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

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

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

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...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Igor Chapurin
Chapurin

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

Robert Brunner
Devereux

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

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