A discussion draft of the Online Sales Tax Simplification Act of 2016 is expected to be introduced in Congress soon.
For the fiscal year, web sales at apparel manufacturer and retailer New York & Co. rose 83.7% to $41 million, up $18.7 million from $22.3 million a year earlier.
For the fiscal year, web sales at apparel manufacturer and retailer New York & Co. Inc. rose 83.7% to $41 million, up $18.7 million from $22.3 million a year earlier.
Total net sales for the fiscal year were down $55 million to $1.14 billion from $1.19 billion. Same-store sales for the year fell 8.6% compared to a decline of 1.3% a year earlier. Web sales accounted for 3.7% of total sales compared with 1.8% a year earlier.
The company did not release its fiscal Q4 web sales. Total sales for fiscal Q4 were $325.1 million down 9.5% or $34.3 million compared to $359.4 a year earlier. Same-store sales for fiscal Q4 fell 10.9% compared with a same-store sale decrease of 3.5% a year earlier.
New York & Co. posted a fiscal year loss of $20.3 million, versus net income of $26.7 million a year earlier. The retailer reported a Q4 loss of $27.6 million compared with income of $11.2 million a year earlier. Adjusted net loss for the year from continuing operations was $3.2 million. That figure excludes pre-tax charges of $24.5 million incurred with the company’s restructuring and cost reduction program, $1.5 million related to two class action lawsuits, and $2.5 million related to management changes in the third quarter.
“The fourth quarter of fiscal 2008 marked a challenging period for our company, as the extremely weak economic environment and the resulting impact on consumer spending in the retail sector reduced sales and gave rise to a highly promotional environment which affected profitability,” says New York & Co. CEO Richard Crystal. “In this difficult environment we continue to conservatively manage all aspects of our business including inventory, capital expenditures, cash and expenses. Importantly, we ended the year with a strong balance sheet and made solid progress on our merchandising initiatives.”
In fiscal 2008, the retailer implemented a restructuring and cost reduction program, which is expected to generate approximately $175 million in savings over the next five years. New York & Co expects $30 million in cost savings in fiscal 2009.
New York & Co. is No. 303 in the Internet Retailer Top 500 Guide.