US-based wear to work retailer for women, New York & Company has announced the financial results for the first quarter ended May 5, 2018. Positive comparable store sales in both its store and eCommerce channels were vital in helping the retailer perform exceedingly well.
Net sales during the reporting quarter increased from US $ 209.9 million in the prior year to US $ 218.8 million, this year. Surge in both brick-and-mortar store and e-commerce sales yielded a 2.7 per cent growth in comparable sales for the retailer.
GAAP net income for New York & Company during the reporting fiscal stood at US $ 3.1 million.
Adjusted net income on a non-GAAP basis remained US $ 3.9 million as compared to adjusted net loss of US $ 2.7 million in the same quarter last fiscal.
“The brand’s performance significantly exceeded guidance driven by strength across all key financial metrics. It’s good to have a strong start to the year,” said Gregory Scott, New York & Company’s CEO.
Incorporated in 1918, New York & Company currently operates 432 retail and outlet locations in 36 states. After a strong performance, it now expects operating income of US $ 6 million during the spring season.
