Home / Knowledge / News / Apparel/Garments / New York & Co achieves positive comp store sales growth of 3.6%
New York & Co achieves positive comp store sales growth of 3.6%
19
Nov '10
New York & Company, Inc., a specialty apparel chain with 579 retail stores, announced results for the third quarter ended October 30, 2010 were in-line with previous guidance issued by the Company.

For the third quarter of fiscal year 2010, net sales were $238.2 million, as compared to $227.9 million for the third quarter of fiscal year 2009. Comparable store sales for the third quarter of fiscal year 2010 increased 3.6% compared to an 8.4% decrease in the prior year third quarter. Net income from continuing operations for the third quarter of fiscal year 2010 was $1.9 million, or $0.03 per diluted share, which includes earnings of $0.06 per diluted share related to certain non-operating adjustments. This compares to a net loss of $0.11 per diluted share in the prior year, which includes a previously disclosed non-operating loss of $0.01 per diluted share related to restructuring charges.

The non-operating adjustments recorded in the third quarter of fiscal year 2010 include a $6.1 million tax benefit resulting primarily from a change in accounting methods for tax purposes, partially offset by $1.2 million of tax expense to record a valuation allowance against deferred tax assets generated during the third quarter, $1.0 million of separation expenses related to recent management changes and $0.1 million of restructuring charges.

On a non-GAAP basis, excluding the non-operating adjustments, the Company's adjusted net loss from continuing operations for the third quarter of fiscal year 2010 was $1.9 million, or $0.03 per diluted share. This compares to a non-GAAP adjusted net loss from continuing operations for the third quarter last year of $6.0 million, or $0.10 per diluted share, which excludes a non-operating charge discussed above. Please refer to the "Reconciliation of GAAP to Non-GAAP Financial Measures" in Exhibit 5 of this press release.

Richard P. Crystal, New York & Company's Chairman and CEO, stated: "We are encouraged by our third quarter results which were driven by an improved fall product assortment that resonated well with our core customer. During the quarter, we were more targeted and efficient with our customer relationship management efforts which allowed us to be more selective in our promotions and drive higher margins. As we enter the fourth quarter, we are pleased with the initial response to our holiday merchandise as well as our inventory position."

During the quarter:

• The Company achieved positive comparable store sales growth of 3.6%.
• Gross profit as a percentage of net sales improved by 260 basis points versus the prior year, primarily driven by leverage in buying and occupancy costs resulting from positive comparable store sales.
• Selling, general and administrative expenses as a percentage of net sales declined by 30 basis points versus the prior year. This includes $1.0 million of separation expenses described above.
• The Company continued the implementation of its new outlet store strategy opening seven additional stores, four of which were converted from existing New York & Company stores, and ending with 23 outlet stores in operation.


Must ReadView All

Apparel/Garments | On 21st Sep 2017

UK fashion exports £10.7 bn in 2016; highest till now

Exports of British fashion goods rose to £10.7 billion in 2016, the...

Apparel/Garments | On 21st Sep 2017

BFC announces partnership with Chinese firm JD.com

The British Fashion Council (BFC) has forged a new partnership...

Textiles | On 21st Sep 2017

Indonesia’s textile exports may reach $15 billion by 2019

Indonesia’s textile-related exports are projected to reach $15...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Mohammad Hassan
Biax Fiberfilm

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Igor Chapurin
Chapurin

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

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