~ Reports a Comparable Store Sales Increase
of 3.0% ~~ 4th Quarter GAAP Operating Income of $5.0
Million, Exceeds High End of Guidance Range ~~ Reports Full
Year EBITDA of $29.7 Million Increasing $21.1 Million from Last
Year ~~ Reports Cash of $90.9 Million or $1.41 Per Share
~~ Expects Adjusted EBITDA of $15 Million to $17 Million in
Spring Season ~
New York & Company, Inc. [NYSE:NWY], a specialty
apparel chain with 432 retail stores, today announced results for
the fourth quarter and fiscal year ended February 3, 2018.
Gregory Scott, New York & Company’s CEO stated: “We are
pleased to report fourth quarter results that included increased
comparable sales and better-than-expected operating income, capping
off a strong finish to a year in which we made significant progress
toward our long-term goals, particularly evolving to a lifestyle
brand, becoming a digitally dominant retailer and delivering
improved profitability. The fourth quarter was highlighted by a
3.0% increase in comparable sales, with positive traffic, expansion
in gross margin and leverage in expenses. Combined, this led to
GAAP operating profit of $5.0 million, representing growth of $14.2
million, as compared to the GAAP operating loss from the fourth
quarter last year. The ongoing benefits from our prior Project
Excellence initiatives, along with several new initiatives
including the integration of our Outlet and core New York &
Company businesses in the third quarter, added to our
profitability. For the full year 2017 we were pleased to generate
almost $30 million of EBITDA which is up more than $21 million to
last year.
“We are also pleased to begin fiscal 2018, with positive
momentum as we continue to see improved traffic across all three
channels of our business,” Mr. Scott continued. “Our New York and
Company brand is performing well, as we continue to bring great
style and value to consumers through our successful celebrity
collaborations and our exclusive sub-brands, all through a seamless
omni-channel experience. We also expect to benefit from another
year of savings from Project Excellence work as well as new
benefits from a recent streamlining of our corporate support
functions. The combined effect of the Outlet integration in the
third quarter and the corporate office rationalization in early
February will reduce annualized payroll related costs by
approximately $7 million. Finally, we look forward to integrating
our newest brand, Fashion to Figure, into the New York &
Company portfolio, and we believe this will allow us to capitalize
on the plus-size market. I want to thank all of our associates for
their contributions that led to our strong fiscal year in 2017 and
remain optimistic about our business prospects as we begin fiscal
2018, which is reflected in our guidance.”
Fourth Quarter Fiscal Year 2017 Results (14-weeks ended February 3, 2018 compared to the
13-weeks ended January 28,
2017):
- Net sales were $278.7 million, which
included $7.1 million of royalty and related revenue from the
private label credit card agreement, as compared to $266.3 million
in the prior year, which included $5.4 million of royalty and
related revenue from the private label credit card agreement. The
Company noted that fiscal year 2017 included 53 weeks while fiscal
year 2016 included 52 weeks, with the additional week occurring in
the fourth quarter.
- Comparable store sales
increased 3.0% largely driven by a double-digit percentage
increase in the Company’s eCommerce business, combined with
increased royalty and related revenue from the private label credit
card agreement. All quarterly comparable store sales figures are
based on a 13-week comparable time period.
- Gross profit as a percentage of net
sales increased 210 basis points to 29.5% versus the fiscal year
2016 fourth quarter gross profit percentage of 27.4%, reflecting
the highest gross margin rate achieved in the fourth quarter since
2006. The increase during the quarter reflects a 160 basis point
improvement in the leverage of buying and occupancy costs and a 50
basis point increase in merchandise margin.During the quarter, the
Company continued to aggressively reduce expenses which led to a
$1.8 million decrease in buying and occupancy costs, resulting
primarily from rent reductions which contributed to the 160 basis
point improvement in the leverage of these expenses, as compared to
the prior year period.The 50 basis point increase in merchandise
margin was primarily driven by reduced product costs, combined with
a $1.7 million increase in royalties under the private label credit
card agreement, partially offset by a $2.7 million increase in
shipping costs resulting from significant growth in the eCommerce
business.
- On a GAAP basis, selling, general and
administrative expenses were well below our guidance at $77.2
million, or 27.7% of net sales, as compared to $82.3 million, or
30.9% of net sales in the prior year period. The current year
period includes expenses associated with the 53rd week, as well as
$0.3 million of various non-operating charges. The prior year
period does not include expenses associated with the 53rd week, but
does include a $6.2 million legal reserve that the Company
established relating to an ongoing trademark infringement case
where the Company received an unfavorable judgment. On a non-GAAP
basis, selling, general and administrative expenses were $77.0
million, or 27.6% of net sales inclusive of the extra week of sales
and expenses, or 14-week period, as compared to non-GAAP selling,
general and administrative expenses of $76.1 million, or 28.6% of
net sales in the prior year, which represented a 13-week
period.
- GAAP operating income improved
significantly to income of $5.0 million, which included
non-operating charges of $0.3 million. Excluding the $0.3 million
of non-operating charges, adjusted non-GAAP operating income was
$5.3 million, compared to the prior year’s non-GAAP operating loss
of $3.0 million, which excluded $6.2 million of non-operating
charges. Operating income on a GAAP basis exceeded the high-end of
the Company’s increased guidance provided on January 8, 2018.
- GAAP net income for the fourth quarter
of fiscal year 2017 was $4.7 million, or earnings of $0.07 per
diluted share, as compared to the prior year’s GAAP net loss of
$10.0 million, or a loss of $0.16 per diluted share. On a non-GAAP
basis, the Company’s fourth quarter 2017 adjusted net income was
$5.0 million, or earnings of $0.08 per diluted share. This compares
to prior year’s fourth quarter, non-GAAP adjusted net loss of $3.8
million, or a loss of $0.06 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
February 3, 2018 and January 28, 2017. GAAP is defined as Generally
Accepted Accounting Principles in the United States.
Full Fiscal Year 2017 Results (53-weeks ended February 3, 2018 compared to the
52-weeks ended January 28,
2017):
- Net sales were $926.9 million for
fiscal year 2017, as compared to $929.1 million for fiscal year
2016. Comparable store sales increased 1.0%, as compared to a
decrease of 0.7% in the prior fiscal year. All full fiscal
year comparable store results are based on a 52-week comparable
time period.
- GAAP operating income was $6.9 million.
On a non-GAAP basis, adjusted operating income was $7.7
million. This compares to a GAAP operating loss of $15.4
million and a non-GAAP, adjusted operating loss of $9.7 million for
fiscal year 2016.
- EBITDA was $29.7 million for the full
fiscal year. This compares to $8.6 million for fiscal year 2016
representing an improvement of $21.1 million. On an adjusted basis,
excluding the impact of non-operating charges of $0.8 million in
fiscal year 2017 and $5.7 million in fiscal year 2016, adjusted
EBITDA was $30.5 million in fiscal year 2017, as compared to $14.4
million in fiscal year 2016.
- Net income was $5.7 million, or
earnings of $0.09 per diluted share. On a non-GAAP basis,
adjusted net income was $6.4 million, or earnings of $0.10 per
diluted share. This compares to the prior fiscal year net loss of
$17.3 million, or a loss of $0.27 per diluted share. On a non-GAAP
basis, prior fiscal year adjusted net loss was $11.6 million, or a
loss of $0.18 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
February 3, 2018 and January 28, 2017.
Other Financial and Operational Highlights
- Total year-end inventory increased 8.3%
and on-hand inventory was down slightly, as compared to the end of
fiscal year 2016. The increase in total inventory reflects higher
levels of inventory in-transit due to timing differences relating
to the shift in calendar for the 53rd week and the shift in the
respective timing of Chinese New Year earlier in the first
quarter.
- Capital spending for fiscal year 2017
was $12.5 million, as compared to $18.3 million in fiscal year
2016, primarily reflecting continued spending on the Company’s
information technology infrastructure.
- The Company closed 21 New York &
Company stores and 6 Outlet stores during the fourth quarter. For
the full year the Company closed 38 New York and Company stores, 7
outlet stores, and opened 8 New York & Company stores and 3
Outlet stores, ending the full fiscal year with 432 stores,
including 119 Outlet stores and 2.2 million selling square feet in
operation.
- The Company ended the year with $90.9
million of cash on-hand and no outstanding borrowings under its
revolving credit facility.
Fashion to Figure Intellectual Property and Certain Assets
Acquired:
On February 2, 2018, the Company acquired certain assets of
Fashion to Figure, a U.S. based retailer of trendy plus-size
fashions, including intellectual property rights related to the
Fashion to Figure® brand, for a total cash purchase price of $2.4
million including fees and expenses which was funded with cash on
hand.
The assets were acquired by TFT Acquisition LLC, as the
successful bidder at an auction run by Fashion to Figure, as part
of its ongoing reorganization under Chapter 11 of the U.S.
Bankruptcy Code and were subsequently acquired by the Company. The
asset purchase agreement covers all intellectual property,
including trademarks, tradenames, an extensive customer database,
and all in-store assets, with the exception of inventory. All lease
obligations remained with the seller; however, the Company
negotiated satisfactory new lease agreements to enable the Company
to relaunch 8 key Fashion to Figure locations. The Company
relaunched the Fashion to Figure business with 8 stores and through
its eCommerce platform in early February. The Company hired certain
former employees of Fashion to Figure, including members of the
design, merchandising, eCommerce and the field management teams,
who joined the Company during the fourth quarter of fiscal year
2017.
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 the
Company enters the Spring season, the combined effects of the
calendar shifts from the 53rd week in 2017 and new revenue
recognition accounting standards will have an impact on the
individual quarterly results, and as such, the Company will provide
commentary on the overall Spring season, which combines the first
and second quarters of fiscal year 2018, in addition to more
detailed commentary on first quarter metrics.
For the Spring season, combined first and second quarter of
fiscal year 2018, the Company expects non-GAAP operating income to
be in the range of $3 million to $5 million, excluding the impact
of non-operating charges of $0.6 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 $15 million
to $17 million, as compared to adjusted EBITDA of $12.8 million for
the prior Spring season after excluding non-operating charges and
benefits.
For the first quarter the Company expects non-GAAP operating
income to be in the range of $2 million to $3 million excluding the
impact of non-operating charges of $0.6 million primarily related
to severance, resulting from the Company’s recently completed
streamlining of its corporate office support functions, as compared
to a non-GAAP operating loss of $2.3 million in the prior year.
Adjusted EBITDA for the first quarter is expected to be in the
range of $8 million to $9 million, excluding the impact of the
aforementioned non-operating charges of $0.6 million, as compared
to $3.8 million of adjusted EBITDA in the prior year period. The
first quarter guidance reflects the following:
- Net sales are expected to increase in
the low to mid-single-digit percentage range, reflecting the
combined effect of the shift of the calendar due to the 53rd week
in 2017, and growth in eCommerce sales, partially offset by a
reduced store count. As it relates to the calendar shift, an
important pre-Mother’s Day week is moving out of the second quarter
and into the first quarter benefiting sales and profits during the
first quarter, but this shift will negatively impact the second
quarter, as compared to last year.
- Comparable store sales, which are
shifted to compare like calendar weeks, are expected to increase in
the low single-digit percentage range.
- Gross margin on a GAAP basis is
expected to be up 150 basis points to 200 basis points 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 aggressive real estate negotiations, partially
offset by increased shipping costs associated with the growing
omni-channel business.
- Selling, general and administrative
expenses as a percent of sales on a GAAP basis are expected to
decrease by approximately 100 basis points versus the prior year’s
first quarter. 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, partially offset by increases 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.
Additional Outlook:
- During the first quarter of fiscal year
2018, the Company expects to prepay the remaining outstanding
balance on its Term Loan in the amount of $11.5 million, which
matures in October 2019. The prepayment will save 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. The prepayment is expected to be funded with the Company’s
existing cash balances.
- Total inventory at the end of the first
quarter is expected to be up in the mid-single-digit percentage as
compared to the prior year first quarter, reflecting timing
differences due to the shift in calendar from the 53rd week in
2017.
- Capital expenditures for the first
quarter of fiscal year 2018 are projected to be approximately $2
million to $4 million, as compared to $2.1 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 the prior year at $10 million to $12 million, including
capital required for the Company’s new Fashion to Figure
business.
- Depreciation expense for the first
quarter of fiscal year 2018 is estimated to be approximately $5
million and the full year is expected to be approximately $22
million.
- During the first quarter of fiscal year
2018, the Company expects to open 8 Fashion to Figure stores,
convert 1 existing New York & Company store to an Outlet store,
remodel/refresh 5 existing stores, and close 8 stores, including 1
Outlet store.
- For fiscal year 2018, the Company
expects to open approximately 5 New York & Company stores and 1
new Outlet store, open 8 Fashion to Figure stores, convert 1
existing New York & Company store to an Outlet store,
remodel/refresh 11 existing stores, and close 35 stores to 45
stores, ending the fiscal year with roughly 401 stores to 411
stores, and approximately 2.0 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, 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.
Conference Call Information
A conference call to discuss fourth quarter and fiscal year
2017 results is scheduled for today, Thursday, March 22, 2018
at 4:30 p.m. Eastern Time. Investors and analysts interested in
participating in the call are invited to dial (866) 548-4713 and
reference conference ID number 2402229 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 22, 2018 until
11:59 p.m. Eastern Time on March 29, 2018 and can be accessed by
dialing (844) 512-2921 and entering conference ID number
2402229.
As a supplement to this press release, slides with information
regarding the fourth quarter and fiscal year 2017 results and
outlook for 2018 will also be available at: www.nyandcompany.com at
approximately 4:20 p.m. Eastern Time on Thursday, March 22,
2018.
About New York & CompanyNew York & Company,
Inc. is an omni-channel women’s fashion retailer designing on-trend
and versatile collections at a great value. The specialty retailer,
first incorporated in 1918, has grown to now operate 432 retail and
outlet locations in 37 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 release and SEC filing
information concerning the Company are available at the Company's
website: www.nyandcompany.com.
Forward-looking StatementsThis 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
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.
Exhibit (1)
New York & Company, Inc. and
Subsidiaries
Condensed Consolidated Statements of
Operations
(Unaudited)
(Amounts in thousands, except per share amounts)
14-weeksended
February 3, 2018
% ofnet sales 13-weeksended
January 28, 2017
% ofnet sales Net sales $ 278,713 100.0 % $ 266,323
100.0 % Cost of goods sold, buying and occupancy costs
196,467 70.5 % 193,265 72.6 % Gross profit 82,246 29.5 %
73,058 27.4 % Selling, general and administrative expenses
77,240 27.7 % 82,280 30.9 % Operating income (loss) 5,006
1.8 % (9,222) (3.5) % Interest expense, net of interest
income 137 — % 310 0.1 % Income (loss) before income taxes
4,869 1.8 % (9,532) (3.6) % Provision for income taxes 122
0.1 % 456 0.2 % Net income (loss) $ 4,747 1.7 % $ (9,988)
(3.8) % Basic earnings (loss) per share $ 0.07 $
(0.16) Diluted earnings (loss) per share $ 0.07 $ (0.16)
Weighted average shares outstanding: Basic shares of common
stock 63,452 63,226 Diluted shares of common stock 64,690 63,226
Selected operating data: (Dollars in thousands,
except square foot data) Comparable store sales increase
(decrease) 3.0 % (0.4) % Net sales per average selling square foot
(a) $ 123 $ 109 Net sales per average store (b) $ 617 $ 556 Average
selling square footage per store (c) 5,026 5,080 Ending store count
432 466
(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.
Exhibit (2)
New York & Company, Inc. and
Subsidiaries
Condensed Consolidated Statements of
Operations
(Amounts in thousands, except per share amounts)
53-weeks ended
February 3, 2018
% ofnet sales 52-weeksended
January 28, 2017*
% ofnet sales (Unaudited) Net sales
$ 926,868
100.0 % $ 929,081 100.0 % Cost of goods sold, buying and
occupancy costs 644,041 69.5 % 665,102 71.6 % Gross profit
282,827 30.5 % 263,979 28.4 % Selling, general and
administrative expenses 275,899 29.8 % 279,362 30.1 %
Operating income (loss) 6,928 0.7 % (15,383) (1.7) %
Interest expense, net of interest income 815 0.1 % 1,235 0.1 %
Income (loss) before income taxes 6,113 0.6 % (16,618) (1.8)
% Provision for income taxes 438 — % 673 0.1 % Net
income (loss) $ 5,675 0.6 % $ (17,291) (1.9) % Basic
earnings (loss) per share $ 0.09 $ (0.27) Diluted earnings
(loss) per share $ 0.09 $ (0.27) Weighted average shares
outstanding: Basic shares of common stock 63,273 63,356 Diluted
shares of common stock 64,054 63,356
Selected operating
data: (Dollars in thousands, except square foot data)
Comparable store sales increase (decrease) 1.0 % (0.7) % Net sales
per average selling square foot (a) $ 401 $ 375 Net sales per
average store (b) $ 2,019 $ 1,920 Average selling square footage
per store (c) 5,026 5,080
(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. * Derived from the audited consolidated financial
statements included in the Company’s Annual Report on Form 10-K for
the fiscal year ended January 28, 2017.
Exhibit (3)
New York & Company, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(Amounts in thousands) February 3, 2018
January 28, 2017* (Unaudited) Assets Current
assets: Cash and cash equivalents $ 90,908 $ 88,369 Accounts
receivable 12,528 11,837 Income taxes receivable 115 144
Inventories, net 84,498 78,044 Prepaid expenses 16,447 18,746 Other
current assets 1,924 824 Total current assets 206,420 197,964
Property and equipment, net 77,906 87,070 Intangible assets
17,125 14,879 Other assets 1,505 1,675 Total assets $ 302,956 $
301,588
Liabilities and stockholders’ equity Current
liabilities: Current portion—long-term debt $ 841 $ 841 Accounts
payable 70,089 68,068 Accrued expenses 70,677 69,294 Income taxes
payable 28 174 Total current liabilities 141,635 138,377
Long-term debt, net of current portion 10,644 11,485 Deferred rent
27,217 30,039 Other liabilities 36,599 42,518 Total liabilities
216,095 222,419 Total stockholders’ equity 86,861 79,169
Total liabilities and stockholders’ equity $ 302,956 $ 301,588
* Derived from the audited consolidated
financial statements included in the Company’s Annual Report on
Form 10-K for the fiscal year ended January 28, 2017.
Exhibit (4)
New York & Company, Inc.
and Subsidiaries
Condensed Consolidated Statements of
Cash Flows
(Amounts in thousands)
53-weeks
ended
February 3, 2018
52-weeks
ended
January 28, 2017*
(Unaudited) Operating activities Net income (loss) $
5,675 $ (17,291) Adjustments to reconcile net income (loss) to net
cash provided by operating activities: Depreciation and
amortization 21,729 22,786 Loss from impairment charges 997 1,197
Amortization of deferred financing costs 189 189 Share-based
compensation expense 2,223 3,404 Changes in operating assets and
liabilities: Accounts receivable (691) (3,629) Income taxes
receivable 29 (97) Inventories, net (6,454) 9,733 Prepaid expenses
2,299 696 Accounts payable 2,021 (14,157) Accrued expenses 1,242
16,082 Income taxes payable (146) (65) Deferred rent (2,822)
(4,312) Other assets and liabilities (5,113) 34,224
Net cash provided by operating activities 21,178
48,760
Investing activities Capital expenditures
(12,530) (18,308) Acquisition of Fashion to Figure intangible
assets (2,246) — Acquisition of Fashion to Figure fixed assets
(176) — Net cash used in investing activities
(14,952) (18,308)
Financing activities
Repayment of long-term debt (1,000) (1,000) Purchase of treasury
stock (623) (1,079) Proceeds from exercise of stock options — 121
Shares withheld for payment of employee payroll taxes (388) (312)
Principal payments on capital lease obligations (1,676)
(1,245) Net cash used in financing activities (3,687)
(3,515) Net increase in cash and cash equivalents
2,539 26,937 Cash and cash equivalents at beginning of period
88,369 61,432 Cash and cash equivalents at end of
period $ 90,908 $ 88,369
Supplementary non-cash investing
activities Non-cash capital lease transactions $ 856 $ 3,914
* Derived from the audited consolidated
financial statements included in the Company’s Annual Report on
Form 10-K for the fiscal year ended January 28, 2017.
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 financial
statement information for the 14-weeks ended February 3, 2018 and
the 13-weeks ended January 28, 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 and credits 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.
14-weeks ended February 3, 2018
(Amounts in thousands, except per share amounts)
Cost of goodssold,
buyingand occupancycosts
Gross profit
Selling,
generalandadministrativeexpenses
Operatingincome
Net income
Earningsper
dilutedshare
GAAP as reported $ 196,467 $ 82,246 $ 77,240 $ 5,006 $ 4,747 $ 0.07
Adjustments
affecting comparability
Certain severance expense accrual reversal (6) (6) — (6) (6)
Certain executive relocation expense — — 39 39 39 Consulting
expense — — 291 291 291 Legal settlement fees net accrual reversal
— — (74) (74) (74) Total
adjustments (1) (6) (6) 256 250 250
0.01
Non-GAAP as adjusted
$ 196,473 $ 82,240 $ 76,984 $ 5,256 $ 4,997 $ 0.08
13-weeks ended January 28, 2017
(Amounts in thousands, except per share amounts)
Cost of goodssold,
buyingand occupancycosts
Gross profit
Selling,
generalandadministrativeexpenses
Operatingloss
Net loss
Loss
perdilutedshare
GAAP as reported $ 193,265 $ 73,058 $ 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
$ 193,265 $ 73,058 $ 76,080 $ (3,022) $ (3,788) $ (0.06)
(1) The tax effect of $0.3 million and $6.2
million of non-operating adjustments during the three months ended
February 3, 2018 and January 28, 2017, 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 financial
statement information for the 53-weeks ended February 3, 2018 and
the 52-weeks ended January 28, 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 and credits 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.
53-weeks ended February 3, 2018
(Amounts in thousands, except per share amounts)
Cost of goodssold,
buyingand occupancycosts
Gross profit
Selling,
generalandadministrativeexpenses
Operatingincome
Net income
Earnings
perdilutedshare
GAAP as reported $ 644,041 $ 282,827 $ 275,899 $ 6,928 $ 5,675 $
0.09
Adjustments
affecting comparability
Certain severance expense 336 336 571 907 907 Certain executive
relocation expense — — 502 502 502 Consulting expense — — 1,486
1,486 1,486 Legal settlement fees net accrual reversal —
— (2,125) (2,125) (2,125) Total
adjustments (1) 336 336 434 770
770 0.01
Non-GAAP as adjusted
$ 643,705 $ 283,163 $ 275,465 $ 7,698 $ 6,445 $ 0.10
52-weeks ended January 28, 2017
(Amounts in thousands, except per share amounts)
Cost of goodssold,
buyingand occupancycosts
Gross profit
Selling,
generalandadministrativeexpenses
Operatingloss
Net loss
Loss
perdilutedshare
GAAP as reported $ 665,102 $ 263,979 $ 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
$ 665,102 $ 263,979 $ 273,635 $ (9,656) $ (11,564) $ (0.18)
(1) The tax effect of $0.8 million and $5.7
million of non-operating adjustments during the twelve months ended
February 3, 2018 and January 28, 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/20180322006233/en/
Investors:ICR, Inc.Allison Malkin, 203-682-8200
New York & Company (NYSE:NWY)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
New York & Company (NYSE:NWY)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024