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NY & Co CEO pleased with first quarter results
08 May '08
2 min read
New York & Company Inc is a specialty apparel chain with 586 retail stores. Unless otherwise noted, the sales and results of operations discussed below are for the Company's continuing operations only, the New York & Company brand.
Net sales for the thirteen-week period ended May 3, 2008 decreased 1.5% to $270.1 million, as compared to $274.2 million for the thirteen-week period ended May 5, 2007. Comparable store sales decreased 6.6% for the thirteen-week period ended May 3, 2008 as compared to a comparable store sales decrease of 0.7% for the thirteen-week period ended May 5, 2007.
Richard P. Crystal, New York & Company's Chairman and CEO, stated: "We are pleased with our first quarter results, which demonstrate that our strategies in merchandising and inventory management are generating positive results for our Company despite the challenging environment.
Our spring assortments are resonating well with consumers and while the elimination of non-brand building promotions affected our comparable store sales early in the quarter, sales rebounded solidly in April and we expect to exceed our margin goals for the period. As a result we have raised our first quarter earnings expectations."
The Company currently expects earnings per diluted share to increase to approximately $0.10 for the first quarter representing a 25% increase in earnings per diluted share as compared to $0.08 in the prior year's first quarter. This result is due to improvement in gross margins offsetting the impact of expected lower comparable store sales.
The Company opened 10 new stores and closed two stores during the quarter, ending the quarter with 586 stores and 3.3 million selling square feet in operation.
Net sales for the thirteen-week period ended May 3, 2008 decreased 1.5% to $270.1 million, as compared to $274.2 million for the thirteen-week period ended May 5, 2007. Comparable store sales decreased 6.6% for the thirteen-week period ended May 3, 2008 as compared to a comparable store sales decrease of 0.7% for the thirteen-week period ended May 5, 2007.
Richard P. Crystal, New York & Company's Chairman and CEO, stated: "We are pleased with our first quarter results, which demonstrate that our strategies in merchandising and inventory management are generating positive results for our Company despite the challenging environment.
Our spring assortments are resonating well with consumers and while the elimination of non-brand building promotions affected our comparable store sales early in the quarter, sales rebounded solidly in April and we expect to exceed our margin goals for the period. As a result we have raised our first quarter earnings expectations."
The Company currently expects earnings per diluted share to increase to approximately $0.10 for the first quarter representing a 25% increase in earnings per diluted share as compared to $0.08 in the prior year's first quarter. This result is due to improvement in gross margins offsetting the impact of expected lower comparable store sales.
The Company opened 10 new stores and closed two stores during the quarter, ending the quarter with 586 stores and 3.3 million selling square feet in operation.
New York & Company Inc
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