~ Reports a Comparable Store Sales Decrease
of 0.4% ~
~ GAAP Operating Loss of $9.2 Million
Including a $6.2 Million One-Time Charge ~
~ Non-GAAP Operating Loss of $3 Million In
Line With Prior Guidance ~
New York & Company, Inc. (NYSE:NWY), a specialty
apparel chain with 466 retail stores, today announced results for
the fourth quarter and fiscal year ended January 28, 2017.
Gregory Scott, New York & Company’s CEO stated: “In a
rapidly changing retail environment, our fourth quarter results met
the high-end of the updated outlook we issued in January and
included a double-digit increase in eCommerce sales, strong results
in our Eva Mendes Collection, and expansion in overall gross profit
margin despite mall traffic declines that lowered sales. The year
was highlighted by significant progress toward our four key
initiatives that we believe position New York & Company to
improve its traffic trend through growth in celebrity and
sub-brands that are exclusive to us, the expansion of our loyalty
program and the introduction of marketing events that resonate more
closely with our consumer demographic. At the same time, our
inventories were well controlled with a double-digit decline, as
compared to last year, and we also continued to optimize our real
estate footprint and drive expense and cost reductions as part of
our continuing efforts under our Project Excellence program.
As we begin, 2017, we expect to accelerate our progress toward
our goals with continued growth in celebrity and sub-brands that
will include the introduction of a new celebrity partnership
launching in early April. We will continue to drive growth in
eCommerce by leveraging our omni-channel capabilities and expect to
benefit from our expanding Private Label Credit Card Loyalty
Program with increases in sales as well as significantly improved
royalties under the terms of our new Private label Credit Card
agreement. We are also extremely pleased to have taken over several
competitor locations with flexible lease terms in some of the best
malls in the country. These locations were obtained at attractive
occupancy rates, requiring low capital investment and are expected
to generate high returns as we will showcase a more expansive
selection of our Eva Mendes Collection, which has seen a
double-digit increase in sales since we began the collaboration in
2013.”
Fourth Quarter Fiscal Year 2016 Results (13-weeks ended
January 28, 2017 compared to the 13-weeks ended January 30,
2016):
- Net sales were $266.3 million, which
included $5.4 million of royalty and related revenue from the new
private label credit card agreement, as compared to $271.3 million
in the prior year.
- Comparable store sales
decreased 0.4% as an increase in the Company’s eCommerce
business, combined with royalty and related revenue from its new
private label credit card agreement were more than offset by sales
declines in store locations.
- Gross profit as a percentage of net
sales increased 170 basis points to 27.4% versus the fiscal year
2015 fourth quarter gross profit percentage of 25.7%. This increase
reflects $5.4 million in benefits from the new private label credit
card agreement, product cost reductions and efficiencies from
vendor negotiations related to the implementation of Project
Excellence, as well as a 40 basis point improvement in the leverage
of buying and occupancy costs, partially offset by increased season
end product markdowns.
- Selling, general and administrative
expenses were $82.3 million; however, this includes a $6.2 million
legal reserve that the Company was required to establish relating
to an ongoing trademark infringement case where the Company
received an unfavorable judgment but is still in the process of
vigorously defending. On a non-GAAP basis, selling, general and
administrative expenses, excluding this reserve, were $76.1 million
compared to non-GAAP selling, general and administrative expenses
of $68.5 million in the prior year. This planned increase was
primarily due to the following factors:
- an increase of $2.6 million in
marketing expense, $1.3 million of which was due to the shift in
classification of private label credit card credits to revenue and
$1.3 million of which was due to investments in digital marketing
to drive sales;
- the elimination of $1.1 million in
insurance credits and $1.8 million in performance-based
compensation accrual reversals, which benefited the prior year by
reducing the prior year’s expenses; and
- a $0.8 million increase in variable
expenses associated with the growth in eCommerce sales.
- GAAP operating loss was $9.2 million,
which included a non-GAAP charge of $6.2 million. Excluding the
$6.2 million non-operating charge, adjusted operating loss was $3.0
million, compared to the prior year’s non-GAAP operating income of
$1.3 million, which excluded $0.6 million of non-operating
charges.
- GAAP net loss for the fourth quarter of
fiscal year 2016 was $10.0 million, or a loss of $0.16 per diluted
share, as compared to the prior year’s breakeven results. On a
non-GAAP basis, the Company’s fourth quarter 2016 adjusted net loss
was $3.8 million, or a loss of $0.06 per diluted share. This
compares to prior year’s fourth quarter, non-GAAP adjusted net
income of $0.7 million, or earnings of $0.01 per diluted
share.
Please refer to the “Reconciliation of GAAP to Non-GAAP
Financial Measures” in Exhibit 5 of this press release, which
delineates the non-operating charges for the three months ended
January 28, 2017 and January 30, 2016. GAAP is defined as Generally
Accepted Accounting Principles in the United States.
- Total quarter-end inventory decreased
11.1%, as compared to the end of last year’s fourth quarter,
reflecting lower levels of on-hand inventory and significantly
lower levels of inventory in transit. Inventory per average store
decreased 6.5% with on-hand inventory approximately flat and a
decrease in inventory in transit.
- Capital spending for the fourth quarter
of fiscal year 2016 was $5.0 million, as compared to $5.8 million
in last year’s fourth quarter, primarily reflecting continued spend
on the Company’s information technology infrastructure and
remodeling/refreshing existing stores.
- The Company closed 11 New York &
Company stores and 6 Outlet stores during the fourth quarter,
ending the fourth quarter with 466 stores, including 123 Outlet
stores and 2.4 million selling square feet in operation.
- The Company ended the quarter with
$88.4 million of cash on-hand and no outstanding borrowings under
its revolving credit facility.
Full Fiscal Year 2016 Results (52-weeks ended
January 28, 2017 compared to the 52-weeks ended
January 30, 2016):
- Net sales were $929.1 million for
fiscal year 2016, as compared to $950.1 million for fiscal year
2015. Comparable store sales decreased 0.7%, as compared to an
increase of 3.1% in the prior fiscal year. GAAP operating loss
was $15.4 million. On a non-GAAP basis, adjusted operating loss was
$9.7 million. This compares to a GAAP operating loss of $8.1
million and a non-GAAP, adjusted operating loss of $0.3 million for
fiscal year 2015. Net loss was $17.3 million, or a loss of $0.27
per diluted share. On a non-GAAP basis, adjusted net loss was
$11.6 million, or a loss of $0.18 per diluted share. This compares
to the prior fiscal year net loss of $10.1 million, or a loss of
$0.16 per diluted share. On a non-GAAP basis, prior fiscal year
adjusted net loss was $2.3 million, or a loss of $0.04 per diluted
share.
Please refer to the “Reconciliation of GAAP to Non-GAAP
Financial Measures” in Exhibit 6 of this press release, which
delineates the non-operating charges for the twelve months ended
January 28, 2017 and January 30, 2016. GAAP is defined as Generally
Accepted Accounting Principles in the United States.
Share Repurchase Activity:
- During the fourth quarter, the Company
repurchased 53,925 shares of its common stock and has repurchased a
total of 476,645 shares under its existing share repurchase
program. As of the end of the fourth quarter, the Company had
approximately $3.9 million of total availability remaining under
the Company’s share repurchase program. Any future share
repurchases are expected to be funded using the Company’s available
cash.
Outlook:
Regarding expectations for the first quarter of fiscal year
2017, the Company is providing the following guidance:
- Net sales are expected to decline in
the low single-digit percentage range, reflecting decreased store
count, partially offset by approximately $5.8 million of royalty
and other revenue from the new private label credit card agreement
and growth in the eCommerce business.
- Comparable store sales are expected to
range from low single-digit negative to flat on a percentage basis.
This range reflects a higher penetration of sales late in the
quarter with the shift of the Easter selling period to later in the
quarter.
- Gross margin is expected to be up
significantly reflecting benefits from the Company’s new private
label credit card agreement, reductions in product costs and agent
expenses resulting from Project Excellence, and reductions in
occupancy costs due to the Company’s aggressive real estate
negotiations, partially offset by increased shipping costs
associated with the growing omni-channel business.
- Selling, general and administrative
expenses on a GAAP basis, which have historically benefited from
reductions due to the success of Project Excellence, are expected
to increase by 250 basis points to 300 basis points versus the
prior year’s first quarter. While the Company continues to reduce
home office and field payroll costs, these reductions have been
offset by the following factors:
- The shift in benefits from the
Company’s new private label credit card agreement to revenue, as
compared to the prior year which reflected these benefits as a
reduction of marketing expense;
- Investments in marketing to drive
incremental eCommerce sales;
- Increases in selling expenses largely
driven by increases in eCommerce variable costs; and
- Performance-based compensation
accruals, which were completely eliminated last year based upon
operating results.
- Operating results on a GAAP basis for
the first quarter of fiscal year 2017 are expected to improve from
the prior year, reflecting a loss of $2 million to $5 million.
These results reflect the anticipated impact of a highly
promotional and challenging retail environment given soft
brick-and-mortar traffic trends. Earnings Before Interest, Taxes,
Depreciation and Amortization (EBITDA) is expected to be positive
during the quarter adding to the Company’s strong working capital
position.
Additional Outlook:
- Total inventory at the end of the first
quarter is expected to be down in the low to mid-single-digit
percentage as compared to the prior year first quarter.
- The Company continues to be very
aggressive in its rationalization of its real estate portfolio in
an effort to reduce occupancy costs. These efforts also include
maintaining a highly flexible real estate portfolio with
approximately 50% of its leases expiring in less than 12 months and
more than 60% in less than 2 years.
- Capital expenditures for the first
quarter of fiscal year 2017 are projected to be approximately $5
million to $6 million, as compared to $1.9 million of capital
expenditures in the first quarter of last year, reflecting
continued investments in the Company’s information technology and
omni-channel infrastructure, and real estate remodel/refresh
activity. For the full year, capital expenditures are expected to
be below $20 million.
- Depreciation expense for the first
quarter of fiscal year 2017 is estimated to be approximately $6
million and the full year is expected to be approximately $24
million.
- During the first quarter of fiscal year
2017, the Company expects to open 1 Outlet store, remodel/refresh 3
existing stores and close 6 New York & Company stores. In
addition, the Company expects to open 5 new stores in competitor
locations under short-term leases, which require little capital
investment.
- For fiscal year 2017, the Company
expects to open 2 new Outlet stores, remodel/refresh 8 existing
stores, open 6 to 10 stores in existing competitor retail space
under flexible leases and close 36 stores, including 3 Outlet
stores, ending the fiscal year with roughly 440 stores, including
122 Outlet stores, and approximately 2.2 million selling square
feet.
Comparable Store Sales:
A store is included in the comparable store sales calculation
after it has completed 13 full fiscal months of operations from the
store's opening date or once it has been reopened after remodeling
if the gross square footage did not change by more than 20%. Sales
from the Company's eCommerce store and private label credit card
royalties and related revenue are included in comparable store
sales.
Conference Call Information
A conference call to discuss fourth quarter and fiscal year
2016 results is scheduled for today, Thursday, March 16, 2017
at 4:30 p.m. Eastern Time. Investors and analysts interested in
participating in the call are invited to dial (888) 455-2260 and
reference conference ID number 9434227 approximately ten minutes
prior to the start of the call. The conference call will also be
web-cast live at www.nyandcompany.com. A replay of this call will
be available at 7:30 p.m. Eastern Time on March 16, 2017 until
11:59 p.m. Eastern Time on March 23, 2017 and can be accessed by
dialing (844) 512-2921 and entering conference ID number
9434227.
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 fashion that is feminine,
polished, on-trend and versatile. New York & Company, Inc.
helps its customers feel confident, put-together, attractive and
stylish by providing affordable fashion. The Company's proprietary
branded New York & Company® merchandise is sold through its
national network of retail stores and online at
www.nyandcompany.com. The Company operates 466 stores in 39 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,
including statements made 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, including information under “Outlook” and “Additional
Outlook” above, are subject to various risks and uncertainties that
could cause actual results to differ materially. These include, but
are not limited to: (i) market conditions impacting the Company’s
stock; (ii) the impact of general economic conditions and their
effect on consumer confidence and spending patterns; (iii) changes
in the cost of raw materials, distribution services or labor; (iv)
the potential for current economic conditions to negatively impact
the Company's merchandise vendors and their ability to deliver
products; (v) the Company’s ability to open and operate stores
successfully; (vi) the Company’s ability to continue to recognize
the savings identified through Project Excellence; (vii) seasonal
fluctuations in the Company’s business; (viii) the Company’s
ability to anticipate and respond to fashion trends; (ix) the
Company’s dependence on mall traffic for its sales; (x) competition
in the Company’s market, including promotional and pricing
competition; (xi) the Company’s ability to retain, recruit and
train key personnel; (xii) the Company’s reliance on third parties
to manage some aspects of its business; (xiii) the Company’s
reliance on foreign sources of production; (xiv) the Company’s
ability to protect its trademarks and other intellectual property
rights; (xv) the Company’s ability to maintain, and its reliance
on, its information technology infrastructure; (xvi) the effects of
government regulation; (xvii) the control of the Company by its
sponsors and any potential change of ownership of those sponsors;
and (xviii) 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.
Exhibit (1)
New York & Company, Inc. and
Subsidiaries
Condensed Consolidated Statements of
Operations
(Unaudited)
Three months Three months ended
ended January 28, % of January 30, %
of (Amounts in thousands, except per share amounts)
2017 net sales 2016 net sales Net sales
$ 266,323 100.0 % $ 271,272 100.0 % Cost of goods sold,
buying and occupancy costs 193,265 72.6 % 201,492 74.3 %
Gross profit 73,058 27.4 % 69,780 25.7 % Selling, general
and administrative expenses 82,280 30.9 % 69,158 25.5 %
Operating (loss) income (9,222) (3.5) % 622 0.2 % Interest
expense, net of interest income 310 0.1 % 304 0.1 % (Loss)
income before income taxes (9,532) (3.6) % 318 0.1 %
Provision for income taxes 456 0.2 % 234 0.1 % Net (loss)
income $ (9,988) (3.8) % $ 84 — % Basic (loss)
earnings per share $ (0.16) $ 0.00 Diluted (loss) earnings
per share $ (0.16) $ 0.00 Weighted average shares
outstanding: Basic shares of common stock 63,226 63,233 Diluted
shares of common stock 63,226 63,607
Selected operating
data: (Dollars in thousands, except square foot data)
Comparable store sales (decrease) increase (0.4) % 1.9 % Net sales
per average selling square foot (a)(d) $ 109 $ 105 Net sales per
average store (b)(d) $ 556 $ 539 Average selling square footage per
store (c) 5,080 5,125 Ending store count 466 490
(a)
Net sales per average selling square foot
is defined as net sales divided by the average of beginning and
monthly end of period selling square feet.
(b)
Net sales per average store is defined as
net sales divided by the average of beginning and monthly end of
period number of stores.
(c)
Average selling square footage per store
is defined as end of period selling square feet divided by end of
period number of stores.
(d)
Effective first quarter of fiscal year
2016, the Company transitioned to a monthly average calculation
from a two-point average calculation. Prior period metrics have
been restated resulting in an immaterial impact.
Exhibit (2)
New York & Company, Inc. and
SubsidiariesCondensed Consolidated Statements of Operations
Twelve months Twelve months ended
ended January 28, % of January 30, %
of (Amounts in thousands, except per share amounts)
2017 net sales 2016 * net sales
(Unaudited) Net sales $ 929,081 100.0 % $ 950,108
100.0 % Cost of goods sold, buying and occupancy costs
665,102 71.6 % 685,253 72.1 % Gross profit 263,979 28.4 %
264,855 27.9 % Selling, general and administrative expenses
279,362 30.1 % 272,960 28.8 % Operating loss (15,383) (1.7)
% (8,105) (0.9) % Interest expense, net of interest income
1,235 0.1 % 1,227 0.1 % Loss before income taxes (16,618)
(1.8) % (9,332) (1.0) % Provision for income taxes 673 0.1 %
737 0.1 % Net loss $ (17,291) (1.9) % $ (10,069) (1.1) %
Basic loss per share $ (0.27) $ (0.16) Diluted
loss per share $ (0.27) $ (0.16) Weighted average shares
outstanding: Basic shares of common stock 63,356 63,154 Diluted
shares of common stock 63,356 63,154
Selected operating
data: (Dollars in thousands, except square foot data)
Comparable store sales (decrease) increase (0.7) % 3.1 % Net sales
per average selling square foot (a)(d) $ 375 $ 367 Net sales per
average store (b)(d) $ 1,920 $ 1,889 Average selling square footage
per store (c) 5,080 5,125
(a)
Net sales per average selling square foot
is defined as net sales divided by the average of beginning and
monthly end of period selling square feet.
(b)
Net sales per average store is defined as
net sales divided by the average of beginning and monthly end of
period number of stores.
(c)
Average selling square footage per store
is defined as end of period selling square feet divided by end of
period number of stores.
(d)
Effective first quarter of fiscal year
2016, the Company transitioned to a monthly average calculation
from a two-point average calculation. Prior period metrics have
been restated resulting in an immaterial impact.
*
Derived from the audited consolidated
financial statements included in the Company’s Annual Report on
Form 10-K for the fiscal year ended January 30, 2016.
Exhibit (3)
New York & Company, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(Amounts in thousands) January 28, 2017
January 30, 2016* (Unaudited) Assets Current
assets: Cash and cash equivalents $ 88,369 $ 61,432 Accounts
receivable 11,837 8,208 Income taxes receivable 144 47 Inventories,
net 78,044 87,777 Prepaid expenses 18,746 19,442 Other current
assets 824 858 Total current assets 197,964 177,764 Property
and equipment, net 87,070 88,831 Intangible assets 14,879 14,879
Other assets 1,675 1,986 Total assets $ 301,588 $ 283,460
Liabilities and stockholders’ equity Current liabilities:
Current portion—long-term debt $ 841 $ 841 Accounts payable 68,068
82,225 Accrued expenses 69,294 52,424 Income taxes payable 174 239
Total current liabilities 138,377 135,729 Long-term debt,
net of current portion 11,485 12,326 Deferred rent 30,039 34,351
Other liabilities 42,518 7,283 Total liabilities 222,419 189,689
Total stockholders’ equity 79,169 93,771 Total liabilities
and stockholders’ equity $ 301,588 $ 283,460
*
Derived from the audited consolidated
financial statements included in the Company’s Annual Report on
Form 10-K for the fiscal year ended January 30, 2016.
Exhibit (4)
New York & Company, Inc.
and Subsidiaries
Condensed Consolidated Statements of
Cash Flows
(Amounts in thousands)
Twelve months
ended
January 28, 2017
Twelve months
ended
January 30, 2016*
(Unaudited) Operating activities Net loss $ (17,291)
$ (10,069) Adjustments to reconcile net loss to net
cash provided by operating activities: Depreciation and
amortization 22,786 24,181 Loss from impairment charges 1,197 327
Amortization of deferred financing costs 189 201 Share-based
compensation expense 3,404 3,867 Changes in operating assets and
liabilities: Restricted stock — 1,509 Accounts receivable (3,629)
(948) Income taxes receivable (97) 52 Inventories, net 9,733 6,014
Prepaid expenses 696 1,139 Accounts payable (14,157) (4,256)
Accrued expenses 16,082 (417) Income taxes payable (65) (471)
Deferred rent (4,312) (818) Other assets and liabilities
34,224 338 Net cash provided by operating activities
48,760 20,649
Investing activities Capital
expenditures (18,308) (26,648) Insurance recoveries —
146 Net cash used in investing activities
(18,308) (26,502)
Financing
activities Repayment of long-term debt (1,000) (1,000) Payment
of financing costs — (161) Purchase of treasury stock (1,079) —
Proceeds from exercise of stock options 121 16 Shares withheld for
payment of employee payroll taxes (312) (297) Principal payments on
capital lease obligations (1,245) (566) Net cash used
in financing activities (3,515) (2,008) Net
increase (decrease) in cash and cash equivalents 26,937 (7,861)
Cash and cash equivalents at beginning of period 61,432
69,293 Cash and cash equivalents at end of period $ 88,369 $
61,432
Supplementary non-cash investing activities Non-cash
capital lease transactions $ 3,914 $ 2,317
*
Derived from the audited consolidated
financial statements included in the Company’s Annual Report on
Form 10-K for the fiscal year ended January 30, 2016.
Exhibit (5)
New York & Company, Inc. and
SubsidiariesReconciliation of GAAP to Non-GAAP Financial
Measures(Unaudited)
A reconciliation of the Company’s GAAP to non-GAAP selling,
general, and administrative expenses, operating (loss) income, net
(loss) income, and (loss) earnings per diluted share for the three
months ended January 28, 2017 and January 30, 2016 is indicated
below. This information reflects, on a non-GAAP basis, the
Company’s adjusted operating results after excluding certain
non-operating charges. This non-GAAP financial information is
provided to enhance the user’s overall understanding of the
Company’s current financial performance. Specifically, the Company
believes the non-GAAP adjusted results provide useful information
to both management and investors by excluding expenses that the
Company believes are not indicative of the Company’s continuing
operating results. The non-GAAP financial information should be
considered in addition to, not as a substitute for or as being
superior to, measures of financial performance prepared in
accordance with GAAP.
Three months ended January 28,
2017
Selling, general and
administrative Loss per (Amounts in
thousands, except per share amounts) expenses
Operating loss Net loss diluted share
GAAP as reported $ 82,280 $ (9,222) $ (9,988) $ (0.16)
Adjustments
affecting comparability
Legal settlement and fees (trademark infringement case)
6,200 6,200 6,200 Total adjustments (1)
6,200 6,200 6,200 0.10
Non-GAAP as adjusted
$ 76,080 $ (3,022) $ (3,788) $ (0.06)
Three months ended January 30,
2016
Selling, general and administrative Operating
Earnings per (Amounts in thousands, except per share
amounts) expenses income Net income
diluted share GAAP as reported $ 69,158 $ 622 $ 84 $
0.00
Adjustments
affecting comparability
Consulting expense-Project Excellence 24 24 24 Reversal of legal
expense accrual (145) (145) (145) Certain severance expense 636 636
636 Executive relocation expense 146 146 146 Net reduction of
moving expenses for new headquarters (20) (20)
(20) Total adjustments (1) 641 641 641
0.01
Non-GAAP as adjusted
$ 68,517 $ 1,263 $ 725 $ 0.01
(1)
The tax effect of $6.2 million and $0.6
million of expenses, during the three months ended January 28, 2017
and January 30, 2016, respectively, is offset by a full valuation
allowance against deferred tax assets.
Exhibit (6)
New York & Company, Inc. and
SubsidiariesReconciliation of GAAP to Non-GAAP Financial
Measures(Unaudited)
A reconciliation of the Company’s GAAP to non-GAAP selling,
general, and administrative expenses, operating loss, net loss and
loss per diluted share for the twelve months ended January 28, 2017
and January 30, 2016 is indicated below. This information reflects,
on a non-GAAP basis, the Company’s adjusted operating results after
excluding certain non-operating charges. This non-GAAP financial
information is provided to enhance the user’s overall understanding
of the Company’s current financial performance. Specifically, the
Company believes the non-GAAP adjusted results provide useful
information to both management and investors by excluding expenses
that the Company believes are not indicative of the Company’s
continuing operating results. The non-GAAP financial information
should be considered in addition to, not as a substitute for or as
being superior to, measures of financial performance prepared in
accordance with GAAP.
Twelve months ended January 28,
2017
Selling, general and
administrative Loss per (Amounts in
thousands, except per share amounts) expenses
Operating loss Net loss diluted share
GAAP as reported $ 279,362 $ (15,383) $ (17,291) $ (0.27)
Adjustments
affecting comparability
Net legal settlement and fees (Includes
$6.2M reserve for trademark infringement case)
5,727 5,727 5,727 Total adjustments (1)
5,727 5,727 5,727 0.09
Non-GAAP as adjusted
$ 273,635 $ (9,656) $ (11,564) $ (0.18)
Twelve months ended January 30,
2016
Selling, general and administrative Loss per
(Amounts in thousands, except per share amounts)
expenses Operating loss Net loss diluted
share GAAP as reported $ 272,960 $ (8,105) $ (10,069) $
(0.16)
Adjustments
affecting comparability
Consulting expense-Project Excellence 3,129 3,129 3,129 Legal
expense 2,452 2,452 2,452 Certain severance expense 2,213 2,213
2,213 Executive relocation expense 146 146 146 Net reduction of
moving expenses for new headquarters (124) (124)
(124) Total adjustments (1) 7,816 7,816
7,816 0.12
Non-GAAP as adjusted
$ 265,144 $ (289) $ (2,253) $ (0.04)
(1)
The tax effect of $5.7 million and $7.8
million of expenses, during the twelve months ended January 28,
2017 and January 30, 2016, respectively, is offset by a full
valuation allowance against deferred tax assets.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170316006210/en/
Investors:ICR, Inc.Allison Malkin, 203-682-8200
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