Home / Knowledge / News / Apparel/Garments / New York & Company Q4'FY14 sales decline
New York & Company Q4'FY14 sales decline
21
Mar '14
New York & Company, Inc., a specialty apparel chain with 507 retail stores, announced results for the fourth quarter and full fiscal year ended February 1, 2014 (“fiscal year 2013”). The Company noted that fiscal year 2013 included 52 weeks versus 53 weeks in fiscal year 2012, with the additional week occurring in the fourth quarter of last year.
 
Gregory Scott, New York & Company’s CEO, stated: “We are pleased that our fourth quarter operating results exceeded the high end of our previously issued guidance driven by positive comparable store sales and expansion in merchandise margin, while continuing to control our operating expenses. 
 
These results marked the eighth consecutive quarter of improved operating performance versus prior year periods, on an adjusted basis. We also continue to be pleased with our growth initiatives in eCommerce and Outlets. We ended the year with a strong balance sheet, which positions us well as we begin 2014.”
 
Fourth Quarter Fiscal Year 2013 Results:
As previously disclosed, during the fourth quarter of fiscal year 2012, the Company recognized 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. 
 
Net sales for the 13-week period ended February 1, 2014 were $271.0 million versus net sales of $291.8 million for the 14-week period ended February 2, 2013, which includes a previously recorded benefit of $4.3 million.
 
In addition, the fourth quarter of fiscal year 2013 net sales results included the following:
-A comparable store sales increase of 1.2% as compared to an increase of 2.3% in the prior year fourth quarter;
-The elimination of the 53rd week recorded in the fourth quarter of fiscal year 2012; and 23 fewer stores in operation during the fourth quarter of fiscal year 2013 as compared to the fourth quarter of last year.
 
Gross margin increased 150 basis points to 28.4% versus the prior year non-GAAP adjusted gross margin rate of 26.9%. The improvement in gross margin was driven by an increase in merchandise margin resulting from improved product costs, a lower level of markdowns, and a reduction in occupancy costs. On a GAAP basis, the prior year gross margin rate was 28.0%.
 
Click here to view full results.
 

New York & Company


Must ReadView All

Courtesy: Fancycrave.com from Pexels

Apparel/Garments | On 22nd Jun 2018

EU's retaliatory duty on US apparel takes effect

As part of the three-pronged response outlined by the European...

NCC applauds House passage of farm legislation

Textiles | On 22nd Jun 2018

NCC applauds House passage of farm legislation

The National Cotton Council (NCC) of the US has welcomed the passage...

Courtesy: Roman Pohorecki from Pexels

Apparel/Garments | On 22nd Jun 2018

UK launches inquiry on sustainability of fashion industry

The Environmental Audit Committee of the UK Parliament has launched...

Interviews View All

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Urs Stalder
Sanitized AG

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

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search