UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 12, 2012
NEW YORK & COMPANY, INC.
(Exact name of registrant as specified in its charter)
DELAWARE |
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1-32315 |
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33-1031445 |
450 West 33rd Street
5th Floor
New York, New York 10001
(Address of principal executive offices, including Zip Code)
(212) 884-2000
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure.
On July 12, 2012, New York & Company, Inc. (the Company) issued a press release updating its expectations for the second quarter ending July 28, 2012. The Company is scheduled to report second quarter results during the third week of August 2012.
The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit
Exhibit No. |
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Description |
99.1 |
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Press release issued on July 12, 2012 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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NEW YORK & COMPANY, INC. | |
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/s/ Sheamus Toal |
Date: July 12, 2012 |
Name: |
Sheamus Toal |
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Title: |
Executive Vice President and Chief Financial Officer |
Exhibit 99.1
FINAL: For Release
NEW YORK & COMPANY, INC. EXPECTS TO EXCEED
SECOND QUARTER FISCAL 2012 GUIDANCE
~ Comparable Store Sales Expected to be Up Slightly ~
~ Gross Margin Expected to Expand between 400 and 500 Basis Points ~
~Operating Loss Projected to Narrow Significantly from LY ~
New York, New York July 12, 2012 New York & Company, Inc. [NYSE:NWY], a specialty apparel chain with 537 retail stores in operation, today announced that based on quarter-to-date performance and expectations for the balance of the quarter it expects to exceed second quarter fiscal 2012 guidance.
The Company currently expects results for the second quarter ending July 28, 2012 to reflect the following:
· Comparable store sales to be up slightly with quarter-end store count reflecting six fewer stores in operation compared to the second quarter of fiscal year 2011.
· Gross margin to increase between 400 and 500 basis points from the prior years second quarter rate primarily driven by improved product costs combined with reductions in buying and occupancy expenses.
· Selling, general and administrative expenses as a percentage of net sales to increase approximately 100 basis points versus the prior years second quarter reflecting investments in marketing, increases in variable based compensation, and incremental spending necessary to support the Companys growing eCommerce and Outlet businesses.
· Operating loss to be in the range of $5 million to $7 million versus an operating loss of $15.1 million in the year-ago period.
· Total quarter-end inventories are expected to be down slightly versus the prior year. Inventory per average store is expected to be approximately flat to last year.
Gregory Scott, New York & Companys CEO, stated: We are encouraged by our second quarter performance to date which reflects strong product acceptance across our summer assortments, particularly during the Mothers Day period, and continued progress on our strategic initiatives. As a result, we expect to significantly narrow our second quarter operating loss from last year.
The Company continues to cite its six keys to success as its drivers toward improved fiscal 2012 results. These include: maximizing sales and profitability particularly during peak traffic times of the year; increasing its marketing efforts to grow traffic in stores and on-line; maintaining dominance in wear-to-work, while redefining its casual assortment; improving average unit cost; optimizing its real estate portfolio; and expanding its growing eCommerce and Outlet businesses.
Further commentary on second quarter results and the Companys outlook for the third quarter will be provided as part of the Companys regularly scheduled second quarter earnings release and conference call during the third week of August 2012.
About New York & Company, Inc.
New York & Company, Inc. is a leading specialty retailer of womens fashion apparel and accessories, and the modern wear-to-work destination for women, providing perfectly fitting pants and NY Style that is feminine, polished, on-trend and versatileall at an amazing value. The Companys proprietary branded New York & Company® merchandise is sold exclusively through its national network of retail stores and eCommerce store at www.nyandcompany.com. The Company currently operates 537 retail stores in 43 states. Additionally, certain product, press release and SEC filing information concerning the Company are available at the Companys website: www.nyandcompany.com.
Note on Comparable Store Sales
A store is included in the comparable store sales calculation after it has completed 13 full fiscal months of operations from the stores opening date or once it has been reopened after remodeling if the gross square footage did not change by more than 20%. Sales from the Companys eCommerce store are included in comparable store sales.
Forward-looking Statements
This press release contains certain forward looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Some of these statements can be identified by terms and phrases such as expect anticipate, believe, intend, estimate, continue, could, may, plan, project, predict, and similar expressions and include second quarter fiscal 2012 guidance and references to assumptions that the Company believes are reasonable and relate to its future prospects, developments and business strategies. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. These include, but are not limited to: (i) the performance of the Companys business for the remainder of its fiscal 2012 second quarter ending July 28, 2012; (ii) the impact of general economic conditions and their effect on consumer confidence and spending patterns; (iii) changes in the cost of raw materials, distribution services or labor; (iv) the potential for current economic conditions to negatively impact the Companys merchandise vendors and their ability to deliver products; (v) the Companys ability to open and operate stores successfully; (vi) seasonal fluctuations in the Companys business; (vii) the Companys ability to anticipate and respond to fashion trends; (viii) the Companys dependence on mall traffic for its sales; (ix) competition in the Companys market, including promotional and pricing competition; (x) the Companys ability to retain, recruit and train key personnel; (xi) the Companys reliance on third parties to manage some aspects of its business; (xii) the Companys reliance on foreign sources of production; (xiii) the Companys ability to protect its trademarks and other intellectual property rights; (xiv) the Companys ability to maintain, and its reliance on, its information technology infrastructure; (xv) the effects of government regulation; (xvi) the control of the Company by its sponsors and any potential change of ownership of those sponsors; and (xvii) other risks and uncertainties as described in the Companys documents filed with the SEC, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The Company undertakes no obligation to revise the forward looking statements included in this press release to reflect any future events or circumstances.
New York & Company, Inc.
Suzanne Rosenberg
Director, Investor Relations
212-884-2140
Investor Contact:
ICR, Inc.
(203) 682-8225
Allison Malkin
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