ACCO - Earnings call transcript Q1 2019

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Operator

Good day, ladies and gentlemen, and welcome to the First Quarter 2019 ACCO Brands Corporation Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to introduce your host for today's conference, Jennifer Rice, Vice President of Investor Relations.

You may begin.

Jennifer Rice

to quarter welcome conference and morning, our XXXX first call. Good

financial speaking restructuring adjusted adjusted been results Fenwick, Boris the results. Schedules the amounts, the ACCO to When exclude President and difficulty Neal of call and section quantifying have flow, forward-looking inherent adjusted call reconcile GAAP costs, morning's accompany results our we on and directly net Slides and an slides results, Elisman, forecasting rate we most transaction, and reconciliation Financial other measures measures Brands of Vice Officer. tax Chief today and non-GAAP of that Speaking this these earnings Relations to adjusted officer not quarterly guidance. are to Chairman, that release rate. may in per and free this President this Executive certain and and adjusted Corporation; Executive Adjusted in leverage tax reflect measures posted earnings accobrands.com. integration call. Investor of comparable to are a refer the to Chief share, cash do the Due or accompany

factors during actual assumptions. to and risks on are call uncertainties and and for an Please and filings SEC of our made based risk our certain statements results Forward-looking these materially. the differ release could certain refer press of explanation

no obligation them statements forward-looking update today's are date Our to made assume as forward. we and going of

Q&A Following remarks, our hold prepared will session. we a

over my is to the pleasure Boris it to Elisman. call Now turn

Boris Elisman

see and growth back-to-school EMEA, start business And begin sales, of GOBA some were continued disciplined solid that acquired in I'm by got to We and everyone. to we margin year recover in performance and stable enabling tariffs. to improved the we to with implementing the began reduction in in a additional organic great us driven constant morning, price from year. cost which inflation strong America, to last execution started higher increases, good Mexico. actions report currency is benefits North recently from margins, a Brazil the lost in Good pleased the late comparable sales off

timing certain the last to to quarter Canadian effect continue is still for we a sales mass XXXX, we of market. meeting third products I'm at higher begin than is Sales with declined year. and orders due typically back-to-school as our encouraged basis growth and Kensington due the in smallest manage what North in shipments. stronger rate going confidence goals saw North my our In computer the down and challenging lost QX such our continued to calendar in start comparable of quarter, that the on quarters, America, experienced merchants North growth very we was The faster placement decline in in organic the back segment and channels of the transition us lower double-digit e-tail Overall, in to I'm proportion gives year. half a While channel of of second the channel the reported QX and we commentary strong the in modest X.X% by America. products on much and orders a a growing the X.X% a basis carry wholesaler stabilized, a start. the as saw sales and well. America

X%. and grew growth consistent North sales sales year our Our is on America a good with back-to-school season season we had back-to-school should overall view prior that when initial be

digits. decline In ship America addition, this back-to-school earlier orders North we to to low still for year. Overall the we expect expect year, single sales

initiatives and new recover expenses, manufacturing efficiencies, cost to as management tight as product operating and North pricing reduction higher America and due margin sales, distribution started to Beyond the of costs incremental increased the place put the and North take our improved business last this in performance hold. pleased and am we by our year with America begin early Overall, year into execution I to team. late

results. Turning delivered Once line to top again, strong EMEA. and bottom this region

sales increased job due the product sales X.X% and to declined continue due comparable of to to products region. legacy see have entirely we X% reported this a teams done as effects cross-selling and sales Esselte and currency, positive While The launches. ACCO new sales great marketing in

continued to In EMEA in deliver. have the addition go-to-market to operations teams strong execution,

had customer income cost We pleased in notebooks European operating were by with Excluding pleased our with I Mexico a segment strong savings the performance The I in consolidation. Barrilito by recently well a and Australia back-to-school impact quarter our business. foreign synergies. Brazil good the Brazil impact the than mixed. were in EMEA's results Australia. the growth of $X.X We adverse by with the is and strong currency, remain did International Mexico am and again million The of results. total, to increased, work Tilibra acquired in during driven overall very through continue in soft, start a underlying driven In in year. season. the more offset Results in from to market we'll declines

prebuy early the As inventory to season and beginning raw availability materials avoid and inflationary back-to-school the phases steps in prudent tariff North in QX last we taken of have year secure and increases. of America, enter we further to certain

the products with communicated expectations, in on this impact back-to-school flow maximize production impact quarter. with is will February. product our operating season. earlier in back-to-school as peak some on the continue had consistent call our in earlier manufactured anticipated availability our our during an quarter and We actions, cash of have also second These to shipments, began combination This to

$XXX full we'll flow. free target to year, $XXX cash million continue the million to For of

look ask at you the more quarter. to detailed a give Neal I'll Neal? Now

Neal Fenwick

Thank you, Boris, everyone. good and morning,

that XX XX costs more and a a in XX improved GOBA percent tax well decreased adjustment savings for had points margin $X.X interest sales XX of growth expenses margin from expense. as than included This adverse synergy of and quarter to our and First net Adjusted driven basis needed as in, quarter, net which courts. basis. share, potential year FX, adjusted to $XXX,XXX in by primarily Gross million in tax the expanded income to the a Brazilian points We million higher price on adjusted basis to a offset improvement lower were step-up sales reflect an and gross were increases. X.X% of related points points headwind was basis. margin SG&A income and also due by a in as $X.XX $X.X and XX% operating basis points we cost charges. per And points of basis growth and basis or $X.X a enter benefits. adjusted on XX.X%, basis rate All and from to higher adjusted integration XXX due a similar per liability to million reported included the by or the reserve the primarily an on XXX SG&A basis improved acquisition impact basis despite share. down adjusted last $X.XX the increased, as loss foreign operating acquisition and EMEA. dispute tax judicial and to lower currency, reported $X.XX savings The a was ratio on to expense restructuring

rate We range. rate quarter the in year earnings XX% tax still adjusted reflects our tax be of was XX% geographic to full the the small and expect and to mix XX.X% in adjusted quarter. Our the

pricing the Turning In points on timing X.X%. the X.X%, to segment placements was increased sales, of and to our to SG&A we of America, strong was margin orders some growth basis and in was was some cost lower of which million EMEA last foreign it North strongest as sales of basis $X.X XXX increased adjusted the drove recently excluding segment, QX. lost X%. basis our in decreased of decreased the by North details X.X%. added In by products additional Comparable sales the rate gross XXX Boris to X% cross-selling. points. we've operating due mentioned. the a reduced sales income began shredding as nearly segment quarter. Volume margin driven impacted this million results. adversely and The X.X%, income currency mainly in that operating year EMEA due The also operating falling the currency calendar timing lower decreased due an felt increase performance improved currency. actions. new Despite products Pricing in was later year, computer by by savings or seen effects $XX.X and driven QX sales America improved year, and lower last products and Easter benefit and whereas

sales. income acquisition which due due margin this, and synergies, costs. to Mexico, Excluding International and increased, offset GOBA product operating million which savings added $XX.X in cost to in EMEA sales X.X% increased higher the expanded

impact the sales and acquisition the Excluding currency, X%. declined of

performance back-to-school Mexico see good aided of we products the We Brazil had also recently out the that continue where strong. to good the great Barrilito acquired. was with a branded results quarter, season by

Boris segment International driven back-to-school as market margins results Australia. were contracted, customer play in out. soft, lower. Australia However, Australia, is was overall soft continues The consolidation noted, to by and

in cost We conditions are better structure Australia in further reducing to weather there. our order

Turning now to our cash flow. balance sheet and

by materials inventory including as of $XXX we both the launches and inflation, to year-over-year is driven mainly Our QX known new tariffs. supply, last mitigate forward-bought and product million balance anticipated secure up risks support

second quarter of the more certain to requiring back-to-school expect our be products. production also We to seasonally weighted this earlier year,

our seasonal peak QX inventory. expected but flow million the We inventory quarter. was we cash operating in activities not expect outflow in increased further therefore of down repeating large further used anticipate cash We we XXXX for the then net do QX, paid as in QX, from including of cash and increase for million CapEx step in $X was a free the The of advanced particularly, purchases. as to $XX.X to million, use and QX the $XX.X

as in repurchased ramps cash this dividends. a QX million million be in will of but We XXXX, QX for paid use $XX.X total still expect year In $X.X we the seasonal X.X we stock of million and quarter, a outflow had less in up. back-to-school than of it shares of

flow and cash we to quarters. fourth For with the of XXXX, still million our million in free third generation expect cash $XXX $XXX

are my Q&A move free deck your take With certain revenue, reiterating questions. will have on flow guidance Page slide conclude where cash assumptions We XX. our to and always, year. I and per we on Operator? our in to be included happy I'll share earnings the and remarks Boris that, adjusted And as for

Operator

Bill from SunTrust. Instructions]. is our And question [Operator Chappell first from

William Chappell

a Just country questions. couple

of better a to for U.S. have back-to-school mean, that that of season products on well bodes about qualification case talked bit kind maybe I back-to-school, First, give and us earlier if on would why were earlier. and a the you the you you quantification some little the if be can shelf

Boris Elisman

last have don't growth But we shipments to season earlier they We we believe back-to-school year, sell-in of that year. growth from roughly orders, saw what that customer see believe growth requesting a growth will this on last sell-in Obviously, We customers to year. we the to also level year last sell-out kind about saw we'll -- a We're good visibility yet. last that are compared year be perspective. a this that X% of We year. year. anticipate seeing this than did similar based

be QX. QX from So less some perspective but QX. into have will visibility relative larger we in weight offset maybe Again, anticipate we a that

overall, we pretty believe will a in season, with where We with we we're So and good QX. good back-to-school. very are pleased a anticipate be

William Chappell

the of do you destock And kind are largely sticking are another -- or effectively retailers. you from mean, I key where we mean I with do round expect U.S., XQ we you that? past then on of the some think

Boris Elisman

we're overall, with taking, in the for think The QX pretty the to since customers. and be with certainly, heard thing they're I some is Bill. seen us haven't anything anything and yet. There now they're low action but what leveraging timeframe that ends. fairly is Inventory at happens Essendant we company X only much to haven't leveraging probably back done, yet, -- pay attention levels additional Staples we and may

will things attention -- a this we position, still stuff. now, good paying So to in but are for

William Chappell

one Got me. then last And it. for

more a been something Has Or understand. in a challenging strategic and the trying Just costs Or actions for to year at you're obviously, on least so bottom? -- just Australia, cutting just bouncing market there. that's mean, some I now taking along we're changed?

at there's even So this of I'm a stands to it get just of sense improve sign where to year. start will if trying and point it any a

Boris Elisman

have Yes. market been Australia a year. major consolidations there. least has There customer at difficult for been a X

So takeout Australian happening of action is is that there's muted. inventory And a that economy in bunch the overall fairly market.

for was weak for the us just ended mentioned the As Neal back-to-school but overall his in industry overall. season not prepared just we remarks,

cost So for aligned our we or by we just year projections structure that our growth to think Australia will make for that the preparing sure have revenue cost to and fine-tuning next that have. muted are the so, we are

Operator

from Khorsand is question Financial. from BWS next Hamed Our

Hamed Khorsand

Is last year, year So on and anomaly first the you off those an on into let's from, the quarter? orders that QX Kensington of Are line. seeing within QX going just then say, this QX? of progression

Boris Elisman

It's an all. not No. anomaly at

seen for XXXX, saw the double-digit have at In a are we least growth of Kensington in We months. XX and growth consistent out seeing double-digit growth. there, QX, we last

So I reworked focus from on away market. believe BXB to that and we line consumer have move the market the

We product got lot of out value-added development, of also We We it's moving fruit. more our commodity a and and bearing to products. our from fine-tuned products fine-tuned go-to-market.

that have Kensington. anticipate we seeing good we from So we and are year will a good results,

Hamed Khorsand

inventory something back-to-school? it the between Is and that million goes, as $XX QX far balance by as then like up And all about went QX. Okay.

Boris Elisman

mostly back-to-school. associated There raw step-up because some materials some inventory is inventory of it the the of that's is of just inflation, increases back-to-school. prebuying but majority us tariff projected with It's and ahead cost

Hamed Khorsand

do have you now? much because this have right you over think But better Okay. your cost controls you inventory

Boris Elisman

have. yes. Well, we Certainly,

will ship We back-to-school, in changing mostly if they so are they for inventory have affect inventory to us. cost, -- not

Hamed Khorsand

this What as No. your power a do of give forced asking you're do because deals, anymore deplete as this to much better or much prices inventory like with you buying not you're levels, year? was have buying vendors, you higher mean you I take right? they how I

Boris Elisman

of of think ability our result has I to buying any don't as changed all, a inventory. dilution Hamed. don't at negotiate our holding anticipate power I us

I place. think we're in a good

Hamed Khorsand

synergies a that FX currency much the there. Okay. of constant And a basis? sale Esselte do you -- growing have know it's I the without standpoint far How on last synergy topic from further as was Europe. as lot -- on traction

Boris Elisman

with I in am very pleased our Europe. results

I think the team there doing great. is

the are It's hard -- at a predict had in we just but we've the can't well mentioned, executing growth we've the highest is X.X% future, X.X% there at I long. side revenue a grow Neal but time. to seen side. business, and I synergies the position good long to As on really also that how organic think growth on very team in not to remember and side the continue the growth

is for X Europe. business definitely on there's So all operating if that's cylinders us, it

Operator

Bank Lynch. Our next question of Merrill is from William Reuter America from

William Reuter

North of it me during we've help remainder period of years, then better the you like in seen seems rates trends general. that So difference last than couple the and year? understand growth back-to-school the the trends between underlying America we're seeing the the Can in that

Boris Elisman

result, and school they traffic, specifically and storage is Those for organization, seeing we categories, Sure. And a categories better categories, They're some or e-tail better sell of by overall. consumer mass are The growth the doing are categories and as better. -- the faster back-to-school in and growing than also office getting specifically business example. channels. healthier. are driven merchant the consumer largely they're They're doing channels

that challenged talked quarters our going and business which seasonality of weighted get to year. we've participate is because American for QX and just in to channels parts and now QX business So in more of which the QX and of North QX towards be the the more several

better during any and doing -- that do natural we the that that year. it's So sense? are of businesses back-to-school better, is make it's that Did doing natural time

William Reuter

be seeing if other to globally well terms You what What did. as is on you as we the inflation potential have that the dollar a include basis for of of Absolutely. the some outlook inflation inputs inputs? inputs, transportation in And ahead prepurchased for of you're XXXX your you your tariffs. of -- then mentioned with your regard outlook could

Boris Elisman

but talking are inflation. incremental America, are and $XX inflation example, on we We it's right would significant. I stable, range, on, say as if at basis, from look the for fairly in year-to-year inflation projecting projecting -- costs still million North I I well. and EMEA are fairly International look probably a The we're in now year-to-year about If QX

offset normally impacts to we taken of inflation. the commodity pricing do have action We as

margin So still a a I I gave that guidance us still $XX margin that to million expect us from we to perspective, gross expect in $XX million to on. -- be be range perspective,

Neal Fenwick

just China, sell we local it the the with Europe, had at year. was impacted movement of annualization and the and of was beginning the them in actually a saw Bill, obviously, of worse. like very also And terms last inflationary particularly regards currency where half for end at necessarily a year. to much in than it inflation that cost in And their of that's it our any the got business, inflation, buy the for big places year, It's back gotten hasn't higher goods. in of they USD currencies. in you've lot of We

William Reuter

And then just whether amount around what point. I right you seeing and opportunities, and this a provide guess, guess, of, now the could you're they little That of valued makes to in I sense. bit lastly, terms M&A, attractive you commentary if at seem acquisitions

Boris Elisman

growth have and business, strategic on find we and grow a and good value driving business capacity perspective, disciplined to certainly There's shareholder can all portion are to We report. opportunities organic a of $X.X Yes. a the but by on we sense and there. we nothing as move Same financial margin only act for billion robust. have they're us. also of The we makes it's we're which actional, probably how certainly we something before, organic very to funnel opportunities, it are new have really go -- just funnels remains the good that but discussed the about -- if have being we think needle big the enough expansion. from But it,

Operator

Company. question from & from Chris is Sidoti McGinnis Our next

Christopher McGinnis

wondering -- Australia. I little there, on follow-up you as North just bit about that? experienced? what you the elaborate Can just talked industry similar that consolidation was to a on When is a America

Boris Elisman

I would say America it's experienced. actually probably worse than North

number two and number our four number and well. had number as five biggest and were merged probably You three, then customers merged

of consolidation have a integration going through those real and working channel a and on obviously So you out. the in especially their bunch customers activities taking are commercial in Australia, inventory

market has working good have from issues really a Australia market we But through they're their So local that perspective. position.

consolidate effect But overall. in have We with broad obviously, happy it business. our on our distribution an evolves, there. customers very has very I'm the Australia the as industry business and

Christopher McGinnis

I referenced -- price concessions? you concern now to they of Essendant. been have And in think you for that around asking then, some maybe Sure. they there QX and they're Staples concern coming Have power, buying any is more

Boris Elisman

happens every day that client. Chris, every with

course. So yes, of

Of so respond, course, adjust, our but them we're shareholders. that shareholders. to delivers or lot a we for we but do to way that as have for expect reorient right we we'll may business with and business happens, results, quarter it us ability our our the confidence such and in of and that, we a shareholders, run in for do I do we our what's take a It respond, our to and seeing and QX react our

I'm confident, matter that happens what and and will Essendant. I So Staples the continue no to do very with

Operator

from from is Kevin Research. question next Our Barrington Steinke

Kevin Steinke

the was those from just see price asked price wondering in increases year? pretty increases And of move as you everything much more throughout for? terms should benefit able you In January, we get pricing you to the were on the -- if we what implemented realization

Boris Elisman

yes. goes yes when everything the is a specifically of time of of the effect. got January everything to through not happened progression X. and we've pricing There The into answer quarter wanted. on the increases It realization because some we Yes, is price see takes

expect North now the effects I first from So incremental but in quarter, in end out, fully in it's saw, we effective see do America rolled QX. we QX of as believe, to pricing X.X%

benefit. So incremental yes, we will see

Kevin Steinke

expecting customer in believe conditions Great. are -- we last challenging for to And little now? Are of were that like due rest you Mexico? a the know more kind sounds Okay. its it Mexico strategy. headwind a changing had then past inventory of management And their what in year, quarter. year good I Mexico I the a

Boris Elisman

had was of first inventory Yes, year. Kevin, customer that especially right. a a you're the lot in of out, exactly We taking half last

to inventory that via Mexico a last especially have obviously we that that We good the faced the and We I last we deliver by don't July anniversaried products. have good of Barrilito situation. we Mexico year a have anymore. quarter. driven acquisition expect good don't our that Mexico growth. have year. did It made branded was So I headwind year, to expect in

Operator

next from Joe from NOBLE question Gomes Our Capital. is

Joseph Gomes

on maybe you of they percentage of kind be little the up is the to other talked Amazon the of dollar talk I we're something overall. there, able e-tail growing. was seeing if business a is wondering and color you've channel, how bit some specifically And channels, like past bit a which growth what take more the about and little store what might rates on that in

Boris Elisman

Sure.

a Let of me well. there. start our in majority with which are well. share business a a Independents North is good had our quarter have It's They're America They really share It's biggest Brazil. really in really, well. of done Europe. our in independents as And taking independents. as taking majority channel, business

to the very really customer It It's mass pricing to continue of in in doing channel overall North is share as doing of is consumer with some and e-tail. Mass slower implementation their take E-tail continues So internationally competitors. customer doing we extremely some good see fast. little America. mass share, in We bit but was specific, we through had the take and growth well, well issues North grow share well. from is larger overall, America taking that work industry. a

very rapid Now year. growth a million part are was but participation it dollar stores. year. less last business us. year growth -- fairly from store less a a rapid last $XX our of certainly, had small we dollar than still fairly fine-tuning It's dilutive our But in perspective, margin We for

growth. assortment sure our we we could year, make this have fine-tuning profitable to are So that

dollar store, gross really than more but less about. it company office expect And year. product dollars in superstores, sales to particular I talking profit certainly depends to this the So that last OSS, customer on year the we're deliver have

label are them driving mode and of game, deliver the not and have that private others played Some more more they in did consolidation the results.

they're us. with embracing growing branded more now products So and

there in channel. takes seeing good And are channel. direct-to-consumer and growth channel So puts is that then overall, the we are in other that

We $XX have reach about new couple existing TruSens, growing. recently that products roughly direct-to-consumer to ago primarily of and introducing that press through we targeting business that a plus, going we million an is we're air consumer. release And purifiers channels. and a are their products And months issued primarily categories new channels a line those are of launched direct-to-consumer

mature So And all overall, channel in specialty from else. mass and the online, growth affects that of and retail, are we're retail shifts way, it retail happening There's general of everybody in seeing good from no these this us overall. to some like channels kind industry to affects more it the majority is the consolidation the of different by in our channels. than

Joseph Gomes

was Any color I additional could you think the the in on if with Do you tax there that the Is the a for is recent quarter. potential there? appreciated. you've there reserve. And one more Great. you Brazilian took detail that Okay. be provide would more? on little going wondering it covered just What

Boris Elisman

Joe. Sure,

level will also quick give Neal robust encourage a but a more but XX-Q, today, me the give published be give you will short to Let high I summary, you which both summary. and the Go a you you, later will Neal XX-K would you which read ahead, Neal. actually description, give will

Neal Fenwick

it this to what interest dates there's for not Obviously, under anticipation. transition, resolve. still dispute There that within proceedings fighting completed our Well, if the make potential tended will have back of to and therefore X the year, has that to fundamentally be first would it's Brazilian taking add the moved take and more increase knew dispute then level. that C&OP we to is our are of we lose. courts, Mead reduced judicial we you size are acquisition and we of some just the court where law have administrative a a change. we because it. now When of the FX are the natural our in is a liability of in penalty of predated years depreciation does business, tax because every that's liability year you that ownership the it, the all, administrative which because period the time And long increase and We to and offset to business

you probably So there level. FX and And X to at for step-up and get year judicial many, interest transitions will many for as judicial that but more every X when dispute years. the to occur year, the that more of going will be be the level it's

is anytime going this to that's nothing So a result have soon.

Operator

Markets. question Our is Brad from KeyBanc from Capital next Thomas

Bradley Thomas

dollars little bit see and hoping, little about in in encouraged But I about margins just to couple just enhance another America and a bit income minutes business. more improve opportunity the to North addressed. could business? continue Boris, more to got has been in I the I I the results profitability a you America was those wanted to share operating a of from late talk the earnings call, so North apologize if this

Boris Elisman

we North inflation the significant last said the as we The in year. over and basis commitments couple customers. commitments last Yes, America, have we saw contractual timely due to of we fairly cost on quarters, -- adjust with a weren't pricing increases, to able

of So we North in January last QX raised once several once XXXX, and months: October in the prices in starting in of in XXXX. America twice

result as recovery margin of seeing of margin expansion and that. You're a

just America. across states as muted well. stay We right its expect inflation through benefit all in of working incremental fairly And now, pricing to -- we're the way benefit seeing QX due the incremental customers in the North

So increase not obviously, to needing be until another things will there inflation. year. stay is we probably if next as I mean, do is, price

increase year, be should set all price So we XXXX. for do but next we -- be anticipate I a will

efficiencies In North those, and America. have team's improved of and implementing XXXX America, SG&A in a XXXX, we're we as in addition, well manufacturing as productivity in lower both result as North the in and that, taken and been actions incremental cost reduction seeing

So and margins we think expanded, term what given and -- continue the region. profitability North improved, from will very to seeing the America near North America, in the in that margins that earlier I'm has I back-to-school in have be very, good anticipate

Bradley Thomas

great. That's

back-to-school alluded some changes sell address different Or guess Or have so all you it about And it just the similar? you to you you across channels sell-in to year's and the I the how think to gainers for you are back-to-school, happening. try and should Boris, that year? we share are some out, as to it? of a of net industry But this the is think better all last than sell-in sell-in,

Boris Elisman

sell-in last roughly should X% better year. year. We growth last from The be than anticipate

a what the the market's our year QX. only I'm happy we So hindsight. that predict we can so very would we and can't you the which in shipments remarks in call what benefit better position, going did gain with the than also depend both do market tell does, I I Share But we should last year said this on sell-in and be prepared that earlier back-to-school anticipate sell-in. anticipate to on do. to

Bradley Thomas

be for think launch How the on much about very then Great. to I how category the done. well opportunity looked might that do and contribute growth? thought the air then it revenue And you TruSens purifiers, to able

Boris Elisman

have entered XX% category. own we small. selling is Obviously, opportunity us. a and This at big very weeks, been just market, big the $X few very category for to participants. and about We've the be billion, happy through product it to for the the our category very, last Amazon on very we But and site be has around it's year. an a just so growing It's per we're worldwide. We estimate

also last roll to weeks, plan of the We to sell Canada the we and few out in and then Japan second Europe year. a in have in and the began the the it of in world half rest

we hopes is product high it. have The So for great.

happens, done have with just -- there's the merchandising deliver. website, team opportunity great excited. is I job and but we're it We'll marketing large, our and what on to we and think the has a see

Operator

Elisman, Boris to back showing CEO, remarks. At time, call President I questions. turn the for Chairman, and this like closing I'm further to no over would

Boris Elisman

company that To everybody, Thank about we got to this our you, pleased and good the remain we us you are our after for Gigi. with future quarter to Thank return and Have nice for day. we earnings summarize, I forward to our strong and a the off results. confident report morning. start, position for continue speaking a growth again look year joining you, second shareholders.

Operator

for thank and concludes Ladies participation This in the your program. today's you gentlemen, conference.

You may now disconnect.

ACCO Brands (ACCO) 5 May 192019 Q1 Earnings call transcript