~ Comparable Store Sales Increase of 2.2%
~
~ Highest Third Quarter Operating Income
Since 2007 ~
~ GAAP Operating Income of $0.6 Million
Improving by $2.7 Million Compared to Last Year ~
~ Non-GAAP Operating Income of $1.3 Million
Improving by $3.8 Million Compared to Last Year ~
~ Gross Profit Margin Improves by 170 Basis
Points from Last Year to Highest Level Since 2006 ~
New York & Company, Inc. [NYSE:NWY], a specialty
women’s apparel chain with 459 retail stores, today announced
results for the third quarter ended October 28, 2017.
Gregory Scott, New York & Company’s CEO stated: “We are
pleased to report better-than-expected third quarter results,
highlighted by positive comparable store sales, expansion in gross
margin and continued expense discipline, which drove a $2.7 million
increase in operating income as compared to the third quarter last
year. Our results reflect the successful execution of our strategy
to increase the differentiation in our assortment with celebrity
and sub-brands, capitalize on our omni-channel capabilities to
drive eCommerce sales and continue to increase efficiencies through
our Project Excellence initiatives. During the quarter, our new
collaboration with Gabrielle Union met with a strong response, our
eCommerce sales grew at a double-digit pace and our in-store
traffic significantly outpaced the mall average, all of which led
to a 2.2% increase in comparable store sales. At quarter end, our
balance sheet remained strong with cash per share of $1.08.
“As we enter the fourth quarter we were pleased to experience a
strong November with improved comparable store sales versus the
third quarter, driven by strength on Black Friday. We were pleased
to see positive comparable store sales across all three channels
and record breaking results in our eCommerce business on Black
Friday. These results position us well for the quarter and are
reflected in our guidance for positive comparable store sales and a
significant improvement in operating results which would make us
profitable for the fourth quarter and full fiscal year.”
Third Quarter Fiscal Year 2017 Results (13-weeks ended
October 28, 2017 compared to the 13-weeks ended October 29,
2016):
- Net sales were $214.2 million,
increasing 0.1% as compared to $213.9 million in the prior year,
reflecting growth in comparable sales driven by eCommerce, offset
by the impact of a lower store count (459 this year versus 483 last
year).
- Comparable store sales
increased 2.2%, reflecting double-digit percentage growth in
eCommerce partially offset by decreases in comparable store sales
in brick-and-mortar stores.
- Gross profit as a percentage of net
sales increased 170 basis points to 31.6% versus 29.9% for the
fiscal year 2016 third quarter, reflecting the highest gross margin
rate achieved in the third quarter since 2006. The increase during
the quarter reflects a 210 basis point improvement in the leverage
of buying and occupancy costs, partially offset by a 40 basis point
decrease in merchandise margin.The 40 basis point decrease in
merchandise margin was driven by an increase in promotional
activity combined with a $1.5 million increase in shipping costs
resulting from significant growth in the eCommerce business,
partially offset by a $3.0 million increase in royalties under the
new private label credit card agreement.During the quarter, the
Company continued to aggressively reduce expenses which led to a
$4.3 million decrease in buying and occupancy costs, as compared to
the third quarter of the prior year, leading to a 210 basis points
improvement in the leverage of these expenses despite flat total
sales dollars.
- Selling, general and administrative
expenses were $67.0 million, as compared to $66.1 million in the
prior year period; however, they included several items which
affected comparability as follows:
(Amounts in
millions) Three monthsended
October 28, 2017*
Three monthsended
October 29, 2016
GAAP selling, general and administrative expenses $ 67.0 $ 66.1 Add
back: non-operating charges (benefit) 0.8 (0.5 ) Non-GAAP selling,
general and administrative expenses 66.1 66.6 Add back: ADS
marketing credits — 0.6 Non-GAAP adjusted selling, general
and administrative expenses $ 66.1 $ 67.2
* Subtotals do not foot due to rounding.
Excluding the impact of the non-operating
charges in the current year which were primarily due to severance
related to an integration of brick-and-mortar channels, benefits in
the prior year due to the reversal of a legal accrual, and changes
in the classification of benefits received under the ADS private
label credit card agreement, non-GAAP adjusted selling, general and
administrative expenses have decreased by $1.1 million to $66.1
million, as compared to $67.2 million in the prior year period.
- GAAP operating income improved
significantly to income of $0.6 million, as compared to a loss of
$2.1 million, in the prior year’s third quarter. On a non-GAAP
basis, excluding $0.6 million of non-operating charges, adjusted
operating income was $1.3 million, compared to the prior year’s
non-GAAP operating loss of $2.6 million, which excluded a $0.5
million non-operating benefit.
- GAAP net income for the third quarter
of fiscal year 2017 was $0.4 million, or earnings of $0.01 per
diluted share. This compares to the prior year’s GAAP net loss of
$2.5 million, or a loss of $0.04 per diluted share. On a non-GAAP
basis, the Company’s third quarter 2017 adjusted net income was
$1.0 million, or earnings of $0.02 per diluted share. This compares
to prior year’s third quarter, non-GAAP adjusted net loss of $3.0
million, or a loss of $0.05 per diluted share.
Please refer to the “Reconciliation of GAAP to Non-GAAP
Financial Measures” in Exhibit 5 and Exhibit 6 of this press
release, which delineates the non-operating adjustments for the
three and nine months ended October 28, 2017 and October 29, 2016,
respectively. GAAP is defined as Generally Accepted Accounting
Principles.
- Total quarter-end inventory increased
1.4%, as compared to the end of last year’s third quarter, due to
increased inventory in-transit, and increased levels of eCommerce
inventory to support holiday selling, partially offset by a slight
decrease in in-store inventory due to lower store count.
- Capital expenditures for the third
quarter of fiscal year 2017 were $3.1 million, as compared to $4.1
million in last year’s third quarter, primarily reflecting
investments for two new stores with short-term leases under
attractive terms, investments to refresh existing real estate, and
investments in the Company’s information technology infrastructure
to support its growing omni-channel business.
- The Company opened 2 New York &
Company stores, refreshed 4 New York & Company stores, and
closed 3 New York & Company stores, ending the third quarter
with 459 stores, including 125 Outlet stores and 2.3 million
selling square feet in operation.
- The Company ended the quarter with
$69.2 million of cash on-hand, representing a $15.2 million
increase to the prior year’s third quarter ending cash balance of
$54.0 million. The cash on-hand balance of $69.2 million represents
approximately $1.08 in cash per share and approximately $0.90 in
cash per share, net of debt. The Company had no outstanding
borrowings under its revolving credit facility.
Outlook:
As previously disclosed, the Company’s fiscal year is based upon
a retail calendar and fiscal year 2017 is a 53-week year with an
extra week of sales and expenses occurring late in the fourth
quarter.
Regarding expectations for the fourth quarter of fiscal year
2017, the Company is providing the following guidance, which
includes the extra week of sales and expenses:
- Net sales are expected to be up by a
low single-digit percentage reflecting positive comparable store
sales and the inclusion of the 53rd week in the fiscal calendar,
partially offset by a decrease in store count.
- Comparable store sales are expected to
be up in the low single-digit percentage range.
- Gross margin is expected to be up
approximately 200 basis points to 250 basis points from the prior
year’s fourth quarter rate reflecting improvements in product
margin combined with continued benefits from Project Excellence
through increased royalties, reductions in product costs, agent
expenses and occupancy costs, partially offset by increased
shipping costs associated with the significant growth in the
omni-channel business.
- Selling, general and administrative
expenses inclusive of the 53rd week in 2017 are expected to
decrease $1 million to $2 million as compared to the prior year’s
fourth quarter (which did not include the extra 53rd week), driven
by $6.2 million in non-operating legal expense which occurred in
the prior year period with no comparable expense in the fourth
quarter of 2017, partially offset by increased payroll and expenses
for the 53rd week, increased eCommerce fulfillment costs due to the
significant increase in sales resulting from the positive
comparable store sales and the 53rd week, anticipated increases in
variable compensation programs, which are based upon annual
profits, and investment in marketing, including increases in
digital marketing, private label credit card marketing, and
celebrity collaborations, in an effort to increase sales.
- For the fourth quarter of fiscal year
2017, GAAP operating income is expected to be between $2 million
and $4 million, as compared to a GAAP operating loss of $9.2
million in the prior year’s fourth quarter.
Additional Outlook:
- Total inventory at the end of the
fourth quarter is expected to increase in the mid single-digit
percentage range over the prior year fourth quarter largely
reflecting increases in inventory in-transit due to timing
differences resulting from the calendar shift relating to the 53rd
week, and increases in eCommerce inventory to support higher sales.
In-store inventory is expected to be down slightly due to lower
store count.
- The Company continues to rationalize
its real estate portfolio in an effort to reduce occupancy costs
and maximize profitability per selling square foot. These efforts
include maintaining a highly flexible real estate portfolio with
approximately 67% of its leases expiring before fiscal year end
2019.
- Capital expenditures for the fourth
quarter of fiscal year 2017 are projected to be between $4.0
million and $6.0 million, as compared to $5.0 million of capital
expenditures in the fourth quarter of last year.
- Depreciation expense for the fourth
quarter of fiscal year 2017 is estimated to be approximately $5.0
million.
- The Company plans to end the full
fiscal year 2017 with 431 stores, including 118 Outlet stores, and
approximately 2.2 million selling square feet, having opened 8 New
York & Company stores and 3 Outlet stores, remodeled/refreshed
14 existing stores and closed 38 New York & Company stores and
8 Outlet stores during the fiscal year.
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 third quarter of fiscal year
2017 results is scheduled for today, Wednesday, November 29,
2017 at 4:30 p.m. Eastern Time. Investors and analysts interested
in participating in the call are invited to dial (800) 281-7973 and
reference conference ID number 4583122 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 November 29, 2017 until
11:59 p.m. Eastern Time on December 6, 2017 and can be accessed by
dialing (844) 512-2921 and entering conference ID number
4583122.
About New York & Company
New York & Company, Inc. is an omni-channel women’s fashion
retailer designing on-trend and versatile collections at a great
value. The specialty retailer, first incorporated in 1918, has
grown to now operate 459 retail and outlet locations in 39 states
while also growing a substantial eCommerce business. Its branded
merchandise, including collaborations with Eva Mendes and Gabrielle
Union, is sold exclusively at these locations and online at
www.nyandcompany.com. 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) the Company’s dependence on mall traffic
for its sales and the continued reduction in the volume of mall
traffic; (ii) the Company’s ability to anticipate and respond to
fashion trends; (iii) the impact of general economic conditions and
their effect on consumer confidence and spending patterns; (iv)
changes in the cost of raw materials, distribution services or
labor; (v) the potential for economic conditions to negatively
impact the Company's merchandise vendors and their ability to
deliver products; (vi) the Company’s ability to open and operate
stores successfully; (vii) seasonal fluctuations in the Company’s
business; (viii) competition in the Company’s market, including
promotional and pricing competition; (ix) the Company’s ability to
retain, recruit and train key personnel; (x) the Company’s reliance
on third parties to manage some aspects of its business; (xi) the
Company’s reliance on foreign sources of production; (xii) the
Company’s ability to protect its trademarks and other intellectual
property rights; (xiii) the Company’s ability to maintain, and its
reliance on, its information technology infrastructure; (xiv) the
effects of government regulation; (xv) the final closing of the
acquisition of certain assets from Fashion to Figure®, and the
Company’s ability to effectively manage the related assets upon
closing; (xvi) the control of the Company by its sponsors and any
potential change of ownership of those sponsors; and (xvii) 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)
(Amounts in thousands, except per share amounts)
Three monthsended
October 28, 2017
% ofnet sales Three monthsended
October 29, 2016
% ofnet sales Net sales $ 214,182 100.0 % $ 213,901
100.0 % Cost of goods sold, buying and occupancy costs
146,584 68.4 % 149,917 70.1 % Gross profit
67,598 31.6 % 63,984 29.9 % Selling, general and
administrative expenses 66,980 31.3 % 66,087 30.9 %
Operating income (loss) 618 0.3 % (2,103 ) (1.0 ) %
Interest expense, net of interest income 161 0.1 % 320 0.1
% Income (loss) before income taxes 457 0.2 % (2,423
) (1.1 ) % Provision for income taxes 105 — % 109 0.1
% Net income (loss) $ 352 0.2 % $ (2,532 ) (1.2 ) %
Basic earnings (loss) per share $ 0.01 $ (0.04 )
Diluted earnings (loss) per share $ 0.01 $ (0.04 )
Weighted average shares outstanding: Basic shares of common stock
63,242 63,459 Diluted shares of common stock 64,099 63,459
Selected operating data: (Dollars in
thousands, except square foot data) Comparable store
sales increase (decrease) 2.2 % (0.7 ) % Net sales per average
selling square foot (a) $ 93 $ 86 Net sales per average store (b) $
467 $ 442 Average selling square footage per store (c) 5,026 5,113
Ending store count 459 483
______________________________________________________________________________________________________________________________________
(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.
Exhibit (2)
New York & Company, Inc. and
Subsidiaries
Condensed Consolidated Statements of
Operations
(Unaudited)
(Amounts in thousands, except per share amounts)
Nine monthsended
October 28, 2017
% ofnet sales Nine monthsended
October 29, 2016
% ofnet sales Net sales $ 648,155 100.0 % $ 662,758
100.0 % Cost of goods sold, buying and occupancy costs
447,574 69.1 % 471,837 71.2 % Gross profit 200,581 30.9 %
190,921 28.8 % Selling, general and administrative expenses
198,659 30.6 % 197,082 29.7 % Operating income (loss) 1,922
0.3 % (6,161) (0.9) % Interest expense, net of interest
income 678 0.1 % 925 0.1 % Income (loss) before income taxes
1,244 0.2 % (7,086) (1.0) % Provision for income taxes 316
0.1 % 217 0.1 % Net income (loss) $ 928 0.1 % $ (7,303)
(1.1) % Basic earnings (loss) per share $ 0.01 $
(0.12) Diluted earnings (loss) per share $ 0.01 $ (0.12)
Weighted average shares outstanding: Basic shares of common
stock 63,213 63,399 Diluted shares of common stock 63,842 63,399
Selected operating data: (Dollars in thousands,
except square foot data) Comparable store sales increase
(decrease) 0.1 % (0.9) % Net sales per average selling square foot
(a) $ 279 $ 266 Net sales per average store (b) $ 1,406 $ 1,361
Average selling square footage per store (c) 5,026 5,113 (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.
Exhibit (3)
New York & Company, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(Amounts in thousands) October 28,
2017 January 28, 2017* October 29, 2016
(Unaudited) (Unaudited) Assets Current assets:
Cash and cash equivalents $ 69,235 $ 88,369 $ 54,012 Accounts
receivable 16,242 11,837 37,076 Income taxes receivable 115 144 47
Inventories, net 125,604 78,044 123,819 Prepaid expenses 17,648
18,746 18,790 Other current assets 2,587 824 1,226 Total current
assets 231,431 197,964 234,970 Property and equipment, net
78,796 87,070 88,703 Intangible assets 14,879 14,879 14,879 Other
assets 1,635 1,675 2,026 Total assets $ 326,741 $ 301,588 $ 340,578
Liabilities and stockholders’ equity Current liabilities:
Current portion—long-term debt $ 841 $ 841 $ 841 Accounts payable
105,419 68,068 109,586 Accrued expenses 61,714 69,294 54,584 Income
taxes payable — 174 149 Total current liabilities 167,974 138,377
165,160 Long-term debt, net of current portion 10,854 11,485
11,695 Deferred rent 28,192 30,039 31,211 Other liabilities 38,498
42,518 44,145 Total liabilities 245,518 222,419 252,211
Total stockholders’ equity 81,223 79,169 88,367 Total liabilities
and stockholders’ equity $ 326,741 $ 301,588 $ 340,578 *
Derived from the audited consolidated
financial statements included in the Company’s Annual Report on
Form 10-K for the fiscal year ended January 28, 2017.
Exhibit (4)
New York & Company, Inc.
and Subsidiaries
Condensed Consolidated Statements of
Cash Flows
(Unaudited)
(Amounts in thousands)
Nine months
ended
October 28, 2017
Nine months
ended
October 29, 2016
Operating activities Net income (loss) $ 928 $ (7,303
) Adjustments to reconcile net income (loss) to net cash (used in)
provided by operating activities: Depreciation and amortization
16,354 17,291 Loss from impairment charges 611 271 Amortization of
deferred financing costs 142 142 Share-based compensation expense
1,756 2,720 Changes in operating assets and liabilities: Accounts
receivable (4,455 ) (28,868 ) Income taxes receivable 29 —
Inventories, net (47,560 ) (36,042 ) Prepaid expenses 1,098 652
Accounts payable 37,351 27,361 Accrued expenses (7,872 ) 1,330
Income taxes payable (174 ) (90 ) Deferred rent (1,847 ) (3,140 )
Other assets and liabilities (4,978 ) 34,199
Net cash (used in) provided by operating activities (8,617 )
8,523
Investing activities Capital
expenditures (7,794 ) (13,332 ) Insurance recoveries 50
— Net cash used in investing
activities (7,744 ) (13,332 )
Financing activities Repayment of long-term debt (750 ) (750
) Principal payments on capital lease obligations (1,199 ) (760 )
Repurchase of treasury stock (622 ) (909 ) Shares withheld for
payment of employee payroll taxes (202 ) (312 ) Proceeds from
exercise of stock options — 120 Net
cash used in financing activities (2,773 ) (2,611 )
Net decrease in cash and cash equivalents (19,134 ) (7,420 )
Cash and cash equivalents at beginning of period 88,369
61,432 Cash and cash equivalents at end of
period $ 69,235 $ 54,012 Non-cash capital lease
transactions $ 818 $ 4,102
Exhibit (5)
New York & Company, Inc. and
Subsidiaries
Reconciliation of GAAP to Non-GAAP
Financial Measures
(Unaudited)
A reconciliation of the Company’s GAAP to non-GAAP financial
statement information for the three months ended October 28, 2017
and October 29, 2016 is indicated below. This information reflects,
on a non-GAAP basis, the Company’s adjusted operating results after
excluding certain non-operating adjustments. 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 and credits 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 October 28,
2017
(Amounts in thousands, except per share amounts)
Cost of goods
sold, buying
and occupancy
costs
Gross
profit
Selling, general
and
administrative
expenses
Operating
income
Net income
Earnings
per diluted
share
GAAP as reported $ 146,584 $ 67,598 $ 66,980 $ 618 $ 352 $ 0.01
Adjustments
affecting comparability
Certain severance expense (206 ) (206 ) 633 427 427 Consulting
expense — — 114 114 114 Legal settlement fees —
— 102 102 102
Total adjustments (1) (206 ) (206 ) 849
643 643 0.01
Non-GAAP as adjusted
$ 146,790 $ 67,392 $ 66,131 $ 1,261 $
995 $ 0.02
Three months ended October 29,
2016
(Amounts in thousands, except per share amounts)
Cost of goods
sold, buying
and occupancy
costs
Gross
profit
Selling, general
and
administrative
expenses
Operating
loss
Net loss
Loss per
diluted
share
GAAP as reported $ 149,917 $ 63,984 $ 66,087 $ (2,103 ) $ (2,532 )
$ (0.04 )
Adjustments
affecting comparability
Legal accrual reduction — — (473
) (473 ) (473 ) Total adjustments (1) —
— (473 ) (473 ) (473 ) (0.01 )
Non-GAAP as adjusted
$ 149,917 $ 63,984 $ 66,560 $ (2,576 ) $
(3,005 ) $ (0.05 ) (1) The tax effect of $0.6 million
and $0.5 million of non-operating adjustments during the three
months ended October 28, 2017 and October 29, 2016, respectively,
is offset by a full valuation allowance against deferred tax
assets.
Exhibit (6)
New York & Company, Inc. and
Subsidiaries
Reconciliation of GAAP to Non-GAAP
Financial Measures
(Unaudited)
A reconciliation of the Company’s GAAP to non-GAAP financial
statement information for the nine months ended October 28, 2017
and October 29, 2016 is indicated below. This information reflects,
on a non-GAAP basis, the Company’s adjusted operating results after
excluding certain non-operating adjustments. 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 and credits 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.
Nine months ended October 28,
2017
(Amounts in thousands, except per share amounts)
Cost of goods
sold, buying
and occupancy
costs
Gross profit
Selling, general
and
administrative
expenses
Operating
income
Net income
Earnings
per diluted
share
GAAP as reported $ 447,574 $ 200,581 $ 198,659 $ 1,922 $ 928 $ 0.01
Adjustments
affecting comparability
Certain severance expense 342 342 633 975 975 Consulting expense —
— 1,195 1,195 1,195 Certain executive relocation expense — — 401
401 401 Legal settlement fees net accrual reversal (trademark
infringement case)
—
—
(2,051 ) (2,051 ) (2,051 ) Total adjustments
(1) 342 342 178 520 520
0.01
Non-GAAP as adjusted
$ 447,232 $ 200,923 $ 198,481 $ 2,442 $ 1,448
$ 0.02
Nine months ended October 29,
2016
(Amounts in thousands, except per share amounts)
Cost of goods
sold, buying
and occupancy
costs
Gross profit
Selling, general
and
administrative
expenses
Operating
loss
Net loss
Loss per
diluted
share
GAAP as reported $ 471,837 $ 190,921 $ 197,082 $ (6,161 ) $ (7,303
) $ (0.12 )
Adjustments
affecting comparability
Legal accrual reduction — — (473 ) (473 )
(473 ) Total adjustments (1) — —
(473 ) (473 ) (473 ) —
Non-GAAP as adjusted
$ 471,837 $ 190,921 $ 197,555 $ (6,634 ) $ (7,776 ) $ (0.12
) (1) The tax effect of $0.5 million of non-operating
adjustments during the nine months ended October 28, 2017 and
October 29, 2016 is offset by a full valuation allowance against
deferred tax assets.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171129006238/en/
Investor/Media Contact:ICR, Inc.(203) 682-8200Investor:
Allison Malkin
New York & Company (NYSE:NWY)
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