This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

New York & Company, Inc. Announces Fourth Quarter And Fiscal Year 2012 Results

New York & Company, Inc. [NYSE:NWY], a specialty apparel chain with 519 retail stores, today announced results for the fourth quarter and full fiscal year ended February 2, 2013 (“fiscal year 2012”).

Fourth Quarter Fiscal Year 2012 Results:

  • Net sales were $291.8 million, as compared to $271.8 million in the year-ago period. The Company noted that fiscal year 2012 included 53 weeks versus 52 weeks in fiscal year 2011 with the additional week occurring in the fourth quarter.
  • Comparable store sales increased 2.3% compared to a decrease of 6.3% in the prior year fourth quarter. All comparable store sales figures are based on a 52-week comparable time period.

As previously disclosed, during the fourth quarter of fiscal year 2012, the Company determined it had adequate information on historical redemption patterns for merchandise credits and utilized this to revise its estimates of redemption rates and the period over which breakage income is recognized, which resulted in a $4.3 million benefit to net sales, gross margin, and operating income. All comparable store sales figures and “non-GAAP” figures referred to in this release exclude this benefit. Please refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” in Exhibit 5 of this press release.

  • Operating income was $10.6 million reflecting a significant improvement from the prior year’s fourth quarter operating loss of $10.8 million. On a non-GAAP basis, the Company’s adjusted operating income was $6.2 million. Operating income on a GAAP and non-GAAP basis exceeded the high-end of the Company’s increased guidance provided on February 12, 2013.
  • Net income increased to $10.5 million, or $0.17 per diluted share. On a non-GAAP basis, the Company’s adjusted net income was $6.2 million, or $0.10 per diluted share. This compares to a net loss in the prior year fourth quarter of $10.9 million, or $0.18 per diluted share.
  • The Company continued to provide for adjustments to the deferred tax valuation allowance offsetting any tax provisions or benefits resulting in a 0% effective tax rate.
  • Total year-end inventories were flat compared to last year-end.
  • The Company ended the year with $60.9 million of cash-on-hand with no outstanding borrowings under its credit facility.

Gregory Scott, New York & Company’s CEO, stated: “We capped fiscal year 2012 with solid fourth quarter results that included increased sales, positive comparable store sales, significant gross margin expansion and a dramatic improvement in our operating results. Our performance was driven by strong progress made against our strategic initiatives – our Six Keys to Success – which provides a strong foundation for us to continue to improve our operating results in 2013.”

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,661.27 -219.09 -1.30%
S&P 500 1,941.95 -28.12 -1.43%
NASDAQ 4,391.7730 -71.1290 -1.59%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs