RTW Retailwinds provides fourth quarter update

RTW Retailwinds, Inc., formerly known as New York & Company, continues to expect comparable store sales for the fourth quarter to be approximately flat, as compared to the same period last year. Non-GAAP operating results excluding non-operating charges are expected to be approximately breakeven; however, the company added, this includes 1 million dollars of non-cash impairment charges related to underperforming store assets.

Commenting on the update, Gregory Scott, New York & Company’s CEO, said in a statement: “Celebrity partnerships and our strong 7th Avenue business continued to perform well in the holiday season. As we enter the first quarter of 2019, we expect our inventory to be well-positioned, reflecting the benefits of our consolidated buying, planning, and allocation initiative coupled with our omni-fulfillment programs.”

The company now expects its fourth quarter fiscal year 2018 operating results to reflect a GAAP operating loss primarily due to non-operating charges of approximately 2 million dollars associated with recent management changes.

Picture:Facebook/New York & Company