Keep in mind, Tim Lambeth was a 30 year Wrangler
man (primarily in finance) before the boys back EAST
decided to make him Pres. at Lee. Even though I didn't
like a lot of Fred Rowan's tactics, he DID have Lee
focused before his departure. However, that focus was
stepping on Wrangler's toes in the mid-level channels of
distribution, which the "bubbas" didn't want.
back home in Greensboro, and I would imagine the folks
in Europe were probably more than happy to get rid
of him and welcome Terry back.
What "games" with what "numbers"?? That was
pretty lame even for a short. Care to be a bit more
Balance sheet looks pretty good to me ... and we've seen
this before in this stock. Even now, would rather be
holding this than a net skyrocket right now.
VFC has been playing games with its numbers far
too long. It used up what cushion it had available on
the balance sheet and is now in a world of
This stock will see $26 within a month. Any LT
investement in VFC is dead money.
NEW YORK, Sept 9 (Reuters) - Lehman Brothers said
Thursday it has lowered Hershey Foods Corp.'s
<HSY.N> third quarter and 1999 earnings estimates due to
the difficult start-up of the SAP software
Hershey shares fell 1-15/16 to 49-13/16.
Analyst Andrew Lazar lowered his third quarter earnings
estimate on Hershey to $0.73 a share from $0.79 and to
$2.32 a share from $2.36 for the full year.
Lazar maintained his full year 2000 estimate of
and a buy rating on the stock.
start-up difficulties with SAP software are
be transitional, but the problems follow a
inventory issue that has been solved.
-- Hershey shares
trade at a discount to other packaged food stocks and
below its historic relative premium over that segment.
Don't forget - Tim Lambeth was a 30 year Wrangler
man (primarily finance background) before he came out
to be President of Lee. Fred Rowan's leaving left
everyone scrambling at Tim was the choice out EAST to lead
Lee. Even though I wasn't a big fan of a lot of
Rowan's tactics, he DID have Lee focused again before his
leaving. One of the problem's as I see it is that focus
also collided with the upper portion of Wrangler's
market and the "bubbas" wouldn't stand for that.
I also heard Tim is back from Europe to be involved
in the coalition "party". Perhaps the Europeans were
glad to be rid of him? I would imagine they'll be
happy to welcome Terry back.
My understanding is Lambeth was recalled from
Europe to take over the common system program from Tom
Payne. Payne, the brilliant strategist who concocted and
led VF's system reengineering fiasco, was previously
VP Ops for Wrangler. Don�t you just love it? Top
dollar operations and marketing execs totally focused on
a seven year old system project. Meanwhile, back at
the ranch �
and I see that Tim Lambeth happily sold stock
earlier this year at 50 and left the rest of us to hang
in the breeze.
Do you think he is buying now?
or is he helping make things better?
...Started with Fred Rowan and then took a turn
for the worse with Tim Lambeth. Lambeth ran it into
the ground. Don't blame VFC for not keeping them
focused - it was the upper management of Lee looking for
short term savings that have destroyed a once respected
The Lee "boys" lost out to the Wrangler "bubbas" due
to Lee's poor management - plain and simple.
You are correct that the Lee brand was a strength
since when they were acquired. However, the former Blue
Bell Companies (Wrangler, Rustler, Red Kap, etc...)
became more profitable in the early 90's, while Lee
struggled to find the niche it lost in the world of
And as you can see from the priliminary 3rd qtr
statement, Lee is still struggling. Sure, people will blame
Lee's demise on the Common Systems effort, but if Lee
was truly a strong entity within the corporation,
they would not be phased at all with what is going on.
I don't know if Lee's internal management became
complacent, but it sure looks like no one was at corporate
was giving them the attention they needed to keep
One question that needs to be answered is how
much are the outlets contributing to the total sales
and profits of the company. At one time is was 6% of
sales and close to 10% of profits. Does anyone know is
this still true?