During the last 8 years, our company has
established itself as one of the best in the world when it comes to high
quality premium athletic shoes. It has been a tedious procedure, but we have
positioned for an unbelievable future.

For fiscal year 2019,
net sales grew to a record $517 million from $510 million a year ago. We also
increased earnings per share from 6.9% to 7.71% in year 19. Stock prices have
increased from $106.76 to $123.71 in19. In addition, we return $44.356 million
to shareholders through stock buybacks and paid $2.5 million in dividends to
shareholders. We will continue to commit ourselves to ambitious financial
targets.

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Our goal is to ensure
our shareholder know where we are headed and to keep them informed of our
vision for this great company. Our aim is to achieve growth of around 5% to 6%
per year. In order to achieve such growth, we will continue to provide high
quality premium athletic shoes by:

                                                                                                                         

o  
Focusing relentlessly on
our customers.

o  
Making investment
decisions in light of long-term market leadership considerations rather than
short-term profitability considerations.

o  
Measuring our programs
and the effectiveness of our investments analytically, to abandon those that do
not provide acceptable returns, and to step up our investment in those that
work best.

o  
Making bold rather than
timid investment decisions where we see a sufficient probability of gaining
market leadership advantages.

o  
Sharing our strategic
thought processes with you when we make bold choices, then that you may judge
for yourselves whether we are making rational long-term leadership investments.

o  
Working hard to spend
wisely and maintain our lean culture.

o  
Continuing to focus on
hiring and retaining versatile and talented employees.

We see an unprecedented amount of opportunity
for both this year and the long term. Although we still have a lot of hard work
ahead, our products are generating excitement. And when I pause to reflect on
how far we’ve come over the past few years and how much further we’ll go in the
next one, I couldn’t be more excited and optimistic.

As always, thank you for your support.