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

Apparel/Garments | On 1st Jul 2016

British retail wants govt to move quickly post Brexit

The British Retail Consortium (BRC) has said that following the...

Textiles | On 1st Jul 2016

India ranked 35th in World Bank’s logistics index

India has moved up from 54th place in 2014 to 35th in 2016 in the...

Apparel/Garments | On 1st Jul 2016

FY16 net income soars 15% at Nike

For fiscal ended May 31, 2016, net income at US based sports goods...

Interviews View All

Abhishek Ganguly
Puma India

There are quite a number of brands stepping into the sports lifestyle...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Urs Stalder
Sanitized AG

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Karan Arora
Karan Arora

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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
june 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search