NWY » Topics » NEW YORK & COMPANY, INC. UPDATES THIRD QUARTER GUIDANCE Maintains Strong Balance Sheet
This excerpt taken from the NWY 8-K filed Nov 6, 2008.
NEW YORK & COMPANY,
INC. UPDATES THIRD QUARTER GUIDANCE
Maintains Strong Balance Sheet
New York, New York November 6, 2008 New York &
Company, Inc. [NYSE:NWY], a specialty apparel chain with 600 retail
stores, today announced that based on preliminary unaudited results for the third
quarter ended November 1, 2008, it expects a loss per diluted share towards
the mid-point of its previous guidance range of a loss of $0.08 to $0.12 per
share. The Company also indicated that
this guidance does not include an anticipated charge of approximately $0.03 per
diluted share related to the management change announced on October 22,
The Company further announced that it expects to end the third quarter
with a strengthened balance sheet, including increased cash and lower inventory,
as compared to the third quarter of fiscal year 2007. The Company expects to end the quarter with
more than $40 million in cash representing an increase of $25 million versus
the third quarter of fiscal year 2007, zero borrowings under its revolving credit
facility and reduced long-term debt versus the third quarter of fiscal year 2007.
Inventory per average store at cost is
expected to be down approximately 10% versus the third quarter of fiscal year 2007.
The Company believes that the economic environment will remain
challenging and expects promotional activity to accelerate throughout the key
holiday selling period and, in response, will continue to maintain tight
control of expenses and inventory. Further
commentary on the outlook for the fourth quarter and full fiscal year will be
provided as part of the Companys regularly scheduled third quarter earnings
release and conference call on November 20, 2008.
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