The Michaels Companies, Inc. (NASDAQ:MIK) Q2 2020 Earnings Conference Call - Final Transcript

Sep 03, 2020 • 09:00 am ET


The Michaels Companies, Inc. (NASDAQ:MIK) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, my name is Andrea and I will be your conference operator today. At this time, I would like to welcome everyone to The Michaels Companies' Second Quarter 2020 Earnings Conference Call. [Operator Instructions]Thank you. And now I'd like to turn the call over to your host, Jim Mathias, Director of Investor Relations. Mr. Mathias, you may begin the conference.

Jim Mathias

I'd like to welcome you to our fiscal 2020 second quarter financial results conference call. Presenting on this morning's call are our CEO, Ashley Buchanan, Jennifer Robinson, our SVP, Finance and Treasury. Also in the room with us today is Mike Diamond, our Chief Financial Officer, and Jim Sullivan, our SVP and Chief Accounting Officer.

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 made 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 as well as in our other SEC filings. These forward-looking statements are only as of today, September 3, 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 supplemental slides.

I'd now like to turn the call over to our CEO, Ashley.

Ashley Buchanan

Thank you for joining us this morning. We delivered strong second quarter results and are effectively positioning Michaels for the future. As our stores reopened in the quarter, we saw an immediate and sustained recovery in demand that largely kept pace with what we had initially seen in May. Our entire store base has been open since beginning of July, now I will discuss in a moment, we'll continue to prioritize the safety of our team members and our customers as they return to shop in our physical locations.

We were extremely pleased by the demand and sales trends in our stores and with how well our team members executed. I want to extend my gratitude to our entire team and to our makers for their ongoing commitment and support in this unprecedented environment. I also want to take a moment and welcome Mike Diamond, our CFO, who joined us officially just a few days ago. I look forward to working closer to the Mike and believe his experience will