New York & Company Inc a specialty apparel chain with 569 stores, announced results for the first quarter ended May 5, 2007.
For the first quarter of 2007, net sales increased 6.3% to $284.0 million, as compared to $267.1 million in the first quarter of 2006. Comparable store sales for the first quarter of 2007 decreased 1.2%, compared to a 9.2% decrease in the prior year first quarter.
Net income in the first quarter of 2007 was $0.8 million, or $0.01 per diluted share, representing earnings of $0.08 per diluted share in the New York & Company brand and a loss of $(0.07) per diluted share in the JasmineSola brand. This compares to net income of $6.1 million, or $0.10 per diluted share, in the first quarter of 2006.
The JasmineSola loss of $(0.07) per diluted share includes costs associated with the completion of the Company's arbitration proceeding in April and charges to liquidate inventory resulting from the loss of a JasmineSola lease and the resulting modification of the closeout inventory strategy, which in total contributed a loss of $(0.05) per diluted share.
Per share amounts are based on fully diluted shares outstanding of 60.9 million for the first quarter of fiscal year 2007, compared to 59.7 million for the first quarter of fiscal year 2006.
Richard P. Crystal, New York & Company's Chairman and CEO, stated: “Our first quarter results were in line with our updated guidance and reflected a positive performance in February and March offset by a difficult April. During the quarter, we also incurred the final costs related to the JasmineSola arbitration. Sales in May have rebounded with comparable store sales trending positively, reflecting strength in our assortments.”
marketing@alchempro.com
