Why is New York & Company (NWY) Up Big Today?
Women's apparel retailer New York & Company, Inc. (NWY) is up over 25% in late afternoon trading. Early this morning NWY stock was up a hefty 29.55%, and has been up over 20% throughout the most of the day.
This quality day of trading comes after New York & Company announced yesterday that the company increased its sales and profitability for the 2015 Fourth Quarter and Fiscal Year.
Gregory Scott, New York & Company's CEO stated the following:
"We finished the year strongly capping off another successful year of growth and continued progress toward our long term goals. The fourth quarter was highlighted by increased sales, positive comparable sales, expansion in gross margin and a reduction in expenses. Combined, this drove a $7.0 million improvement in GAAP operating income and a $1.1 million increase in non-GAAP adjusted net income versus the fourth quarter of 2014."
Here are some key metrics from the report:
- Net sales were $271.3 million, as compared to $267.4 million in the prior year.
- Comparable store sales increased 1.9% and total net sales increased by 1.5%.
- Gross profit as a percentage of net sales increased 10 basis points to 25.7% versus the fiscal year 2014 fourth quarter gross profit percentage of 25.6%.
New York & Company currently has a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report