The Michaels Companies, Inc. (NASDAQ:MIK) Q4 2019 Earnings Conference Call - Final Transcript

Mar 17, 2020 • 09:00 am ET


The Michaels Companies, Inc. (NASDAQ:MIK) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning and welcome to The Michaels Companies Fourth Quarter and Full Year Financial Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Jim Mathias, Investor Relations for Michaels. Please go ahead.

Jim Mathias

Thank you, and good morning, everyone. I'd like to welcome you to our fiscal 2019 fourth quarter and full year financial results conference call. Presenting on this morning's call are Mark Cosby, our CEO; and Ashley Buchanan, our CEO designate. Also on the call and available for the Q&A portion is Jennifer Robinson, our SVP, Finance; and Jim Sullivan, our SVP and Chief Accounting Officer. [Technical Issues] note, for today's call. The supplemental slide deck available on our Investor Relations website contains additional financial content to support today's discussion.

Before we begin our discussion, let me remind you that the comments made on this call as well as supplemental information provided on our website may constitute forward-looking statements and are pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these statements. Information about these risks is noted in our earnings press release and the risk factors in our latest annual report on Form 10-K filed with the SEC, which we plan to file today, as well as in our other SEC filings. These forward-looking statements are only as of today, March 17, 2020, and the Company assumes no obligation to update these statements, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements.

Also, please note that we will reference non-GAAP financial measures on today's call. A reconciliation of these measures to the corresponding GAAP measures are detailed in today's earnings release, as well as the supplemental slides.

I'd now like to turn the call over to our CEO, Mark Cosby. Mark?

Mark Cosby

Good morning. Before I get into a discussion of our quarterly and full year 2019 results, I want to start the call by addressing what the Michaels team is doing as it relates to the coronavirus outbreak. This continues to be a very fluid situation with new information and headlines appearing hourly. As a management team, we are following these developments closely, and our team is fully engaged and focused on navigating through this challenging time. Ashley is leading our crisis team, and they are in frequent contact as we live through what are uncertain and unpredictable times.

At Michaels, our primary concern is the health and safety of our employees, their families and our customers. Our teams are working hard to ensure that our stores and offices have adequate supplies of sanitizer and cleaning supplies. We have increased the frequency and intensity of our cleaning for high traffic areas and restrooms, are making sure that the team members who do not feel well are staying home and focusing on feeling better.