New York & Co beats by $0.03, beats on revs with comps above guidance; guides Q3 rev above estimates :
- Reports Q2 (Jul) earnings of $0.03 per share, excluding non-recurring items, $0.03 better thanthe two analyst estimate of ($0.00); revenues fell 1.2% year/year to $232.8 mln vs the $226.92 mln two analyst estimate. '
- Comparable store sales increased 0.3% vs. slightly negative guidance, driven by strength in the Company's eCommerce business and increased royalty and related revenue from its new private label credit card agreement.
- Gross margin +30 bps to 28.8%.
- Outlook: Net sales and comparable store sales are expected to be flat to up in the low single-digit range vs. ests near -1% (net sales). Gross margin is expected to be up by ~50 basis points to 150 basis points reflecting benefits from our new private label credit card agreement, reductions in product costs and agent expenses resulting from Project Excellence, and reductions in occupancy costs, partially offset by increased shipping costs associated with the growing omni-channel business. While operating results on a GAAP basis for the third quarter of fiscal year 2016 are expected to reflect a loss, the Company anticipates that the results will improve from the prior year operating loss of $4.9 million.
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