New York & Co sees positive growth in its specialty apparel chain

20 Mar '08

2 min read

New York & Company Inc, a specialty apparel chain with 578 retail stores, announced results for the fourth quarter and the full fiscal year ended February 2, 2008. The Company's fiscal year ended February 2, 2008 includes 52 weeks, versus 53 weeks in last year's fiscal year ended February 3, 2007, with the additional week occurring in the final month of the prior fiscal year.

Therefore, the fourth quarter of fiscal year 2006 represents a fourteen-week period and compares to a thirteen-week period in the fourth quarter of fiscal year 2007.

Unless otherwise noted, the results of operations discussed below are for the Company's continuing operations only, the New York & Company brand.

For the fourth quarter of fiscal year 2007, net sales were $359.4 million, as compared to $377.3 million for the fourth quarter of fiscal year 2006. Excluding sales from the extra week in fiscal year 2006, total net sales decreased 0.8% and comparable store sales decreased 3.5% for the thirteen-week period ended February 2, 2008.

Net income from continuing operations for the fourth quarter of fiscal year 2007 was $11.2 million, or $0.18 per diluted share, as compared to prior year net income from continuing operations of $0.41 per diluted share.

For fiscal year 2007, net sales were $1,194.9 million, as compared to net sales of $1,153.3 million for fiscal year 2006. Excluding sales from the extra week in fiscal year 2006, total net sales increased 5.0% and comparable store sales decreased 1.3% for the fifty-two-week period ended February 2, 2008.

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