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NY & Company net income for Q4 up 16.6% to $24 mn

22
Mar '07
New York & Company Inc announced results for the fourth quarter and for the full fiscal year ended February 3, 2007. The Company noted that this fiscal year period includes 53 weeks versus 52 weeks in last year's fiscal period ended January 28, 2006, with the additional week occurring in the final month of the 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 2005. However, all comparable sales numbers shown below are for either thirteen weeks or 52 weeks, as appropriate.

For the fourth quarter of 2006, net sales increased 11.0% to $390.3 million, as compared to $351.6 million in the fourth quarter of 2005. Comparable store sales increased 1.2% on top of a comparable store sales increase of 9.6% in the fourth quarter of 2005. Net income was $24.0 million, or $0.40 per diluted share, in the fourth quarter of 2006, compared to $20.6 million, or $0.36 per diluted share, in the fourth quarter of 2005.

For fiscal year 2006, net sales increased 5.5% to $1,193.2 million, as compared to net sales of $1,130.5 million in fiscal year 2005. Comparable store sales decreased 2.6% in fiscal year 2006 and increased 3.2% in fiscal year 2005. Net income in fiscal year 2006 was $46.2 million, or $0.77 per diluted share, compared to $58.5 million, or $1.02 per diluted share in fiscal year 2005.

Richard P. Crystal, New York & Company's Chairman and CEO, stated: "Fiscal 2006 marked a productive yet challenging period for our Company. We overcame adversity in our first-half results by infusing talent and leadership to strengthen our design and merchandising areas and better align our assortments with the desires of our customers."

"The initial benefits were seen in the third quarter and again in the fourth quarter with record levels of reported sales and operating profit. As we begin fiscal 2007, our priorities are focused on delivering compelling assortments while continuing our store expansion plans. We remain excited by our near- and long-term growth prospects and believe that fiscal 2007 will represent a solid year of growth for our Company."


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