RTTNews | Jul 23, 2020 08:00AM EDT

07:59 Thursday, July 23, 2020 (RTTNews.com) - Alliance Data Systems Corporation (ADS) said the company anticipates to realize additional cost savings in the second half of the current year derived primarily from ongoing operating and procurement efficiencies. Also, the company reaffirmed its expectation to remain EBT and cash flow positive in 2020, with sufficient liquidity.

Second quarter core earnings per share declined 51% year-on-year to $1.86. Consolidated revenue decreased 27% to $979 million. The company said its results were lower than the prior year due primarily to lower revenue driven by lower volumes attributable to COVID-19.

"Expense management continues to play a large role in our quarterly results and will continue to do so for the remainder of the year. This is clearly illustrated with the approximately $50 million of cost savings from continuing operations across all of our business segments, resulting in positive earnings in the quarter," said Ralph Andretta, CEO of Alliance Data.

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