New York & Co (NWY) Shares Dressed For Success
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Shares New York & Co (NYSE: NWY) are up $0.36 (+5.01%) after reporting Q1 earnings of $0.11, 1 cent better than estimates. Revenues were $270 million, in-line with estimates.
On March 20, 2008, the company reported Q4 earnings that topped estimates by 2 cents. NWY also
issued guidance for full-year '09, seeing EPS between $0.42-$0.52. This morning, the company raised that outlook, saying it sees FY09 EPS between $0.44-$0.54 (vs. consensus of $0.52).
Richard P. Crystal, New York & Company’s Chairman and CEO, stated: “We are pleased to report better than expected first quarter results...These strategies, in a difficult consumer environment, proved highly successful for our Company and brand, as evidenced by our increase in gross profit margin and a 37.5% rise in earnings per share for the period. We expect the environment for consumer spending to remain difficult this year and as such will maintain our previously stated strategies. We expect fiscal 2008 to represent significant accomplishments toward achieving our goals of building brand loyalty, increasing earnings and enhancing value for our shareholders.â€
During fiscal year 2008, the Company plans to open 25 to 30 stores, close approximately 12 stores and remodel approximately 12 stores, ending the fiscal year with 591 to 596 stores and approximately 3.3 million selling square feet in operation, with new stores representing approximately 110,000 selling square feet.
The 52-week range in NWY's stock price is $3.65 - $13.51, with the high being reached exactly a year ago (May 23, 2007). Shares came tumbling down after that, hitting the low on Jan. 15, 2008, when the company lowered Q4 earnings guidance and same-store sales. However, shares have climbed 110% since then.
New York & Company, Inc., together with its subsidiaries, operates as a specialty retailer of women's apparel in the United States.[SM]
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