Home / Knowledge / News / Apparel/Garments / NY & Co continues to view 2011 as a transition year
NY & Co continues to view 2011 as a transition year
20
May '11
New York & Company Inc, a specialty apparel chain with 553 retail stores, announced results for the first quarter ended April 30, 2011. For the first quarter of fiscal year 2011, net sales were $239.4 million, as compared to $237.0 million for the first quarter of fiscal year 2010. Comparable store sales for the first quarter of fiscal year 2011 increased 2.5%, as compared to an increase of 2.9% in the prior year first quarter.

Operating loss for the first quarter of fiscal year 2011 was $3.6 million, reflecting a significant improvement from the prior year's first quarter operating loss of $8.7 million.

Net loss for the first quarter of fiscal year 2011 narrowed to $3.7 million, or $0.06 per diluted share, with an effective tax rate of 1.4%. This compares to the prior year net loss of $4.9 million, or $0.08 per diluted share, with an effective tax rate of 45.3%. On a non-GAAP basis, normalizing taxes to eliminate the valuation allowance recorded in the first quarter of fiscal year 2011, the Company's adjusted net loss was $2.2 million, or $0.04 per diluted share, as compared to $0.08 per diluted share for the first quarter of fiscal year 2010.

Gregory Scott, New York & Company's CEO, stated: "During the first quarter we remained focused on our stated goal of driving modest comparable store sales gains while controlling markdowns and tightly managing inventory and expenses. While we continue to view 2011 as a transition year, we are encouraged by our customers' positive response to our spring fashion which drove improved levels of regular price selling. In addition, changes to our product flow and promotional calendar allowed us to optimize our sales productivity. These strategies, along with leverage of our buying and occupancy costs, fueled a significant improvement in our operating results for the quarter versus last year."

During the quarter, the Company accomplished the following:

• The Company's E-commerce business produced strong results with sales increasing 36.2% from the year-ago period.
• Gross profit as a percentage of net sales improved by 120 basis points versus the prior year, driven by improved leverage in buying and occupancy costs combined with controlled levels of promotional activity.
• Selling, general and administrative expenses as a percentage of net sales declined by 100 basis points versus the prior year.
• Inventory remains tightly managed with total quarter-end inventory declining by 15.4%, as compared to the end of last year's first quarter. Inventory per average store at the end of the first quarter decreased 11.4%, as compared to the end of last year's first quarter.
• The Company ended the quarter with $35.1 million of cash-on-hand and no outstanding borrowings under its revolving credit facility.
• The Company remodeled one existing store and closed two stores, ending with 553 stores, including 24 outlet stores, and 3.0 million selling square feet in operation.

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

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...

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 ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sonam & Paras Modi
SVA

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

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
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search