New York & Earnings: Here’s Why Investors are Ambivalent Now
New York & Company Inc. (NYSE:NWY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
New York & Company Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.03 in the quarter versus EPS of $0.00 in the year-earlier quarter.
Revenue: Decreased 0.11% to $227.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: New York & Company Inc. reported adjusted EPS income of $0.03 per share. By that measure, the company beat the mean analyst estimate of $-0.07. It beat the average revenue estimate of $216.84 million.
Quoting Management: Gregory Scott, New York & Company’s CEO, stated: “We are pleased to report a profitable first quarter. Our results mark the third consecutive year in which we have delivered an improved operating performance in the first quarter, despite a slow start to the season. As we progressed through the quarter, our team immediately addressed a difficult business trend by capitalizing on product opportunities and introducing traffic generating events. This led to an improvement in sales as the quarter progressed and produced expansion in gross profit and operating income, which exceeded our guidance. We were particularly pleased with our customers’ response to our Easter event and the pre-Mother’s Day selling period and we saw continued strength in our wear-to-work category, along with momentum in denim. We are making progress on our six keys to success and expect that the implementation of our targeted strategies will allow us to deliver another year of operating performance improvement in fiscal 2013.”
Key Stats (on next page)…