Chico's FAS Inc. (NYSE:CHS) Q1 2019 Earnings Conference Call - Final Transcript

Jun 11, 2019 • 08:00 am ET


Chico's FAS Inc. (NYSE:CHS) Q1 2019 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Chico's FAS First Quarter 2019 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions). After today's presentation, there will be an opportunity to ask questions. (Operator Instructions). I would now like to turn the conference over to Julie Lorigan, Vice President of Investor Relations. Ms. Lorigan, please go ahead.

Julie Lorigan

Thank you, Anita, and good morning, everyone. Welcome to Chico's FAS first quarter 2019 earnings conference call and webcast. Joining me today are Bonnie Brooks, our interim CEO and President; and Todd Vogensen, our Chief Financial Officer.

Our earnings release issued today can be found on our website at under Investor Relations, Press Releases.

Let me caution you today that today's comments will include forward-looking statements about our current expectations, assumptions, plans, estimates, judgments and projections about our business and our industry, which speak only as of today's date.

You should not unduly rely on forward-looking statements. Important factors that could cause actual results or events to differ materially from those projected or implied by our forward-looking statements are included in our earnings release issued this morning and our SEC filings and in the comments that are made on this call.

We disclaim any obligation to update or revise any information discussed in this call, except as may be otherwise required by law. And with that, I will turn the call over to Bonnie.

Bonnie R. Brooks

Thank you, Julie and good morning everyone. In the first quarter, we made significant changes to the Company's leadership and reset our priorities. We initiated a search for a new CEO, have brought in new talent within the brands, and actions are now underway across the Company with a focus on three distinct areas that we believe will positively impact our results.

On today's call, I will review these new priorities and provide an update on our performance. Following my remarks, I'll turn the call over to Todd for a review of our financial results in more detail and then we will take your questions.

As you know, I stepped in as interim CEO in April after having been a member of the Chico's FAS Board since 2016 and having spent more than three decades in the retail apparel industry. Over these past weeks, I have been working directly with our teams to examine product, review our quality and styling and evaluate marketing for all three brands.

I have also been in the field engaging with customers, partners, including new vendors and speaking with other stakeholders. This work as interim CEO and my experience in executing successful turnarounds of other major apparel retailers, helped us define three new operating priorities which we have implemented internally and are sharing today.

These include first, driving stronger sales through improved product. Second, optimizing the customer journey by simplifying, digitizing and extending our unique and personalized service. And third, transforming our sourcing and supply chain operations to increase product speed to market and improved quality.

Actions are underway in each of these