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New York & Company Q2 net sales increase 4.3 percent

By Prachi Singh

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New York & Company, for the second quarter ended August 1, 2015 reported that net sales were 235.7 million dollars, as compared to 226.1 million dollars in the prior year. Comparable store sales increased 3.8 percent, following an increase of 2.3 percent for the same period last year and total net sales increased by 4.3 percent.

Gross profit as a percentage of net sales increased 110 basis points versus the fiscal 2014 second quarter principally due to improved leverage of buying and occupancy costs.

Commenting on the results, Gregory Scott, New York & Company’s CEO, stated, “We are very pleased with our second quarter performance, in which we increased sales, drove positive comparable store sales and expanded gross margin, leading to a 2.3 million dollars increase in adjusted operating income versus the second quarter last year and exceeded our guidance. Our 3.8% comparable store sales gains accelerated in July with the launch of our Jennifer Hudson Soho Jeans Collection and the overall quarterly results also were driven by the expansion of our omni-channel capabilities leading to significant growth in eCommerce.”

GAAP operating income was 0.4 million dollars, compared to the prior year’s second quarter GAAP operating income of 0.2 million dollars. On a non-GAAP basis, excluding 2 million dollars of non-operating charges, adjusted operating income was 2.5 million dollars, exceeding the high end of the company’s previously issued guidance range of 1 million dollars to 2 million dollars. GAAP net loss was 0.1 million dollars. On a non-GAAP basis, the company’s second quarter adjusted net income was 1.9 million dollars, or 0.03 dollar per diluted share.

The company opened two outlet stores, closed two stores, and remodelled four New York & Company stores during the second quarter, ending the fiscal quarter with 504 stores, including 76 Outlet stores.

For the third quarter of fiscal year 2015, the company expects net sales and comparable store sales to increase by a low to mid-single-digit percentage versus last year. Gross margin is expected to increase in the range of 100 - 200 basis points from the prior year’s third quarter rate.

New York & Company