New York & Co. Earnings: Here’s Why Investors Don’t Like These Results
New York & Company Inc. (NYSE:NWY) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 1.58%.
New York & Company Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.04 in the quarter versus EPS of $-0.07 in the year-earlier quarter.
Revenue: Decreased 2.02% to $223.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: New York & Company Inc. reported adjusted EPS loss of $0.04 per share. By that measure, the company missed the mean analyst estimate of $-0.02. It missed the average revenue estimate of $230.95 million.
Quoting Management: Gregory Scott, New York & Company’s CEO, stated: “We are pleased to deliver positive comparable store sales and improved operating results in the second quarter, which were well within our expectations. Our results marked the third consecutive year in which we delivered an improved second quarter performance, which we attribute to our focus on our six key strategies for success. During the quarter, we saw a favorable response to our strategic merchandise change to a new ‘wear-now’ assortment in July. We also continue to be pleased with our event-driven promotions which generated a great customer response, particularly in the selling period leading up to Mother’s Day and Memorial Day. As we enter the fall season, we are encouraged by the initial response to our signature pant and denim event – which speaks strongly to a core strength of our brand. We are especially excited about the launch of our collaboration with Eva Mendes in mid-September, which we expect will broaden our consumer reach and create additional purchases for existing customers with a sought-after fashion collection found exclusively at New York & Company.”
Key Stats (on next page)…