New York & Co. sees Q4 operating income $2M-$4M
The Company detailed that with four weeks remaining in the quarter it continues to expect its fourth quarter fiscal year 2017 operating results to reflect operating income in the range of $2M-$4M. The Company plans to report actual results for the fourth quarter and full fiscal year 2017 in March 2018. Gregory Scott, New York & Company's CEO, stated: "We had a strong holiday performance that included positive comparable sales and expansion in gross margin demonstrating the success of our strategy. Indeed, our ongoing ability to differentiate our stores with exclusive celebrity brands, reach existing and new consumers with effective digital marketing campaigns and capitalize on our increased omni-channel capabilities has served us well in the final quarter of the year. At the same time, we continue to benefit from increased royalties under the private label credit agreement and efficiencies from our supply chain, which contributed to improvement in gross margin. In addition, we also maintain stringent control of inventory and expense with continued real estate optimization, including reduced rents. Combined, this is expected to result in a significant increase in profitability for the fourth quarter and full fiscal year as compared to the prior year periods."