New York & Company Inc. Opens Eva Mendes Collection Pop-Up Store at Beverly Center
Apr 9 14
New York & Company Inc. has opened an Eva Mendes Collection pop-up store at the Beverly Center in Los Angeles, California. This is Eva's first spring collection with NY&C. She was inspired by Springtime in NY, infusing her collection with rich blues, oranges, vintage floral prints, and soft, earthy tones. The pop-up store in the Beverly Center is located at 8500 Beverly Blvd, Los Angeles on the 6th floor. The New York & Company store in the Los Cerritos Center is located at 434 Los Cerritos Center, in Cerritos.
New York & Company Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended February 1, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2014; Expects to Open Two New Outlet Stores and Close Three Stores, Ending the First Quarter of Fiscal Year 2014; Expects to Open between 8 and 12 New Outlet Stores and Close Between 12 and 14 Stores for the Year 2014
Mar 20 14
New York & Company Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended February 1, 2014. For the quarter, the company reported net sales of USD 271.004 million compared to USD 291.758 million a year ago. Operating income was USD 7.222 million compared to USD 10.550 million a year ago. Income before income taxes was USD 7.128 million compared to USD 10.458 million a year ago. Net income was USD 6.943 million compared to USD 10.480 million a year ago. Basic and diluted earnings per share was USD 0.11 compared to USD 0.17 a year ago. Comparable store sales increase was 1.2% compared to 2.3% a year ago.
For the full year, the company reported net sales of USD 939.163 million compared to USD 966.434 million a year ago. Operating income was USD 3.077 million compared to USD 2.252 million a year ago. Income before income taxes was USD 2.708 million compared to USD 1.892 million a year ago. Net income was USD 2.394 million compared to USD 2.100 million a year ago. Basic and diluted earnings per share was USD 0.04 compared to USD 0.03 a year ago. Comparable store sales increase was 1.1% compared to 0.1% a year ago. Net cash provided by operating activities was USD 27.888 million compared to USD 27.380 million a year ago. Capital expenditures were USD 18.836 million compared to USD 18.144 million a year ago.
The company's expectations for the first quarter of fiscal year 2014 reflect softer than anticipated business in February due to a reduction in traffic to its brick and mortar stores driven by a combination of factors including unfavorable weather conditions versus last year. The company notes that while February was disappointing, it is entering its peak selling periods later in the first quarter. Net sales for the first quarter of fiscal year 2014 are expected to decrease slightly versus last year. This includes the impact of 12 fewer stores in operation since the first quarter of fiscal year 2013. Comparable store sales are expected to be approximately flat versus the prior year period. The company expects gross margin to decline slightly from the year-ago period. Operating results for the first quarter of fiscal year 2014 are projected to be approximately breakeven. Capital expenditures are expected to be approximately USD 6 million for the first quarter of fiscal year 2014, as compared to USD 3.0 million in the prior year's first quarter, reflecting new Outlet stores, store remodels, investments in information technology and eCommerce, and costs associated with the relocation and build-out of the company's new corporate headquarters. Depreciation expense for the first quarter of fiscal year 2014 is estimated at USD 8 million.
For fiscal year 2014, capital expenditures are expected to range between USD 35 million and USD 40 million, as compared to USD 18.8 million in fiscal year 2013. This increase reflects continued investments in information technology and eCommerce; real estate spending to support the opening of new Outlet stores and New York & Company stores, along with remodels representing the company's new Store of the Future design; and capital expenditures of approximately USD 14 million related to the company's relocation and build-out of its new corporate headquarters. For the full fiscal year, depreciation expense is estimated to be approximately USD 30 million.
During the first quarter of fiscal year 2014, the company expects to open two new Outlet stores, remodel four existing locations, and close three stores, ending the first quarter of fiscal year 2014 with approximately 506 stores, including 53 Outlet stores.
For fiscal year 2014, the company expects to open between eight and 12 new Outlet stores, along with approximately two New York & Company stores, remodel 10 to 15 existing locations, and close between 12 and 14 New York & Company stores, ending the year with between 503 and 509 stores, including between 59 and 63 Outlet stores.
New York & Company, Inc. Announces New Corporate Headquarters in New York City
Mar 20 14
New York & Company Inc. announced that in advance of the expiration of its existing headquarters lease, the company signed a 16-year lease to relocate its corporate headquarters. The company plans to occupy approximately 180,000 rentable square feet of space in 330 West 34(th) Street in New York City by the end of 2014. Vornado Realty Trust is in the process of completing a full renovation of the building. Planning and design of the new headquarters site is already underway.