Last $3.18 USD
Change Today +0.04 / 1.27%
Volume 342.8K
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As of 8:04 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

new york & co (NWY) Key Developments

Laura Weil Resigns from Her Position as Executive Vice President and Chief Operating Officer of New York & Company, Inc

On August 18, 2014, Laura Weil resigned from her position as Executive Vice President and Chief Operating Officer of New York & Company Inc. effective immediately.

New York & Company, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Third Quarter of 2014; to Open New Outlet Stores

New York & Company Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the second quarter of fiscal year 2014, the company's net sales were $226.1 million, as compared to $223.1 million for the second quarter ended August 3, 2013. Comparable store sales for the second quarter of fiscal year 2014 increased 2.3% following an increase of 2.1% for the second quarter of fiscal year 2013. Operating income for the second quarter of fiscal year 2014 was $0.2 million which was in-line with the company's previously issued guidance and marks a significant improvement of $2.4 million compared to the prior year's second quarter operating loss of $2.2 million. Net loss for the second quarter of fiscal year 2014 narrowed to $0.1 million, or essentially breakeven per diluted share. This compares to the prior year's net loss of $2.7 million, or a loss of $0.04 per diluted share. Capital spending for the second quarter of fiscal year 2014 was $5.5 million, as compared to $4.0 million in last year's second quarter, primarily reflecting the remodeling of four New York & Company stores, long with the opening of four new Outlets. Income before income taxes was $95,000 against loss of $2,333,000 a year ago. For the six months ended August 2, 2014, the company's net sales were $445.7 million, as compared to $450.5 million for the six months ended August 3, 2013. Comparable store sales increased 0.1% for the six months ended August 2, 2014, as compared to flat in the prior year period. Operating income for the six months ended August 2, 2014 was $0.2 million versus the prior year's operating loss of $1.0 million. Net loss for the six months ended August 2, 2014 was $0.4 million, or a loss of $0.01 per diluted share. This compares to the prior year net loss of $1.1 million, or a loss of $0.02 per diluted share. Income before income taxes was $72,000 against loss of $1,205,000 a year ago. Net cash provided by operating activities was $2,141,000 against $5,053,000 a year ago. Capital expenditures were $8,879,000 against $6,996,000 a year ago. Regarding expectations for the third quarter of fiscal year 2014, the company provided the following guidance: net sales for the third quarter of fiscal year 2014 are expected to be up slightly versus last year. The company's comparable store sales are expected to be up slightly for the third quarter of fiscal year 2014 following a 3.0% comparable store sales increase in the prior year period. The company expects gross margin to be up slightly from the prior year's rate reflecting improved product costs and improved leverage of buying and occupancy costs. Operating loss for the third quarter of fiscal year 2014 is expected to increase from last year's operating loss of $3.1 million due to approximately $1 million of non-recurring duplicative rent expense and approximately $0.7 million severance charges. Capital expenditures remain consistent with the company's prior guidance and for the third quarter of fiscal year 2014 are projected to be approximately $16 million as compared to $5.6 million of capital expenditures in the third quarter of last year. This increase reflects: Continued investments in information technology and eCommerce; real estate spending to support the opening of five new Outlet stores and one New York & Company store, along with remodels; and capital expenditures of approximately $4 million related to the company's previously disclosed relocation and build-out of its new corporate headquarters; depreciation expense for the third quarter of fiscal year 2014 is estimated at $7 million. During the third quarter of fiscal year 2014, the company expects to open approximately five new outlet stores and one New York & Company store, remodel six existing locations, and close two stores ending the third quarter of fiscal year 2014 with roughly 513 stores, including 62 Outlet stores.

New York & Company Inc. to Report Q2, 2015 Results on Aug 21, 2014

New York & Company Inc. announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Aug 21, 2014

New York & Company Inc., Q2 2015 Earnings Call, Aug 21, 2014

New York & Company Inc., Q2 2015 Earnings Call, Aug 21, 2014

New York & Company Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended May 3, 2014; Provides Earnings Guidance for the Second Quarter of Fiscal Year 2014

New York & Company Inc. announced unaudited consolidated earnings results for the first quarter ended May 3, 2014. For the first quarter, the company reported net sales of $219.6 million, as compared to $227.5 million for the first quarter of fiscal year 2013. Comparable store sales for the first quarter of fiscal year 2014 decreased 2.2%. Operating income was $0.061 million which was in-line with the company's previously issued guidance and compares to the prior year's first quarter operating income of $1.2 million. Loss before income taxes was $0.023 million against income before income taxes of $1.128 million a year ago. Net loss was $0.282 million, or breakeven per basic and diluted share. This compares to the prior year's net income of $1.6 million, or $0.03 per basic and diluted share, which included a $0.6 million income tax benefit related to the reversal of an uncertain tax position. Net cash used in operating activities was $18.878 million against $18.514 million a year ago. Capital spending was $3.4 million, as compared to $3.0 million in last year's first quarter. The $3.4 million of capital spending primarily represents the opening of two new Outlet stores, remodeling of one existing location and, to a lesser extent, investments in information technology. Net Sales were also impacted by 12 fewer stores in operation as a result of the company's ongoing real estate optimization strategy, partially offset by sales growth experienced in its eCommerce and Outlet businesses. The company provided earnings guidance for the second quarter of fiscal year 2014. For the quarter, the company reported net sales are expected to increase slightly versus last year, despite the impact of thirteen fewer stores in operation during the second quarter of fiscal year 2014 versus prior year. The company's comparable store sales trends have improved from the first quarter of fiscal year 2014 and are expected to be flat to up slightly for the full second quarter of fiscal year 2014. The company expects gross margin to increase between 50 and 100 basis points from the prior year's rate driven by a combination of improved leverage of buying and occupancy expenses along with improvements in merchandise margin driven by lower product costs. Operating results for the second quarter of fiscal year 2014 are projected to be approximately breakeven as compared to an operating loss of $2.2 million in the second quarter of last year. Capital expenditures are expected to be approximately $10 million for the second quarter of fiscal year 2014 as compared to $4.0 million of capital expenditures in the second quarter of last year. This increase reflects real estate spending to support the opening of new outlet stores, along with remodels; continued investments in information technology and eCommerce; and capital expenditures related to the company's previously disclosed relocation and build-out of its new corporate headquarters.

 

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