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
Regarding the reported material weaknesses in internal controls over financial reporting, $MTSC said that it is implementing various actions to improve the control environment and remediate the material weaknesses. $MTSC said it is progressing on the initiatives it is pursuing and is on track to remediate the material weaknesses by the end of FY16.
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.