Welcome to the Bed Bath & Beyond fourth quarter fiscal 2017 earnings call. All participants will be in a listen-only mode until the Q&A portion of the call. Today's conference call is being recorded. A rebroadcast of the conference call will be available beginning on Wednesday, April 11, 2018, at 8:00 p.m. Eastern time through 8 p.m. Eastern time on Friday, April 13, 2018. To access the rebroadcast, you may dial 888-843-7419 with the passcode ID of 46495820.
At this time, I would like to turn the conference over to Janet Barth, Vice President, Investor Relations. Please go ahead.
Thank you and good afternoon, everyone. Joining me on our call today are Steven Temares, Bed Bath & Beyond's Chief Executive Officer and member of the Board of Directors; Gene Castagna, Chief Operating Officer; and Sue Lattmann, our Chief Financial Officer and Treasurer.
Before we begin, I'd like to remind you that this conference call may contain forward-looking statements, including statements about or references to our internal models and our long-term objectives. All such statements are subject to risks and uncertainties that could cause actual results to differ materially from what we say during the call today.
Please refer to our most recent periodic SEC filings for more detail on these risks and uncertainties. The company undertakes no obligation to update or revise any forward-looking statements. Our earnings press release dated April 11, 2018, can be found in the Investor Relations section of our website at www.bedbathandbeyond.com.
Here are some highlights. Fiscal 2017 net earnings per diluted share were $3.04. Excluding the net unfavorable impact of the Tax Cuts and Jobs Act of 2017, or the "Tax Act," we would have earned $3.12. Our fourth quarter net earnings per diluted share were $1.41. Excluding the net unfavorable impact of the Tax Act, we would have earned $1.48. Net sales increased approximately 5.2% in the fourth quarter and comparable sales declined approximately 0.6%, including strong sales growth from our customer-facing digital channels and a mid-single-digit percentage decline in sales from our stores.
Our Board of Directors today declared an increase in the quarterly dividend from $0.15 to $0.16 per share, payable on July 17, 2018, to shareholders of record at the close of business on June 15, 2018.
I will now turn the call over to Steven, who will talk about the company's ongoing transformation, and then Sue will discuss our financial results in more detail, as well as provide some of our planning assumptions for Fiscal 2018.
Thank you, Janet. As we have discussed in prior calls, we have been strategically focused on reinforcing our position in the marketplace as the expert for the home and heartfelt life events. We have made and continued to make significant investments in support of this mission. While these investments have weighed heavily on our expense structure and profitability during this time, we are excited by our progress and we are focused on creating the foundation necessary to grow our leadership position in retail for the home and our customers' life stage experiences.
I'd like to take a few minutes to discuss in more detail our vision for 2020. This is our roadmap for continuing to evolve the foundational structure of our company to support our mission with the following goals: growing our comp sales, which we expect to begin this year; moderating the declines in our operating profit and net earnings per diluted share this year and next; and growing our earnings per share by 2020.
It is important to note that we ended 2017 in a very strong cash position, which we anticipate maintaining to provide us the flexibility to fund our ongoing initiatives and act upon other opportunities that may arise. During the past few years, we have been transforming our company while continuing to conduct business day in and day out. We have challenged past practices, policies, and organizational structure while taking advantage of internal and external expertise, better processes, and ever developing technology, all with the intent of better positioning ourselves to execute the strategic initiatives on our roadmap.
The next few years of our roadmap are clear, as is our destination, and can be broadly expressed in four major areas of focus. We will have a merchandise assortment that is substantively and meaningfully differentiated that could be made available on all channels and from all concepts that could be fulfilled from a common distribution network, and we will be known for whole home, represented in part by a deep presence in decorative furnishings.
We will be in a position to intelligently and dynamically price our assortment across all channels, directed by pricing specialists and driven by systems powered by machine learning. Our value proposition will be further supported by a membership program that is robust, uniquely positioned in the marketplace in terms of offerings, and treasured by its members.
We will present best-in-class services and solutions reflecting our leadership and our life-stage businesses and strengthening our customer relationships through expanded and faster delivery options, as well as a premier offering of in-home services.
And we will deliver a superior customer experience across all channels. Our frictionless digital experience that is more personalized, more inspirational, more educational, and enjoyable to use, as well as a store experience that is more engaging, that shows more with less inventory, and presents product the customer wants and needs today in a store environment, including world-class seasonal offerings, commodity and deep-value products, and a treasure-hunt experience, all supported by marketing that is both personalized and communicates our branding message.
Now let me give you some more specifics and our progress on a few of the critical projects on our roadmap for our vision for 2020. In merchandising, we, together with the assistance from expert consultants, have identified and begun implementing organizational changes to include and better align our people, processes, and technology to the work being done within our volume organization. We are restructuring our merchant organization to free up our buyers to focus more of their time on driving a meaningfully differentiated offering and while creating a best-in-class digital merchandising strategy.
As a model for our organizational structure, we have recently piloted our new decorative furnishings merchant team, which will embed our pricing, analytics, supply chain, and web experience experts to work alongside our buyers and planners to drive a more cohesive strategy for decorative furnishings across all of our channels and a number of our concepts. Also, we are in the early stages of expanding our capabilities to sustain a higher penetration of our own sourced and developed proprietary product in our assortment.
We recently established a new price sourcing office in Shanghai that should soon be in operation, which together with our sourcing office in Hong Kong provides us with the needed overseas infrastructure to pursue direct importing and sourcing at a greater level. Over time, our ability to do more direct importing and sourcing should create a significant opportunity for gross margin improvement.
We are also undergoing a comprehensive evaluation of our supply chain, enabling our ability to leverage all of our companywide assets for fulfillment to stores and to customers, including to support our growing decorative furnishings business and its unique needs, as well as to improve our reverse logistics.
In value, we have invested in our pricing teams and new tools that will enable us to execute multiple pricing strategies to address opportunities in base, competitive, and mark-down pricing, and do it at a much more focused and local level than we were able to do previously. We will be embedding pricing specialists within buying teams to accelerate the use of these new tools to further our value proposition and to drive more optimized pricing strategies.
We have been dynamically our online-only assortment and more recently, we have begun piloting dynamic pricing strategies in a limited number of stores and product categories. As we gain more experience, we plan to roll it forward, expecting impact on both volume and gross margin dollars.
To further increase our value proposition and customer loyalty, in addition to our Cost Plus World Market Explorer program, we have been expanding enrollment in our Beyond Plus membership program. With Beyond Plus, in addition to 20% off your entire purchase and free standard shipping, we are also providing additional offers throughout the year, which include features like early notification of savings events, discounts on designer services, and other cross-concept offers. We plan to continue evolving the benefits of the Beyond Plus program as we learn more about what member customers value.
We see favorable results across a variety of metrics, including frequency, sales, and overall profitability. As we continue to test and learn, we should gain better insight into the lifetime value of our member customers.
In services and solutions, we are passionate about our leadership in life-stage businesses, and we remain focused on driving unparalleled customer service and offering innovative solutions. In registry, we are developing more personalized tools to help our customers celebrate life events such as getting married, having a baby, going to college, or moving to a new home. Recent introductions include interactive checklists, associate recommendations, favorites badging, and a thank you manager tool, as well as new tools within our highly rated mobile apps, such as visual search functionality. We're also planning a major redesign of our digital registry experience to provide a much more personalized registry journey.
In addition to our market-leading registry business, we are building out a series of home-related services including interior design, installation and assembly, and more convenient fulfillment options. These advancements in our merchandising, value and services and solutions will be manifested in our customers' digital and store experiences and express through more comprehensive, personalized marketing communications on the one hand, and a more effective branding message on the other.
In our pursuit of delivering a world-class digital experience, we are undergoing a major transformation of our digital architecture in a project we call front-end optimization or FEO. In short, we're replatforming a large portion of our digital commerce solution into a service-based architecture with a responsive design. FEO should significantly increase the speed in which we can develop and release many types of new features, and cut down on the time and costs for developing them. We're targeting completion of FEO by this fall.
As part of this transformation, we're migrating our e-commerce systems and applications to the cloud. We're also establishing a dedicated offshore technology office in India, just outside of New Delhi, to enhance the delivery of cost-effective support for this new architecture, as well as other strategic projects and capabilities. The digital experience we are creating will be more engaging, more inspiring, and give us the capability to deliver more personalized content intended to convey our expertise of the home and heartfelt life events.
Fulfillment is also a critical component of the digital experience. Our goal is to be able to consistently execute on a delivery promise of click-to-home within two days. We have plans to open an additional fulfillment facility which, when fully operational, should improve our direct-to-customer delivery speed. We also have plans to continue to leverage our existing fulfillment facilities and our store network to expand our same-day delivery service from 10 markets a day up to another 10 to 14 markets during 2018.
In driving a better in-store experience, our vision is to deliver the best of the best of what we can offer in our stores and leverage our unique skills and assets to enhance the customer experience. Under the leadership of our store and merchant organizations, we have been transforming our store operating model and delivering operational efficiencies to allow us to more effectively utilize our resources and free up our people to be more available to take care of our customers, especially as we advance into growing new areas such as decorative furnishings.
Over the next 6 to 12 months, we are implementing a number of new systems, including our new POS system and other technology tools to support associate selling and training programs and further optimize store labor hours. In addition, we've launched a series of inventory initiatives during Fiscal 2017, including what we call "Show More, Carry Less," "SKU space reduction," and "SKU rationalization," as well as "assisted store ordering."
As many of you know, in our Bed Bath & Beyond stores, our store managers reorder up to 70% of the merchandise available in store. We continue to believe that empowering our local store managers with ordering decisions uniquely enables us to manage our assortment and satisfy local demand. Our assisted store ordering initiative optimizes our store inventory levels by utilizing advanced analytics and algorithms to more accurately project our inventory needs to support the evolving in-store experience. These and other inventory optimization strategies favorably impacted our retail inventories in Fiscal 2017 by approximately $170 million at cost.
We continue to focus on inventory optimization strategies and project that these initiatives should yield further inventory reductions for slightly more than $150 million at cost this year. By early this summer, we will begin to introduce our expanded decorative furnishings assortment in about 10% of our Bed Bath & Beyond stores in the U.S. and Canada. The goal of this pilot includes raising awareness of our growing furniture business. Our associates will be supported with technology tools and training that should enable them to help customers find more beyond the store, as well as place orders through the Beyond store for home delivery.
In parallel with incorporating our decorative furnishings pilot, we are also moving forward with and excited by our new store format initiative for Bed Bath & Beyond. This initiative leverages some of the best merchandise categories across our concepts, including Cost Plus World Market, andThat!, and Harmon Face Values, while featuring expanded seasonal assortments, commodity products, a treasure-hunt experience, and more deep value opportunities throughout the store. This will produce a notably shopping experience that is expected to drive increased store traffic and sales in these new product offerings and our core categories.
We have recently opened our first reformatted store and have plans to open three additional stores over the next two months, with another eight stores to be reformatted by the end of our second quarter. This includes a combination of relocated and renovated stores. We're excited by this initiative and plan to learn from each of these early openings so as to quickly iterate for future openings, as well as potentially rolling back into existing stores.
As we recreate the foundational structure of our company over the next several years, our stores remain a critical part of the equation to achieving our growth objectives and we remain focused on optimizing our real estate portfolio, including the potential closing of stores and/or the sale of real estate assets.
We have just under 400 stores across our retail fleet that come up for renewal at the natural lease expiration over the next two years, of which we expect to permanently close 40 stores this year unless we are able to negotiate more favorable lease terms with our landlords. These closures are primarily under the Bed Bath & Beyond banner. Meanwhile, we have plans to open approximately 20 new stores during Fiscal 2018, primarily buybuy BABY and Cost Plus World Markets.
Finally, as I just described, we continue making investments to evolve and improve existing store formats by strengthening our offerings, enhancing our omnichannel services, integrating technology tools, and creating a more experiential shopping environment in our stores.
Finally, critical to communicating who we are and how we can serve our customers both in-store and online is our marketing. Our vision is to deliver personalized marketing communications, meaning driving higher relevance, cross-channel communications, and experiences to our customers that are informed in real time by an ever-increasing level of information about them. In addition, we are making significant investments to further develop our integrated technology tools, including a personalization decision engine, a density management, infrastructure, and a customer data platform, among others, to leverage our best-in-class customer data, as well as demographics and other relevant third-party data to develop and scale tailored and personalized marketing communications.
We're also continuing to optimize our traditional marketing program, including direct mail, email, and text messaging through enhanced contact strategies. At the same time, we will be building a brand awareness strategy for the company that conveys Bed Bath & Beyond as the experts and your choice for all things home. We believe the future benefits of a more comprehensive, personalized marketing strategy, together with branding that communicates our expertise for the whole home should significantly contribute to growing the lifetime value of our customers.
In summary, in every area of the company, we are reimagining the way we do business. 2017 was the year we accelerated the pace of change across our company and our vision is clear for the work to be done throughout 2018 and 2019, with the following goals: growing our comp sales, which we expect to begin this year; moderating the declines in our operating profit and net earnings per diluted share this year and next; and growing our earnings per share by 2020.
I'd like to close by taking this opportunity to welcome our newest Board member, JB Osborne, the co-founder and CEO of the brand marketing firm, Red Antler. We look forward to Jos. A. Bank's contributions to our company.
And most importantly, taking the opportunity to thank our more than 65,000 associates for their hardworking commitment to Bed Bath & Beyond as we progress on creating the foundational changes necessary to grow our leadership position in retail for the home and our customers' life-stage experiences.
I'll now turn the call over to Sue, who will discuss our financial results and review some of our planning assumptions for Fiscal 2018.
Thank you, Steven, and good afternoon, everyone. As a reminder, Fiscal 2017 was a 53-week year and as much, the fourth quarter consisted of 14 weeks versus 13 weeks in Fiscal 2016. Net sales in the fourth quarter were approximately $3.7 billion, an increase of approximately 5.2% over last year, primarily due to increases from the 53rd week and non-comp sales, including new stores and linen holdings, partially offset by a decrease in comp sales. Our fourth quarter comp sales declined 0.6%, and are based on the 14 weeks of the current-year period.
Comp sales in the quarter reflected a decrease in the number of transactions in stores, partially offset by an increase in the average transaction amount. On a directional basis, comp sales from our customer-facing digital channels continued to be strong in the quarter, while comp sales from our stores declined in the mid-single-digit percentage range.
Gross margin for the quarter was approximately 35.9% of net sales, as compared to approximately 38% in the fourth quarter of last year. In order of magnitude, this decrease as a percentage of net sales was primarily due to an increase in coupon expense, resulting from increases in redemptions and the average coupon amounts, a decrease in merchandise margin, and an increase in net-direct-to-customer shipping expense.
SG&A for the quarter was approximately 26.8% of net sales, as compared to approximately 25.8% in the prior year period. In order of magnitude, this increase in SG&A as a percentage of net sales was primarily due to increases in payroll and payroll-related expenses, occupancy expenses, technology-related expenses, including related depreciation, and advertising expenses.
Our effective tax rate in the fourth quarter was approximately 39.5%, which included a net increase of approximately 3.3% resulting from the Tax Act. Additionally, our fourth quarter effective rate included approximately 1.3% of favorable net after-tax benefits due to distinct events occurring during the quarter. In the prior year period, our effective rate was approximately 35%, which included 2.2% of favorable net after-tax benefits due to distinct events occurring in that quarter.
Net earnings per diluted share were $1.41 for the fourth quarter. Based on our conclusions, which include many assumptions, we estimate the benefit from the extra week was about $0.05 per diluted share. Excluding the net unfavorable impact of the Tax Act, we would have earned $1.48 per share. For Fiscal 2017, our net earnings per diluted share were $3.04. Excluding the net unfavorable impact of the Tax Act, we would have earned $3.12 per share, which is a bit higher than our model indicated going into the quarter.
Now looking to our balance sheet. We ended the year with approximately $744 million in cash and investment securities, an increase of $166 million over the prior year, which is primarily the result of reductions in share repurchases and merchandise inventories, partially offset by the prepayment of certain operating expenses related to the Tax Act. Retail inventories of $2.7 billion at cost continue to be tailored to meet the anticipated demands of our customers and are in good condition. This represents a reduction of about 6%, compared to the end of Fiscal 2016.
As Steven mentioned earlier, we have been and remain focused on inventory optimization strategies. Capital expenditures for the year were approximately $376 million, in line with our modeling assumptions. For the year, approximately 50% of the CapEx spend related to technology projects, including investments in our digital capabilities and the development and deployment of new systems and equipment in our stores.
The remaining CapEx was primarily related to investments in our stores, a new distribution facility, and a new customer contact center. We opened a total of 22 stores during Fiscal 2017, including 2 during the fourth quarter, and we closed a total of 16 stores during the year, including 8 this past quarter.
Share repurchases under our current $2.5 billion share repurchase program were approximately $45 million in the quarter, representing about 2 million shares, and has a remaining balance of approximately $1.5 billion at the end of the fiscal year. In addition, our Board of Directors today declared a $0.01 increase in the quarterly dividend to $0.16 per share from $0.15 share, to be paid on July 17, 2018, to shareholders of record as of June 15, 2018.
Now I would like to discuss our outlook for 2018, starting with some of our macro assumptions. First, Fiscal 2018 is a 52-week year and since Fiscal 2017 was a 53-week year, we are not going to benefit from the estimated $0.05 we earned attributable to that week. Also, this fiscal calendar change will have a more pronounced shift of sales and expenses from the fourth quarter to the third quarter.
Second, we are adopting a new revenue recognition accounting standard in the first quarter of 2018. While we do not accept the option of this standard to have a material impact on our full-year results, we do anticipate an earnings shift within the year from the third quarter to the fourth quarter.
Moving on to our major planning assumptions for 2018, which include comparable sales growth in the low single-digit percentage range, including continued strong growth in our customer-facing digital channels; consolidated net sales to be relatively flat to slightly positive, compared to 2017, which had 53 weeks; gross margin deleverage, primarily due to our continued investment in our customer value proposition and the ongoing shift to our digital channels; SG&A deleverage, primarily due to the investments we are making to transform the company; operating margin deleverage to be less than we experienced in 2017; depreciation expense in the range of approximately $315 to $325 million; net interest expense of approximately $75 million for the year; an estimated full-year tax rate in the 26% to 27% range; capital expenditures in the range of approximately $375 to $425 million, subject to the timing and composition of projects; the opening of approximately 20 new stores with the majority being buybuy BABY and Cost Plus World Market stores; the closing of approximately 40 stores unless we are able to negotiate more favorable lease terms with our landlords, and as Steven mentioned, these closures are primarily Bed Bath & Beyond stores; continued growth of our cash and investments, even after funding our operations and capital expenditures, as well as our quarterly dividends and share repurchases.
As a reminder, our share repurchase program may be influenced by several factors, including business and market conditions. Based on these and other planning assumptions, we are modeling net earnings per diluted share to be in the low-to-mid $2.00 range. As I mentioned earlier, when comparing to the prior year, our estimated 2018 quarterly EPS as a percent to the total year is anticipated to be lighter in the third quarter and stronger in the fourth quarter, due to the adoption of the new accounting standard. This is despite the shift of one holiday week from the fourth quarter into the third quarter and the loss of the 53rd week.
As Steven said earlier, the next few years of our roadmap are clear, as well as our goals: growing our comp sales, which we expect to begin this year; moderating the declines in our operating profit and net earnings per diluted share this year and next; and growing our EPS by 2020.
We are making heavy investments in people, practices, and technology as we continue the transformational work necessary to accomplish our goals. We look forward to giving you updates as the year progresses.
Before opening the call to questions, please note that our next quarterly conference call will take place on Wednesday, June 27. At that time, we will review our first quarter results and provide an update on Fiscal 2018. We can now open the call to questions.
Thank you. We will now begin the question-and-answer session. If you have a question, please press *1 on your telephone keypad. If you would like to be removed from the queue, please press the # sign or the # key. If you're on a speakerphone, please pick up your handset first before dialing the numbers. Once again, if you have a question, please press *1 on your telephone keypad.
From Citi Research, we have Kate McShane. Please go ahead.
Hi, thank you for taking my question. The first question is just on the comp guidance for the year. I'm just curious what's giving you the confidence that we'll see a return to positive comp growth, how that cadence will look throughout the year, and what are the main drivers in the inflection?
Hi, Kate. It's Sue. We've been hovering around a relatively flat comp for the past couple quarters. Also, in terms of the economy, we feel as though it's positive, and then also the initiatives that we just discussed give us the confidence in that comp model we provided for the year.
Okay, but a lot of the initiatives seem like it might take some time. What initiatives specifically are going to be more nearer-term or you see having a more nearer-term effect versus some of the other initiatives?
Hi, Kate. It's Steve. I think that there's a lot of things that you're right, that a lot of them are smaller to begin with and they'll be growing. But when you have the composite of things like the personalization in our marketing that's getting under way, the furnishings décor business that we're growing -- these are positive signs that we're seeing of the new Bed Bath format, the andThat! Store, the benefits we'll be deriving in the BABY business.
Some of the changes we're making in our registry college mover parts of the business are going to be beneficial to our top line. So there's a lot of little things that are under way and we'll see benefits from them, much larger benefits as we go forward. But because there's so many of them that are taking place, even the smaller benefits combined gives us confidence that we will have positive comps.
Great, thanks very much for taking the question. Just a quick one on SG&A. Could you guys just be a little more specific on how you guys are investing SG&A dollars this year? What proportion do you think will go to digital, wages, store, and merchandising initiatives?
Sure. We do have initiatives that will be impacting our SG&A. We're investing in talented people. We continue to invest in the web. We've had some of the discussions today, whether it's FEO or other areas like that. We also have continued investment in our people, as well as continued wage pressures that we've been discussing in the past as well.
Just as a quick follow-up, would you, in terms of the rate, continue to expect more pressure from SG&A or from gross margin?
Well, we did model out that we felt as though the operating margin would deleverage less than last year, so that's one impact of information to provide.
Okay. Maybe just one other quick question if I can. As you mentioned, inventory, I think, we down about 6%. How much of that was due to early efforts on inventory optimization?
A portion of it certainly was. Our initiatives including SKU reoptions, as well as space reduction initiatives as well.
Yeah, I guess you said and as we just said, there's a number of things, including it's just store ordering that's impacting inventory levels and as Sue said, SKU rationalization, SKU space optimization initiative, we're looking at the e-commerce inventory and doing a better job of planning there as well. Overall, I think the number is $170 million this past year and I think we're projecting $150 million in costs going forward. Again, as we continue to do things like show more, to carry less back stock, and fewer accessories to support it, as there continue to be additional opportunities to optimize our inventory.
Good afternoon, everyone. Thank you for taking my question. Steven, you said something in your prepared remarks that caught me -- not by surprise, but just took my attention. That was talking about having a meaningfully differentiated assortment. Those three words, as I think about them, it's something that I think the whole retail industry struggles with today because in an e-commerce world, it seems like a difficult thing to accomplish when there's access to inventory at all times, 24 hours a day, around the world. Can you talk a little bit more about how to create the meaningfully differentiated assortment in today's omnichannel world? Thank you.
Sure, Matt. Listen, we were very successful when it comes to concepts like andThat! and Cost Plus World Market. A significant portion of those inventories are differentiated and we would say meaningfully differentiated in the customers' minds. As you get to One King's Lane, what we're doing with Ralph Lauren and having unique product, it's another avenue for us. But as we look at product development, as we look at being able to direct source, these are opportunities for us. A lot of the vendors that we have today, or a number of the vendors that we work with to take what they're doing and to either tweak it or to have lead time when they bring things to market, when we talk about what we're doing with personalization mall, the opportunity to personalize the assortment, it's a type of differentiation as well.
So, there's many different ways to attack it but there are many different ways. We see it as a significant opportunity and it's been growing for us. It's critically important, if we're going to be viewed as the expert and trusted as the expert for the home, that people think of us first for things that they can't find elsewhere. We've always said it, we take great pride in our merchandising capabilities in the history of merchants that we are. This is a significant focus for us.
If could ask one more follow-up on the new store format, you've opened one. You have a couple more planned. I know it's really early, but can you just talk through what you've learned, what you've seen, and what makes you so excited about that initiative?
Sure. The big picture would be that we know today through broadband in the store and the technology tools that we can provide our associates, that we could sell more and carry less inventory, so we could effectively shrink the core assortment of Bed Bath & Beyond in a box and be able to bring more into the store and not impact the sales of the core categories. Then what we could bring into the store are the things that really customers are looking for today to a great extent, are successful within our own concepts.
That are things like decorative furnishings, treasure hunt, things that come in and might not be there tomorrow. Things that we could do in our seasonal department, commodity product like food and beverage, health and beauty care. Deep value. These are things that we can do, that we have under our umbrella, that we're able to bring into the new format to drive additional foot traffic and then also show them our core assortment in less space, but to be able to have our associates be able to help those customers more one-on-one with the tools they have to be able to satisfy them to a greater degree and sell more of the core product as well, is an exciting thing for us.
Like you said, it's very early. In terms of executing it at the store level, we have one that opened, one that's opening, another dozen that will be opening, I guess, between now and the summertime at some point. Each one is going be iterating significantly. The first ones that are opened really don't have the assortment that we're looking for because the lead time it takes to bring some of that product into the format. We don't have the adjacencies the way we would want them. We don't have the lighting or the flooring the way we would like them. But the initial reaction has been a wow. Initial reaction is that everything that we had thought that we'd be able to accomplish, we see directionally that those are all reasonable assumptions and so we're very excited about moving. How quickly we move is dependent upon the level of success that we see as we iterate.
Once again, if you have a question, please press *1 on your telephone keypad. From UBS, we have Michael Lasser. Please go ahead.
Good evening, thanks a lot for taking my question. Your line of strategy seems like a lot of the elements of the strategy are similar to what you've been doing this far. What do you think is going to be different to drive that elusive combination of positive comps and stabilizing profitability that you expect over the next couple of years? Then I have one follow-up question.
Sure. I'm not sure -- I wouldn't want you to waste your follow-up if I misunderstood your original question. But the way I take your original question was that as you move more to the digital world, you're assuming that it's less profitable, so why are you comfortable that you'll do better? Is that [Crosstalk].
I think that's a very fair piece of it. It's not only that, but also what are you doing different in store that you haven't done up until this point to drive a different outcome? But certainly, if you could comment on how you stabilize your profitability in light of the fact that your e-commerce business, which is less profitable, is becoming a bigger piece of the total?
Let's start there. We have spent the last few years driving the digital experience in terms of getting customers to understand us as a digital choice for them. In the world we compete, that's necessary to introduce customers to us as a digital choice. We've been doing that to some degree at the expense of profitability. Today, we've been growing that business well in excess of 20% for the last 15 quarters or thereabouts.
Today, when we look at the ability to pull on the number of levers that we've created to improve profitability, there are many. So, when we look at where merchandise is located for deliver to customer, what our supply chain looks like, the product that we carry online or how we show it to a customer, what we recommend to a customer, how coupons are used or what do we allow them to be used on, what do we do with shipping, what do we do with personalization to drive certain behavior patterns?
All those things are levers that we can now pull and to some degree, at the expense of the top line, but at this point, we're able to do that because we have the customer there. We have the deep knowledge about that customer. We have the analytic tools in place now to be able to understand and personalize that customer's experience. All that allows us, again, to turn those dials. As far as the store question, Michael, can you come again with that?
Steve, you've been doing a lot of things over the last few years to try and generate some stability in the stores. It seems like focusing on the registries, focusing on services is not that dissimilar from what you've been trying. If you could answer what's different now, that would be very helpful.
Sure. Again, one thing that's obviously the B3 initiative. It's significantly and substantively different from a customer perspective. If you're going to come into the store and you're going to see treasure hunt merchandise, deep values seeded throughout the store, commodity product, you're going to see a seasonal department far better than we do today. That's significant. But obviously we're not rolling that out within the next quarter to the extent that it's having a big impact on the numbers.
But the things like we're having, I think it's almost 10% of the chain will be showing furniture for the first time. Real furniture, not utilitarian furniture, but furniture. Then when we look at the ability to show more and take things out of the bag in our bedding department, to show more within our tabletops department and carry less backstock, these are opportunities all intended to drive more foot traffic and to enhance the ability to sell more to our customer who comes into the store.
Again, we are fighting against the uphill battle that people are shopping more digitally and we're taking advantage of that, but as it relates to bricks-and-mortar, we want to optimize those shopping trips for our customer.
In addition, we are working to make our stores more efficient so that we can free up our associates to spend more time on customer service. We are rolling out the point-of-sale system to all the Bed Bath & Beyond stores this year. We're also rolling out a learning management system, a capital management system, and a workforce management system to make the stores easier to run, make it easier to get the training that they need and free them up to spend more time with the customers.
Right, which again goes, so it goes both ways. Those are also sales opportunities as we train our associates to free them up to spend more time with the customers, as well as operational efficiency opportunities.
Thanks, that's helpful. My follow-up question is, your biggest competitor in the baby space has gone out of business. What have you assumed the contribution for the share gains will be in your 2018 guidance? Thank you.
It's built into the numbers. But, you know, again, generally when you see, and we think that it's going to be beneficial for us and obviously as there continues to be contraction in retail. For the survivors, that's good. We've been through this before -- many times with the Bed Bath business. What we've learned generally when it comes to these bankruptcies is that initially, as people are liquidating inventory across the street from you or down the block and they're 70% off, that it has an impact on your business and over time it becomes more favorable.
What's unique about the baby business, which is nice, is that to some degree people aren't going to be registering at a company that they know will be defunct. So that's an immediate pickup in registry business, but the registry business with people shopping off the registry might not be as immediate. That might be days, weeks, or even months down the road.
Hi, thanks. I'm going to add on to Michael's question there about the benefit from the baby business. It would seem like given your store overlap, you could probably pick up at a minimum 10%, if not 15% of that business, which would give you roughly a 1.5 to 2.5% comp lift at total company. I guess my question is, is your entire comp assumption based on the buybuy BABY business comping and the other pieces not?
No, Dan, like I said, is that there's timing involved with that. First of all, they're remaining in business in Canada. Or at least we'll see what they do in Canada. The business here in the States, if you go through their stores now, they're first liquidating these stores. There's different sequences of that, but if somebody buys just about anything in that baby category that's hard goods, they're not coming back and buying something else. For a period of time, there's an impact when people file for bankruptcy and they liquidate merchandise. Again, especially if it's not commodity product. Again, you have to take a look at the timing of it. Over time, like we said, we believe that it will, like you said, a very good benefit for us. But again, there's timing involved in that.
My follow-up question was around the Beyond Plus program. Just curious if you can give us a little bit more color in terms of the rollout of that loyalty program? How many members do you have today? You've had it out there long enough, you probably can see some trends, I would think, around the economics, the frequency of shopping, etc. Is there any additional color you can give on those topics?
I think that we just did. I think that, as we said, of course, in a variety of metrics, frequency, sales, overall profitability, each of them are trending positive. The lifetime value of the customer, of course, remains to be seen because it's too early. You have to take into account the shipping costs. There's other costs involved. To date, very good. We're not happy with where the program and what the offering is to the customer. We want it to be and it needs to be just more than a 20% off your purchase and free standard shipping. Those other additional offers that we want to give a Beyond Plus member, that are things that we're learning about what they value and what those things should be. So, again, to date, very early.
Until those things are developed, it's not like we're rushing to invite people to the party. We want it to be a very good experience because a lot of it is also dependent upon the renewals and right now we'd have to make assumptions about those renewals as well. As we're building the program, we're learning what the members want. We'll build a more comprehensive program. But again, to answer specifically to date, across all those metrics we're seeing very favorable numbers.
Okay. Then my first question, Steve, you've always been pretty candid that with all these investments, you're not sure where the margin of the business lands. You're now pointing to some inflection, right? Less erosion in margin and then EPS inflecting in a couple years. Do you have any better sense, given that you understand what online and fulfillment looks like and where the stores are going? Do you have a better sense where that margins eventually settles?
I think you get better educated as we move forward. Again, we're more comfortable giving directional information. So, again, when we talk about the moderating of the decline and operating profit, that's because we're able to see. There's greater predictability. As we do dynamic pricing, we have a better idea of what other people are doing and what their bottom is. As we now take that dynamic pricing into our stores, once we start to do particular categories and we start to see what are, maybe, items that customers identify pricing with, where does gross margin dollars move as you move pricing, all those things become more visible to us as we move forward.
So, again, that gave us the comfort directionally. But again, to predict specifics at this point, we'll do what we've been doing and as each quarter passes as we get better information, we'll give better guidance as we share our models with you. But we try to, as we do have more comfort now, try to lay out the next few years for you globally.
I know directionally you don't tell us what percentage of your business is registry, but I was wondering, if you can share it, how that business is trending? Is it performing in line with the company's comp? Is it performing better or worse?
Yeah, I don't think we disclose what the registry percentage of the business is. It's definitely between Bed Bath and BABY. I don't have the numbers in front of me, but I believe it's not performing to dissimilar from the overall company at Bed Bath. And BABY, we're expecting it to obviously increase with the absence of our most similar competitor.
From Guggenheim, we have Steve Forbes. Please go ahead.
Good afternoon. Maybe given the ongoing furniture initiatives, can you discuss what furniture sales are as a percent of the total here, maybe at year end, for '17? Then how does advertising play into this initiative? Are you satisfied with the pace of new customer acquisition and general customer adoption of the product category or should we expect ad spend to rise next year at an accelerated rate? Then really any comment on advertising in general.
Sure, Steve. Again, I think we ended last year the number was about $800 to $900 million in the parent company of what we call decorative furnishings. That's not really furniture, per se, but furniture is in that number. Again, at the Bed Bath concept, I would say that we're not recognized for furniture at all. As far as marketing it, there's still a lot that's going on. We have a dedicated team of people that are working it. We're not really marketing, I would say, today.
That is, we get the pieces in place so that the customers experience the digital shoppability, that we expressed that we're in the business to some degree in the stores, that we're able to really track orders from third-party providers, that we're able to do assembly and installation, that we could have the furniture doctored so the return numbers are right, so that we'd be doing the inspirational room-setting shots that we should be doing, so the content around it is accurate.
At that point, we'll be ramping up the marketing spend. But similar to what I said before about inviting people to the party when you're not really read to have it is that this is something that is very much a work in progress. We will start to derive the benefits this year. We will be, over the course of the year, engaging in more marketing specifically to drive this business. But at this point in time, I don't think the customer is really seeing it.
Maybe a quick follow-up on that same topic. I think you mentioned as an answer to another question, that 10% of the chain will showcase furniture this year. Where is that space coming from? If you can comment on category-wise, where is it coming from? How much space will you be dedicating to it? How big of a change is it?
It's not a big change in the sense that it's really to express to the customer in the furniture business. We're doing that not with the intention of selling a lot of furniture out of the store. From that perspective, people seeing and seeing the vignettes I think will be impactful to let the people know that we're in the business, and our associates will be equipped to educate a customer about it and even to complete a sale, but we believe most of the business will be done digitally for us. So not a whole lot of space, but it ranges.
Where the space is coming out of again is the ability to show more and carry less frees up space in the store. So, just like what we call the B3 initiative, the new format, the store format, we're able to bring in commodity products, the health and beverage, health and beauty care, we're able to bring in to change over the seasonal department, bring in the decorative furnishings, being able to bring in more deep value. Those things are because we can shrink the core assortment, free up the space, and we believe and what we've seen, without negatively impacting the sales of any of the product in the core assortment.
So, we're able to free up space to do that and free up space to show furniture. In some cases, the vignettes are as small as under 50 square feet. In some cases, they'll be significantly more. But again, it's really for the purpose of showing and not selling out of the store, except with the help of an associate who will have the tools to sell out of the store, but it's not as if we're going to have the inventory there to sell.
From Credit Suisse, we have Seth Sigmund. Please go ahead.
Thanks. Hey, Steve, so you outlined a number of initiatives, both in the store and online. As you think about the outlook that calls for comps to go back to positive territory, your store comps did take a step down in 2017. I'm just wondering, the return to positive comps, is that a function of improving the decline in store comps or accelerating further? How do you think about the balance there?
There's a couple things that we spoke about today that I think goes to the answer. We're doing a lot of things in the stores to improve the store traffic and to drive what we believe should be beneficial comp in the stores. The overall comp, like we said over the past couple quarters, has been fractionally negative. So to take it to positive is not a whole lot of movement. At the same time, what we spoke about before, the digital business, the opportunities that we have to turn the dial to make that a more profitable business, that could come at the expense of driving the top line in our digital business. That's your answer.
Okay, I got it. Then, as you think about the earnings growth guidance, I think you talked about earnings growth resuming in 2020, so it implies '19 could actually be down again? I realize it's far out, but I want to clarify, you're actually planning 2019 to be an investment year as well? Is that the right way to think about it?
Well, that earnings could be down again in 2019. That's what the guidance seems to imply.
Yeah, no. Again, I think that's what we're saying is that basically when we talk about moderating the decline in the operating profit and the earnings per share, we're talking about '18 and '19. Again, not that we're saying that we're going to be satisfied, but when we look at the projects we're working on and the investments we're making, and when we see the rolling in of the returns on them and the degree we're willing to walk away from growing top line business in the digital world to drive more profitability, the combination of those factor would result in what you just said, which is that the decline in '18, moderating further in '19 but declining, growing in '20.
Thanks so much and good afternoon. As you think about your move to more dynamic pricing, it seems like you're more focused on price competitiveness in general. The coupon and the impact of the coupon remains, this quarter, the most significant drag on gross margin. Obviously, you have the 20% discount embedded in the membership plan. How are you thinking about the relationship between first price or advertised price and then the actual price be it from coupons or the member program and is there any thought to perhaps changing the role of the coupon within the business, particularly as the membership rolls out?
I think that the outcome will be the outcome. The intention of the coupon was to provide great value to our customer. The intention of the customer wasn't to get us back to other people's prices. It's critically important to us to be at the right price and that way, the coupon takes on additional value to the customer. Theoretically, if that's the case and the customer perceives it that way, the usage of the coupon gets driven, the conversion rate goes up, the amount of coupons you may have to send or how you view the coupon, the necessity for the coupon to drive sales changes.
Again, that's that whole cycle which you correctly identified. As far as the membership program, again, at the right price, that membership program becomes a great value to the customer because that truly is a great value to be a part of a membership program.
Understood. Then my follow-up relates to comments you made earlier about the impact of the Toys 'R Us liquidation, or at least that element of the liquidation that we're certain is likely to transpire and the sales forecast that you gave. It sounds like there is an element of favorable impact to you from the bankruptcy, but that early on, your past experience would suggest that the liquidation likely could be a drag or at least prevent you from benefiting on a net basis, with all the nuances for the registry business that you talked about. Does that mean that the Q1 comp expectation would be at all different from the comp expectation for the full year?
It's by year. But if you're asking if the contribution from Babies 'R Us going out of business could foreseeably grow over the course of the year, I think that's a reasonable assumption if one wants to make that.
Finally, from Wolfe Research, we have Doug Drummond. Please go ahead.
We continue to have wage pressers. We're not immune to that. So, that's all considered into our models.
Okay. Then, Steven, when you are able to achieve all of these plans for 2020, what do you perceive the store base looking like for the Bed Bath & Beyond concepts? Thank you.
Great question, Doug. We don't have any religion around it. We're fortunate that we have, I think, just under 400 stores that leases expire within the next two years. We've been, for years now, looking at and modeling declining foot traffic in the stores, wage rate increases, and modeling that. One of the reasons we have so many stores coming due in such a short period of time is we've been taking shorter term extensions. We might take 1 year, 2 years, 3 years on a lease extension, so that we would have greater visibility.
So, all these things will be determined by things like are we able to generate additional foot traffic? What are the margins going to be ultimately? How does dynamic pricing affect the stores? How does furniture affect the business? What's the benefit of the stores to our ad sales spend ratio for our digital business? All these things will be the factors that we look at as we go forward. But we're not locked into an answer, so we can turn left or right. It's funny because when you look at the scenarios, there's many ways to driving profitability. But the real world will dictate the answers if it's with how many stores, how much in your digital business, what you're showing in your digital business, where you're spending your marketing dollars.
Again, we've positioned ourselves like we've always said that we like to do, that we intend to do, is to give ourselves these choices on the decision tree so that we could come out on the other end of this growing the company, tremendously successful, and that's the intention. It's a great question. The answer is it remains to be seen but the facts will dictate it. We're putting ourselves in a position to turn left or to turn right.
Thank you, Brandon. Thank you all for joining us today. We look forward to speaking with you again on June 27, when we report our Fiscal 2018 first quarter results. Have a good night.
Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for joining. You may now disconnect.


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text:
Four candidates for vice president for student affairs position to visit The University of Texas at Austin for campus interviews
Four finalist candidates have been selected following a nationwide search for a new vice president for student affairs at The University of Texas at Austin.
AUSTIN, Texas—Four finalist candidates have been selected following a nationwide search for a new vice president for student affairs at The University of Texas at Austin.
The candidates, selected from a field of more than 50 applicants, are Paul W. Barrows, Ph.D., a vice chancellor at the University of Wisconsin-Madison; Peg L. Blake, Ph.D., vice president for student affairs at Boise State University in Boise, Idaho; Zenaido Camacho, Ph.D., managing director of Texas Tech Health Sciences Center at El Paso; and Juan C. Gonzalez, Ph.D., vice president for student affairs at Arizona State University in Tempe, Ariz.
Campus interviews of the candidates are expected to be held the first two weeks in May. Students, faculty members, administrators and other members of the university community will meet with the candidates. Dr. Larry R. Faulkner, president of the university, will make the final decision in the selection process.
The nationwide search for a new vice president for student affairs began after Dr. James W. Vick announced in August that he plans to leave his position and return to full-time faculty status in the Department of Mathematics next May 31. Vick has been vice president for student affairs since 1989.
"President Faulkner instructed us to find someone with integrity, intuition and imagination," said Marilyn Kameen, senior associate dean in the College of Education, who chairs the search committee. "The search committee sought to identify candidates with the unique blend of vision and the strategic ability to work with many people in moving the Division of Student Affairs and the university forward in the years ahead.
"The ideal candidate would have the ability to develop close, trusting relationships with our students and make them feel like their priorities are important. We believe we have identified those characteristics in the finalist pool."
Barrows has been a vice chancellor with responsibility for several programs at the University of Wisconsin-Madison since April 1, when he returned to campus after a brief period of family/personal leave. From July 1999 to November 2004 he was the vice chancellor for student affairs at the University of Wisconsin-Madison. Barrows was associate vice chancellor for academic affairs at the University of Wisconsin-Madison from 1994-99 and associate dean for the university's graduate school from 1991-97.
Barrows earned his bachelor of arts degree with a major in Afro-American Studies from University of Massachusetts at Amherst in 1974, and master of arts degree in African history from State University of New York at Albany in 1974. He received his Ph.D. in history in 1990 from the University of Minnesota, Twin Cities campus.
Blake has been the vice president for student affairs at Boise State University since July 1998. She had worked at the University of Nebraska-Lincoln as associate vice chancellor for student affairs and as director of admissions from 1997-98. She also had served the University of Nebraska-Lincoln from 1995-97 as director of the University Health Center and from 1991-97 as assistant vice chancellor for student affairs.
Blake earned her bachelor's, master's and doctor's degrees from the University of Nebraska-Lincoln. She received her bachelor of arts degree with a major in anthropology in 1978, her master of business administration degree with emphasis in marketing in 1980 and her Ph.D. in post-secondary administration in 1988.
Camacho became managing director of Texas Tech Health Sciences Center in El Paso in 2005. He was vice president for student affairs at Rice University in Houston from 1994 to 2004. He worked at Baylor College of Medicine from 1993-94 as senior associate dean and from 1983-93 as associate dean. From 1975-83 he was assistant dean for student affairs at the University of Washington School of Medicine.
Camacho earned his bachelor of arts degree with majors in chemistry and psychology from Baylor University in Waco, Texas in 1964 and his master of arts degree from Baylor University in 1967. He received his Ph.D. in chemistry from The University of Texas at Austin in 1970.
Gonzalez has been the vice president for student affairs at Arizona State University, Tempe, since August 2003. Previously, he had been the vice president for student affairs at Georgetown University in Washington, D.C. since 2000. From 1994 to 2000, Gonzalez was vice president for student affairs at California Polytechnic State University, San Luis Obispo. He was vice president for student services at California State University, San Bernardino, from 1990-94.
Gonzalez earned his bachelor of arts degree in Latin American studies from Texas Tech University in 1974. He received a master's degree in bilingual-bicultural education from The University of Texas at San Antonio in 1976, and a Ph.D. in educational psychology from the University of Illinois at Urbana-Champaign in 1981.
For more information contact: Marilyn Kameen, College of Education, 512-471-7255, or Robert D. Meckel, Office of Public Affairs, 512-475-7847.

redpajama_set_name: RedPajamaCommonCrawl


text:
New Cabell Hall Renovation
University of Virginia, Charlottesville, VA
Revitalizing an academic building and converting a long-ignored courtyard into an asset
Designed by Eggers and Higgins Architects and constructed in 1950, New Cabell Hall is situated at the end of Thomas Jefferson's Academical Village on axis with the Rotunda and is considered a contributing building to the historic campus. This comprehensive restoration will return the building to its original intent and house the modern language departments, media studies, graduate studies, and the Dean of Arts and Sciences. Our work incorporates daylighting strategies and strong connections to the exterior courtyard, which we redesigned to become a building amenity.
The main classroom and office building for Arts and Sciences, New Cabell Hall is a place through which thousands of students pass through in any given day. We paid particulat attention to rejuvenating the corridors and public areas.
The renovation was completed in phases while the building was partially occupied.
Sustainable design features include a new mechanical system and improved thermal comfort.
Daylighting has been expanded through increased use of interior glazing.
Interior finishes of glass, wood, and plaster add light reflectivity, ease of cleaning, and acoustical privacy.
A new cafe has been added, opening onto the courtyard, to provide added social amenity.
" Goody Clancy folks have been receptive of ideas and good listener...Instead of the we/they that I have experienced on other projects, the discussions with GC, the contractors, and us, the clients, have become we. How are WE going to solve the problem...This, expertise, and inestimable good humor and senses of humor have made our project with GC representatives the best one I have known."
— Wynne Stuart,
Associate Provost for Academic Support and Classroom Management
50 Classrooms
Approximately 300 office spaces
Deans of Arts and Sciences offices and suite
Meeting rooms and conference spaces
Common and social spaces
Enhancements to enclosed courtyard
Dining/café
160,000 GSF renovation
Certified LEED Gold
Virginia Chapter Merit Award, American Society of Landscape Architects
© Chris Payne
Goody Clancy Preservation News
Richardson Olmsted Campus Honored with Driehaus Preservation Award by National Trust for Historic Preservation


text:
ROOTS REVIEW | A look inside the Northampton programme
Jermaine McGlashan stars inside the Northampton Town programme...
Pick up the official matchday programme for Southend v Northampton on Saturday 18th February - on sale for £3.
The matchday magazine, which is available from the Programme Hut at Roots Hall and from sellers around the ground, is packed with content including features with Manager Phil Brown and winger Jermaine McGlashan, who spoke exclusively about his recent good form.
Roots Review gets to know Blues goalkeeper Ted Smith better with the number 22 answering YOUR questions in Social Spotlight, has a five-page insight on the opposition as well as a special interview with Blues legend Billy Best who returns to Roots Hall as a special guest.
The fan favourite speaks about almost toppling Roy Hollis as the Club's all-time top goal scorer.
It's another bumper 76-page edition so don't miss out!


fundamental review of policy and management issues relating to vessel berthing space.
an engine which do not require registration with the Marine Department.
way, and so that they can be insured. And this is where the problem lies.
only 4,000 berths in Hong Kong.
anchorages or at the end of illegal moorings.
large vessel moored in a private marina or kept safe by a permanent crew.
boats on beaches in Discovery Bay and Tai Tam Harbour.
industry as identified in reviews following the Lamma ferry tragedy.


Sequid GmbH is a young and innovative high-tech company focussing on the field of high frequency and controlled impedance measurement technology. We are mainly aiming at making the versatile time domain reflectometry (TDR) applicable to unsolved measurements challenges. Our existing measurement technology is especially well suited for controlled impedance printed circuit boards (PCB), either on test coupons or in-circuit, cables and connectors. We are your competent partner when it comes to affordable high performance TDR measurement equipment, easy & comfortable report creation as well as impedance calculations.
Controlled Impedance: controlled impedance PCBs, cable & connectors, wave impedance measurement, & calculation.
Industrial process control (fermentation, complex fuel gauging).
The wide range of applications of TDR measurement becomes possible by the high precision, temperature stability and EMV immunity of the STDR-65 base technology. Particularly, the time-base jitter within the whole temperature range from 0°C and 40°C (32°F and 104°F) is <500fs, thus even very small changes of the TDR signals can be detected reliably. Due to the robustness (protection class IP55) and the small form factor the STDR-65 is the optimal TDR solution for laboratory & outdoor as well as for industrial applications. With the DTDR-65 Sequid also provides a differential TDR with the same high performance as the STDR-65.
By means of the high precision TDR measurement devices STDR-65 and DTDR-65(differential) you can easily perform impedance measurements on impedance controlled systems with transmission lines supporting data rates up to 10Gbps. This is valid for printed lines, connectors, and cables. Because of the high flexibility of the TDR devices they can utilized for R&D as well as for production purposes. Furthermore Sequid provides software modules for characterizing base materials for PCBs (e.g. dielectric constant).
A very original application of TDR technology has been the detection and localization of defects in underground & submarine cables. The Sequid TDR devices STDR-65 and DTDR-65 utilize very steep step signals, allowing a high spatial resolution and thus the adoption of the technology from spacious to small systems as for example PCBs or electrical & electromechanical components. Sequid provides all-in-one solutions, which can be due to versatile interfaces easily integrated into your production & testing environment.
Sequid provides an affordable online tool for the calculation of PCB transmission line impedances. By means of a powerful field-solver method all frequently used line types can be calculated online. We would be glad to inform you about prices & conditions.
Sequid has a long lasting expertise in the area of dielectric spectroscopy. Our knowledge and experience have consequently been transferred into practical measurement equipment, namely the high performance open-ended coaxial line probe SDM-10G and an easy to use application software for dielectric measurements. The software can be applied either with the STDR-65 or with other standard vector network analyzers.
The unique RFQ-Scan® combines a high performance TDR with an open ended coaxial line sensor in an ergonomic chassis. The patented combination of TDR technology and multivariate statistics enables determination of selected material parameters based on complex dielectric properties. This method was developed by Microwave Laboratory of the Christian-Albrechts-University in Kiel, Germany.
In state of the art measurement and entertainment devices as well as in embedded systems, high frequency (HF) circuit design becomes more and more important. If design rules for controlled impedance transmission paths are violated, the proper functioning of the entire systems may be massively corrupted. Sequid's high frequency engineers own many years of expertise and support you to solve complex problems in the areas of circuit design, controlled impedance and high frequency measurement issues.
Sequid - your expert for high frequency, controlled impedance & TDR measurements located in Bremen (Germany) - is closely linked with companies and institutes in many fields of applications. Based on this technology network a company with a corporate culture of innovative skills and flexibility has evolved. This company philosophy is the basis for professional developments of customer orientated solutions - also in cases of highly innovative and even unusual applications.
Contact us directly, we will be glad to inform you about our products & services!


text:
Q: Access Visual Basic Code for concatenating multiple fields (text and numbers together) I have been set with the task of creating a Microsoft Access database to store customer feedback and to generate a printable report when negative feedback is logged.
On my Feedback form where users can log feedback details, I am trying to develop code to concatenate fields taken from the Feedback table (which the form's record source is set to). What I am aiming to do is develop a unique number which is made up of the following fields from the Feedback table:

*

*Company name (this is actually a lookup field in the Feedback table which looks up Company Name in the Company table so is therefore a combo-box on the form - appears as a drop down menu on the form)

*Product name

*2 digits of the week number

*2 digits of the month

*2 digits of the year
(These three date items are extracted from a field called Feedback date in the Feedback table).

*A sequential number starting from 1 which increments so that if another piece of feedback is logged on the same product by the same company this number then changes to 2 and so on.

Basically, the example I'm wanting to replicate is to look like this:
Company Name_Product Name_0712131
The output of these concatenated fields is meant to be stored in another field in the Feedback table called CF#.
What kind of code should I be writing so that the information I want concatenated gets saved to the database?

A: There are many different ways to add a record (CurrentDB.Execute({SQL code}), ADO commands, DAO commands, DoCmd.OpenQuery), but I suspect you want to know how to create the expression that you are going to add:
Dim strCustomerRef As String

'Add the Company Name (assumes the name is in the second column)
strCustomerRef = Me.cboYourComboBox.Column(1)

'Add the Product Name (assumes you have a text box bound to the product)
strCustomerRef = strCustomerRef & "_" & Me.txtTheProductNameTextBox

'Add the date info (assumes you have a text box bound to the date)
strCustomerRef = strCustomerRef & "_" & Format(Me.txtFeedbackDate, "wwmmyy")

'Add the sequence number
strCustomerRef = strCustomerRef & "_" & DCount("CustomerRef", "CF#", "[CustomerRef] Like '" & strCustomerRef & "*'") + 1

'Code to append record here
CurrentDB.Execute "INSERT INTO [CF#] ([CustomerRef], [MoreData]) VALUES ('" & strCustomerRef & "', '" & Me.txtMoreData & "')

redpajama_set_name: RedPajamaStackExchange


Sarabia (Sevilla) is cautioned by the referee.
Iborra (in) - Nasri (out) (Sevilla).
Ganso (in) - Vázquez (out) (Sevilla).
Jovetić (in) - Vitolo (out) (Sevilla).
Iñigo Martínez (Real Sociedad) is shown a yellow card.
Illarramendi (Real Sociedad) is shown a yellow card.
Granero (in) - Juanmi (out) (Real Sociedad).
Canales (Real Sociedad) is shown a yellow card.
Canales (in) - Oyarzabal (out) (Real Sociedad).
Zubeldia (in) - Vela (out) (Real Sociedad).
Zurutuza (Real Sociedad) receives a second yellow card and is sent off.
Zurutuza (Real Sociedad) is cautioned by the referee.


However, if you are unsatisfied with your purchase, please email us within 5 days of receipt. You may return them for store credit. We will not be able to accept requests for returns if after 5 days.
Please email us with your order details and we will provide the return address. This is to ensure that we will take note of your return.
All items purchased on sale.
We allow exchanges for the same cost amount of the original items. For items that differ in value, we will issue store credit or send a separate invoice respectively.
Please email us with your order details and we will provide the return address. This is to ensure that we will take note of your return. Please note we only allow a one-time exchange for orders.
***NOTE: We highly recommend returns/exchanges be shipped via a trackable shipping method. We are not responsible for returned items that do not reach us. Please be sure to email us for authorization before sending the items back. We are not responsible for items that are returned to the wrong address if we are not contacted beforehand.
All returned items must be unworn, unwashed merchandise with tags attached, in the same package sent. Items that do not meet these criteria or are non-returnable, will be denied and the item will be shipped back to you, at the cost of the buyer. If buyer is unwilling to pay for return shipping, the item will remain stored in our warehouse until such time the shipping fee is paid.
All items are inspected before being shipped. However, should you receive a defective item, please contact us within 72hours of receipt, along with clear pictures and your order number. We will not be able to process defective merchandise after 72 hours. For defective items, a replacement piece will be sent. In the event of an out of stock piece, store credit will be issued.


text:
Home \ What we build \ government \ Havre de Grace Readiness Center
Havre de Grace Readiness Center
Havre de Grace, MD
This Readiness Center is the first of many projects planned for the Havre de Grace Military Reservation to provide a modern campus to support the needs of the Maryland Army National Guard and the soldiers and citizens of Maryland. The $16.5M design-build facility replaces the Guard's previous building, which was designed and built in 1924 as a clubhouse for the Havre de Grace Race Track and served as an armory since 1955. The new and modern facility houses the 1297th Combat Service Sustainment Battalion and 1729th Maintenance Company.
State of Maryland Department of General Services
53,020 gsf
Steel Stud Bearing
The Havre de Grace Readiness Center is a one-story steel frame structure approximately 53,000 sf in size with a 3,000 sf unheated storage building and a 3,860 sf maintenance training bay. The facility includes multiple classrooms, a simulation training room, an industrial hygiene lab, Honor Guard storage and training space, unit heated storage with two class 5 arms vaults, an assembly hall, administrative spaces, and a full commercial kitchen. Exterior improvements will include private vehicle parking, Anti-Terrorism Force Protection measures, and a military-operated-vehicle lot.
In addition to the military units, the Readiness Center will provide space for the Maryland National Honor Guard team, the Reservation Manager and the National Guard Bureau Industrial Hygiene Group.
How Harkins Made a Difference
The Harkins team, with help from the owner, incorporated the original Havre de Grace Race Track finish line mirror into the design and displayed it as a center piece of the new lobby.
American Concrete Institute
Excellence in Concrete – Decorative
USGBC
LEED – Silver


When I previously thought about ketones, my mind went to ketoacidosis and uncontrolled diabetes. How about ketones in the urine? Diabetes would have been the correct answer if we were taking a test. So, I was basically conditioned to think of ketones as being mostly bad.
Health care practitioners are not typically trained to embrace ketosis as a desirable state; we are trained to the think of the extreme – the extreme case. We got this in biochemistry classes and the clinical classes back in the 1980s, and this continues today. This view of ketones needs to change.
In recent years, three excellent clinical studies have been published that utilized what the authors called a Spanish ketogenic Mediterranean diet.1-3 The diet consisted of olive oil, moderate red wine, green vegetables and salads, fish as the primary protein, as well as lean meat, fowl, eggs, shellfish and cheese. (Nuts are also acceptable, although they were not included in these studies.) Notice that absolutely no sugar, flour, whole grains, or legumes were consumed. Fruit was also not included.
The application of this diet for 12 weeks led to weight loss and the resolution of metabolic syndrome and non-alcoholic fatty liver disease, demonstrating that a ketogenic diet is highly anti-inflammatory.
Because the average American diet contains hundreds of grams of carbohydrate, this diet cannot lead to ketosis and fasting blood sugar levels range from 80-120 mg/dl, depending on the degree to which refined carbohydrates are consumed. Ketone body levels will be .1 mm/l. The fasting blood glucose of a diabetic patient in ketoacidosis will be >300 mg/dl and ketones will be >25 mm/l.
In contrast, the Spanish ketogenic diet described above will lead to fasting glucose levels that range from 65-80 mg/dl and ketone bodies at 7-8 mm/l,4 which is an anti-inflammatory state.
To get into ketosis, the diet must contain less than 50 grams of carbohydrate per day. This means that less the 200 calories per day will come from carbohydrate. Thus, fruit is typically not permitted on this diet, even though fruit is a healthy food. It is possible, but more of a challenge.
On a practical level, the average person will not get to ketosis unless motivated. This does not mean patients should give up hope. Just because getting into ketosis takes effort and commitment does not mean one should live on bread if they do not get into ketosis. Instead, the goal can be to eat less than 100 grams of carbohydrate per day. This will not create ketosis, but is certainly a healthy, anti-inflammatory level.
Who Should Be on a Ketogenic Diet?
Strong evidence also indicates that ketogenic diets are the appropriate diet for patients with diabetes, heart disease and epilepsy. Emerging evidence supports a ketogenic diet for use in patients with acne, headache, neurotrauma, Alzheimer's and Parkinson's disease, sleep disorders, autism, multiple sclerosis, cancer, and polycystic ovarian syndrome.4 Patients in pain may also do well to be on a ketogenic diet.7-8 Ketosis is clearly a desirable anti-inflammatory state.
We have been conditioned to think that eating fats will make us fat and raise cholesterol; however, this is not accurate. Forty percent of the average American's diet consists of refined carbohydrate. The excess carbohydrates are converted into pyruvate, then to acetyl-CoA and then into HMG-CoA. Cholesterol is formed when HMG-CoA is converted into cholesterol by the enzyme HMG-CoA reductase. Why is this important to know? Because statins lower cholesterol by blocking HMG-CoA reductase.
So, a quick summary. People have been scared away from fat, which leads to the excessive consumption of carbohydrate that is converted into cholesterol. What makes matters worse is that a high-carbohydrate diet leads to the overproduction of insulin, and insulin stimulates HMG-CoA reductase. The outcome is that a high-carbohydrate diet and its associated hyperinsulinemia equals hypercholesterolemia for life,4 which means many people are put on statins for life.
And while ketone bodies improve energy production, they simultaneously reduce oxidative stress, which is very beneficial, as an excess production of free radicals is implicated as a promoter of most chronic inflammatory diseases.
I think we should get into ketosis or at least eat less than 100 grams of carbohydrate per day. If one stays in ketosis, fasting blood glucose levels will be around 80 mg/dl or less. At less than 100 grams of carbohydrate per day, it is likely that fasting glucose will be below 90 mg/dl. Two-hour postprandial glucose levels will be well below 140 mg/dl, which is the cutoff level for the metabolic syndrome.
My suggestion would be to get a glucometer and test glucose levels upon arising after an overnight fast of at least eight hours and also check two hours after eating. If ketosis is the goal, ketone test strips can be used to identify when ketosis has been achieved.
In addition, several basic supplements are anti-inflammatory and are beneficial for blood sugar control, such as magnesium, vitamin D, omega-3 fatty acids, chromium, lipoic acid, ginger, turmeric and garlic.
Pérez-Guisado J, et al. Spanish ketogenic Mediterranean diet: a healthy cardiovascular diet for weight loss. Nutr J, 2008;7:30.
Pérez-Guisado J. A pilot study of the Spanish ketogenic Mediterranean diet: an effective therapy for the metabolic syndrome. J Med Food, 2011;14(7-8):681-7.
Pérez-Guisado J, Muñoz-Serrano A. The effect of the Spanish ketogenic Mediterranean diet on nonalcoholic fatty liver disease: a pilot study. J Med Food, 2011;14(7-8):677-80.
Paoli A, Rubini A, Volek JS, Grimaldi KA. Beyond weight loss: a review of the therapeutic uses of very-low-carbohydrate (ketogenic) diets. Eur J Clin Nutr, 2013;67:789-96.
Seaman DR. Weight gain as a consequence of living a modern lifestyle: a discussion of barriers to effective weight control and how to overcome them. J Chiro Humanities. Published online Oct. 24, 2013 (full text available).
Ruskin DN, Kawamura M, Masino SA. Reduced pain and inflammation in juvenile and adult rats fed a ketogenic diet. PLoS One, 2009;4(12):e8349.
Ruskin DN, Masino SA. The nervous system and metabolic dysregulation: emerging evidence converges on ketogenic diet therapy. Front Neurosci, 2012;6:33.
Manninen AH. Metabolic effects of the very-low-carbohydrate diets: misunderstood "villains" of human metabolism. J Int Soc Sports Nutr, 2004;1(2):7-11.
Veech RL, Chance B, Kashiwaya Y, Lardy Ha, Cahill GF. Ketone bodies, potential therapeutic uses. IUBMB Life, 2001;51(4):241-7.


My friends and family know me as honest, fun and adventurous, I like to travel, ride motorcycles, listen to classic rock, jazz, blues, folk and country music, I love to cook, eat at restaurants and share meals and good times with family and friends.
I am a self-confident person who loves to laugh and have fun. I am loyal and honest. I always speak my mind.
I'm very active and love the outdoors with a wide variety of interests that will share if I find the right person.
Seeking Educated Woman. Age not Problems. HWP.
Easygoing, patient, kind, quiet type, solemn, passionate & compationate, sensual, seeking closeness. Very tactile.
Traveling to Vietnam after Christmas.
I am honest, dont drink or smoke. I love kids and family. Open minded and like to take care of my body, emotional and spiritual health.
kind, sweet, caring, I like traveling, spending time outside enjoying nature, like sunrises, and sunsets.
I am a well rounded, centered fun loving individual. I have lived a very blessed life and now that I have successfully raised 2 children, it's now time for Dad.
I am a single, educated American man with steady employment. I am honest, easy to get along with, and very lovable, just like a Teddy Bear. I am interested in starting a family with the right woman.


text:
Clem Leske
With a repertoire of thirty-five piano concerti, Clemens Leske has performed with all six Australian symphony orchestras and has played at venues in Spain, the United Kingdom, Singapore, New Zealand, Hungary and China. He has appeared regularly with the Australian String Quartet, the Australian Chamber Orchestra and the Moscow Virtuosi. For his London Royal Festival Hall dèbut he performed Rachmaninov's First Piano Concerto with the London Philharmonic Orchestra. Recent appearances include performances of Strauss' Burlesque and Beethoven's Triple Concerto with the Sydney Symphony under the baton of Vladimir Ashkenazy and the Rachmaninov Third Concerto with the Melbourne Symphony, as well as a national
tour with flautist Sir James Galway.
Four CDs of solo piano works from Chopin and Schumann to Kurtag and William Duckworth have just been recorded. Leske combines his performance career with a Senior Lectureship in Piano at the Sydney Conservatorium of Music.
Maestro Vladimir Ashkenazy states: "Mr Clemens Leske is in my opinion an extra-ordinary musician and pianist."
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text:
""" Importing Modules """

import csv
import os
import logging
import collections
import sys

""" Main Code Starts Here """

try:
	open('example1.log', 'w').close()
except IOError:
	pass

logging.basicConfig(filename='example1.log',format='%(asctime)s %(message)s', datefmt='%m/%d/%Y %I:%M:%S %p',level=logging.DEBUG)

def groupby(att,filen):
	logging.debug("Entered groupby with filename=%s attr=%s"%(filen,att))
	sreader=csv.reader(open(filen,"rb"))
	co=0
	for row in sreader:
		if co==0:
			row_name=row
			break
	sreader=csv.reader(open(filen,"rb"))
	for i in row_name:
		if i==att:
			break
		co+=1
	sreader=csv.reader(open(filen,"rb"))
	k={}
	for row in sreader:
		try:
			k[row[co]].append(row)
		except KeyError :
			k[row[co]]=[]
			k[row[co]].append(row)
	od = collections.OrderedDict(sorted(k.items()))
	lo=raw_input("Do you want to see output ? Y/N \n")
	if(lo=='Y'):
		print od
	swriter=csv.writer(open("tring.csv","wb"))
	for ke,v in od.iteritems():
		swriter.writerow(v)
	while(1):
		tik=raw_input("1 for printing count for each group and 0 for break\n")
		if(tik=='0'):
			break;
		else:
			for ke,v in od.iteritems():
				if(ke=='id'):
					break
				print ke,len(v)
	os.system("rm tring.csv")

def rename(filen,attr,newfilen,newattr):
	logging.debug("Entered Rename with filename=%s attr=%s newfilename=%s newattr=%s"%(filen,attr,newfilen,newattr))
	if attr=='-1':
		k="mv "+filen+" "+newfilen
		os.system(k)
		print "------Done-----"
	else:
		k="mv "+filen+" "+newfilen
		os.system(k)
		sreader=csv.reader(open(newfilen,"rb"))
		swriter=csv.writer(open("tring1.csv","wb"))
		j=0
		for row in sreader:
			if j==0:
				ti=newattr.split(',')
				print ti
				swriter.writerow(ti)
			else:
				swriter.writerow(row)
			j+=1
		sreader=csv.reader(open("tring1.csv","rb"))
		swriter=csv.writer(open(newfilen,"wb"))
		for row in sreader:
			swriter.writerow(row)
		os.system("rm tring1.csv")

def main():
	while 1:
		a=raw_input("Enter Regular Expression for Groupby or Renaming Statement and -1 for exit \n").strip().split()
		if a[0]=="-1":
			break
		if(a[0]=="groupby"):
			groupby(a[1],a[2])
		if(a[0]=="rename"):
			rename(a[1],a[2],a[3],a[4])
	logging.debug("---------------------------------------------------------------------")
	return 0

if __name__ == '__main__':
	main()

"""
	Format:
		- groupby attr filename
		- rename tablename attrname new_tablename new_attrname
"""

"""
	Example Queries:
		- groupby id sortdata.csv
		- rename sortindex.csv -1 sortindex1.csv -1
		- rename sortindex.csv id,Algorithm_Name,Best_Case_Running_Time,Average_Case_Running_Time,Worst_Case_Running_Time,Worst_Case_Space_Complexity sortindex1.csv ID,Algorithm_Name,Best_Case_Running_Time,Average_Case_Running_Time,Worst_Case_Running_Time,Worst_Case_Space_Complexity
"""

redpajama_set_name: RedPajamaGithub


In Taiwan, liver transplantation is a common treatment of end-stage liver diseases. Infection has a negative impact on the survival of these patients and their grafts. We evaluated the timing and frequency of infections, and the risk factors associated with infection and mortality in liver transplant recipients from Taiwan.
This retrospective study enrolled all adult patients who underwent orthotopic liver transplantation from January 2004 to November 2008 at a tertiary hospital in Taiwan.
Bacterial infection was the most common type of infection in liver transplant recipients. Surgery-related complication, especially biliary tract stricture was risk factor for infection. We suggest that the current recommendations about the timing of endoscopic retrograde cholangiography intervention be reevaluated.


Furniture has been a a part of ever since the years of Jesus. The furnishings had been first made of wood and then of metal then plywood, then in plastics. Modern furniture is the furniture created at that time in between 19th century till now. in the last many years furniture was regarded as an decoration but in the current period Searching for Charlayne Storage 2 Door 4 Drawer Accent Cabinet it is utilized much more as a utility.
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The practicality of furniture is more valued these days. A few of the works of art of modern furniture are Spain's capital chair, Noguchi coffee table. Furniture not only acts as gear but as a thing that provides value to your life style. There are various things that should be regarded as whilst purchasing modern furniture and they are elaborated within the following parts. First of all , you must think about is to decide upon which put the furnishings will be purchased. it could be for your house or your workplace. What ever be the put the furnishings that you simply purchase ought to increase the value of that place. The main things that should be considered while purchasing contemporary furnishings are its form, colour, materials, design. The one thing that need considering while choosing the shape may be the power the furnishings is going to provide.
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