New York & Company, a specialty women’s apparel chain with 463 retail stores, has announced results for the first quarter ended April 29, 2017.
In the period under review, the fashion retailer’s net sales totalled US $ 209.9 million, decreasing 2.9 per cent as compared to US $ 216.0 million in the prior year, reflecting growth in e-commerce, offset by decreases in brick-and-mortar stores due to the combination of lower store count and decreased comparable store sales.
The fashion brand’s comparable store sales decreased 0.7 per cent, reflecting double-digit percentage growth in e-commerce offset by decreases in comparable store sales in brick-and-mortar stores due to traffic declines.
GAAP operating results narrowed to a loss of US $ 3.9 million as compared to the prior year’s first quarter GAAP operating loss of US $ 5.4 million. Excluding US $ 1.6 million of non-operating charges, the non-GAAP adjusted operating loss in the current year’s first quarter was US $ 2.3 million.
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GAAP net loss for the first quarter of fiscal year 2017 was US $ 4.2 million. This compares to the prior year’s GAAP net loss of US $ 5.7 million. Excluding US $ 1.6 million of non-operating charges, the current year’s first quarter non-GAAP adjusted net loss was US $ 2.7 million.
Commenting on the results, Gregory Scott, CEO of the company stated, “Our first quarter top and bottom-line results were in line with our guidance, and were highlighted by the continued success of our celebrity collaborations, a double-digit percentage increase in e-commerce sales and strong gross margin expansion to its highest level in the first quarter since 2008. As we expand on our high-growth celebrity collaborations, we are excited about our multi-year partnership with Gabrielle Union, who will be the face of our 7th Avenue Design Studio and will launch her own collection in the third quarter of this year.”
The brand opened five stores and one new Outlet store, remodelled/refreshed three stores, and closed eight stores and 1 Outlet store during the first quarter, ending the first quarter with 463 stores, including 123 Outlet stores and 2.3 million selling square feet in operation.
