For the second quarter of fiscal year 2013, net sales were $223.1 million, as compared to $227.7 million for the second quarter of fiscal year 2012. Comparable store sales for the second quarter of fiscal year 2013 increased 2.1%, as compared to flat comparable stores sales in the prior year’s second quarter.
Operating loss for the second quarter of fiscal year 2013 narrowed approximately 50% to $2.2 million, from an operating loss of $4.4 million in the prior year second quarter and marked the Company’s third consecutive year of improvement in second quarter operating results.
Net loss for the second quarter of fiscal year 2013 was $2.7 million, or $0.04 per diluted share and compares to a net loss of $4.3 million, or $0.07 per diluted share in the prior year second quarter.
During the quarter the Company accomplished the following:
- The Company’s eCommerce channel produced continued growth with sales increasing over 20% from the year-ago period representing 7.6% of total sales in the second quarter of fiscal year 2013 versus 6.1% in the same period last year.
- Outlets also continued to be a highly productive and profitable channel for the Company with strong comps and growth to 10.4% of total sales in the second quarter of fiscal year 2013 versus 8.0% in the same period last year.
- Gross profit as a percentage of net sales improved by 160 basis points versus the prior year period, driven by improved product costs and sourcing efficiencies, along with lower markdowns, partially offset by slight increases in buying and occupancy costs. This resulted in the Company’s highest gross margin performance in the second quarter since fiscal year 2008.
- Selling, general and administrative expenses as a percentage of net sales increased slightly compared to the prior year period reflecting continued investments in marketing and the Company’s growing eCommerce and Outlet channels. Excluding a benefit of $1.1 million from insurance recoveries in the year-ago period, selling, general and administrative expenses as a percentage of net sales in the second quarter of fiscal year 2013 were flat versus last year.
- Total quarter-end inventory at cost (including in-transit inventory) increased by 3.2% as compared to the end of last year’s second quarter reflecting an increase in in-transit inventory to support the Company’s pant and denim event in August.
- The Company ended the quarter with $59.5 million of cash-on-hand versus $39.4 million in the same period last year, and no outstanding borrowings under its revolving credit facility.
- The Company remodeled one existing store and closed seven stores, ending the quarter with 512 stores versus 537 stores last year, including 45 Outlet stores, and 2.7 million selling square feet in operation.
- Capital spending for the second quarter of fiscal year 2013 was $4.0 million, as compared to $3.7 million in last year’s second quarter, reflecting the remodeling of existing locations and investments in information technology, including the Company’s eCommerce replatform project.
For the six months ended August 3, 2013, net sales were $450.5 million, as compared to $455.4 million for the six months ended July 28, 2012. Comparable store sales were flat for the six months ended August 3, 2013 as compared to a decrease of 1.5% in the prior year period.
Operating loss for the six months ended August 3, 2013 was $1.0 million; a notable improvement from the prior year’s operating loss of $4.5 million. Net loss for the six months ended August 3, 2013 narrowed to $1.1 million, or $0.02 per diluted share. This compares to the prior year net loss of $4.5 million, or $0.07 per diluted share.
New York & Company
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