New York & Company losses widen in Q1
New York & Company last Thursday announced the results of its first quarter ended May 2nd, 2015. Although the company posted revenue of $223.4 million in the period, it saw its losses widen to $4.67 million, compared with $0.28 million a year ago.
Thus, net sales were $223.4 million, compared to $219.6 million a year prior. Comparable store sales increased 1.8%, following a 2.2% decrease the year before. The company ended the quarter with $48.4 million of cash-on-hand and no outstanding borrowings, compared to $47.5 million in the previous year.
However, operating loss was $4.2 million, as compared to the prior year’s first quarter break-even operating income. And net loss was $4.7 million, compared to last year’s net loss of $0.3 million, or breakeven per diluted share.
Capital spending for the first quarter of fiscal year 2015 was $6.7 million, as compared to $4.6 million the same period last year. During the quarter, the company opened 2 New York & Company stores, 3 Outlet stores, closed 5 stores, converted 9 New York & Company locations to Outlet stores, and remodeled 2 New York & Company stores, ending the fiscal quarter with 504 stores.
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