Your speakers today are Gary Schoenfeld, our CEO; and Michael Kaplan, our CFO. [Operator Instructions]
Before I turn the call over to Gary, I'd like to note the statements and discussions during today's call will contain forward-looking information about our future financial performance and prospects. Our actual results could differ materially from those contained in our forward-looking statements. Risks and uncertainties that could cause our business and financial results to differ materially from those in the forward-looking statements are included in our Fiscal 2011 Form 10-K and in subsequent filings we've made with the SEC, as well as in the earnings press release we issued today.
These documents can be found in the Investor Relations section on our website at pacsun.com. All information discussed on the call today is as of today's date, August 22, 2012. Pacific Sunwear undertakes no duty to update this information to reflect future events or circumstances.
This call, the webcast and its replay are the property of PacSun. It is not for rebroadcast or use by any other party without the prior written consent of PacSun. With that said, I'll now turn the call over to Gary.Gary H. Schoenfeld Thank you, Craig. Good afternoon, everyone, and thank you for joining us this afternoon. On our last conference call for the first quarter, we talked about progress we had achieved in all 5 key metrics of positive sales comps and improved merchandise margins, operating expenses, inventory management and non-GAAP EPS. These positive trends continued and, in total, were even better in Q2. While the retail landscape remains intensely competitive, I believe the progress we have made in the first half of the year reflects the significant changes we have made to the business, and we continue to be focused on 3 main tenets of our strategy: authentic brands, trend-right merchandising and reestablishing a distinctive customer connection that once again makes PacSun synonymous with the creativity, optimism and diversity that is uniquely California. Michael will speak to more of the financial details, but let me briefly touch on a few of the highlights.