Destination Maternity Corporation (NASDAQ:DEST) Q1 2019 Earnings Conference Call Transcript

Jun 13, 2019 • 09:00 am ET


Destination Maternity Corporation (NASDAQ:DEST) Q1 2019 Earnings Conference Call Transcript


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

I would like to introduce your host for today's conference Mr. Tom McCracken, Senior Vice President of Finance. Sir, please go ahead.

Thomas McCracken

Thank you, operator. Good morning everyone and welcome to the Destination Maternity's first quarter fiscal 2019 earnings call. The earnings release that was disseminated last night is available on the Investor section of our website. The earnings release contains definitions of various financial terms as well as reconciliation to certain non-GAAP financial measures we'll be discussing in today's call. If non-GAAP financial information is provided on this call, the reconciliation of the non-GAAP information to the most comparable GAAP financial measure is available in our press release.

This call will include certain forward looking statements within the meaning of the federal securities laws. These statements relate to expectations, beliefs, projections, trends and other matters that are not historical facts and are subject to risks and uncertainties that might affect future events or results. Descriptions of these risks are set forth in the company's SEC filings. Also I'd like to remind you that today's call cannot be reproduced in any form without the expressed written consent of Destination Maternity.

Joining me on the call today is Lisa Gavales, Chair of our Interim Office of the CEO and David Helkey, our CFO and COO. Lisa will open with some remarks followed by additional commentary by Dave on our financial results. Afterward Lisa and Dave will be available to take your questions.

It is now my pleasure to turn the call over to Lisa.

Lisa Gavales

Thank you, Tom. Good morning everyone and welcome to our Q1 earnings call. Although today's call is focused on our first quarter results. I want to briefly address our announcement that Marla Ryan by mutual agreement with the Board is stepping down as CEO of Destination Maternity. As the company looks to improve its performance and deliver profitable growth, the Board determined that the business would benefit from new leadership and enhanced execution.

Marla will remain with the company to assist with the transition and will also assume a new role as President of Product Design, Sourcing and Merchandising. We believe that Marla's strong background and experience in Apparel and Product Merchandising makes her the right fit for this new position. I would like to personally thank Marla for her hard work and dedication to the company during the past year as CEO and we look forward to her continued contributions to the business in this new role.

To ensure a smooth transition, the Board has created an Office of the CEO, which will provide ongoing leadership and oversight of day-to-day operations, while a search is conducted for our new CEO. The office of the CEO will