For the thirteen week period ended July 30, 2016, specialty apparel retailer New York & Company posted a turnaround by reporting a net income as against a net loss in the prior fiscal's second quarter.
GAAP net income for the second quarter of fiscal 2017 was $0.9 million, or $0.01 per diluted share as against GAAP net loss of $0.1 million, or breakeven per diluted share in the earlier fiscal's same quarter.
Excluding $2.0 million of non-operating charges, the earlier fiscal's second quarter non-GAAP adjusted net income was $1.9 million, or $0.03 per diluted share.
This turnaround was made possible due to GAAP operating income more than tripling to $1.3 million in the reporting quarter compared $0.4 million in the comparable quarter in fiscal 2016.
Net sales for the reporting quarter stood at $232.8 million, as compared to $235.7 million in the second quarter of earlier fiscal, while comparable store sales rose by a marginal 0.3 per cent.
Gross profit as a percentage of net sales grew 30 basis points to 28.8 per cent vis-a-vis 28.5 per cent in the corresponding quarter of fiscal 2016. (AR)
Fibre2Fashion News Desk – India