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

Textiles | On 20th Sep 2017

India needs to double cotton farmers’ income: top official

India needs to double the income of cotton farmers and non-farmers...

Textiles | On 20th Sep 2017

Pakistan seeks more JVs with China: textile minister

The Pakistani Government wants to forge more joint ventures (JVs)...

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports touch $941 million in 8 months

Egypt's garment exports touched $941 million in the first eight...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Mark Paterson
Technical Absorbents Ltd

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

Paolo Ocleppo
Sandvik Hyperion

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

Urs Stalder
Sanitized AG

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

September 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
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

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
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search