Home / Knowledge / News / Apparel/Garments / Q2 FY'13 ecommerce sales rise 20% at New York & Company
Q2 FY'13 ecommerce sales rise 20% at New York & Company
23
Aug '13
New York & Company, Inc., a specialty apparel chain with 512 retail stores, announced results for the second quarter and six months ended August 3, 2013.

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


Must ReadView All

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Apparel/Garments | On 18th Nov 2017

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Sri Lanka’s apparel exports from January to September 2017 has...

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Apparel/Garments | On 18th Nov 2017

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Bangladesh Prime Minister Sheikh Hasina has said two more leather...

ASEAN, Hong Kong sign free trade agreement

Textiles | On 18th Nov 2017

ASEAN, Hong Kong sign free trade agreement

The Association of Southeast Asian Nations (ASEAN) and Hong Kong...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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

November 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search