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New York & Co declares Q2 & six-month results

18
Aug '05
Lifestyle fashion firm New York & Company Inc announced financial results for the second quarter and six-month period ended July 30, 2005.

Net sales for the second quarter of fiscal 2005 increased 4.9 percent to $254.6 million compared to $242.8 million in the prior year quarter. Comparable store sales for the second quarter of fiscal 2005 increased 0.4 percent compared to a 14.1 percent increase in the prior year quarter. Operating income for the second quarter of fiscal 2005 increased 67.2 percent to $21.7 million, compared to $13.0 million, in the prior year period. Net income for the second quarter of fiscal 2005 increased by $21.2 million to $12.3 million, or $0.21 per diluted share, compared to a net loss of $(8.9) million or $(0.20) per diluted share, in the second quarter of fiscal 2004.

Net sales for the six-month period ended July 30, 2005 increased 6.0 percent to $524.6 million from $494.9 million in the prior year six-month period. Comparable store sales for the six-month period ended July 30, 2005 increased 2.3 percent compared to a 14.1 percent increase in the prior year period. Operating income for the six-month period in fiscal 2005 increased 31.1 percent to $59.1 million, compared to $45.1 million in the prior year period. Net income for the six months ended July 30, 2005 increased 731.4 percent to $33.7 million, or $0.59 per diluted share, compared to $4.1 million or $0.08 per diluted share, in the prior year period.

"They are pleased with overall performance for the second quarter and the Spring Season," stated Richard P. Crystal, New York & Company's Chairman and CEO. "They met earnings guidance which they attribute to merchandise assortment, disciplined operating model and successful store expansion strategies. During the quarter they also completed the acquisition of JasmineSola, a Boston based retailer of upscale and contemporary apparel, footwear and accessories with 14 stores in operation, which affords us an additional growth vehicle. As they look ahead, they believe that merchandise and marketing plans position us to capitalize on the upcoming season."


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