[May 24, 2018] |
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New York & Company, Inc. Announces Strong 2018 1st Quarter Results and Increases Guidance
New York & Company, Inc. (NYSE:NWY), a specialty apparel chain with 432
retail stores, today announced results for the first quarter ended May
5, 2018.
Gregory Scott, New York & Company's CEO stated: "We were pleased to have
a strong start to the year reporting first quarter operating income that
significantly exceeded guidance driven by strength across all key
financial metrics, including positive comparable store sales in both our
store and eCommerce channels, expansion in gross margin and disciplined
expense management. GAAP operating income rose $7.3 million from the
first quarter last year, continuing the favorable momentum we have seen
in our business for the past 5 quarters. We attribute our consistent
performance to the successful execution of our strategy, focused on
expanding our exclusive celebrity brand offerings that differentiates
New York & Company from peers and resonates well with our demographic,
increasing digital marketing, growing our loyalty base, leveraging our
omni-channel capabilities, gaining efficiencies from Project Excellence,
and adding new growth opportunities in support of our long-term
growth. Our partnerships with Eva Mendes and Gabrielle Union continue to
be a cornerstone of our future strategy, and their strong support of the
partnership was integral to our strong results in the quarter. Our
positive outlook is reflected in the decision to increase Spring season
operating income guidance.
As we look ahead, we remain excited about our business prospects. Our
strong balance sheet and positive cash flow positions us well to
continue to execute our strategy and invest in growth initiatives. We
expect to add a third celebrity brand this year to support our Soho
jeans sub-brand and also to continue to integrate and expand our
recently acquired brand, Fashion to Figure. We reintroduced Fashion to
Figure in February, opening 8 locations and launching the brand on our
eCommerce platform. We continue to look forward to the success of these
initiatives and we are optimistic that they will lead to sustainable
growth in sales and profits while also increasing long-term value for
our shareholders."
First Quarter Fiscal Year 2018 Results (13-weeks ended May 5, 2018
compared to the 13-weeks ended April 29,
2017):
-
Net sales were $218.8 million, as compared to $209.9 million in the
prior year. The increase in net sales reflects the combined effect of
the shift of the calendar due to the 53rd week in fiscal
year 2017, increased sales from Fashion to Figure and growth in
eCommerce sales, partially offset by a reduced store count.
-
Comparable store sales increased 2.7%, as compared to the same period
last year, driven by increases in both brick-and-mortar store sales
and sales from the Company's eCommerce business.
-
Gross profit as a percentage of net sales increased 130 basis points
to 32.0% versus the fiscal year 2017 first quarter gross profit
percentage of 30.7%, reflecting the highest gross margin rate achieved
in the first quarter since 2005. The increase during the quarter
reflects a 260 basis point improvement in the leverage of buying and
occupancy costs due to a $3.4 million reduction in expenses, partially
offset by a 130 basis point decrease in merchandise margin, largely
driven by increased shipping expense, severance expense and a slight
increase in promotional activity. Cost of goods sold, buying and
occupancy costs included $0.3 million and $0.5 million of
non-operating charges during the first quarter of fiscal year 2018 and
fiscal year 2017, respectively, related to certain severance expense.
-
On a GAAP basis, selling, general and administrative expenses were
well below our guidance at $66.5 million, or 30.4% of net sales, as
compared to $68.3 million, or 32.5% of net sales in the prior year
period. The current year period includes $0.5 million of non-operating
charges primarily related to employee termination costs from our
recent organizational changes. On a non-GAAP basis, selling, general
and administrative expenses were $66.0 million, or 30.1% of net sales,
as compared to non-GAAP selling, general and administrative expenses
of $67.2 million, or 32.0% of net sales in the prior year.
-
GAAP operating income improved significantly to income of $3.5
million, which included non-operating charges of $0.8 million.
Excluding the $0.8 million of non-operating charges, adjusted non-GAAP
operating income was well above the Company's prior guidance at $4.3
million, and the prior year's GAAP operating loss of $3.9 million and
the non-GAAP operating loss of $2.3 million, which excluded $1.6
million of non-operating charges.
-
GAAP net income for the first quarter of fiscal year 2018 improved by
$7.3 million to $3.1 million, or earnings of $0.05 per diluted share,
as compared to the prior year's GAAP net loss of $4.2 million, or a
loss of $0.07 per diluted share. On a non-GAAP basis, the Company's
first quarter 2018 adjusted net income was $3.9 million, or earnings
of $0.06 per diluted share. This compares to prior year's first
quarter, non-GAAP adjusted net loss of $2.7 million, or a loss of
$0.04 per diluted share.
Please refer to the "Reconciliation of GAAP to Non-GAAP Financial
Measures" in Exhibit 4 of this press release, which delineates the
non-operating charges for the three months ended May 5, 2018 and April
29, 2017. GAAP is defined as Generally Accepted Accounting Principles in
the United States.
Other Financial and Operational Highlights:
-
Total quarter-end inventory decreased 5.4%, reflecting planned
reductions in unit inventories.
-
Capital spending for the first quarter of 2018 was $0.3 million, as
compared to $2.1 million in the prior year period.
-
The Company opened 1 New York & Company store, 8 Fashion to Figure
stores, converted 1 existing New York & Company store to an Outlet
store, closed 8 New York & Company stores and 1 Outlet store during
the first quarter, as well as remodeled/refreshed 2 existing locations
ending the quarter with 432 stores, including 119 Outlet stores and
2.2 million selling square feet in operation.
-
The Company prepaid the remaining outstanding balance on its Term Loan
in the amount of $11.5 million, which was scheduled to mature in
October 2019. The prepayment will save the Company approximately $0.5
million of interest expense for the remainder of fiscal year 2018 and
save $1 million of interest expense over the remaining term. While
there were no prepayment costs, the Company did write-off $0.2 million
of unamortized deferred financing costs, which are reflected as a loss
on extinguishment of debt in the condensed consolidated statement of
operations. The prepayment was funded with the Company's existing cash
balances.
-
The Company ended the quarter with $78.0 million of cash on-hand, no
outstanding borrowings under its revolving credit facility and no
long-term debt.
Outlook:
Regarding expectations for fiscal year 2018, the Company continues to
focus on improving its operating results to drive increases in both
annual operating income and EBITDA. As previously disclosed in March,
the individual quarters within the Spring season are expected to be
impacted by the combined effects of the calendar shift from the 53rd
week in fiscal year 2017 and the new revenue recognition accounting
standard, and as such, the Company will provide commentary on the
overall Spring season, which combines the first and second quarters of
fiscal year 2018.
For the Spring season, the Company has increased its expectations and
now expects non-GAAP operating income to be in the range of $5 million
to $6 million, excluding the impact of non-operating charges of $1.0
million primarily related to severance, resulting from the Company's
recently completed streamlining of its corporate office support
functions, as compared to the prior year non-GAAP operating income of
$1.2 million. Adjusted EBITDA for the Spring season, excluding the
aforementioned charge for severance, is expected to be in the range of
$17 million to $18 million, as compared to adjusted EBITDA of $12.3
million for the prior Spring season after excluding non-operating
charges and benefits.
-
Net sales for the full Spring season are expected to be up slightly,
reflecting growth in eCommerce and the addition of Fashion to Figure,
partially offset by a reduced store count.
-
Comparable store sales, which are shifted to compare like calendar
weeks, are expected to increase in the low single-digit percentage
range for the full Spring Season.
-
Gross margin for the full Spring Season is expected to increase by
approximately 50 basis points, as compared to last year's historic
high, reflecting reductions in home office payroll costs driven by the
ongoing benefits of Project Excellence and reductions in occupancy
costs due to the Company's real estate negotiations, partially offset
by increased shipping costs associated with the growing omni-channel
business, and increases in variable-based compensation accruals.
-
Selling, general and administrative expenses for the Spring season are
expected to decrease by approximately 50 basis points after excluding
the impact of non-operating charges and benefits in both periods. This
reflects the Company's continued efforts to increase efficiency and
reduce home office payroll costs through a recently completed
rationalization of the Company's corporate support functions in
connection with Project Excellence, partially offset by an increase in
selling expenses driven by increases in eCommerce variable costs and
performance-based compensation accruals, which are anticipated this
year based upon the Company's improved operating results.
-
Non-GAAP operating income for the Spring season is now expected to be
in the range of $5 million to $6 million, as compared to non-GAAP
operating income of $1.2 million in the prior year period.
Additional Outlook:
-
Total inventory at the end of the second quarter is expected to be
down by a low to mid-single-digit percentage as compared to the prior
year second quarter, reflecting lower on-hand inventory, partially
offset by higher in-transit inventory.
-
Capital expenditures for the second quarter of fiscal year 2018 are
projected to be approximately $3 million to $5 million, as compared to
$2.6 million of capital expenditures in the second 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 in the range of $10 million to $12 million.
-
Depreciation expense for the second quarter of fiscal year 2018 is
estimated to be approximately $5 million.
-
During the second quarter of fiscal year 2018, the Company expects to
open 1 Fashion to Figure store, open 1 new Outlet store, convert 1
existing New York & Company store to an Outlet store, remodel/refresh
4 existing stores, and close 5 New York & Company stores and 1 Outlet
store.
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, including Fashion to Figure eCommerce sales, and
private label credit card royalties and related revenue are included in
comparable store sales. Fashion to Figure retail locations are not
included in comparable store sales calculations until they complete 13
full fiscal months of operation. In addition, in a year with 53 weeks,
sales in the last week of the year are not included in determining
comparable store sales.
Project Excellence
Project Excellence is the Company's ongoing business re-engineering
program which consists of a continuous analysis of business processes
and organizational structure in an effort to improve sales productivity
and operating efficiencies, as well as to reduce the Company's overall
cost structure. For further information related to Project Excellence,
please refer to Note 14, "Quarterly Results" in the Notes to
Consolidated Financial Statements appearing in the Company's Annual
Report on Form 10-K for the fiscal year ended February 3, 2018.
Conference Call Information
A conference call to discuss first quarter 2018 results is scheduled for
today, Thursday, May 24, 2018 at 4:30 p.m. Eastern Time. Investors and
analysts interested in participating in the call are invited to dial
(800) 263-0877 and reference conference ID number 1730955 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 May
24, 2018 until 11:59 p.m. Eastern Time on May 31, 2018 and can be
accessed by dialing (844) 512-2921 and entering conference ID number
1730955.
As a supplement to this press release, slides with information regarding
the first quarter 2018 results and outlook for second quarter and Spring
2018 will also be available at: www.nyandcompany.com
at approximately 4:20 p.m. Eastern Time on Thursday, May 24, 2018.
About New York & Company
New York & Company, Inc. is an omni-channel women's fashion retailer
providing curated lifestyle solutions that are versatile, on-trend, and
stylish at a great value. The specialty retailer, first incorporated in
1918, has grown to now operate 432 retail and outlet locations in 36
states while also growing a substantial eCommerce business. Its branded
merchandise, including collaborations with Eva Mendes and Gabrielle
Union, is sold exclusively at these locations and online at www.nyandcompany.com.
Additionally, certain product, press releases 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) the Company's dependence on
mall traffic for its sales and the continued reduction in the volume of
mall traffic; (ii) the Company's ability to anticipate and respond to
fashion trends; (iii) the impact of general economic conditions and
their effect on consumer confidence and spending patterns; (iv) changes
in the cost of raw materials, distribution services or labor; (v) the
potential for economic conditions to negatively impact the Company's
merchandise vendors and their ability to deliver products; (vi) the
Company's ability to open and operate stores successfully; (vii)
seasonal fluctuations in the Company's business; (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 largest shareholder and any potential
change of ownership of the Company including the shares held by its
largest shareholder; 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.
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Exhibit (1)
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New York & Company, Inc. and Subsidiaries
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Condensed Consolidated Statements of Operations
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(Unaudited)
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(Amounts in thousands, except per share amounts)
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Three months ended
May 5, 2018
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% of net sales
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Three months ended
April 29, 2017
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% of net sales
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Net sales
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$
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218,829
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100.0
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%
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$
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209,857
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100.0
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%
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Cost of goods sold, buying and occupancy costs
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148,868
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68.0
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%
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145,435
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69.3
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%
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Gross profit
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69,961
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32.0
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%
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64,422
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30.7
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%
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Selling, general and administrative expenses
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66,486
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30.4
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%
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68,274
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32.5
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%
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Operating income (loss)
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3,475
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1.6
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%
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(3,852
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)
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(1.8
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)%
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Interest expense, net of interest income
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22
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-
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%
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279
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0.1
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%
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Loss on extinguishment of debt
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239
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0.1
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%
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-
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-
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%
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Income (loss) before income taxes
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3,214
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1.5
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%
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(4,131
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)
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(1.9
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)%
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Provision for income taxes
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128
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0.1
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%
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|
116
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0.1
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%
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Net income (loss)
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$
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3,086
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1.4
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%
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$
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(4,247
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)
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(2.0
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)%
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Basic earnings (loss) per share
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$
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0.05
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$
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(0.07
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)
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Diluted earnings (loss) per share
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$
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0.05
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$
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(0.07
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)
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Weighted average shares outstanding:
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Basic shares of common stock
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63,527
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63,181
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Diluted shares of common stock
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65,404
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63,181
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Selected operating data:
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(Dollars in thousands, except square foot data)
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Comparable store sales increase (decrease)
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2.7
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%
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(0.7
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)%
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Net sales per average selling square foot (a)
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$
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101
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$
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89
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Net sales per average store (b)
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$
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504
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$
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452
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Average selling square footage per store (c)
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4,985
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5,033
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Ending store count
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432
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463
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(a)
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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.
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(b)
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Net sales per average store is defined as net sales divided by the
average of beginning and monthly end of period number of stores.
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(c)
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Average selling square footage per store is defined as end of period
selling square feet divided by end of period number of stores.
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Exhibit (2)
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New York & Company, Inc. and Subsidiaries
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Condensed Consolidated Balance Sheets
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(Amounts in thousands)
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May 5, 2018
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February 3, 2018*
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April 29, 2017
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(Unaudited)
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(Unaudited)
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Assets
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Current assets:
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Cash and cash equivalents
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$
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78,019
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$
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90,908
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$
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75,292
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Accounts receivable
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14,850
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12,528
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16,873
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Income taxes receivable
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115
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115
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115
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Inventories, net
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90,984
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84,498
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96,194
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Prepaid expenses
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16,557
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16,447
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17,777
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Other current assets
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1,944
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1,924
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|
1,516
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Total current assets
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202,469
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206,420
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207,767
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Property and equipment, net
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72,701
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77,906
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83,146
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Intangible assets
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17,047
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17,125
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14,879
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Other assets
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1,469
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1,505
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|
1,563
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Total assets
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$
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293,686
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$
|
302,956
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$
|
307,355
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Liabilities and stockholders' equity
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Current liabilities:
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|
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Current portion-long-term debt
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$
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-
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$
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841
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$
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841
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Accounts payable
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73,937
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70,089
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83,496
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Accrued expenses
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73,535
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70,677
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66,070
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Income taxes payable
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716
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28
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|
66
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Total current liabilities
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147,543
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141,635
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150,473
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Long-term debt, net of current portion
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|
-
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10,644
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11,275
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Deferred rent
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|
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|
26,353
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27,217
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29,554
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Other liabilities
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|
35,142
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|
36,599
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|
40,977
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Total liabilities
|
|
|
|
209,038
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|
216,095
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|
232,279
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|
|
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Total stockholders' equity
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|
|
|
84,648
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|
86,861
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|
75,076
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Total liabilities and stockholders' equity
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|
|
|
$
|
293,686
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$
|
302,956
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$
|
307,355
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|
|
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|
|
|
|
|
|
*
|
|
Derived from the audited consolidated financial statements included
in the Company's Annual Report on Form 10-K for the fiscal year
ended February 3, 2018.
|
|
|
|
|
|
|
|
|
|
|
Exhibit (3)
|
|
New York & Company, Inc. and Subsidiaries
|
Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
(Amounts in thousands)
|
|
|
|
Three months
ended
May 5, 2018
|
|
Three months
ended
April 29, 2017
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
3,086
|
|
|
$
|
(4,247
|
)
|
Adjustments to reconcile net income (loss) to net cash used in
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
5,479
|
|
|
|
5,732
|
|
Loss from impairment charges
|
|
|
|
|
-
|
|
|
|
288
|
|
Amortization of intangible assets
|
|
|
|
|
78
|
|
|
|
-
|
|
Amortization of deferred financing costs
|
|
|
|
|
34
|
|
|
|
48
|
|
Write-off of unamortized deferred financing costs
|
|
|
|
|
239
|
|
|
|
-
|
|
Share-based compensation expense
|
|
|
|
|
642
|
|
|
|
501
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
(2,506
|
)
|
|
|
(5,036
|
)
|
Income taxes receivable
|
|
|
|
|
-
|
|
|
|
29
|
|
Inventories, net
|
|
|
|
|
(6,486
|
)
|
|
|
(18,150
|
)
|
Prepaid expenses
|
|
|
|
|
(110
|
)
|
|
|
969
|
|
Accounts payable
|
|
|
|
|
3,848
|
|
|
|
15,428
|
|
Accrued expenses
|
|
|
|
|
(3,022
|
)
|
|
|
(3,239
|
)
|
Income taxes payable
|
|
|
|
|
43
|
|
|
|
(108
|
)
|
Deferred rent
|
|
|
|
|
(864
|
)
|
|
|
(485
|
)
|
Other assets and liabilities
|
|
|
|
|
(935
|
)
|
|
|
(1,613
|
)
|
Net cash used in operating activities
|
|
|
|
|
(474
|
)
|
|
|
(9,883
|
)
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(274
|
)
|
|
|
(2,096
|
)
|
Insurance recoveries
|
|
|
|
|
184
|
|
|
|
-
|
|
Net cash used in investing activities
|
|
|
|
|
(90
|
)
|
|
|
(2,096
|
)
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
Repayment of long-term debt
|
|
|
|
|
(11,750
|
)
|
|
|
(250
|
)
|
Repurchase of treasury stock
|
|
|
|
|
-
|
|
|
|
(416
|
)
|
Shares withheld for payment of employee payroll taxes
|
|
|
|
|
(93
|
)
|
|
|
(23
|
)
|
Principal payments on capital lease obligations
|
|
|
|
|
(482
|
)
|
|
|
(409
|
)
|
Net cash used in financing activities
|
|
|
|
|
(12,325
|
)
|
|
|
(1,098
|
)
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
|
|
(12,889
|
)
|
|
|
(13,077
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
90,908
|
|
|
|
88,369
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
78,019
|
|
|
$
|
75,292
|
|
|
|
|
|
|
|
|
|
|
Exhibit (4)
New York & Company, Inc. and Subsidiaries Reconciliation
of GAAP to Non-GAAP Financial Measures (Unaudited)
A reconciliation of the Company's GAAP to non-GAAP financial statement
information for the three months ended May 5, 2018 and the three months
ended April 29, 2017 is indicated below. This information reflects, on a
non-GAAP basis, the Company's adjusted operating results after excluding
certain non-operating adjustments. 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 May 5, 2018
|
(Amounts in thousands, except per share amounts)
|
|
|
|
Cost of goods sold, buying and
occupancy costs
|
|
Gross profit
|
|
Selling, general and administrative expenses
|
|
Operating income
|
|
Net income
|
|
Earnings per diluted share
|
GAAP as reported
|
|
|
|
$
|
148,868
|
|
$
|
69,961
|
|
$
|
66,486
|
|
$
|
3,475
|
|
|
$
|
3,086
|
|
|
$
|
0.05
|
|
Adjustments affecting comparability
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain severance expense
|
|
|
|
|
319
|
|
|
319
|
|
|
352
|
|
|
671
|
|
|
|
671
|
|
|
|
Consulting expense
|
|
|
|
|
-
|
|
|
-
|
|
|
27
|
|
|
27
|
|
|
|
27
|
|
|
|
Legal settlement fees
|
|
|
|
|
-
|
|
|
-
|
|
|
140
|
|
|
140
|
|
|
|
140
|
|
|
|
Total adjustments (1)
|
|
|
|
|
319
|
|
|
319
|
|
|
519
|
|
|
838
|
|
|
|
838
|
|
|
|
0.01
|
|
Non-GAAP as adjusted
|
|
|
|
$
|
148,549
|
|
$
|
70,280
|
|
$
|
65,967
|
|
$
|
4,313
|
|
|
$
|
3,924
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended April 29, 2017
|
(Amounts in thousands, except per share amounts)
|
|
|
|
Cost of goods sold, buying and
occupancy costs
|
|
Gross profit
|
|
Selling, general and administrative expenses
|
|
Operating loss
|
|
Net loss
|
|
Loss per diluted share
|
GAAP as reported
|
|
|
|
$
|
145,435
|
|
$
|
64,422
|
|
$
|
68,274
|
|
$
|
(3,852
|
)
|
|
$
|
(4,247
|
)
|
|
$
|
(0.07
|
)
|
Adjustments affecting comparability
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain severance expenses
|
|
|
|
|
548
|
|
|
548
|
|
|
-
|
|
|
548
|
|
|
|
548
|
|
|
|
Consulting expense
|
|
|
|
|
-
|
|
|
-
|
|
|
562
|
|
|
562
|
|
|
|
562
|
|
|
|
Legal settlement fees (trademark infringement case)
|
|
|
|
|
-
|
|
|
-
|
|
|
470
|
|
|
470
|
|
|
|
470
|
|
|
|
Total adjustments (1)
|
|
|
|
|
548
|
|
|
548
|
|
|
1,032
|
|
|
1,580
|
|
|
|
1,580
|
|
|
|
0.03
|
|
Non-GAAP as adjusted
|
|
|
|
$
|
144,887
|
|
$
|
64,970
|
|
$
|
67,242
|
|
$
|
(2,272
|
)
|
|
$
|
(2,667
|
)
|
|
$
|
(0.04
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
The tax effect of $0.8 million and $1.6 million of non-operating
adjustments during the three months ended May 5, 2018 and April 29,
2017, respectively, is offset by a full valuation allowance against
deferred tax assets.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180524006290/en/
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