Wednesday, New York & Company, Inc. (NWY), a specialty apparel chain reported a net loss for the second quarter ended August 1, meeting analysts' view. The results reflected a dip in net sales.
Net loss for the period was $4.83 million or $0.08 per share, compared with a net income of $8.78 million or $0.14 per share in the year-ago period.
The net loss from continuing operations was $4.82 million or $0.08 per share, compared with a net income from continuing operations of $8.61 million or $0.14 per share. Last year, the company had recorded income from discontinued operations of $167 thousand.
On average, four analysts polled by Thomson Reuters expected a loss of $0.08 per share. Analysts' estimates typically exclude special items.
Net sales for the period declined to $247.82 million from $295.66 million year-ago.
Richard Crystal, chief executive said, "Our second quarter bottom line results met our expectations, as we tightly managed expenses and inventory. Customers continue to be selective in their discretionary spending and remain focused on those purchases that deliver an outstanding value proposition."
Four analysts had a consensus revenue estimate of $248.10 million.
Comparable-store sales for the second quarter decreased by 16.4%, compared with a decrease of 2.2% in the prior-year period. For the second half of the year, the company expects comparable-store sales to improve due to the easing of year-over-year comparisons, strong merchandising initiatives and appropriate levels of inventory.
Also, buying and occupancy costs are expected to decrease and gross margins are expected to increase during the period, as compared to the same period last year, due to the success of the company's restructuring and cost reduction program. Direct expenses are expected to decrease by a low to mid single-digit percentage due to overall cost reduction.
New York & Company's year-to-date net loss was $9.714 million or $0.16 per share, compared with a net income of $15.50 million or $0.25 per share year-ago.
The year-to-date net loss from continuing operations was $9.717 million or $0.16 per share, compared with a net income from continuing operations of $15.33 million or $0.25 per share in the prior year period.
Net sales for the six months were $480.68 million, down from $565.73 million year-ago.
Comparable-store sales for the six months decreased by 15.7%, compared with a decrease of 4.3% during the corresponding period last year.
NWY is currently trading on the New York Stock Exchange at $4.90 per share, up $0.14 or 2.94%.
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