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Wear-to-work assortments receive good response, New York & Co
24
Aug '11
New York & Company Inc a specialty apparel chain with 543 retail stores, announced results for the second quarter ended July 30, 2011. For the second quarter of fiscal year 2011, net sales were $228.6 million, as compared to $243.3 million for the second quarter of fiscal year 2010. Comparable store sales for the second quarter of fiscal year 2011 decreased 3.4% with a significant reduction in markdowns versus a comparable store sales decrease of 1.8% in the prior year second quarter.

Operating loss for the second quarter of fiscal year 2011 was $15.1 million, reflecting a significant improvement from the prior year's second quarter operating loss of $66.0 million. The prior year's operating loss included $17.8 million of previously disclosed restructuring and asset impairment charges.

Net loss for the second quarter of fiscal year 2011 narrowed to $15.4 million, or $0.25 per diluted share, with a negative effective tax rate of 1.1%. This compares to the prior year net loss of $88.5 million, or $1.49 per diluted share, with a negative effective tax rate of 33.7%. On a non-GAAP basis, normalizing taxes to eliminate the valuation allowance recorded in the second quarter of fiscal year 2011, the Company's adjusted net loss for the second quarter of fiscal year 2011 was $9.3 million, or $0.15 per diluted share. On a non-GAAP basis, excluding restructuring and asset impairment charges and normalizing taxes to eliminate the valuation allowance adjustments, the Company's adjusted net loss for the second quarter of fiscal year 2010 was $29.3 million, or $0.49 per diluted share.

Gregory Scott, New York & Company's CEO, stated: "Our second quarter results improved significantly from the prior year. Customers continued to respond favorably to our improved wear-to-work assortments including suiting separates and dresses. We also advanced our multi-channel growth initiative with strong results reported in our outlet division and more than a 50% sales increase in our eCommerce business. While there were several positives in the quarter that demonstrate progress toward our goals, weakness in our casual assortment combined with significantly less clearance merchandise than last year led to a comparable store sales decline."

Mr. Scott continued: "As we begin the third quarter, we expect to build upon our success in wear-to-work, which increases as a percentage of our sales in the fall season. We anticipate continued softness in our casual business during the quarter as we implement strategic initiatives which will be reflected in the spring 2012 season. As anticipated, fiscal year 2011 remains a transition year and while we've made some tangible progress we look forward to further building on our merchandising, marketing, and multi-channel strategies as we move beyond this year and into 2012."

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