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Share Name | Share Symbol | Market | Type |
---|---|---|---|
New York & Company New York & Company, Inc. | NYSE:NWY | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.50 | 0.00 | 01:00:00 |
~ Reports a Comparable Store Sales Decrease of 0.4% ~
~ GAAP Operating Loss of $9.2 Million Including a $6.2 Million One-Time Charge ~
~ Non-GAAP Operating Loss of $3 Million In Line With Prior Guidance ~
New York & Company, Inc. (NYSE:NWY), a specialty apparel chain with 466 retail stores, today announced results for the fourth quarter and fiscal year ended January 28, 2017.
Gregory Scott, New York & Company’s CEO stated: “In a rapidly changing retail environment, our fourth quarter results met the high-end of the updated outlook we issued in January and included a double-digit increase in eCommerce sales, strong results in our Eva Mendes Collection, and expansion in overall gross profit margin despite mall traffic declines that lowered sales. The year was highlighted by significant progress toward our four key initiatives that we believe position New York & Company to improve its traffic trend through growth in celebrity and sub-brands that are exclusive to us, the expansion of our loyalty program and the introduction of marketing events that resonate more closely with our consumer demographic. At the same time, our inventories were well controlled with a double-digit decline, as compared to last year, and we also continued to optimize our real estate footprint and drive expense and cost reductions as part of our continuing efforts under our Project Excellence program.
As we begin, 2017, we expect to accelerate our progress toward our goals with continued growth in celebrity and sub-brands that will include the introduction of a new celebrity partnership launching in early April. We will continue to drive growth in eCommerce by leveraging our omni-channel capabilities and expect to benefit from our expanding Private Label Credit Card Loyalty Program with increases in sales as well as significantly improved royalties under the terms of our new Private label Credit Card agreement. We are also extremely pleased to have taken over several competitor locations with flexible lease terms in some of the best malls in the country. These locations were obtained at attractive occupancy rates, requiring low capital investment and are expected to generate high returns as we will showcase a more expansive selection of our Eva Mendes Collection, which has seen a double-digit increase in sales since we began the collaboration in 2013.”
Fourth Quarter Fiscal Year 2016 Results (13-weeks ended January 28, 2017 compared to the 13-weeks ended January 30, 2016):
Please refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” in Exhibit 5 of this press release, which delineates the non-operating charges for the three months ended January 28, 2017 and January 30, 2016. GAAP is defined as Generally Accepted Accounting Principles in the United States.
Full Fiscal Year 2016 Results (52-weeks ended January 28, 2017 compared to the 52-weeks ended January 30, 2016):
Please refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” in Exhibit 6 of this press release, which delineates the non-operating charges for the twelve months ended January 28, 2017 and January 30, 2016. GAAP is defined as Generally Accepted Accounting Principles in the United States.
Share Repurchase Activity:
Outlook:
Regarding expectations for the first quarter of fiscal year 2017, the Company is providing the following guidance:
Additional Outlook:
Comparable Store Sales:
A store is included in the comparable store sales calculation after it has completed 13 full fiscal months of operations from the store's opening date or once it has been reopened after remodeling if the gross square footage did not change by more than 20%. Sales from the Company's eCommerce store and private label credit card royalties and related revenue are included in comparable store sales.
Conference Call Information
A conference call to discuss fourth quarter and fiscal year 2016 results is scheduled for today, Thursday, March 16, 2017 at 4:30 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial (888) 455-2260 and reference conference ID number 9434227 approximately ten minutes prior to the start of the call. The conference call will also be web-cast live at www.nyandcompany.com. A replay of this call will be available at 7:30 p.m. Eastern Time on March 16, 2017 until 11:59 p.m. Eastern Time on March 23, 2017 and can be accessed by dialing (844) 512-2921 and entering conference ID number 9434227.
About New York & Company
New York & Company, Inc. is a specialty retailer of women's fashion apparel and accessories, and the modern wear-to-work destination for women, providing fashion that is feminine, polished, on-trend and versatile. New York & Company, Inc. helps its customers feel confident, put-together, attractive and stylish by providing affordable fashion. The Company's proprietary branded New York & Company® merchandise is sold through its national network of retail stores and online at www.nyandcompany.com. The Company operates 466 stores in 39 states. Additionally, certain product, press release and SEC filing information concerning the Company are available at the Company's website: www.nyandcompany.com.
Forward-looking Statements
This press release contains certain forward-looking statements, including statements made within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Some of these statements can be identified by terms and phrases such as “expect,” “anticipate,” “believe,” “intend,” “estimate,” “continue,” “could,” “may,” “plan,” “project,” “predict,” and similar expressions and references to assumptions that the Company believes are reasonable and relate to its future prospects, developments and business strategies. Such statements, including information under “Outlook” and “Additional Outlook” above, are subject to various risks and uncertainties that could cause actual results to differ materially. These include, but are not limited to: (i) market conditions impacting the Company’s stock; (ii) the impact of general economic conditions and their effect on consumer confidence and spending patterns; (iii) changes in the cost of raw materials, distribution services or labor; (iv) the potential for current economic conditions to negatively impact the Company's merchandise vendors and their ability to deliver products; (v) the Company’s ability to open and operate stores successfully; (vi) the Company’s ability to continue to recognize the savings identified through Project Excellence; (vii) seasonal fluctuations in the Company’s business; (viii) the Company’s ability to anticipate and respond to fashion trends; (ix) the Company’s dependence on mall traffic for its sales; (x) competition in the Company’s market, including promotional and pricing competition; (xi) the Company’s ability to retain, recruit and train key personnel; (xii) the Company’s reliance on third parties to manage some aspects of its business; (xiii) the Company’s reliance on foreign sources of production; (xiv) the Company’s ability to protect its trademarks and other intellectual property rights; (xv) the Company’s ability to maintain, and its reliance on, its information technology infrastructure; (xvi) the effects of government regulation; (xvii) the control of the Company by its sponsors and any potential change of ownership of those sponsors; and (xviii) other risks and uncertainties as described in the Company’s documents filed with the SEC, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The Company undertakes no obligation to revise the forward-looking statements included in this press release to reflect any future events or circumstances.
Exhibit (1)
New York & Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
Three months Three months ended ended January 28, % of January 30, % of (Amounts in thousands, except per share amounts) 2017 net sales 2016 net sales Net sales $ 266,323 100.0 % $ 271,272 100.0 % Cost of goods sold, buying and occupancy costs 193,265 72.6 % 201,492 74.3 % Gross profit 73,058 27.4 % 69,780 25.7 % Selling, general and administrative expenses 82,280 30.9 % 69,158 25.5 % Operating (loss) income (9,222) (3.5) % 622 0.2 % Interest expense, net of interest income 310 0.1 % 304 0.1 % (Loss) income before income taxes (9,532) (3.6) % 318 0.1 % Provision for income taxes 456 0.2 % 234 0.1 % Net (loss) income $ (9,988) (3.8) % $ 84 — % Basic (loss) earnings per share $ (0.16) $ 0.00 Diluted (loss) earnings per share $ (0.16) $ 0.00 Weighted average shares outstanding: Basic shares of common stock 63,226 63,233 Diluted shares of common stock 63,226 63,607 Selected operating data: (Dollars in thousands, except square foot data) Comparable store sales (decrease) increase (0.4) % 1.9 % Net sales per average selling square foot (a)(d) $ 109 $ 105 Net sales per average store (b)(d) $ 556 $ 539 Average selling square footage per store (c) 5,080 5,125 Ending store count 466 490(a)
Net sales per average selling square foot is defined as net sales divided by the average of beginning and monthly end of period selling square feet.
(b)
Net sales per average store is defined as net sales divided by the average of beginning and monthly end of period number of stores.
(c)
Average selling square footage per store is defined as end of period selling square feet divided by end of period number of stores.
(d)
Effective first quarter of fiscal year 2016, the Company transitioned to a monthly average calculation from a two-point average calculation. Prior period metrics have been restated resulting in an immaterial impact.
Exhibit (2)
New York & Company, Inc. and SubsidiariesCondensed Consolidated Statements of Operations
Twelve months Twelve months ended ended January 28, % of January 30, % of (Amounts in thousands, except per share amounts) 2017 net sales 2016 * net sales (Unaudited) Net sales $ 929,081 100.0 % $ 950,108 100.0 % Cost of goods sold, buying and occupancy costs 665,102 71.6 % 685,253 72.1 % Gross profit 263,979 28.4 % 264,855 27.9 % Selling, general and administrative expenses 279,362 30.1 % 272,960 28.8 % Operating loss (15,383) (1.7) % (8,105) (0.9) % Interest expense, net of interest income 1,235 0.1 % 1,227 0.1 % Loss before income taxes (16,618) (1.8) % (9,332) (1.0) % Provision for income taxes 673 0.1 % 737 0.1 % Net loss $ (17,291) (1.9) % $ (10,069) (1.1) % Basic loss per share $ (0.27) $ (0.16) Diluted loss per share $ (0.27) $ (0.16) Weighted average shares outstanding: Basic shares of common stock 63,356 63,154 Diluted shares of common stock 63,356 63,154 Selected operating data: (Dollars in thousands, except square foot data) Comparable store sales (decrease) increase (0.7) % 3.1 % Net sales per average selling square foot (a)(d) $ 375 $ 367 Net sales per average store (b)(d) $ 1,920 $ 1,889 Average selling square footage per store (c) 5,080 5,125(a)
Net sales per average selling square foot is defined as net sales divided by the average of beginning and monthly end of period selling square feet.
(b)
Net sales per average store is defined as net sales divided by the average of beginning and monthly end of period number of stores.
(c)
Average selling square footage per store is defined as end of period selling square feet divided by end of period number of stores.
(d)
Effective first quarter of fiscal year 2016, the Company transitioned to a monthly average calculation from a two-point average calculation. Prior period metrics have been restated resulting in an immaterial impact.
*
Derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2016.
Exhibit (3)
New York & Company, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands) January 28, 2017 January 30, 2016* (Unaudited) Assets Current assets: Cash and cash equivalents $ 88,369 $ 61,432 Accounts receivable 11,837 8,208 Income taxes receivable 144 47 Inventories, net 78,044 87,777 Prepaid expenses 18,746 19,442 Other current assets 824 858 Total current assets 197,964 177,764 Property and equipment, net 87,070 88,831 Intangible assets 14,879 14,879 Other assets 1,675 1,986 Total assets $ 301,588 $ 283,460 Liabilities and stockholders’ equity Current liabilities: Current portion—long-term debt $ 841 $ 841 Accounts payable 68,068 82,225 Accrued expenses 69,294 52,424 Income taxes payable 174 239 Total current liabilities 138,377 135,729 Long-term debt, net of current portion 11,485 12,326 Deferred rent 30,039 34,351 Other liabilities 42,518 7,283 Total liabilities 222,419 189,689 Total stockholders’ equity 79,169 93,771 Total liabilities and stockholders’ equity $ 301,588 $ 283,460*
Derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2016.
Exhibit (4)
New York & Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
Twelve monthsended
January 28, 2017
Twelve monthsended
January 30, 2016*
(Unaudited) Operating activities Net loss $ (17,291) $ (10,069) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 22,786 24,181 Loss from impairment charges 1,197 327 Amortization of deferred financing costs 189 201 Share-based compensation expense 3,404 3,867 Changes in operating assets and liabilities: Restricted stock — 1,509 Accounts receivable (3,629) (948) Income taxes receivable (97) 52 Inventories, net 9,733 6,014 Prepaid expenses 696 1,139 Accounts payable (14,157) (4,256) Accrued expenses 16,082 (417) Income taxes payable (65) (471) Deferred rent (4,312) (818) Other assets and liabilities 34,224 338 Net cash provided by operating activities 48,760 20,649 Investing activities Capital expenditures (18,308) (26,648) Insurance recoveries — 146 Net cash used in investing activities (18,308) (26,502) Financing activities Repayment of long-term debt (1,000) (1,000) Payment of financing costs — (161) Purchase of treasury stock (1,079) — Proceeds from exercise of stock options 121 16 Shares withheld for payment of employee payroll taxes (312) (297) Principal payments on capital lease obligations (1,245) (566) Net cash used in financing activities (3,515) (2,008) Net increase (decrease) in cash and cash equivalents 26,937 (7,861) Cash and cash equivalents at beginning of period 61,432 69,293 Cash and cash equivalents at end of period $ 88,369 $ 61,432 Supplementary non-cash investing activities Non-cash capital lease transactions $ 3,914 $ 2,317*
Derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2016.
Exhibit (5)
New York & Company, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAP Financial Measures(Unaudited)
A reconciliation of the Company’s GAAP to non-GAAP selling, general, and administrative expenses, operating (loss) income, net (loss) income, and (loss) earnings per diluted share for the three months ended January 28, 2017 and January 30, 2016 is indicated below. This information reflects, on a non-GAAP basis, the Company’s adjusted operating results after excluding certain non-operating charges. This non-GAAP financial information is provided to enhance the user’s overall understanding of the Company’s current financial performance. Specifically, the Company believes the non-GAAP adjusted results provide useful information to both management and investors by excluding expenses that the Company believes are not indicative of the Company’s continuing operating results. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, measures of financial performance prepared in accordance with GAAP.
Three months ended January 28, 2017
Selling, general and administrative Loss per (Amounts in thousands, except per share amounts) expenses Operating loss Net loss diluted share GAAP as reported $ 82,280 $ (9,222) $ (9,988) $ (0.16)Adjustments affecting comparability
Legal settlement and fees (trademark infringement case) 6,200 6,200 6,200 Total adjustments (1) 6,200 6,200 6,200 0.10Non-GAAP as adjusted
$ 76,080 $ (3,022) $ (3,788) $ (0.06)
Three months ended January 30, 2016
Selling, general and administrative Operating Earnings per (Amounts in thousands, except per share amounts) expenses income Net income diluted share GAAP as reported $ 69,158 $ 622 $ 84 $ 0.00Adjustments affecting comparability
Consulting expense-Project Excellence 24 24 24 Reversal of legal expense accrual (145) (145) (145) Certain severance expense 636 636 636 Executive relocation expense 146 146 146 Net reduction of moving expenses for new headquarters (20) (20) (20) Total adjustments (1) 641 641 641 0.01Non-GAAP as adjusted
$ 68,517 $ 1,263 $ 725 $ 0.01(1)
The tax effect of $6.2 million and $0.6 million of expenses, during the three months ended January 28, 2017 and January 30, 2016, respectively, is offset by a full valuation allowance against deferred tax assets.
Exhibit (6)
New York & Company, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAP Financial Measures(Unaudited)
A reconciliation of the Company’s GAAP to non-GAAP selling, general, and administrative expenses, operating loss, net loss and loss per diluted share for the twelve months ended January 28, 2017 and January 30, 2016 is indicated below. This information reflects, on a non-GAAP basis, the Company’s adjusted operating results after excluding certain non-operating charges. This non-GAAP financial information is provided to enhance the user’s overall understanding of the Company’s current financial performance. Specifically, the Company believes the non-GAAP adjusted results provide useful information to both management and investors by excluding expenses that the Company believes are not indicative of the Company’s continuing operating results. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, measures of financial performance prepared in accordance with GAAP.
Twelve months ended January 28, 2017
Selling, general and administrative Loss per (Amounts in thousands, except per share amounts) expenses Operating loss Net loss diluted share GAAP as reported $ 279,362 $ (15,383) $ (17,291) $ (0.27)Adjustments affecting comparability
Net legal settlement and fees (Includes $6.2M reserve for trademark infringement case)
5,727 5,727 5,727 Total adjustments (1) 5,727 5,727 5,727 0.09Non-GAAP as adjusted
$ 273,635 $ (9,656) $ (11,564) $ (0.18)
Twelve months ended January 30, 2016
Selling, general and administrative Loss per (Amounts in thousands, except per share amounts) expenses Operating loss Net loss diluted share GAAP as reported $ 272,960 $ (8,105) $ (10,069) $ (0.16)Adjustments affecting comparability
Consulting expense-Project Excellence 3,129 3,129 3,129 Legal expense 2,452 2,452 2,452 Certain severance expense 2,213 2,213 2,213 Executive relocation expense 146 146 146 Net reduction of moving expenses for new headquarters (124) (124) (124) Total adjustments (1) 7,816 7,816 7,816 0.12Non-GAAP as adjusted
$ 265,144 $ (289) $ (2,253) $ (0.04)(1)
The tax effect of $5.7 million and $7.8 million of expenses, during the twelve months ended January 28, 2017 and January 30, 2016, respectively, is offset by a full valuation allowance against deferred tax assets.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170316006210/en/
Investors:ICR, Inc.Allison Malkin, 203-682-8200
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