New York & Co. Provides Revenue Guidance for the Fourth Quarter of 2014
Jan 12 15
New York & Co. provided revenue guidance for the fourth quarter of 2014. For the quarter, the company announced same-store sales in the nine-week holiday period ended January 3, 2015 were down 0.9% while warning it expects fiscal fourth quarter operating results to range between break-even and a 'slight loss' after excluding $6.4 million of one-time charges. In early December, the company predicted fourth quarter same-store sales would be 'flat to down in the low single-digit percentage versus last year,' while it anticipated on-hand inventory at the end of fourth quarter would be 'up by a low-single-digit percentage versus the end of the fourth quarter of last year'.
New York & Company Inc. Presents at 17th Annual ICR XChange 2015, Jan-12-2015 02:30 PM
Dec 29 14
New York & Company Inc. Presents at 17th Annual ICR XChange 2015, Jan-12-2015 02:30 PM. Venue: JW Marriott Orlando Grande Lakes, Orlando, Florida, United States. Speakers: Gregory J. Scott, Chief Executive Officer, Director and Chairman of Brand Strategy Committee, John M. Worthington, President and Chief Operating Officer, Sheamus G. Toal, Chief Financial Officer, Principal Accounting Officer and Executive Vice President.
New York & Company, Inc. Announces Unaudited Consolidated Results for the Third Quarter and Nine Months Ended November 1, 2014; Provides Earnings Guidance for the Fourth Quarter of Fiscal Year 2015; Expects to Close Nine Existing New York & Company Locations During the Fourth Quarter of Fiscal Year 2014; Plans to Open 12 New Stores
Dec 3 14
New York & Company Inc. announced unaudited consolidated results for the third quarter and nine months ended November 1, 2014. For the quarter, the company's net sales were $210.3 million. as compared to $217.6 million for the third quarter ended November 2. 2013. Operating loss was $9.474 million against $3.119 million a year ago. Loss before income taxes was $9.586 million against $3.215 million a year ago. Net loss was $9.736 million against $3.434 million a year ago. Diluted loss per share was $0.15 against $0.05 a year ago. Non-GAAP basis, adjusted operating loss was $6.7 million. On a non-GAAP basis, adjusted net loss was $6.9 million, or a loss of $0.11 per diluted share. Capital spendingwas $10.3 million, as compared to $5.6 million in last year's third quarter, primarily reflecting the remodeling of six New York & Company stores and the opening of six new stores, including five Outlet stores, in addition to the relocation and build-out of the corporate headquarters.
For the nine months, the company's net sales were $656.0 million, as compared to $668.2 million for the nine months ended November 2. 2013. Operating loss was $9.233 million against $4.145 million a year ago. Loss before income taxes was $9.514 million against $4.420 million a year ago. Net loss was $10.165 million against $4.549 million a year ago. Diluted loss per share was $0.16 against $0.07 a year ago. Net cash used in operating activities was $8.273 million against $11.450 million a year ago. Capital expenditures were $21.026 million against $12.614 million a year ago. On a non-GAAP basis, adjusted net loss was $7.4 million, or a loss of $0.12 per diluted share. On a non-GAAP basis, adjusted operating loss was $6.4 million.
The company announced that for the fourth quarter of fiscal year 2015 net sales and comparable store sales are expected to be flat to down in the low single-digit percentage versus last year. Gross margin is expected to be down approximately 200 basis points from the prior year's rate reflecting improved product costs offset by increased promotional activity, increased freight and shipping costs associated with the implementation of the company's contingency plans resulting from the recent port delays and decreased leverage of buying and occupancy expenses. On a non-GAAP basis, excluding the non-recurring charges of $5.9 million, adjusted operating income is expected to be approximately breakeven, as compared to the prior year's operating income of $7.2 million. On a non-GAAP basis, excluding the non-recurring charges of $5.9 million, adjusted net income is also expected to be approximately breakeven, as compared to the prior year's net income of $6.9 million. Capital expenditures for the fourth quarter of fiscal year 2014 are projected to be between $14 million and $16 million, as compared to $6.2 million of capital expenditures in the fourth quarter of last year. The increase reflects: Continued investments in information technology and eCommerce; and Capital expenditures of approximately $7 million related to the company's relocation and build-out of its new corporate headquarters. Depreciation expense for the fourth quarter of fiscal year 2014 is estimated at $7 million.
The company expects to close nine existing New York & Company locations during the fourth quarter of fiscal year 2014.
The company plans to end fiscal year 2014 having opened 12 new stores, including 11 outlet stores, remodeled 11 existing stores and closed approximately 16 stores, ending the fiscal year with roughly 503 stores, including 62 Outlet stores, and approximately 2.6 million selling square feet.