Ascena Retail Group Inc. (NASDAQ:ASNA) Q3 2019 Earnings Conference Call Transcript

Jun 10, 2019 • 04:30 pm ET


Ascena Retail Group Inc. (NASDAQ:ASNA) Q3 2019 Earnings Conference Call Transcript


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Good day, ladies and gentlemen and welcome to the Third Quarter 2019 Ascena Retail Group Earnings Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow that time. (Operator Instructions) As a reminder, this conference call is being recorded.

I would now like to introduce your host for today's conference, Jennifer Davis of ICR. You may begin.

Jennifer Michelle Davis

Thank you. Good afternoon and welcome to Ascena's third quarter fiscal '19 earnings call and webcast. Before we begin, I'd like to remind you that certain statements and information made available on today's call and webcast may be deemed to constitute forward-looking statements. These forward-looking statements reflect the Company's current expectations as of June 10th, 2019 and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially.

The Company undertakes no obligation to revise or update any forward-looking statements. Additionally, today's call and webcast may refer to non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures discussed today is included in our earnings release, a copy of which was filed with the US Securities and Exchange Commission in the current report Form 8-K earlier today. Please refer to the For Investors section of for a replay of today's conference call. Note that the Company has posted a supplemental slide package to augment information provided on today's call on its IR website and as an attachment to its 8-K released earlier today.

Participating in today's call are Carrie Teffner, Interim Executive Chair; Gary Muto, Chief Executive Officer and Robb Giammatteo, Chief Financial Officer. Thank you.

And I will now hand the call over to Carrie.

Carrie Teffner

Thank you, Jen. As you know, the Board and management have been quite active over the past several months. We have been working together to transform the company and return Ascena a profitable and sustainable top line growth. The process has been exhaustive and objective and it continues. Our focus has been and will be on creating value for our investors while at the same time being cognizant and respectful of the needs of our other stakeholders including our employees, suppliers, landlords and of course our customers.

The recent leadership changes were made by the Board to create a clear point of CEO accountability led by Gary, a brand-focused CEO. The entire Board and I have complete confidence in Gary's ability to lead Ascena back to profitable growth. Gary is a seasoned leader with extensive women's retail experience, who has led the Ascena brand for the last few years. Over the last ten years, he has grown LOFT to become one of the top women's apparel brands, stabilized Ann Taylor, and launched Lou & Grey, a new women's casual brand.

Prior to this, Gary spent over 20 years in leadership roles with Gap Inc. including President of Banana Republic and the Gap Brand. As Interim Executive Chair, I will work with Gary to drive the transformation