EX-99.1 2 a14-3390_1ex99d1.htm EX-99.1

Exhibit 99.1

 

FINAL: For Release

 

NEW YORK & COMPANY, INC. COMMENTS ON HOLIDAY PERFORMANCE AND FOURTH QUARTER OUTLOOK

 

Q4 FY13 Operating Income Expected at the Midpoint to Higher End of Previously Issued Guidance Range

 

New York, New York — January 13, 2014 — New York & Company, Inc. [NYSE:NWY], a specialty apparel chain with 514 retail stores, today commented on its holiday performance and fourth quarter fiscal year 2013 outlook ahead of its presentation at the ICR XChange conference.  Comparable store sales for the nine week period ended January 4, 2014 (“holiday period”) increased 1.0%.  Additionally, the Company narrowed its outlook for the 13-week fourth quarter ending February 1, 2014.

 

The Company detailed that with several weeks remaining in the quarter it now expects fourth quarter fiscal year 2013 GAAP operating income to range between $5.0 million and $6.5 million which is at the midpoint to higher end of its previously issued guidance range of $3.0 million to $7.0 million.  Additionally, the Company expects inventory to be in-line with its guidance previously disclosed in the Company’s third quarter press release dated December 4, 2013.

 

Gregory Scott, New York & Company’s CEO, stated:  “In view of the challenging retail environment, we are pleased with our holiday performance which continued the momentum we experienced throughout the first three quarters of the year.  Our ability to deliver positive comparable store sales, continued improvement in merchandise margins, and projected fourth quarter operating income well within our guidance is a strong validation of our six keys to success.  We look forward to continuing our positive performance in 2014.”

 

ICR XChange Conference

 

As previously announced, the Company will be meeting with analysts and investors and presenting at the ICR XChange Conference in Orlando, Florida on Tuesday, January 14, 2014.  The presentation will be held at 2:00pm EDT on the same day and webcast live at www.nyandcompany.com.

 

About New York & Company

 

New York & Company, Inc. is a specialty retailer of women’s 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 versatile — all at compelling values. The Company’s proprietary branded New York & Company® merchandise is sold exclusively through its national network of retail stores and online at www.nyandcompany.com. The Company operates 514 stores in 43 states. Additionally, certain product, press release and SEC filing information concerning the Company are available at the Company’s website: www.nyandcompany.com.

 


 

New York & Company, Inc.

Suzanne Rosenberg

Director, Investor Relations

212-884-2140

 

Investor/Media Contact:

ICR, Inc.

203-682-8200

Investor: Allison Malkin

 

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, including those under “Outlook” above, can be identified by terms and phrases such as “expect,” “anticipate,” “believe,” “intend,” “estimate,” “continue,” “could,” “may,” “plan,” “project,” “predict,” and similar expressions 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 impact of general economic conditions and their effect on consumer confidence and spending patterns; (ii) changes in the cost of raw materials, distribution services or labor; (iii) the potential for current economic conditions to negatively impact the Company’s merchandise vendors and their ability to deliver products; (iv) the Company’s ability to open and operate stores successfully; (v) seasonal fluctuations in the Company’s business; (vi) the Company’s ability to anticipate and respond to fashion trends; (vii) the Company’s dependence on mall traffic for its sales; (viii) competition in the Company’s market, including promotional and pricing competition; (ix) the Company’s ability to retain, recruit and train key personnel; (x) the Company’s reliance on third parties to manage some aspects of its business; (xi) the Company’s reliance on foreign sources of production; (xii) the Company’s ability to protect its trademarks and other intellectual property rights; (xiii) the Company’s ability to maintain, and its reliance on, its information technology infrastructure; (xiv) the effects of government regulation; (xv) the control of the Company by its sponsors and any potential change of ownership of those sponsors; and (xvi) other risks and uncertainties as described in the Company’s 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.