Home / Knowledge / News / Apparel/Garments / New York & Co posts breakeven results in Q2FY15
New York & Co posts breakeven results in Q2FY15
26
Aug '14
New York & Company, Inc., a specialty apparel chain with 509 retail stores posted breakeven operating results with its operating profit slipping into black and also massively reducing its net loss in the second quarter ended August 2, 2014.

In-line with its previously issued guidance, operating income for the second fiscal quarter of 2014 totalled $0.2 million, a significant improvement of $2.4 million compared to the prior year’s second quarter operating loss of $2.2 million.

While, net loss for the second fiscal quarter of 2014 narrowed massively to $0.1 million, compared to net loss of $2.7 million, or a loss of $0.04 per diluted share, in the prior year quarter, what the fashion retailer termed – “essentially breakeven per diluted share”.

For the thirteen weeks to August 2, 2014, net sales rose to $226.1 million, from $223.1 million for the comparable quarter of the previous fiscal year, while comparable store sales increased 2.3%.

During the quarter under review, the apparel retailers’ ecommerce and outlet businesses continued to grow and together represented 20.6% of total sales versus 18.0% in the year-ago period.

Driven by improved product costs combined with reductions in buying and occupancy costs, gross profit as a percentage of net sales improved 50 basis points in the first quarter of 2014, versus the prior year period.

New York & Company said selling, general and administrative expenses as a percentage of net sales were effectively managed during the second quarter of 2014 and decreased 60 basis points compared to the prior year second quarter.

Total quarter-end inventory increased 3.0% as compared to the end of last year’s second quarter reflecting slightly lower levels of in-store inventory, offset by higher levels of in-transit inventory due to delays from its contingency plans related to a potential work stoppage at certain ports.

The retailer ended the quarter with $64.7 million of cash and no outstanding borrowings under its revolving credit facility.

Capital spending for the second quarter of 2014 reached $5.5 million, as compared to $4.0 million in last year’s second quarter, primarily reflecting the remodelling of four New York & Company stores, along with the opening of four new outlets.

Gregory Scott, New York & Company’s CEO, stated: “We delivered a solid second quarter with positive comparable store sales, gross margin expansion, and expense reduction which shows progress against the key priorities, we outlined at the beginning of the year.”

He added, “During the quarter, we experienced increases in average dollar sale, conversion, and average unit retail. This led to a breakeven performance, which represented a significant improvement over last year’s operating loss”.

Inthe second quarter of 2014, New York & Company opened four new outlet stores, remodelled four existing locations, and closed one store, ending with 509 stores, including 57 outlet stores, and 2.6 million selling square feet in operation.

Fibre2fashion News Desk - India


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

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silke Brand-Kirsch
Schlegel und Partner

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

Igor Chapurin
Chapurin

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

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Nisha Chanda
Whistling Woods International School of Fashion

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

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