Question-and-Answer Session
Operator
(Operator instructions)
Sam Duncan
Operator, this is Sam Duncan. Before we get to answering questions, there is one additional item I would like to update all the people on the call, and that is regarding our CFO and Treasurer positions. I want to let everybody know that we have engaged a search firm and the search is going well at this time in looking for the appropriate people. We are moving quickly in trying to fill these positions, but we also want to make sure that we take the necessary time so we don't jeopardize thorough due diligence.
So with all that said, I will tell you I am very confident in the strength of our team that we have in our finance area today, as well as our broader management team. The people that we have in our Treasury position – Will, Carol [ph], Rich and Michael – I am very confident in their abilities and they are doing a great job for us and we will continue to function very well.
I would also like to add that we continue to be comfortable with both the depth and the stability of our overall management team here and we are going to continue to run this company the way that we feel best. And so, as we get more information or we get closer or actually fill in those slots, we will make sure that everybody is aware of that and thank you for your patience. So we will go to the questions now.
Operator
Your first question comes from Matthew Fassler with Goldman Sachs.
Matthew Fassler – Goldman Sachs
Thanks a lot and good morning to you. A couple of questions I would like to ask. The first relates to contract sales. Sam Martin, you gave us some detail on the trend in sales per existing customer, which was down I think 8%. Can you compare that trend to what you had seen in the first half of the year?
Sam Martin
Thanks, Matt. Down 8% is a little more steep of a decline than we had in the first quarter of the year in 2008.
Matthew Fassler – Goldman Sachs
Got you.
Sam Duncan
This is Sam Duncan. On the contract side, it has actually lagged behind the retail as far as the comps worsening, I guess you could say.
Matthew Fassler – Goldman Sachs
Fair enough. The second question relates to retail SG&A. You essentially alluded to the challenge of taking out incremental cost after having been quite disciplined on the cost side for a number of quarters now. By our estimation, the store level or the allocated expenses per store were down around 14% this quarter, which is a peak I guess for this cycle. Do you still think that there is cost that you can take out or are you getting close in your view to some of the minimums at the store level?
- To read the full transcript on Seeking Alpha, click here »
