QUESTION
Not sure if you clear this up on the blog? How exactly the 3rd qtr numbers came about? Thanks http://investorshub.advfn.com/boards/read_msg.aspx?message_id=69000534.
ANSWER
- The initial delivery to Walmart was made through a distributor from their own existing inventory. The product was not put on the shelves of Walmart until October 2011 (Q4). Hence Winning Brands did not benefit in Q3 from the activation .
- The initial delivery to Do it Best was modest, in advance of the formal launch, prior to knowledge of the product by the Do it Best membership group as a whole, in order to test our compliance with the logistics requirements, ahead of the launch in October at the Fall Market. Logistics requirements include specified ship date, specified delivery date (and time), opening certain transport company accounts, etc. The launch of 1000+ Stain Remover, formally, was in October 2011. The literature that was starting to be distributed to Do it Best members in September was not expected to yield immediate results. Therefore, Winning Brands did not benefit in Q3 from activation by the standards of materiality that governs financial statements. A replenishment Do it Best order was received on September 27th, even before the Fall Market, however, because sales are recognized only on the basis of transfer of title, this replenishment order was also not reflected in Q3.
- Duane Reade did not put the product on the shelf until October (Q4), despite having received the opening order much earlier. We deliberately did not oversupply Duane Reade on the initial shipment earlier in the year – simply enough to have an opening quantity on hand as a start. Our preference for modest opening orders is to prevent the aging of unsold inventory in our customers’ computer systems. We would prefer to grow the business with them naturally, rather than recommending an unrealistically large amount at the outset merely for publico sales reporting optics. For these reasons, the Management Discussion and Analysis of the Winning Brands Interim report for the 3 months ending September 30, 2011 correctly states that the benefit of the activation of this and the above referenced accounts were not reflected in Q3.
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Thank you for the opportunity of answering your question. The discussion boards are a forum in which agendas are on display, typified by statements taken out of context. On discussion boards, there is a great deal of “black and white”. In real life the truth is found in the shades of grey and other colours that provide a nuanced (and thus more accurate) description of the world. The purpose of this CEO Weblog is to provide our shareholders with a more complete view of their firm than would otherwise be available in the board environment. This is why the Winning Brands CEO Weblog is such a success with the company’s shareholders, despite the wish of a few bashers that this direct line of communication didn’t exist. It’s a reality check that provides answers to sincere questions, like yours.
