Home / Knowledge / News / Apparel/Garments / New York & Co ends the year with strengthened balance sheet
New York & Co ends the year with strengthened balance sheet
18
Mar '10
New York & Company, Inc a specialty apparel chain with 576 retail stores announced results for the fourth quarter and the full fiscal year ended January 30, 2010. The results of operations discussed below are for the Company's continuing operations only, the New York & Company brand.

Fourth Quarter and Fiscal Year Results

The Company significantly improved its profitability with net income from continuing operations of $0.04 per diluted share in the fourth quarter of fiscal year 2009, as compared to a net loss from continuing operations of $0.46 per diluted share in the prior year period. These results included certain unusual items that negatively impacted earnings for the period. Adjusted net income from continuing operations for the fourth quarter of fiscal year 2009 was $0.06 per diluted share, which excludes pre-tax restructuring charges of $1.9 million comprised of a $1.2 million non-cash asset impairment charge related to underperforming stores and a $0.7 million cash charge related to severance. This compares to prior year adjusted net loss from continuing operations of $0.20 per diluted share, which excludes $26.0 million of pre-tax restructuring and other charges. For the fourth quarter of fiscal year 2009, net sales were $298.0 million, as compared to $325.1 million for the fourth quarter of fiscal year 2008, and comparable store sales for the fourth quarter of fiscal year 2009 decreased 7.7% versus a decline of 10.9% last year.

Richard P. Crystal, New York & Company's Chairman and CEO, stated: "Our fourth quarter results were driven by an 800 basis point improvement in gross profit margin and the ongoing benefit of our cost reduction plan. In a challenging environment and despite the impact of our conservative inventory position on sales, we accomplished many of our financial and strategic objectives in fiscal 2009. Financially, we generated over $30 million in cost savings and ended the year with a strengthened balance sheet, including $87 million in cash-on-hand, a 15% decline in average inventory per store, reduced debt and no borrowings under our credit facility. Strategically, we continued to make progress in many of our merchandising initiatives as we upgraded our fashion assortments and improved our casual offerings. As a result of our actions, we ended fiscal 2009 in a strengthened position with strategies in place to continue our progress in 2010."

For fiscal year 2009, net sales were $1,006.7 million, as compared to net sales of $1,139.9 million for fiscal year 2008, and comparable store sales decreased 11.8% for fiscal year 2009 versus a decline of 8.6% last year. Net loss from continuing operations was $0.23 per diluted share for fiscal year 2009, as compared to a net loss from continuing operations of $0.34 per diluted share in fiscal year 2008.

Adjusted net loss from continuing operations for fiscal year 2009 was $0.20 per diluted share, which excludes pre-tax restructuring charges recorded during the third and fourth quarters of $0.5 million and $1.9 million, respectively. These charges were comprised of a $1.2 million non-cash asset impairment charge related to underperforming stores and $1.2 million of cash charges related to severance. This compares to the prior year adjusted net loss from continuing operations of $0.05 per diluted share, which excludes $28.6 million of pre-tax restructuring and other charges.

Click here for more details.

New York & Company Inc


Must ReadView All

Apparel/Garments | On 26th Sep 2017

US raises annual AGOA quota for textiles

The US Committee for the Implementation of Textile Agreements has...

Textiles | On 26th Sep 2017

Thrace-LINQ expanding Dorchester County operations

Thrace-LINQ, a global supplier of fabrics for the textile industry,...

Courtesy: Levis

Fashion | On 26th Sep 2017

Google unveils smart denim jacket with Levi Strauss

Ending the months-long wait, Google has unveiled its smart denim...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Sonam & Paras Modi
SVA

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

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

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
75.5%
No
12.2%
Skip
12.2%

Total Votes: 49

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
63.3%
No
24.5%
Skip
12.2%

Total Votes: 49

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
87.8%
No
6.1%
Skip
6.1%

Total Votes: 49

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
71.4%
No
10.2%
Skip
18.4%

Total Votes: 49


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