Express Inc. (NYSE:EXPR) Q2 2020 Earnings Conference Call - Final Transcript
Aug 26, 2020 • 08:30 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the Express Inc. Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
[Operator Instructions] I would now like to hand the conference over to your speaker today Dan Aldridge, Vice President-Investor Relations. Please go ahead, Mr. Aldridge.
Thank you, Carol. Good morning, and welcome to our call. I'd like to open by reminding you of the Company's safe harbor provisions. Any statements made during this conference call, except those containing historical facts may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those suggested in forward-looking statements due to a number of risks and uncertainties, all of which are described in the Company's filings with the SEC, including today's press release.
Express assumes no obligation to update any forward-looking statements or information, except as required by law. Our comments today will supplement the detailed information provided in both the press release and the investor presentation available on the Company's Investor Relations website. In addition, you can locate a reconciliation of any adjusted results discussed in our comments to amounts reported under GAAP on our website or in our earnings release.
With me today are Tim Baxter, Chief Executive Officer; Perry Pericleous, Chief Financial Officer; and Matt Moellering, President and Chief Operating Officer.
I will now turn the call over to Tim.
Thank you, Dan, and good morning, everyone. During the second quarter, I reached the one year mark as CEO of Express, and I thought a lot about what has transpired for our brand, our business, our associates, and our customers. By now, you all know that we unveiled a new corporate strategy in January, called The EXPRESSway Forward. We outlined many of the ways in which we would restore the relevance of the Express brand, the vitality of the Express business, and a long-term profitability for our Company.
We identified $80 million in cost savings to be realized over the next three years. And just six weeks later, we closed every one of our stores and turned our attention to taking immediate and appropriate action to ensure the necessary liquidity to weather the coronavirus storm.
Today, nearly six months into that storm, and against a backdrop of more than two dozen retailers having filed for bankruptcy this year, we have identified $425 million of liquidity measures to help keep our balance sheet strong and we continue to move our brand and our business forward.
We have advanced, and in many instances, accelerated critical initiatives within each of the four foundational pillars of The EXPRESSway Forward strategy. Let me be clear; our transformation is underway, our focus is on achieving profitability, and I'm as confident as ever that we're on the right track to deliver our long-term goal of a mid-single-digit operating margin.
I say that not only as a relentless optimist, although I most certainly