Home / Knowledge / News / Apparel/Garments / New York & Company net sales grow 7.35% in Q4 FY'13
New York & Company net sales grow 7.35% in Q4 FY'13
22
Mar '13
New York & Company, Inc. a specialty apparel chain with 519 retail stores, announced results for the fourth quarter and full fiscal year ended February 2, 2013 (“fiscal year 2012”).“Reconciliation of GAAP to Non-GAAP Financial Measures”
 
Fourth Quarter Fiscal Year 2012 Results:
-Net sales were $291.8 million, as compared to $271.8 million in the year-ago period. The Company noted that fiscal year 2012 included 53 weeks versus 52 weeks in fiscal year 2011 with the additional week occurring in the fourth quarter.
-Comparable store sales increased 2.3% compared to a decrease of 6.3% in the prior year fourth quarter. All comparable store sales figures are based on a 52-week comparable time period.
-As previously disclosed, during the fourth quarter of fiscal year 2012, the Company determined it had adequate information on historical redemption patterns for merchandise credits and utilized this to revise its estimates of redemption rates and the period over which breakage income is recognized, which resulted in a $4.3 million benefit to net sales, gross margin, and operating income. All comparable store sales figures and “non-GAAP” figures referred to in this release exclude this benefit. 
Operating income was $10.6 million reflecting a significant improvement from the prior year’s fourth quarter operating loss of $10.8 million. On a non-GAAP basis, the Company’s adjusted operating income was $6.2 million. Operating income on a GAAP and non-GAAP basis exceeded the high-end of the Company’s increased guidance provided on February 12, 2013.
-Net income increased to $10.5 million, or $0.17 per diluted share. On a non-GAAP basis, the Company’s adjusted net income was $6.2 million, or $0.10 per diluted share. This compares to a net loss in the prior year fourth quarter of $10.9 million, or $0.18 per diluted share.
-The Company continued to provide for adjustments to the deferred tax valuation allowance offsetting any tax provisions or benefits resulting in a 0% effective tax rate.
-Total year-end inventories were flat compared to last year-end.
-The Company ended the year with $60.9 million of cash-on-hand with no outstanding borrowings under its credit facility.
 
 
Gregory Scott, New York & Company’s CEO, stated: “We capped fiscal year 2012 with solid fourth quarter results that included increased sales, positive comparable store sales, significant gross margin expansion and a dramatic improvement in our operating results. Our performance was driven by strong progress made against our strategic initiatives – our Six Keys to Success – which provides a strong foundation for us to continue to improve our operating results in 2013.”
 
 

Must ReadView All

Courtesy: Messe Frankfurt

Textiles | On 24th Mar 2017

Over 3341 exhibitors participate in Intertextile Shanghai

More than 3,341 exhibitors from 26 countries and regions participated ...

Courtesy: Bebe

Apparel/Garments | On 24th Mar 2017

Bebe Stores exploring strategic alternatives

Bebe Stores has announced that its board of directors is exploring...

Apparel/Garments | On 24th Mar 2017

Tiruppur garment cluster hopeful of meeting export target

The Tirupur garment cluster is hopeful of meeting its target of...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search