Macy's, Inc. (NYSE:M) Q1 2019 Earnings Conference Call - Final Transcript

May 15, 2019 • 09:30 am ET


Macy's, Inc. (NYSE:M) Q1 2019 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Macy's Inc. First Quarter 2019 Earnings Conference Call. Today's hour-long conference is being recorded. I would now like to turn the call over to Mr. Mike McGuire, Head of Investor Relations. Please go ahead, sir.

Mike McGuire

Thank you, operator. Good morning, everyone, and thanks for joining us on this conference call to discuss our first quarter 2019 results and our full year 2019 outlook. With me on the call today are Jeff Gennette, our Chairman and CEO; and Paula Price, our CFO.

Jeff and Paula have several prepared remarks to share, after which we'll open it up for question-and-answer session. Given the time constraints and the number of people who want to participate, we ask that you please limit your questions to one with a quick follow-up. In addition to this call and our press release, we have posted a slide presentation on the Investors section of our website,, that summarizes the information in our prepared remarks as well as some additional facts and figures regarding our operating performance and guidance.

Form 10-Q will be filed in a few weeks and that too will be available on our website at that time. Keep in mind that all forward-looking statements are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions mentioned today. A detailed discussion of these factors and uncertainties is contained in the company's filings with the Securities and Exchange Commission.

In discussing the results of our operations will be providing adjusted net income and diluted earnings per share amounts that exclude the impact of impairments and other costs. You can find additional information regarding these non-GAAP financial measures as well other used in our earnings release and during this call on the Investors section of our website. As a reminder, today's call being webcast on our website. A replay will be available approximately two hours after the conclusion of this call and it will be archived there following the call for one year.

Now I would like to turn it over to Jeff.

Jeff Gennette

Thank you, Mike, and good morning, everyone, and welcome to the Macy's Inc. First Quarter 2019 Earnings Call. Paula and I will take you through our first quarter results and then we will be open up the lines for Q&A. As you saw in our press release this morning, we delivered another quarter of comparable sales growth, we achieved 0.7% increase in comparable sales on an owned plus licensed basis, and earnings per share of $0.44. Our performance for the quarter was in line with our expectations. The first quarter was a solid start to the year and we are on track to deliver our annual top and bottom-line guidance.

Before we get into the quarter's highlights, I do want to comment on the recent movement on tariff. This is a dynamic situation,