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New York & Company, Inc. Reports Positive Comp Store Sales And Improved Operating Performance In The Second Quarter

Stocks in this article: NWY

New York & Company, Inc. (NYSE:NWY), a specialty apparel chain with 512 retail stores, today announced results for the second quarter and six months ended August 3, 2013. For the second quarter of fiscal year 2013, net sales were $223.1 million, as compared to $227.7 million for the second quarter of fiscal year 2012. Comparable store sales for the second quarter of fiscal year 2013 increased 2.1%, as compared to flat comparable stores sales in the prior year’s second quarter.

Operating loss for the second quarter of fiscal year 2013 narrowed approximately 50% to $2.2 million, from an operating loss of $4.4 million in the prior year second quarter and marked the Company’s third consecutive year of improvement in second quarter operating results.

Net loss for the second quarter of fiscal year 2013 was $2.7 million, or $0.04 per diluted share and compares to a net loss of $4.3 million, or $0.07 per diluted share in the prior year second quarter.

Gregory Scott, New York & Company’s CEO, stated: “We are pleased to deliver positive comparable store sales and improved operating results in the second quarter, which were well within our expectations. Our results marked the third consecutive year in which we delivered an improved second quarter performance, which we attribute to our focus on our six key strategies for success. During the quarter, we saw a favorable response to our strategic merchandise change to a new ‘wear-now’ assortment in July. We also continue to be pleased with our event-driven promotions which generated a great customer response, particularly in the selling period leading up to Mother’s Day and Memorial Day. As we enter the fall season, we are encouraged by the initial response to our signature pant and denim event – which speaks strongly to a core strength of our brand. We are especially excited about the launch of our collaboration with Eva Mendes in mid-September, which we expect will broaden our consumer reach and create additional purchases for existing customers with a sought-after fashion collection found exclusively at New York & Company.”

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