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New York Company (NWY) saw its loss narrow to $4.25 million, or $0.07 a share for the quarter ended Apr. 29, 2017. In the previous year period, the company reported a loss of $5.72 million, or $0.09 a share. On an adjusted basis, net loss for the quarter stood at $2.67 million, or $0.04 a share. Revenue during the quarter went down marginally by 2.86 percent to $209.86 million from $216.04 million in the previous year period. Gross margin for the quarter expanded 298 basis points over the previous year period to 30.70 percent. Operating margin for the quarter stood at negative 1.84 percent as compared to a negative 2.50 percent for the previous year period.
Operating loss for the quarter was $3.85 million, compared with an operating loss of $5.40 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $2.27 million.
Gregory Scott, New York Company chief executive officer stated: "Our first quarter top and bottom-line results were in line with our guidance, and were highlighted by the continued success of our celebrity collaborations, a double-digit percentage increase in eCommerce sales and strong gross margin expansion to its highest level in the first quarter since 2008. As we expand on our high-growth celebrity collaborations, we are excited about our multi-year partnership with Gabrielle Union, who will be the face of our 7th Avenue Design Studio and will launch her own collection in the third quarter of this year. While we saw a soft start to the quarter due to reduced mall traffic, we saw comparable store sales significantly improve for the combined March and April period. Moreover, for the quarter we recorded our highest ever average unit retail, demonstrating the increasing strength of the New York and Company brand."
The company forecasts operating income to be in the range of $1 million to $3 million for the second-quarter. The company expects diluted earnings per share to be in the range of $0.01 to $0.04 for the second-quarter.
Operating cash flow remains negative
New York Company has spent $9.88 million cash to meet operating activities during the quarter as against cash outgo of $11.57 million in the last year period. The company has spent $2.10 million cash to meet investing activities during the quarter as against cash outgo of $1.87 million in the last year period.
The company has spent $1.10 million cash to carry out financing activities during the quarter as against cash outgo of $0.36 million in the last year period.
Cash and cash equivalents stood at $75.29 million as on Apr. 29, 2017, up 58.08 percent or $27.66 million from $47.63 million on Apr. 30, 2016.
Debt comes down
New York Company has recorded a decline in total debt over the last one year. It stood at $12.12 million as on Apr. 29, 2017, down 6.48 percent or $0.84 million from $12.96 million on Apr. 30, 2016.
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