New York & Company, a specialty apparel chain, has announced results for the fourth quarter and fiscal year ended January 30, 2016. Net sales in the reporting quarter were US $ 271.3 million, as compared to US $ 267.4 million in the previous year. Comparable store sales too zoomed 1.9 per cent and total net sales surged by 1.5 per cent.
As per the press release, gross profit as a percentage of net sales surged 10 basis points to 25.7 per cent against the previous year’s 25.6 per cent. GAAP operating results improved by US $ 7 million to income of US $ 0.6 million, as against prior year’s fourth quarter GAAP operating loss of US $ 6.4 million. New York & Company closed 18 stores during the quarter, including 82 Outlet stores, and 2.5 million selling square feet in operation.
In full year 2015, net sales were US $ 950.1 million as against US $ 923.3 million last year. Comparable store sales boomed 3.1 per cent compared to a drop of 1 per cent in 2014.
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Gregory Scott, CEO of the fashion retailer said in a release, “We finished the year strongly capping off another successful year of growth and continued progress toward our long term goals. The fourth quarter was highlighted by increased sales, positive comparable sales, expansion in gross margin and a reduction in expenses. Our performance continues to demonstrate that our strategies are focused on making New York & Company a leading apparel destination by creating differentiated assortments with exclusive celebrity collections and sub-brands including the Eva Mendes Collection.”
