New York & Company, Inc.
) soared to attain a new 52-week high of $6.35 on Jun 21, 2013,
before closing at $6.22. This Zacks Rank #3 (Hold) stock has
generated a year-to-date return of approximately 65.4%.
Based on the current price, this specialty retailer of women's
fashion attire and accessories is approximately 18.5% above the
Zacks Consensus average analyst price target of $5.25. The
company currently trades at a forward P/E of 63.79x, a sharp
premium to the peer group average of 18.09x.
New York & Co. has outperformed the Zacks Consensus
Estimate for 5 straight quarters by an average of 60.8%. In the
recent concluded quarter, the company beat the Zacks Estimate by
128.6%. The long-term expected earnings growth rate for this
stock is 20%.
New York & Co. posted better-than-expected first-quarter
fiscal 2013 bottom-line results on May 23, thereby causing the
shares to consistently attain new highs. During the quarter, the
company's earnings of 2 cents a share fared better than the Zacks
Consensus Estimate's loss of 7 cents as well as the comparable
year-ago quarter's break-even earnings on the back of improved
margins and tax benefits related to the reversal of an uncertain
Net sales remained almost flat year over year at $227.5
million but exceeded the Zacks Consensus Estimate of $222
million. Gross profit for the quarter increased 2.8% to $66.3
million, whereas gross margin expanded 90 basis points to 29.2%,
benefiting from increased markups from sourcing efficiencies and
lower product costs.
New York & Company has been witnessing rising earnings
estimates owing to impressive quarterly results. The Zacks
Consensus Estimate for fiscal 2013 jumped to 10 cents a share
from a loss of 3 cents in the last 60 days. For fiscal 2014, the
Zacks Consensus Estimate surged to 24 cents from 9 cents over the
Simultaneously, companies such as
) achieved new 52-week highs of $17.04, $41.53 and $71.40,
respectively, on Jun 21.
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