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New York & Co posts Q2 results for 2007
23 Aug '07
4 min read
The JasmineSola loss of $0.10 per diluted share for the six months ended August 4, 2007 includes a loss of $0.05 per diluted share relating to costs associated with the completion of the Company's arbitration proceeding in April and charges to liquidate inventory resulting from the loss of a JasmineSola lease and the resulting modification of the closeout inventory strategy. Earnings per share are based on fully diluted shares outstanding of 60.9 million for the six month period ended August 4, 2007, compared to 59.8 million for the six month period ended July 29, 2006.
Richard P. Crystal, New York & Company's Chairman and CEO, stated: "As we look ahead we expect continued growth in apparel and internet sales. We will be focused on improving our accessory assortment and launching our City Beauty line in November."
"Against these positive developments there remains continued uncertainty in consumer traffic and spending, and the potential for continuation of a highly promotional environment. We have therefore revised our third quarter and full year guidance to reflect a cautious outlook for sales and margins and will be conservatively planning our inventory positions."
"We clearly are not satisfied with this level of performance and will be working diligently to improve these results, however we believe this is the proper stance for the current environment."
Guidance:
The Company is introducing guidance for the third quarter and updating its full year guidance based on first and second quarter actual results as follows:
Third Quarter of Fiscal 2007:
The Company's outlook for earnings per diluted share in the third quarter of fiscal year 2007 is in the range of $0.01 to $0.06 based on 61.4 million fully diluted shares outstanding, compared to diluted earnings per share of $0.16 for the third quarter of fiscal year 2006 based on 60.0 million fully diluted shares outstanding. The Company's outlook for the third quarter of fiscal year 2007 includes comparable store sales growth in the low negative single-digit to low positive single-digit range.
During fiscal year 2007, the Company plans to open 50 to 60 stores (of which 5-9 will be opening during the fourth quarter), close approximately 11 stores and remodel 25 to 30 stores, ending the year with 599 to 609 stores and approximately 3.4 million selling square feet in operation, with new stores representing 242,000 selling square feet. Capital expenditures are estimated in the range of $75.0 million to $78.0 million.
Richard P. Crystal, New York & Company's Chairman and CEO, stated: "As we look ahead we expect continued growth in apparel and internet sales. We will be focused on improving our accessory assortment and launching our City Beauty line in November."
"Against these positive developments there remains continued uncertainty in consumer traffic and spending, and the potential for continuation of a highly promotional environment. We have therefore revised our third quarter and full year guidance to reflect a cautious outlook for sales and margins and will be conservatively planning our inventory positions."
"We clearly are not satisfied with this level of performance and will be working diligently to improve these results, however we believe this is the proper stance for the current environment."
Guidance:
The Company is introducing guidance for the third quarter and updating its full year guidance based on first and second quarter actual results as follows:
Third Quarter of Fiscal 2007:
The Company's outlook for earnings per diluted share in the third quarter of fiscal year 2007 is in the range of $0.01 to $0.06 based on 61.4 million fully diluted shares outstanding, compared to diluted earnings per share of $0.16 for the third quarter of fiscal year 2006 based on 60.0 million fully diluted shares outstanding. The Company's outlook for the third quarter of fiscal year 2007 includes comparable store sales growth in the low negative single-digit to low positive single-digit range.
During fiscal year 2007, the Company plans to open 50 to 60 stores (of which 5-9 will be opening during the fourth quarter), close approximately 11 stores and remodel 25 to 30 stores, ending the year with 599 to 609 stores and approximately 3.4 million selling square feet in operation, with new stores representing 242,000 selling square feet. Capital expenditures are estimated in the range of $75.0 million to $78.0 million.
New York & Company Inc
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