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New York & Company Q1’FY14 net sales dip 3.5% to $219.6mn

May 23, 2014 (United States Of America)

New York & Company, Inc., a specialty apparel chain with 506 retail stores, announced results for the first quarter ended May 3, 2014. For the first quarter of fiscal year 2014, net sales were $219.6 million, as compared to $227.5 million for the first quarter of fiscal year 2013.
 
This includes the impact of 12 fewer stores in operation during the first quarter versus last year, as part of the Company’s on-going real estate optimization strategy. Comparable store sales for the first quarter of fiscal year 2014 decreased 2.2%.
 
Operating income for the first quarter of fiscal year 2014 was $0.1 million which was in-line with the Company’s previously issued guidance and compares to the prior year’s first quarter operating income of $1.2 million.
 
Net loss for the first quarter of fiscal year 2014 was $0.3 million, or breakeven per diluted share. This compares to the prior year’s net income of $1.6 million, or $0.03 per diluted share, which included a $0.6 million income tax benefit related to the reversal of an uncertain tax position. The Company’s income tax provision reflects the continuing impact of its deferred tax valuation allowance.
 
Gregory Scott, New York & Company’s CEO, stated: “First quarter operating income was in-line with our guidance as we diligently managed inventory receipts and expenses. While top-line sales were softer than anticipated, comparable store sales improved during the latter portion of the quarter.
 
"We were especially encouraged that in a tough retail environment we achieved positive comparable store sales in our eCommerce business and in stores in the western part of the country, as well as Florida. We also continue to see great success with the Eva Mendes Collection, particularly in dresses and skirts.”
 
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