Revenue during the quarter went down marginally by 2.66 percent to $213.90 million from $219.75 million in the previous year period. Gross margin for the quarter expanded 93 basis points over the previous year period to 29.91 percent. Operating margin for the quarter stood at negative 0.98 percent as compared to a negative 2.24 percent for the previous year period.

Operating loss for the quarter was $2.10 million, compared with an operating loss of $4.92 million in the previous year period.

However, the adjusted operating loss for the quarter stood at $2.58 million compared to operating loss of $2.62 million in prior year period.

Gregory Scott, New York & Company’s Chief executive officer stated: “In the third quarter we delivered sales slightly below our expectations reflecting the difficult mall traffic environment, yet operating results met our guidance as we benefited from our focus on our five key strategic initiatives. To this end, we were especially pleased to see strength across our key initiatives, which are best demonstrated in the ongoing growth of our Eva Mendes collection, increased participation in our private label credit card and loyalty programs, continued growth in our eCommerce channel, and continued progress toward our sourcing, product cost and expense savings goals. Combined, this led to operating results, which improved versus the prior year on a GAAP basis and in line with the prior year on a non-GAAP basis.

The company has spent $13.33 million cash to meet investing activities during the nine month period as against cash outgo of $20.69 million in the last year period.

The company has spent $2.61 million cash to carry out financing activities during the nine month period as against cash outgo of $1.57 million in the last year period.

Cash and cash equivalents stood at $54.01 million as on Oct. 29, 2016, up 20.08 percent or $9.03 million from $44.98 million on Oct. 31, 2015.

Working capital increases sharply
New York & Company, Inc has recorded an increase in the working capital over the last year. It stood at $69.81 million as at Oct. 29, 2016, up 77.74 percent or $30.53 million from $39.28 million on Oct. 31, 2015. Current ratio was at 1.42 as on Oct. 29, 2016, up from 1.23 on Oct. 31, 2015.

Cash conversion cycle (CCC) has decreased to 10 days for the quarter from 13 days for the last year period. Days sales outstanding went up to 11 days for the quarter compared with 5 days for the same period last year.

Days inventory outstanding has decreased to 38 days for the quarter compared with 63 days for the previous year period. At the same time, days payable outstanding went up to 58 days for the quarter from 55 for the same period last year.