Apparel retailer New York & Co halves Q3FY17 GAAP net loss

December 02, 2016 - United States Of America

US specialty apparel retailer New York & Company halved its GAAP net loss for the third fiscal quarter ended October 29, 2016 to $2.5 million, or a loss of $0.04 per diluted share. Compared to this, the retailer recorded a GAAP net loss of $5.3 million, or a loss per diluted share of $0.08 in the corresponding quarter of the earlier fiscal.

On a non-GAAP basis, the company’s adjusted net loss was $3.0 million, or a loss of $0.05 per diluted share in the third quarter of fiscal 2017, as against non-GAAP adjusted net loss of $3.0 million, or a loss of $0.05 per diluted share in the prior fiscal’s third quarter.

For the reporting quarter, New York & Company reported net sales at $213.9 million, which includes $3.1 million of royalty revenue from the new private label credit card agreement vis-à-vis $219.8 million in the third quarter of fiscal 2016.

GAAP operating loss in the quarter under review was $2.1 million versus GAAP operating loss of $4.9 million in the comparable quarter of earlier fiscal. (AR)