New York & Company, Inc. Comments on Holiday Performance and Fourth Quarter Outlook
January 08 2018 - 6:45AM
Business Wire
Fourth Quarter Operating Income Continues to
be Expected in the Range of $2M - $4M
New York & Company, Inc. [NYSE:NWY], a specialty
apparel chain with 459 retail stores, today commented on its
holiday performance and fourth quarter fiscal year 2017 outlook
ahead of its presentation at the 20th Annual ICR Conference.
Comparable store sales for the nine-week period ended December 30,
2017 (“holiday period”) increased approximately 3% as compared to
the prior year period. The Company continues to expect comparable
store sales for the full quarter to be up in the low single-digit
percentage range, as compared to the same period last year.
The Company detailed that with four weeks remaining in the
quarter it continues to expect its fourth quarter fiscal year 2017
operating results to reflect operating income in the range of $2.0
million to $4.0 million. The Company plans to report actual results
for the fourth quarter and full fiscal year 2017 in March 2018.
Gregory Scott, New York & Company’s CEO, stated: “We had a
strong holiday performance that included positive comparable sales
and expansion in gross margin demonstrating the success of our
strategy. Indeed, our ongoing ability to differentiate our stores
with exclusive celebrity brands, reach existing and new consumers
with effective digital marketing campaigns and capitalize on our
increased omni-channel capabilities has served us well in the final
quarter of the year. At the same time, we continue to benefit from
increased royalties under the private label credit agreement and
efficiencies from our supply chain, which contributed to
improvement in gross margin. In addition, we also maintain
stringent control of inventory and expense with continued real
estate optimization, including reduced rents. Combined, this is
expected to result in a significant increase in
profitability for the fourth quarter and full fiscal year as
compared to the prior year periods.”
ICR Conference
As previously announced, the Company will be meeting with
analysts and investors and presenting at the 20th Annual ICR
Conference in Orlando, Florida. The Company’s presentation will be
held on Tuesday, January 9, 2018 at 8:00 a.m. Eastern Time, and
will be webcast live at www.nyandcompany.com.
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 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 control of the Company
by its largest stockholder and any potential change of ownership;
and (xvi) 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180108005312/en/
ICR, Inc.Investors:Allison Malkin, 203-682-8200
New York & Company (NYSE:NWY)
Historical Stock Chart
From Aug 2024 to Sep 2024
New York & Company (NYSE:NWY)
Historical Stock Chart
From Sep 2023 to Sep 2024