New York & Company, Inc. Comments on Holiday Performance and Fourth Quarter Outlook
January 12 2015 - 7:00AM
Business Wire
New York & Company, Inc. (NYSE:NWY), a specialty
apparel chain with 512 retail stores, today commented on its
holiday performance and fourth quarter fiscal year 2014 outlook
ahead of its presentation at the ICR XChange Conference. Comparable
store sales for the nine week period ended January 3, 2015
(“holiday period”) decreased 0.9%, in-line with the Company’s
previously disclosed guidance in the Company’s third quarter press
release dated December 3, 2014.
The Company detailed that with several weeks remaining in the
quarter it now expects fourth quarter fiscal year 2014 non-GAAP
adjusted operating results to range between breakeven and a slight
loss, after excluding approximately $6.4 million of non-operating
charges comprised primarily of duplicative rent and moving expenses
associated with the relocation of the Company’s headquarters and
severance related expenses. Additionally, the Company expects
inventory to be in-line with its previously issued guidance. The
Company plans to report actual results for the fourth quarter and
full fiscal year 2014 in March 2015.
Gregory Scott, New York & Company’s CEO, stated: “While our
fourth quarter sales are expected to be in-line with our prior
guidance, it was nonetheless a challenging quarter as we
experienced soft demand for seasonal product; including outerwear,
sweaters, scarves and hats, which when combined with our previously
disclosed delivery delays from the West Coast ports created top
line sales pressure. These pressures combined with an aggressive
holiday promotional environment led to an increase in our
promotional activity, which adversely affected margins. There were
however, several positives in the quarter, including positive
traffic trends in all channels of our business and sequential
improvement in our comparable store sales results from October
forward. We also advanced our omni-channel initiatives in the
fourth quarter with the expansion of our 'Buy Online Pick Up In
Store' and 'Buy Online Ship From Store' capabilities and are
pleased with the continued strength in our Outlet and eCommerce
businesses.”
ICR XChange Conference
As previously announced, the Company will be meeting with
analysts and investors and presenting at the ICR XChange Conference
in Orlando, Florida on Monday, January 12, 2015. The presentation
will be held at 2:30 pm Eastern Time on the same day and webcast
live at www.nyandcompany.com.
About New York & Company
New York & Company, Inc. is a specialty retailer of women's
fashion apparel and accessories, and the modern wear-to-work
destination for women, providing perfectly fitting pants and NY
Style that is feminine, polished, on-trend and versatile – all at
compelling values. The Company's proprietary branded New York &
Company® merchandise is sold exclusively through its national
network of retail stores and online at www.nyandcompany.com. The
Company operates 512 stores in 43 states. Additionally, certain
product, press release and SEC filing information concerning the
Company are available at the Company's website:
www.nyandcompany.com.
Forward-looking Statements
This press release contains certain forward looking statements
within the meaning of the safe harbor provisions of the United
States Private Securities Litigation Reform Act of 1995. Some of
these statements can be identified by terms and phrases such as
“expect,” “anticipate,” “believe,” “intend,” “estimate,”
“continue,” “could,” “may,” “plan,” “project,” “predict,” and
similar expressions and references to assumptions that the Company
believes are reasonable and relate to its future prospects,
developments and business strategies. Such statements are subject
to various risks and uncertainties that could cause actual results
to differ materially. These include, but are not limited to: (i)
the impact of general economic conditions and their effect on
consumer confidence and spending patterns; (ii) changes in the cost
of raw materials, distribution services or labor; (iii) the
potential for current economic conditions to negatively impact the
Company's merchandise vendors and their ability to deliver
products; (iv) the Company’s ability to open and operate stores
successfully; (v) seasonal fluctuations in the Company’s business;
(vi) the Company’s ability to anticipate and respond to fashion
trends; (vii) the Company’s dependence on mall traffic for its
sales; (viii) competition in the Company’s market, including
promotional and pricing competition; (ix) the Company’s ability to
retain, recruit and train key personnel; (x) the Company’s reliance
on third parties to manage some aspects of its business; (xi) the
Company’s reliance on foreign sources of production; (xii) the
Company’s ability to protect its trademarks and other intellectual
property rights; (xiii) the Company’s ability to maintain, and its
reliance on, its information technology infrastructure; (xiv) the
effects of government regulation; (xv) the control of the Company
by its sponsors and any potential change of ownership of those
sponsors; and (xvi) other risks and uncertainties as described in
the Company’s documents filed with the SEC, including its most
recent Annual Report on Form 10-K and subsequent Quarterly Reports
on Form 10-Q. The Company undertakes no obligation to revise the
forward looking statements included in this press release to
reflect any future events or circumstances.
Investor:ICR, Inc.Allison Malkin, 203-682-8200
New York & Company (NYSE:NWY)
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