New York & Company, Inc. (NYSE:NWY), a specialty apparel chain with 532 retail stores, today announced results for the fourth quarter and full fiscal year ended January 28, 2012 (“fiscal year 2011”).
Fourth Quarter and Fiscal Year Results
For the fourth quarter of fiscal year 2011, net sales were $271.8 million, as compared to $303.2 million for the fourth quarter of fiscal year 2010. Comparable store sales for the fourth quarter of fiscal year 2011 decreased 6.3% compared to an increase of 1.7% in the prior year fourth quarter.
Net loss from continuing operations in the fourth quarter of fiscal year 2011 was $10.9 million, or $0.18 per diluted share, which includes non-cash asset impairment charges totaling $2.2 million. This compares to net income from continuing operations in the prior year fourth quarter of $14.9 million, or $0.24 per diluted share, which included favorable non-operating tax adjustments totaling $2.3 million.Gregory Scott, New York & Company’s CEO, stated: “While we are disappointed with our fourth quarter results, fiscal 2011 was an important year for our Company. We gained valuable insight about our customer, her lifestyle needs and what drives her purchasing decisions in terms of merchandise, fashion, price points and promotions – all while facing significant cost pressures within our supply chain. We have already begun applying these key learnings to our business planning in 2012.” Mr. Scott continued: “Our top priority in 2012 is to deliver a significant improvement in our operating performance versus last year and bring us one step closer toward achieving our long-term goal of high single-digit operating margins. To achieve this, we are focused on six keys to success: Maximizing sales and profitability particularly during peak traffic times of the year; increasing our marketing efforts to grow traffic in stores and on-line; maintaining our dominance in wear-to-work, while redefining our casual assortment; improving our average unit cost; optimizing our real estate portfolio; and expanding our growing eCommerce and Outlet businesses.”