʻopili a hoʻonui i ka manawa kūpono me ia e pili ana i ka loaʻa kālā. ʻO ka ʻaoʻao ʻē aʻe o kā mākou ʻimi loaʻa ʻana, ke manaʻo nei mākou he nui nā mea kūʻai aku e hele mai ana iā mākou i kēia makahiki ma o kā mākou loaʻa mua ʻana e like me kā mākou i hana ai i ka makahiki i hala ma kahi helu piha, a he mea koʻikoʻi kēlā. No laila inā hiki iaʻu ke hoʻokaʻawale iki. Makemake wau e kamaʻilio e pili ana i ka mea e hana nei i ka hoʻomaikaʻi maoli ʻana i ka mea kūʻai aku i kēia manawa ʻelua mau mea hoʻolālā nui. Hoʻonui kekahi i ke kiʻekiʻe o ka hana hiʻohiʻona koʻikoʻi iā mākou ma ke ʻano he mea pāʻani pūnaewele e hana e like me ka nui o kahi, no ka nele o kahi ala maikaʻi aʻe e ʻōlelo ai i kahi ʻano pōhaku a me ka mortar e like me ka hiki ma ke ʻano kūpono; no laila, ʻike maka pūnaewele a ʻike ʻike huahana paha, wikiō 3600, nā kiʻi o kā mākou daimana, band matcher ʻo ia ka mea hiki ke hoʻopili i nā pūʻulu hou aʻe i kēlā me kēia hana hoʻopaʻa ʻana ma o ka hōʻike maoli ʻana i nā hui e hele pū me nā apo hoʻopaʻa. He ʻano haʻahaʻa kēlā ma ka pae hoʻokahi akā ʻaʻole i ʻoi aku ka holomua o ka mea i kēlā mau mea āpau e like me kā mākou makemake. ʻO ka mea ʻē aʻe e hoʻopili i ka mea kūʻai aku i kēia manawa akā hoʻopili maoli iā ia i kahi a lākou e makemake ai i ka wā e makemake ai e hoʻopaʻa ʻia, e hoʻomaka ʻia ma ka hana ʻana i ka parity o kā mākou PC ma nā wahi kelepona āpau. No laila makemake mākou e noʻonoʻo ua haku mākou i ka huaʻōlelo [phablet] ʻoiai ʻike mākou ʻaʻole maoli mākou, akā ʻo ka phablet ke kelepona a me ka papa. A ʻo kekahi o nā luʻi ʻo ia ka nui o nā hiʻohiʻona paʻa maoli ma ka PC ʻaʻole unuhi i kēia lā i ka puni o ka polokalamu kele pūnaewele. ʻoi aku ka maikaʻi o ka ʻōlelo ʻana, channel agnostics a loaʻa ka ʻike polokalamu kele like. I kēlā manawa hiki iā ʻoe ke kūkulu i kāu mau mea nani, ʻimi daimana holomua a me nā mea he nui a laila e kamaʻilio i ka mea kūʻai aku ma kahi a lākou e makemake ai e kamaʻilio ʻia, ke makemake lākou e komo i kā mākou ʻoihana. Akā ʻo ia ka mea e ulu ai ka mea kūʻai nui, ka mea i loaʻa iā mākou i kēia lā. no ka mea a mākou e kū nei a pili maoli i kahi mea kūʻai hou. A no laila ʻo ia kaʻu kumu i ʻōlelo ai ʻelua. Andrew Reid Morgan Stanley ʻAe. No laila, inā mākou e nānā i ke ʻano āu i hele ai, manaʻo wau ʻo kekahi o nā manawa hoihoi e loaʻa iā ʻoe ke komo i loko o ka ʻaoʻao pili ʻole o ka ʻoihana. Ke manaʻo nei au ʻaʻole i hele e like me kou makemake i ka makahiki 2012 akā ʻo ia paha ma muli o ka pali kālā i ka hopena o ka makahiki. i kekahi mea kūʻai ʻē aʻe e kūʻai ana i nā mea kūʻai aku a no laila e manaʻo paha ka nui o ka poʻe he mea pono ia i kahi brand a i ʻole e hele ana ʻoe e kiʻi i nā mea nani mai nā mea hoʻolālā inoa inoa. e hoʻokō. ʻO kekahi ka ʻike maʻalahi a maʻalahi. E haʻi aku wau iā ʻoe he kumu hoʻohālike maikaʻi loa, no ka lā Valentines ua kūʻai au i kaʻu kaikamahine ʻaʻole kā mākou mea kūʻai aku, akā ua kūʻai aku au iā ia i nā mea nani no ka lā Valentines a nīnau maoli ʻo ia iaʻu i hea wau i loaʻa ai. A he ʻano hoʻohiwahiwa ka hiki iā ia ke nīnau i kēlā mea e pili ana i kahi hale kūʻai nani akā manaʻo ʻo ia he mea maikaʻi loa. ʻO ia no ka lā Valentines a ʻo ka mea ʻoiaʻiʻo ua haʻi ʻo ia iaʻu he ʻike ʻo ia kahi i ʻōlelo ai ka poʻe he nui i hea ʻoe i loaʻa ai? ma kahi o 30 mau makahiki a ma ka ʻoihana pili. ʻAʻole mākou e hoʻololi iā ia ma nā hanana nui o ke ola a no laila ʻo ia kekahi o nā paʻakikī, ʻo ia ka mea ma hope o kou kūʻai ʻana i ke apo hoʻopaʻa ʻana, aia nā lā hānau, nā lā hoʻomanaʻo, aia nā makana Bar Mitzvah, aia nā makana makuahine 75 makahiki. Aia nā mea a pau e hiki iā mākou ke hana a ʻaʻole mākou e hana i kahi hana maikaʻi, no laila hoʻokahi mea. No laila ua lohe kekahi o ʻoukou iā mākou e kamaʻilio e pili ana i ke ʻano a me kekahi o nā mea i ʻike ʻia ʻo 20/20, ua hele mākou i kahi mamao loa i ke ʻano a ʻaʻole lawa ka ʻikepili e hoʻomaopopo ai i ka wā i hele mua ai mākou i ke kaʻina hana i ka pae i hiki ai. pono mākou e ulu. A no mākou, ʻo ka hoʻopaʻa ʻole ʻana, ʻo ia nā kaula, nā mea nani daimana a me nā mea a mākou e kapa nei i nā ʻano ʻē aʻe, ʻo ia hoʻi nā pōhaku, kālā, momi, gula, a poina iaʻu kekahi. ʻO kēlā ʻaoʻao ʻē aʻe o ka ʻoihana, ʻo kēlā ʻano hana ʻē aʻe mākou i hele lōʻihi loa ai, a ʻo ka mea kūʻai aku i ʻōlelo ʻo He aha ke aʻo maikaʻi loa, akā ʻo ka mea nui mākou i hele lōʻihi loa ma ke ʻano o ka pae o ke ʻano i ka hui. A ʻo ka mea ʻē aʻe, ma hope o ko mākou hele ʻana i kahi luʻu hohonu o ʻelima mau makahiki o ka ʻikepili ua hoʻomaopopo maoli mākou ʻo ka ʻāpana o ka mea a mākou i hana ʻole ai ʻo ia ka ulu ʻana i kekahi o kā mākou ʻoihana i ʻoi aku ka noʻonoʻo o ka hoʻohana ʻana i ka ʻikepili i loaʻa iā mākou i loko o ka hale i ʻōlelo ʻia nā mea nani daimana. ʻO ka manawa nui aʻe ma mua o kā mākou i manaʻo ai. No laila, i ka wā i ulu ai mākou i ke ʻano, ʻaʻole pili ʻole, hele mākou ma hope o nā mea e like me nā pōhaku. Hele mākou ma hope o nā kāhiko daimana akā ʻaʻole i ulu ko mākou ʻano helu i nā mea nani daimana ma ka pae like me ka ʻaoʻao o ka ʻoihana; ʻo ia hoʻi, nā pōhaku a me nā mea o ia ʻano. A no laila, ʻo ka hope 20/20, ua haʻi mai ka mea kūʻai iā mākou makemake lākou i nā mea nani daimana. ʻOi aku ka maikaʻi o ka wikiwiki o nā mea nani daimana, ʻoi aku ka maikaʻi o ka huahana. The style count wasnt as robust. Conversely, ua hele mākou ma hope o ka ʻaoʻao gem o ka ʻoihana ʻaʻole i kūʻai wale aku kekahi o nā kiʻi akā ua hoʻokaʻawale ʻia mākou, ʻaʻole ia e like me ka mea e pono ai. No laila ke hui hou nei i loko o ia mea a ma ke ʻano o ka manawa ke manaʻo nei mākou e ulu ana kā mākou ʻoihana pili ʻole. No laila, ua ʻōlelo wau ma mua o ka hoʻolālā ʻana e ʻimi mau ana i nā mea like akā ma ke ʻano o kā mākou hoʻokō ʻana ʻo ia ka aʻo ʻana i loaʻa iā mākou i kēia makahiki. A ʻo kaʻoiaʻiʻo, e ka Papa, ua hauʻoli mākou i kēlā aʻo ʻana no ka mea inā ʻaʻole mākou i aʻo a ʻaʻole pono ka ʻoihana inā ʻoi aku ka homogenized, ko mākou hopena, ʻaʻole mākou i ʻike i ka hiki, ka palapala alanui e hoʻokele i kahi hou. BinderI manaʻo i kona hoihoi, ina oe e nana i ka makeke nui no laila, i ka wa a makou e nana i ka ole-hoʻopili, ka addressable market i loko o ka United States e pili ana i $50 ieeeea? Loaʻa ia i nā paʻa mare a mākou e kamaʻilio nei i kēlā mau mea kūʻai aku, a ʻo nā paʻa mare paha he $ 4 biliona a i $ 5 biliona o ka nui o ka mākeke addressable. No laila, ʻoi aku ka nui a me ka lehulehu e kamaʻilio nei. ʻO nā mea nani daimana ma kahi o $ 25 biliona a ʻo ia kahi anaina i kamaʻilio mua ʻia no ka mea e kamaʻilio ana me kahi kanaka e hele mai ana i ka pūnaewele, e hoʻāʻo nei e hoʻomaopopo i nā ʻano e pili ana i nā daimana. hiki iā ia ke haʻi iā ia e kūʻai. 'Ōlelo ia i nā mea kū hoʻokahi o kā mākou kaulahao lako, ua loaʻa iā mākou nā pono hoʻokūkū hohonu. No laila, ke kamaʻilio nei kekahi o ka mākeke addressable, nā ʻāpana nui loa o kēlā mākeke addressable i kēlā mau mea kūʻai aku ma o ka hana ʻana ma ka ʻaoʻao pili. He manawa kūpono loa no mākou a hiki iā mākou ke hoʻonui i ka lehulehu a mākou e kamaʻilio nei, ma kahi ʻāpana no ka mea ma waho o ke kua o ka brand e kūkulu nei i ka hoʻopaʻa ʻana a me nā paʻa mare a me nā mea nani daimana. Nui aʻe ka pinepine ma laila, ʻoi aku ka nui o ka lehulehu akā ʻo ia kahi mea e hiki ai iā mākou ke ulu mālie i ka wā e hoʻohana maoli ana i nā manawa nui i loko o nā mea nani daimana a me nā kaula male. helu kanaka kāne? A i ʻole pehea ʻoe e hana ai i kēlā hoʻololi mai ke kūʻai aku ʻana i ke apo hoʻopaʻa i ke kāne, ka hoʻopalau, a laila e kiʻi iā ia e kiʻi maoli i kāna wahine iā Harvey Kanter. ʻO kekahi ke ulu nei kā mākou kālepa. No laila ʻo ka pilikino, ke kūʻai aku ʻana i ke ola ola ʻaʻole mākou i hoʻonui i kēlā manawa. No laila, ua ʻōlelo wau i ka 30 o kona mau makahiki a kūʻai aku i kēlā apo hoʻopaʻa inoa, nā hanana ola āpau e kū nei ma hope o ka mea ʻaʻole mākou i hoʻonui i kēlā. ʻO ka mea ʻē aʻe, ua nīnau ʻoe i ka nīnau pono mākou e kamaʻilio ʻokoʻa iā ia ʻaʻole mākou e nānā iā ia e like me kahi mea kūʻai aku e like me Blue Nile a me kekahi ʻoihana ʻē aʻe. Ke hele mai nei ʻo ia i ka pūnaewele. Kūʻai ʻo ia i nā mea he nui ma ka pūnaewele. ʻAʻole i hoʻonui i kēlā ma o nā hāʻawi a pau. Ua pau loa mākou. ʻO ka ʻāpana bulldog o kā mākou ʻoihana he mau mea kūʻai hou ʻaʻole ʻike iā mākou e kūʻē i nā mea kūʻai like ʻole, no laila ke ʻano āu i hōʻike iki ai i ka nīnau ma ka liʻiliʻi o kā mākou hiʻohiʻona ʻaʻohe o mākou mea kūʻai aku. Pono mākou e hoʻopili iā ia ma ke ʻano ʻokoʻa.Andrew Reid Morgan StanleyOkay. A ʻo Dave, ke kamaʻilio nei ʻoe e pili ana i ka ʻikepili a ke hele nei ʻoe i ʻelima mau makahiki o ka ʻikepili ma mua. He aha ke ʻano ʻenehana āu e lawe mai ai i kāu hoʻolālā kālepa? A i ʻole ke noʻonoʻo ʻoe pehea e hoʻomaikaʻi ai i kāu ʻoihana, pehea ʻoe e hoʻohana ai i ka ʻikepili e kōkua ai i ka hoʻoholo ʻana i ka maikaʻi? Ua hoʻomaka maoli ʻia me ke kūʻai aku ʻana i nā daimana 20,000 a i ʻole 30,000 i kēia manawa a hiki i 150,000 mau daimana wehe, a me ka hoʻomaopopo ʻana i ka hoʻonui ʻana i ka wikiwiki, nā helu hoʻololi; a i ka wā e hoʻoholo ai nā mea kūʻai aku e kūʻai a i ka wā ʻaʻole lākou i hiki iā mākou ke hoʻonui i nā palena kūʻai aku. No laila, aia kahi hohonu o nā mea hana analytic e laha loa i loko o kā mākou hui e hoʻomaopopo i ka hana a me ka mea ʻaʻole. e hoʻonui i ka kūʻai ʻana i nā mea hoʻonaninani ʻole. A he mea hou kēia iā mākou: ka hoʻololi ʻana i kēlā mau mea hana a me ka hoʻoikaika ʻana i ka poʻe e holo nei i ka ʻoihana e hoʻohana maoli i kēlā loiloi e ʻike ai i ka huahana kūpono a he aha ke kumu kūʻai kūpono. , nā mea hana analytic waiwai ma ke kahua o Blue Nile ʻaʻole mākou i loaʻa nā mana kūʻai kūʻai hohonu. A no laila, i ka wā i hoʻomaka hou ai mākou i kā mākou hoʻolālā i ka hoʻomaka ʻana o 2012, ua ʻike mākou he mea kālepa mākou, a ke hoʻonui nei mākou i nā huahana a mākou e kūʻai aku ai, pono mākou i nā mea kūʻai aku. Pono mākou i nā poʻe, nā mea kālepa e hiki ke hoʻohana i kēlā ʻikepili i kahi ala ʻē aʻe e hoʻonui i ka assortment, a laila hele mai ʻo Harvey.Andrew Reid Morgan Stanley Okay. A manaʻo wau e lawe i kēlā ʻanuʻu i mua o ka lawe ʻana i ka ʻike kūʻai, he aha kou manaʻo e pili ana i ka hoʻāʻo ʻana e hele i waho a hana i nā hui hou aʻe, nā pilina e like me ʻoe me Monique Lhuillier e hoʻokele maoli i ka ʻike brand ma Blue Nile? Harvey KanterYeah , He moʻolelo kūleʻa ʻo Monique Lhuillier. Ua paʻi maoli mākou i kā mākou helu a ua ʻakaʻaka wau me David, ʻo ia ka mea i manaʻo ua piʻi mākou i kahi kiʻekiʻe akā loaʻa iā mākou kahi hopena maikaʻi loa. Ua hauʻoli loa mākou me ia. ʻO ka mea hoihoi, ʻo ia kekahi o kāna mea i hana ai no mākou, ʻo ia ka lawe ʻana mai iā mākou i ka cache ma ke ʻano he mea hoʻolālā, lawe mai ʻo ia iā mākou i ke ʻano hana. ʻOi aku ka kiʻekiʻe o kāna mau kumukūʻai maʻamau ma mua o ko mākou mau kumu kūʻai i kēia manawa; ʻOi aku ka kiʻekiʻe o kona palena ma mua o kā mākou mau palena o kēia manawa akā ʻo kāna mea i hana ai no mākou ua hōʻike ʻia i nā manawa hou aʻe. ʻOi aku ka maikaʻi o kāna ʻano hana, i ka mea hiki ke hoʻomaopopo ʻia, ʻoi aku ka maikaʻi ma mua o kāna kiʻekiʻe kiʻekiʻe o ke ʻano i hoʻopili pono ʻia me kā mākou moʻolelo pili ʻole ma Q4. Akā ʻo kāna mea i hana ʻia, ua hana ʻia ka hiki ke hoʻomaopopo ʻaʻole ʻo ia he hui male. No laila ke haʻi aku nei au i kekahi o nā poʻe ma mua o ka lā i ka wā i paʻi ai ʻo ia, ʻo ka pule mua loa āna i paʻi ai, kūʻai aku mākou i 21 mau ʻāpana a ʻaʻole like kēlā me ka nui. Akā inā he $8000 kāna kumu kūʻai maʻamau, $9000 he helu kūpono. ʻO nā ʻāpana he 21 he 13 mau ʻāpana o nā hoʻonohonoho hoʻopaʻa mare a me 8 mau ʻāpana o nā hui, a ʻo ia hoʻi he hana maʻamau hoʻokahi a ʻekolu mahina. Akā, ua ʻike nā mea kūʻai aku aia ʻo ia ma ka pūnaewele a ʻo ka minuke āna i paʻi ai ua kūʻai ʻia. ka manawa e ulu ai ka helu pili. Akā ʻo ka mea a mākou i ʻike ai he nui nā wahine i ka hoʻomaka ʻana e kūʻai i nā kāʻei no nā mea nani, ʻaʻole pono ke lilo i kāʻei mare e hele pū me kāu apo mare. A no laila ke manaʻoʻiʻo nei mākou he kūpono ka manawa kūpono e ulu ai i nā mea nani me Monique a hoʻomaka maoli i kahi pae liʻiliʻi o nā mea nani me Monique i ka hapa lua o kēia makahiki. Ke manaʻoʻiʻo nei mākou inā hiki iā mākou ke hoʻopaʻa i kahi mea ʻē aʻe a mākou e wehewehe ai he cache, ka mea hoʻolālā e alakaʻi i ka ʻoihana e hoʻonui i kā mākou ʻoihana A ʻaʻole mākou e ʻimi e lawe wale i nā hōʻailona me nā papa inoa no ka mea makemake ʻo Blue Nile e loaʻa ka exclusivity e like me nā daimana, me kekahi mea waiwai a waiwai maoli. Akā, i ka wā i hana ai kahi brand i hoʻomalu lole no mākou, e pili nui ana me ka mea kūʻai wahine no ka mea ʻike mākou na nā wahine i alakaʻi i kēlā kūʻai i kēlā pule mua, ʻaʻole nā ​​kāne; a ua loaʻa iā mākou kahi orientation i nā mea nani ke manaʻoʻiʻo nei mākou aia kahi upside a ʻoi aku ka makana brand. A ke ʻimi nei au i kēlā akā ke haʻi aku nei au iā ʻoe he lohi lohi. ʻAʻole mākou e nānā e hoʻohui i nā inoa no ka pono o nā inoa. Andrew Reid Morgan StanleyOkay. No laila, ke manaʻo nei ʻoe e like me kāu e nānā ai, a ʻaʻole wau makemake e ʻōlelo e hana i kahi kōpili o nā hōʻailona a i ʻole nā ​​​​mea hoʻolālā akā e lawa anei ia e hoʻopau maoli i kāu mea i waho, kāu mau mea hoʻokūkū ma laila? No ka mea, manaʻo wau inā e nānā wale ʻoe, inā he hale kūʻai ʻoihana a i ʻole nā ​​​​mea kūʻai kūʻai kūikawā, ke hoʻolilo nei lākou i ka nui o nā mea kūʻai aku. No laila pehea ʻoe e loaʻa ai i kahi ʻano asymmetric leverage mai kāu ʻoihana e hoʻokūkū me lākou? E koho nui mākou i nā mea a mākou e lawe ai i ka ʻoihana Blue Nile, helu ʻekahi. ʻO ka helu ʻelua, ʻo kā mākou e nānā nei, a ʻo Moniques kahi hiʻohiʻona maikaʻi loa i kapa ʻia ʻo ia ʻo ia kekahi o nā 50 wahine ikaika loa ma 2011. ʻO ia kekahi o nā mea kiʻekiʻe Ua ʻōlelo lākou ʻo ia ka 14 o ka mea hoʻolālā i mahalo nui ʻia ma ka honua ma waho o ka 15 kiʻekiʻe. Hāʻawi maoli ʻo ia iā mākou i kahi mea hoʻohui i kā mākou hana, a ke nānā nei mākou e lawe mai i nā ʻano hou a i ʻole nā ​​​​mea ʻē aʻe o kāna mea e hana ai, ʻo ka mea maikaʻi e hoʻāʻo ai e hoʻomohala i ka manaʻo ʻaʻole ia e pili ana i ka viral. ke ʻano o kāna hana a me nā mea ʻokoʻa o kāna hana. No laila, inā ʻaʻole ʻoe i ʻike nui e pili ana iā Monique, ʻo nā mea ʻē aʻe e kākoʻo ana he laina lole ʻaʻahu kūikawā kona i kēia lā. Ua hoʻokuʻu wale ʻo ia i nā kāmaʻa Italia. Ua kaulana ʻo ia i ka ʻulaʻula Oscars, He aha kāu e ʻaʻahu nei? ʻO ia kekahi o ka poʻe a ka poʻe e ʻōlelo nei e ʻaʻahu nei lākou, i kēia manawa ke ʻaʻahu nei lākou i kāna mau mea nani a me kāna mau ʻaʻahu. ʻO ka hoʻomaʻamaʻa media kahi mākou i alakaʻi maoli ai i ka mea kūʻai aku ma Pinterest a ʻo wau ke ʻōlelo maoli. ʻAʻohe mea ʻoi aku ka nui ma mua o mākou ma Pinterest a ʻo mākou kekahi o nā mea kūʻai nui o ka honua ma Facebook. A no laila, aia kahi mea koʻikoʻi o kēlā kahi a mākou e hoʻokau ʻole ai i ka branding ma ke ʻano o nā papahana kūʻai aku ma waho a la Macys no ka mea ʻaʻole mākou he mea kālepa maʻamau. ʻO kāna pili maoli e pili ana i ke kamaʻilio, ka hoʻopili ʻana a me ka hoʻoikaika viral a me ka mea a Monique e lawe mai ai iā mākou he nui nā mea o ia mea i kahi alo o ka media. iho mai ka hōʻike ʻana i ka loaʻa kālā Q4. A ua kau ʻoe i kahi hale hōʻaiʻē. Ua kūʻai hou ʻoe i $40 miliona o ke kumukūʻai i kēlā me kēia o nā makahiki ʻelua i hala. Aia kekahi manawa ma aneʻi e hana i kekahi mea e pili ana i ka leveraged recap a i ʻole kekahi mea ʻoi aku ka nui? ʻO Dave BinderNo laila ua piʻi iki kā mākou waiwai ma hope o ka hoʻokuʻu ʻia ʻana o kā mākou loaʻa kālā, makemake wale wau e wehewehe i kēlā. No laila ke manaʻo nei mākou e hoʻomau mākou i ka nānā ʻana i ke kūʻai hou ʻana ma ke ʻano he ala maikaʻi e hāʻawi ai i ka waiwai o ka mea kuleana. ʻO kā mākou ʻoihana ka waiwai kālā; Loaʻa iā mākou kahi kumu hoʻohālike hana maikaʻi ʻole i maopopo iaʻu ka nui o nā poʻe i ʻike. Me ka ulu ʻana, hoʻonui mākou i nā pae kālā ma mua o kā mākou loaʻa kālā, a no laila ke manaʻoʻiʻo nei mākou ʻo ka hoʻohana ʻana i kēlā kālā e kūʻai hou i nā ʻāpana inā loaʻa ka manawa kūpono iā ia iho he ala maikaʻi ia e pōmaikaʻi ai i kā mākou poʻe kuleana lōʻihi. e hoʻolālā e hoʻohana i kēlā mea i loko o kahi pāpale a i ʻole e hana i kekahi mea i ʻoi aku ka nui a i ʻole nā ​​​​mea kūʻai aku ma ke ʻano. ʻO ia ka mea e hoʻonui ai i ka hua inā ʻaʻole mākou e manaʻo e loaʻa ana ka loiloi kūpono i ka mākeke ma kā mākou waiwai. A ke manaʻo nei au he mea kūpono loa ke kuhikuhi ʻana i kā mākou waiwai i ka maʻalahi loa, a no laila inā i loko o kahi pōʻai kūʻai i kahi haʻahaʻa haʻahaʻa i hāʻawi ʻia i ka mea a mākou e manaʻo ai ʻo ke kumukūʻai kumu ʻo ia ka ʻāpana o kā mākou ʻoihana. ʻO kahi kūʻokoʻa a mākou e manaʻo nei e hoʻohana i ke kālā keu no ke kūʻai hou ʻana i nā ʻāpana ʻo ia ka mea kūpono e hana ai no ka poʻe kuleana. Ma ka laʻana o Monique, inā ʻoe e paʻi iā ia ma waho o ka paka, ehia mau hōʻailona, ​​ehia mau inoa e hiki ai iā ʻoe ke kau inoa e like me ia no kekahi manawa? A inā ʻo wau, e ʻae mai iaʻu e hoʻokomo i kahi huaʻōlelo pūnaewele manaʻo wau he ʻano kūkulu paha ʻoe i kahi mākeke ma loko o ka Nile Blue me kēia mau hōʻailona? ʻAʻohe o mākou ʻike he 20 a i ʻole 30 mau māka, ʻaʻohe o mākou ʻike ʻelua a ʻekolu wale nō. Ma ka pane ʻana i kāu nīnau ʻelua he ʻano ʻano hui like ʻole o ia mea: ke manaʻoʻiʻo nei mākou ʻo ka ʻike a me ka pūnaewele i ʻoi aku ma mua o kahi wale nō, no ka nele o kahi ala maikaʻi aʻe e ʻōlelo ai, he pūnaewele e hawks waiwai, kūʻai aku i nā mea. hiki iā mākou ke lilo i wahi hoihoi loa e hoʻolimalima manawa. He nui kaʻu e ʻōlelo nei akā ʻo kaʻu wahine he kumu hoʻohālike maikaʻi loa. Ke kuhikuhi nei au i ka nui o kona noho ʻana ma ka noho i ka pō, nānā ʻo ia i ka TV me kāna papa a me kaʻu ʻike, koʻu manaolana no kā mākou ʻoihana ʻo mākou kekahi o nā wahi āna e hele ai no ka ʻike. A i kēlā manawa inā he wahi koʻikoʻi ʻo Blue Nile o kona ola, i kēlā me kēia manawa e noʻonoʻo ai ʻo ia e pili ana i ka leho nani e hele mai i Blue Nile. A hana ʻo ia i ka Huffington Post a i ʻole nā ​​​​mea o ia ʻano kahi e nānā wale ai ʻo ia i ka leo. Inā mākou e hoʻokele i nā ʻike e pili ana i nā mea hoʻolālā a ʻaʻole wale ka mea a nā mea hoʻolālā e kūʻai aku ai akā he aha nā mea ma ke ala holo, kahi a lākou e hōʻike ai, he aha ka mea kūpono, he aha ke ʻano o ka hui ʻana ma ke ʻano kālepa maikaʻi a me ka ʻike e lilo ai ka brand Blue Nile i mea maoli. ʻāpana waiwai o nā mea kūʻai aku a ʻo ia ka mea i hoʻāʻo hope e hana. A i kēlā manawa, i ka wā e noho ana ʻo ia ma luna o ka noho me ka papa ʻaina maikaʻi loa i ke ala maikaʻi loa e hoʻohuli iā ia a loaʻa maoli kēlā incredibly kūpaʻa kūʻai. A ʻoi aku ka nui o nā mea hoʻolālā ma ke ʻano maʻamau ʻaʻole ia e hana i kēlā. ʻO nā mea hoʻolālā kūpono e hoʻokumu ana i ka ʻike kūpono ʻo ia ka mea e hoʻāʻo nei e hana.AnalystA ma ia manawa aia kekahi mau mea nani maikaʻi loa i loko o kāu hale kūʻai, a maopopo loa mai nā poʻe nāna i hoʻolālā maikaʻi i kēia mau mea no ke kumu kūʻai nui. No laila ke manaʻo nei au ʻaʻole mākou i maopopo ʻo ka nui o nā mea hoʻolālā āu e hana maoli nei i kēia manawa? A ke kūʻai aku nei ʻoe i kekahi e like me Monique, pehea lā e hoʻololi ai i kēlā kahawai i loaʻa iā ʻoe? A ma hea ʻoe e hele pū ai me ia, no ka mea, manaʻo wau ʻaʻole maopopo mākou i ka nui o nā mea hoʻolālā āu e hana nei. Ua lawe maoli mai mākou, mai ka ulu ʻana o nā mea kūʻai aku i ka hui, he Luna Hoʻolālā. He kula hoʻonaʻauao ʻo ia ʻo Philadelphia School of Jewelry Design, a he wahine hoʻonaʻauao ʻo ia he 45 mau makahiki i lōʻihi loa i ka ʻoihana. Aia ʻo ia i loko o kā mākou ʻano hoʻolālā hoʻolālā hale, a ʻo ia kona inoa Luna Hoʻolālā. Ma waho aʻe o Monique ʻaʻohe hoʻolālā hoʻolālā inā makemake ʻoe i kahi lehulehu o nā mea hoʻolālā. Hana mākou me kahi pūʻulu mea hoʻolako nani a loaʻa i kēlā mau mea hoʻolako i ka hoʻolālā hale a hoʻolālā lākou no mākou wale nō, akā ʻaʻole lākou he mea hoʻolālā cache. ʻO lākou wale nō nā mea hoʻolālā hale, a no kā mākou ʻoihana kāhiko a me kā mākou ʻoihana hoʻonohonoho. He kahua hoʻolako haiki nani, no laila, loaʻa iā mākou nā pilina lōʻihi me kēia poʻe. Akā he ʻāpana lākou o kā lākou hui hoʻolālā a ke hoʻolālā nei lākou no kā lākou hui ākea, a laila ʻo kahi ʻāpana o kā lākou mea i hoʻolālā ai no mākou. No laila, i ka makahiki 2012 ua pōmaikaʻi ʻoukou i ka liʻiliʻi ma ka hapa mua o ka makahiki me ka maʻalahi o nā comps i ka emi ʻana o ke kumukūʻai daimana makahiki. E like me ka makahiki 2013 i kēia manawa, loaʻa iā ʻoukou ke alakaʻi i ka mākeke e loaʻa ana ke ʻano o ka manaʻo o ka piʻi ʻana o 5% a 10% inā hoʻomanaʻo pololei wau. Ma hea kahi e hoʻomaka ai ka paʻakikī e hoʻomau i ka ulu ʻana i kāu ʻoihana pili e like me ka piʻi ʻana o nā kumukūʻai daimana? ʻO Dave BinderSo mōʻaukala, ma mua o ka makahiki 2011 i ka wā i lilo maoli ai ka volatile i ka mākeke, e piʻi mālie nā kumukūʻai daimana 5% a 10% mālie. , a ua mālama maikaʻi ʻia ka piʻi ʻana o nā kumukūʻai. He kaiapuni ia kahi i hoʻonui ai ʻo Blue Nile i ka ʻaoʻao pili o kāna ʻoihana ma ka helu pālua. A no laila ke manaʻo nei mākou he wahi ʻoluʻolu ia kahi e hoʻopiʻi ai ka manaʻo waiwai a mākou e ʻike ai. e noho mākou i kahi wā paʻakikī e like me mākou i ka makahiki 2011. Akā ʻo ka moʻolelo e kamaʻilio me ka inflation haʻahaʻa ʻo Blue Nile ke kūlana maikaʻi e ulu. ʻO Andrew Reid Morgan StanleyA no laila inā mākou e nānā i ka 2013, hiki paha iā ʻoe ke hōʻike i nā manawa kiʻekiʻe ʻekolu a i ʻole nā ​​hua haʻahaʻa haʻahaʻa? Ua ʻōlelo ʻoe i ka hui pū ʻana-Harvey KanterYeah, e ʻōlelo wau ʻaʻohe nīnau i nā manawa nui ʻekolu e hoʻomohala i nā mea kūʻai aku a kūʻai aku, a ʻo ia kekahi o ke kumu i hoʻolimalima ʻia ai au a ʻo kekahi o ke kumu i komo ai au. ʻO ka lua, ʻo ia ka parity mobile parity mobile a me ka lawe ʻana i ka hana PC i ke kaiapuni pili kelepona a me ka hoʻohui ʻana i nā hana hiʻohiʻona ma nā wahi āpau he koi ʻenehana koʻikoʻi. A laila ʻo ke kolu ka mea a mākou i kamaʻilio ʻole ai akā ʻo ka honua. Manaʻo mākou he mākeke koʻikoʻi maoli ka mākeke Asia-Pacific. Ua ʻike kekahi o ʻoukou ua hoʻolaha mākou i kahi hui pū me [Sho], ua hoʻokomo mākou i kahi hoa hana i hoʻokahi makahiki i hala aku nei, [Vay] nona nā hale kūʻai brick a me ka mortar. ʻEkolu mau manawa i hele ai ko mākou Pelekikena o International i ʻAsia i kēia makahiki aʻu e hele ai i kēia pule aʻe. He mea koʻikoʻi koʻikoʻi ia a ke manaʻoʻiʻo nei mākou ʻo ka mākeke ʻĀsia ma ka huina o kēia mau makahiki ka mākeke honua nui loa no mākou a ʻo ka ulu ʻana ka manawa lōʻihi loa i loaʻa iā mākou. No laila, ʻo ia kā mākou mau manaʻo nui ʻekolu. ʻO Andrew Reid Morgan StanleySo i kekahi manawa e ʻoki ai i kēlā mau mea, ua kuhikuhi ʻoe ma kahi o 1.7 miliona a 2.0 miliona mau mare a male paha i kēlā me kēia makahiki, e ulu i ka māhele mākeke i ka hoʻopili kumu? ʻO ka ulu ʻana o 2012 ma kahi o 20% i kā mākou ʻoihana hoʻopaʻa ʻana ma US wale nō i loaʻa ka ʻāpana a ʻo ia ka hoʻolālā. ʻIke mākou i ka ulu ʻana o ka mākeke ma ke ʻano haʻahaʻa, no laila, no ka ulu nui ʻana ua lawe ʻia ka māhele a ʻo ia ka hoʻolālā. Manaʻo mākou ua ʻoi aku ma mua o 4%, kokoke i 5% o ka mākeke ma US ma kahi o $ 5 biliona mākeke no nā poʻe e hoʻolilo ana i nā apo hoʻopaʻa. A ua manaʻo mau mākou e lilo mākou i mea pāʻani makeke pālua a ʻo ia ke ala e hele ai. . ʻO ka ʻoiaʻiʻo e ʻimi nei nā mea kūʻai aku e komo i nā kaiapuni kelepona a loaʻa iā mākou nā hiʻohiʻona hiʻohiʻona nui ma ka PC ʻaʻole hiki ke loaʻa mau i ka mobile a mākou e manaʻo nei e hoʻololi maoli i ka hoʻopili ʻana no mākou a kākoʻo i kahi ʻāpana o ka hoʻomau ʻana i kēlā me ka ka mea e hiki mai ana me ke kumu kuai. A ʻo nā tailwinds i loaʻa iā mākou i ka makahiki i hala, inā loaʻa iā mākou a ʻaʻole paha, ʻaʻole mākou e loaʻa iā lākou ma ka pae hoʻokahi, akā aia kekahi mau wahi ʻikepili laina nani e pono e kākoʻo a hoʻomau i ka hoʻokele i ka ʻaoʻao pili o ka ʻoihana. Andrew Reid Morgan StanleyOkay . Ke hoʻomau nei ʻoe i ka ulu ʻana ma ka ʻaoʻao non-engagement, ke manaʻoʻiʻo nei ʻoe e lilo ana kēlā i mea ʻoi aku ka nui o ke kapikala a e loaʻa ana ka hopena i kāu kahe kālā manuahi? kūʻai aku i nā huahana pili ʻole. ʻO ka hoʻolālā ʻana o kā mākou mau huaʻōlelo a me kā mākou kahe kālā e hāʻawi i ke kumu kūʻai kūʻokoʻa a maikaʻi ʻole paha. Inā hiki iā mākou ke hoʻololi i nā huahana i ʻehā mau manawa i ka makahiki, ʻo kā mākou mau huaʻōlelo e lilo mākou i kahi kūlana ʻoihana hana maikaʻi ʻole. I ka hala ʻana o ka manawa, ʻoi aku ka maikaʻi inā hiki iā mākou ke noʻonoʻo hou i kahi hoʻohālike consignment. No laila, hiki iā mākou ke ho'āʻo no ka maikaʻi ʻole o ka hana ʻana ma ka hoʻokō ʻole me ka hoʻokō maikaʻi akā me ka pilikia, a inā hiki iā mākou ke kiʻi i kahi hoʻohālike consignment kona me ka liʻiliʻi a i ʻole ka pilikia. i loko o nā miliona akā ʻaʻole ia he mea nui i ka ʻumi miliona akā inā ʻoe e nānā i kā mākou pūnaewele i kēia lā, loaʻa iā mākou ka Red Carpet Selection a ua hāʻawi maoli ʻia a puni ka Oscars. Akā i ka Q4 ua hoʻonui mākou i ka mea a mākou i kapa ai i kā mākou ʻoihana kūʻokoʻa a me kāna hoʻouna wale ʻana. ʻOi aku ka nui o nā kumukūʻai kiʻekiʻe - $10,000, $20,000, $30,000 mau kumu kūʻai a ʻoi aku paha akā ʻo ia ka mea a David i kuhikuhi ai i ka hoʻāʻo ʻana e hoʻololi i kahi ʻāpana nui o kā mākou ʻoihana i ka consignment. ʻO nā mea hana e hoʻokomo i ka consignment no $100 mau mea no laila ʻaʻole mākou i ʻike no ia mea, akā i ko mākou hoʻomau ʻana i ka neʻe ʻana i kā mākou ʻoihana, ʻo ka hiki ke hoʻoneʻe i kēlā ʻano hoʻohālike i nā mea nani he mea waiwai maoli ia o ke kumu hoʻohālike e hana maikaʻi i ke kālā. Reid Morgan Stanley A pēlā nō ke kumu hoʻohālike o ka hoʻouna ʻana i ka palena maʻemaʻe wale nō ma hope o ke kūʻai ʻana āu i waiho ai ma hope o ia? ʻO Dave Binder. ʻAʻole iā mākou ka waihona. Andrew Reid Morgan Stanley He nīnau ʻē aʻe?