Grocery Outlet Holding Corp (NASDAQ:GO) Q2 2020 Earnings Conference Call - Final Transcript
Aug 10, 2020 • 04:30 pm ET
ramp over three years to an annualized run rate of approximately $25 million.
Following the repayment of our revolver, we expect interest expense to be roughly $6 million on a quarterly basis. We continue to expect a normalized tax rate of approximately 28%, which excludes discrete items. And we expect weighted average diluted share count for the year to be approximately 100 million shares.
Based on our current projection of 30 to 32 new store openings in 2020, we now expect that capex for the year will be in the range of $95 million to $105 million. We do not expect any store closures in 2020 beyond the two we had in the first quarter.
In closing, we are incredibly proud of the performance of our team and IOs and the exceptional results we delivered in the first half of 2020. Despite the continued uncertainty surrounding COVID, we remain as excited as ever about our unique positioning in the marketplace and our long runway for growth. We remain committed to managing the business for the long term and making smart investments in pursuit of those objectives.
With that, we can turn it back to the operator to begin Q&A.