Wednesday, May 24 2017 - 9:30pm
Wednesday, May 24 2017 - 9:00pm
Wednesday, May 24 2017 - 2:00pm
Wednesday, May 24 2017 - 1:30pm
Wednesday, May 24 2017 - 1:00pm
Evan Kurtz of Morgan Stanley asks about $CMC's imports. CEO Joseph Alvarado said $CMC will face Turkish imports until Turkish home markets become stronger. Activity has ebbed and flowed out of Turkey over the last couple of months but they continue to shift significant quantities into North America, which in turn impacts $CMC's marketing region.
With regards to the credit portfolio outsourcing, $SIG expects the transaction to add to EPS in the first full year of operations based on repurchases at current share prices. One-time transaction costs are estimated to be $35-45MM, which are expected to be largely realized in FY18.
During 1Q17, $ANF’s comparable sales were down 3% for the US and down 2% in international markets. Comparable sales were up 3% for the Hollister brand and down 10% for the Abercrombie brand. Hollister delivered positive comp sales in both US and international markets. $ANF’s gross margin for 1Q17 was 60.3%.
$SIG expects no material impact from the first phase of the outsourcing of credit portfolio to net sales. The outsourcing structure is expected to reduce SG&A expense by 2-3% on annualized basis. In the first phase, the transaction is expected to create savings. The company expects a minimal decline on its EBIT.