New York & Co. (NWY) Holiday Comps Fall 1.7% – StreetInsider.com
January 11, 2017 - fall Denim
Get present alerts when news breaks on your stocks. Claim your 2-week giveaway hearing to StreetInsider Premium here.
New York Company, Inc. (NYSE : NWY) commented on a holiday opening and fourth entertain mercantile year 2016 opinion forward of a display during a 19th Annual ICR Conference. Comparable store sales for a nine-week duration finished Dec 31, 2016 (â€œholiday periodâ€�) decreased approximately 1.7%; a Company now expects allied store sales for a full entertain to be down in a low single-digit commission range.
The Company minute that with 3 weeks remaining in a entertain it now expects fourth entertain mercantile year 2016 handling formula to simulate a detriment of $2.5 million to a detriment of $4.5 million. Additionally, a Company still expects register to be approximately flat, as compared to final mercantile year end. The Company skeleton to news tangible formula for a fourth entertain and full mercantile year 2016 in Mar 2017.
Gregory Scott, New York Companyâ€™s CEO, stated: â€œWhile we are unhappy with a altogether results, certain aspects of a business did perform good notwithstanding a severe sell landscape, with soothing trade and a rarely promotional environment. In a entertain we saw strength in a anniversary categories such as sweaters, outerwear, winter wear and lounge. We also continued to see success in a Eva Mendes Collection and dresses. This strength was equivalent by debility in woven and weave tops, denim and jewelry, a pivotal difficulty for us during a holiday offered period. We also saw additional positives in a entertain including; a enlargement of a credit faithfulness module to all-time highs, a continued expansion in a eCommerce business, and a ongoing success of a luminary collaborations; however, trade declines and soothing sales during a entertain have caused us to boost markdowns, that have negatively impacted a fourth entertain formula though ensures that we start a open deteriorate clean.â€�
The Company additionally remarkable that it now expects money on palm during year finish to be larger than $80 million contra $60 million final year, with no superb borrowings underneath a credit facility.
As formerly announced, a Company will be assembly with analysts and investors and presenting during a 19th Annual ICR Conference in Orlando, Florida. The Companyâ€™s display will be hold on Wednesday, Jan 11, 2017 during 10:00 a.m. Eastern Time, and webcast live during www.nyandcompany.com.