New York & Company, Inc. Comments on Holiday Performance and Fourth Quarter Outlook
January 11 2016 - 4:24PM
Business Wire
~ Fourth Consecutive Quarter of Positive
Comps ~
~ Updates Previously Issued Guidance
~
New York & Company, Inc. [NYSE:NWY], a specialty
apparel chain with 507 retail stores, today commented on its
holiday performance and fourth quarter fiscal year 2015 outlook
ahead of its presentation at the ICR Conference. Comparable store
sales for the ten-week period ended January 9, 2016 (“holiday
period”) increased approximately 1.6%, and the Company still
expects comparable store sales for the full quarter to increase in
the low single-digit percentage, in line with the Company’s
previously disclosed guidance in the Company’s press release dated
December 2, 2015.
The Company detailed that with three weeks remaining in the
quarter it now expects fourth quarter fiscal year 2015 non-GAAP
adjusted operating results, excluding up to $1 million of
non-operating charges comprised of severance and relocation related
costs associated with leadership changes in its stores
organization, to be approximately $1 million to $1.5 million of
operating income, narrowing its previously disclosed guidance range
of $1 million to $3 million. Additionally, the Company expects
inventory to be approximately flat, as compared to last fiscal year
end. The Company plans to report actual results for the fourth
quarter and full fiscal year 2015 in March 2016.
Gregory Scott, New York & Company’s CEO, stated: “We are
pleased to continue our positive momentum anticipating the fourth
consecutive quarter of positive comparable store sales growth with
sales expected to be in line with our prior guidance; however, we
experienced softer demand for cold weather products due to
unseasonably warm weather in the Northeast, Midwest and South.
These pressures led to sales and margins that are expected to be at
the lower end of our prior guidance. We were also pleased to see
many positives in the quarter including the continued success of
our celebrity collaborations, the expansion of our credit loyalty
program to all-time highs, and the dramatic growth in eCommerce as
we continue to benefit from our enhanced omni-channel
capabilities.”
ICR Conference
As previously announced, the Company will be meeting with
analysts and investors and presenting at the ICR Conference in
Orlando, Florida on Tuesday, January 12, 2016. The presentation
will now be held at 3:30 p.m. Eastern Time on the same day, and
still webcast live at www.nyandcompany.com.
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 perfectly fitting pants and NY
Style that is feminine, polished, on-trend and versatile – all at
compelling values. The Company's proprietary branded New York &
Company® merchandise is sold exclusively through its national
network of retail stores and online at www.nyandcompany.com. The
Company operates 507 stores in 43 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
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 impact of general economic conditions and their effect on
consumer confidence and spending patterns; (ii) changes in the cost
of raw materials, distribution services or labor; (iii) the
potential for current economic conditions to negatively impact the
Company's merchandise vendors and their ability to deliver
products; (iv) the Company’s ability to open and operate stores
successfully; (v) the Company’s ability to fully recognize the
potential savings identified through Project Excellence; (vi)
seasonal fluctuations in the Company’s business; (vii) the
Company’s ability to anticipate and respond to fashion trends;
(viii) the Company’s dependence on mall traffic for its sales; (ix)
competition in the Company’s market, including promotional and
pricing competition; (x) the Company’s ability to retain, recruit
and train key personnel; (xi) the Company’s reliance on third
parties to manage some aspects of its business; (xii) the Company’s
reliance on foreign sources of production; (xiii) the Company’s
ability to protect its trademarks and other intellectual property
rights; (xiv) the Company’s ability to maintain, and its reliance
on, its information technology infrastructure; (xv) the effects of
government regulation; (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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160111006525/en/
Investor/Media Contact:ICR, Inc.Investor: Allison Malkin,
203-682-8200
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