American fashion retailer New York & Company has announced financial results for the third quarter of the current fiscal.
During the reporting period ended October 28, the company noted the highest third-quarter operating income since 2007. Its GAAP operating income stood at US $ 0.6 million as compared to a loss of US $ 2.1 million in the same period last year.
Further, net sales during the quarter under review increased by 0.1 per cent to US $ 214.2 million from US $ 213.9 million in the corresponding quarter last year. Comparable store sales surged by 2.2 per cent.
GAAP net income for the quarter under review reached US $ 0.4 million as against GAAP net loss of US $ 2.5 million in the same quarter of 2016.
The company’s adjusted net income remained US $ 1 million on a non-GAAP basis against non-GAAP adjusted net loss of US $ 3 million in the third quarter of the previous fiscal.
In view of the decent third quarter results, New York & Company expects a low single-digit percentage increase in net sales in the fourth quarter.
In another development, the company has now acquired plus-size brand Fashion to Figure. The acquisition has paved the way for New York & Company to capitalise on the business prospects in the plus-size segment.
