Senior Editor, RIS News
Ralph Lauren said it plans to slash its North America corporate office footprint up to 30%, along with selected reductions in Europe and Asia, as teams embrace “new ways of working” and it pivots resources to other priorities.
The retailer also said it is closing up to 10 retail locations globally and is looking at completing the consolidation of North American distribution center operations to drive greater efficiencies. Combined, the apparel retailer expects this to result in gross annualized pre-tax expense savings of $200-$240 million. The moves are part of an ongoing effort and inclusive of previously announced savings.
Operator
Good afternoon everyone and welcome to Snap, Inc s Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] This call will be recorded. Thank you very much.
Betsy Frank, Senior Director of Investor Relations, you may begin.
Betsy Miller Frank
Head of Investor Relations
Thank you and good afternoon everyone, welcome to Snap s fourth quarter 2020 earnings conference call. With us today are Evan Spiegel, Chief Executive Officer and Co Co-Founder; Jeremi Gorman, Chief Business Officer; and Derek Andersen, Chief Financial Officer.
Earlier today, we made a slide presentation available that provides an overview of our user and financial metrics for the fourth quarter 2020, which can be found on our Investor Relations website at investor.snap.com.
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