~ Comparable Store Sales Increase of 1.7%
for the Spring Season ~~ Spring GAAP Operating Income of
$6.5 Million Increasing $5.2 Million to Last Year ~~ Spring
Non-GAAP Operating Income of $7.8 Million Exceeds Guidance of $5
Million to $6 Million ~~ Reports $18.7 Million in Adjusted
EBITDA for Spring Season ~~ Reports $94.8 Million in Cash
with no Debt Outstanding ~
New York & Company, Inc. [NYSE:NWY], a specialty
apparel chain with 426 retail stores, today announced results for
the Spring season and second fiscal quarter of 2018 representing
the 26 weeks and 13 weeks ended August 4, 2018, respectively. Due
to the 53-week year in fiscal 2017 the prior year Spring season and
second quarter periods ended July 29, 2017.
Gregory Scott, New York & Company’s CEO stated: “We were
very pleased with our strong operating results in the second
quarter with positive comparable store sales, expansion in gross
margin and operating profit which significantly exceeded our
guidance. This strong performance contributed to the success of our
Spring season, completing a successful first half of the year with
operating income surpassing guidance and notable accomplishments
toward our stated goals. Our results continue to demonstrate the
successful execution of our strategy to evolve our operating
platform to meet the needs of how consumers are shopping today
while increasing efficiency across the enterprise. We believe the
Company is becoming a key omni-channel shopping destination with
sought after celebrity brands, great style and great value.
“Moving into the second half of the year, earlier this week, we
announced a multi-year partnership with Kate Hudson which follows
our already successful collaborations with Eva Mendes and Gabrielle
Union – which provides us with another catalyst for growth and
further differentiates and defines our Company from peers,” added
Mr. Scott. “I am excited about the opportunities that lie ahead and
believe we remain well-positioned to continue our positive
performance in the Fall season, which is further supported by our
guidance that includes growth in operating income versus the
comparable Fall season last year despite more difficult comparisons
due to the prior year’s 53rd week calendar.”
Spring Season and Second Quarter Fiscal Year 2018 Results
(26-week and 13-week periods ended August 4, 2018 compared to the
26-week and 13-week periods ended July 29, 2017):
Spring SeasonFor the Spring
season the Company exceeded its most recent adjusted operating
income guidance with GAAP operating income of $6.5 million and
non-GAAP operating income of $7.8 million, as compared to $1.3
million in GAAP operating income and $1.2 million in non-GAAP
operating income in the prior year period. Contributing to this
strong performance was a comparable store sales increase of 1.7%
for the season, margin expansion to the highest levels since 2005,
and diligent management of expenses.
Second QuarterAs it relates
to the second quarter of fiscal year 2018, the Company noted the
following:
- Net sales were $216.4 million, as
compared to $224.1 million in the prior year. The decrease in net
sales reflects a reduced store count and the shift of an important
pre-Mother’s Day week into the first quarter, which resulted from
the shifted retail calendar due to the 53rd week in fiscal year
2017, and was partially offset by increased sales from Fashion to
Figure.
- Comparable store sales
increased 0.6%, as compared to the same period last year,
representing the fourth consecutive quarter of positive comparable
store sales which was led by growth in the Company’s eCommerce
business and strength in outlet stores, and in particular, outlet
conversion stores.
- Gross profit as a percentage of net
sales increased 150 basis points to 32.1% versus fiscal year 2017
second quarter gross profit percentage of 30.6%, reflecting the
highest gross margin rate achieved in the second quarter since
2005. The increase during the quarter reflects a 160 basis point
increase in merchandise margin, reflecting reduced product costs,
decreased promotional activity and shipping efficiencies, partially
offset by a 10 basis point decrease in the leverage of buying and
occupancy costs due to lower gross sales.
- Selling, general and administrative
expenses were $66.3 million, or 30.7% of net sales, as compared to
$63.4 million, or 28.3% of net sales in the prior year period. The
current year’s quarterly results included $0.4 million of
non-operating charges, primarily related to an ongoing trademark
infringement matter and a class action lawsuit. The prior year
included a benefit of $1.7 million related to these matters. On a
non-GAAP basis, selling, general and administrative expenses were
$65.9 million, or 30.4% of net sales, as compared to non-GAAP
selling, general and administrative expenses of $65.1 million, or
29.1% of net sales in the prior year. The increase during the
quarter reflects increases in variable compensation accruals which
are based upon operating profit results, partially offset by
reductions in marketing expenses, and decreases in both store and
home office payroll costs.
- GAAP operating income for the second
quarter of fiscal year 2018 was $3.1 million, as compared to $5.2
million in the prior year. However, as previously stated, the prior
year included a non-operating benefit of $1.7 million, as compared
to the current year which included a charge of $0.4 million.
Excluding these non-operating adjustments, non-GAAP operating
income was $3.5 million, which significantly exceeded our guidance
of $0.7 million to $1.7 million and was flat to the prior year’s
non-GAAP operating income of $3.5 million despite the shift of a
significant sales week into the first quarter of 2018 and the
associated incremental gross margin contribution.
- GAAP net income for the second quarter
of fiscal year 2018 was $3.1 million, or earnings of $0.05 per
diluted share, as compared to $4.8 million, or earnings of $0.08
per diluted share in the prior year. On a non-GAAP basis, the
second quarter adjusted net income was $3.5 million, or $0.05 per
diluted share, as compared to $3.1 million, or $0.05 per diluted
share last year.
Please refer to the “Reconciliation of GAAP to Non-GAAP
Financial Measures” in Exhibits 5 and 6 of this press release,
which delineate the non-operating adjustments for the three and six
months ended August 4, 2018 and July 29, 2017. GAAP is defined as
Generally Accepted Accounting Principles in the United States.
Other Financial and Operational Highlights:
- Total inventory at August 4, 2018
decreased 0.8%, as compared to July 29, 2017, reflecting reduced
inventory due to lower store count, partially offset by a slight
increase to support the growing eCommerce business.
- Capital expenditures for the Spring
season of 2018 were $1.6 million, as compared to $4.7 million in
the prior year period.
- During the second quarter, the Company
opened 1 Outlet store, converted 2 existing New York & Company
stores to Outlet stores, closed 5 New York & Company stores and
2 Outlet stores, as well as remodeled/refreshed 3 existing
locations ending the Spring season with 426 stores, including 120
Outlet stores and 2.1 million selling square feet in
operation.
- The Company ended the Spring season
with $94.8 million of cash on-hand, no outstanding borrowings under
its revolving credit facility and no long-term debt.
Outlook:
Regarding expectations for fiscal year 2018, the Company
continues to focus on improving its operating results to drive
increases in both annual operating income and EBITDA. As previously
disclosed, fiscal year 2017 included an extra week in the
traditional retail calendar, which contributed approximately $12
million of sales and related margin to the prior year results. As
such, the Fall season in 2018 includes one less week of sales than
the prior year period. As the Company enters the Fall season, the
combined effects of one less week, a shift in the calendar
resulting from the 53rd week in 2017 and the new revenue
recognition accounting standard will impact the overall seasonal
results as well as the individual quarterly results, and as such,
the Company is providing commentary on the overall Fall season,
which combines the third and fourth quarters of fiscal year 2018,
in addition to more detailed commentary on third quarter financial
metrics.
For the Fall season, combined third and fourth quarter of fiscal
year 2018, the Company expects comparable store sales to increase
in the low single-digit range, leading to improvements in operating
results. The Company expects GAAP operating income to be in the
range of $5.5 million to $7.5 million, which includes more than
$2.0 million of incremental costs to launch the Company’s new
celebrity collaboration, and incremental costs to develop certain
new businesses, as compared to the prior year GAAP operating income
of $5.6 million, which included the benefit of one additional week
of sales due to the 53-week year in 2017.
For the third quarter, the Company is expecting GAAP operating
income of $1 million to $2 million, as compared to a GAAP operating
income of $0.6 million in the prior year.
The third quarter guidance reflects the following:
- Net sales are expected to increase in
the low single-digit percentage range, reflecting benefits from the
shift of the retail calendar, combined with growth in eCommerce
sales, partially offset by a reduced store count.
- Comparable store sales, which are
shifted to compare like calendar weeks, are expected to increase in
the low single-digit percentage range, driven by celebrity
collaborations, the introduction of Kate Hudson for Soho Jeans
Collection and growth in the digital business.
- Gross margin on a GAAP basis is
expected to increase by 50 to 150 basis points reflecting continued
improvements in merchandise margins, resulting from decreased
product cost and reduced promotional activity, combined with
leverage of reduced buying and occupancy costs due to our continued
expense control efforts.
- Selling, general and administrative
expenses on a GAAP basis are expected to increase by up to $2
million versus the prior year’s third quarter. This reflects an
increase in selling expenses driven by increases in eCommerce
variable costs and marketing spending due to the Company’s new
celebrity collaboration, partially offset by reduced home office
costs.
Additional Outlook:
- Total inventory at the end of the third
quarter is expected to increase in the low to mid single-digit
range, as compared to the prior year, largely reflecting the shift
in calendar with quarter end one week closer to the important
holiday season.
- Capital expenditures for the third
quarter of fiscal year 2018 are projected to be approximately $4
million to $6 million, as compared to $3.1 million of capital
expenditures in the third quarter of the prior year, reflecting
continued investments in the Company’s information technology and
omni-channel infrastructure, and real estate remodel/refresh
activity. For the full year, capital expenditures are projected to
be $10 million to $11 million, as compared to $12.5 million in
capital expenditures in the prior year.
- Depreciation expense for the third
quarter of fiscal year 2018 is estimated to be approximately $5
million.
- During the third quarter of fiscal year
2018, the Company expects to open 2 Fashion to Figure stores, open
3 New York & Company stores, remodel/refresh 3 existing stores,
and close 1 New York & Company store and 1 Outlet store.
Comparable Store Sales:
A store is included in the comparable store sales calculation
after it has completed 13 full fiscal months of operations from the
store's opening date or once it has been reopened after remodeling
if the gross square footage did not change by more than 20%. Sales
from the Company's eCommerce store, including Fashion to Figure
eCommerce sales, and private label credit card royalties and
related revenue are included in comparable store sales. Fashion to
Figure retail locations are not included in comparable store sales
calculations until they complete 13 full fiscal months of
operation. In addition, in a year with 53 weeks, sales in the last
week of the year are not included in determining comparable store
sales.
Conference Call Information
A conference call to discuss second quarter and Spring
2018 results is scheduled for today, Thursday, August 23, 2018
at 4:30 p.m. Eastern Time. Investors and analysts interested in
participating in the call are invited to dial (877) 407-0784 and
reference conference ID number 13682423 approximately ten minutes
prior to the start of the call. The conference call will also be
web-cast live at www.nyandcompany.com. A replay of this call will
be available at 7:30 p.m. Eastern Time on August 23, 2018 until
11:59 p.m. Eastern Time on August 30, 2018 and can be accessed by
dialing (844) 512-2921 and entering conference ID number
13682423.
As a supplement to this press release, slides with information
regarding the second quarter and Spring 2018 results and outlook
for third quarter 2018 will also be available at:
www.nyandcompany.com at approximately 4:20 p.m. Eastern Time on
Thursday, August 23, 2018.
About New York & Company
New York & Company, Inc. is an omni-channel women’s fashion
retailer providing curated lifestyle solutions that are versatile,
on-trend, and stylish at a great value. The specialty retailer,
first incorporated in 1918, has grown to now operate 426 retail and
outlet locations in 36 states while also growing a substantial
eCommerce business. Its branded merchandise, including
collaborations with Eva Mendes and Gabrielle Union, is sold
exclusively at these locations and online at www.nyandcompany.com.
Additionally, certain product, press releases and SEC filing
information concerning the Company are available at the Company's
website: www.nyandcompany.com.
Forward-looking StatementsThis press release contains
certain forward-looking statements, including statements made
within the meaning of the safe harbor provisions of the United
States Private Securities Litigation Reform Act of 1995. Some of
these statements can be identified by terms and phrases such as
“expect,” “anticipate,” “believe,” “intend,” “estimate,”
“continue,” “could,” “may,” “plan,” “project,” “predict,” and
similar expressions and references to assumptions that the Company
believes are reasonable and relate to its future prospects,
developments and business strategies. Such statements, including
information under “Outlook” and “Additional Outlook” above, are
subject to various risks and uncertainties that could cause actual
results to differ materially. These include, but are not limited
to: (i) the Company’s dependence on mall traffic for its sales and
the continued reduction in the volume of mall traffic; (ii) the
Company’s ability to anticipate and respond to fashion trends;
(iii) the impact of general economic conditions and their effect on
consumer confidence and spending patterns; (iv) changes in the cost
of raw materials, distribution services or labor; (v) the potential
for economic conditions to negatively impact the Company's
merchandise vendors and their ability to deliver products; (vi) the
Company’s ability to open and operate stores successfully; (vii)
seasonal fluctuations in the Company’s business; (viii) competition
in the Company’s market, including promotional and pricing
competition; (ix) the Company’s ability to retain, recruit and
train key personnel; (x) the Company’s reliance on third parties to
manage some aspects of its business; (xi) the Company’s reliance on
foreign sources of production; (xii) the Company’s ability to
protect its trademarks and other intellectual property rights;
(xiii) the Company’s ability to maintain, and its reliance on, its
information technology infrastructure; (xiv) the effects of
government regulation; (xv) the control of the Company by its
largest shareholder and any potential change of ownership of the
Company including the shares held by its largest shareholder; and
(xvi) other risks and uncertainties as described in the Company’s
documents filed with the SEC, including its most recent Annual
Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
The Company undertakes no obligation to revise the forward-looking
statements included in this press release to reflect any future
events or circumstances.
Exhibit (1)
New York & Company, Inc. and
Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited) (Amounts in thousands, except per
share amounts)
Three monthsendedAugust
4, 2018
% ofnet sales
Three monthsendedJuly 29,
2017
% ofnet sales Net sales $ 216,370 100.0 % $ 224,116
100.0 % Cost of goods sold, buying and occupancy costs
146,996 67.9 % 155,555 69.4 % Gross profit 69,374 32.1 %
68,561 30.6 % Selling, general and administrative expenses
66,317 30.7 % 63,405 28.3 % Operating income 3,057 1.4 %
5,156 2.3 % Net interest (income) expense (217) (0.1) % 238
0.1 % Income before income taxes 3,274 1.5 % 4,918 2.2 %
Provision for income taxes 207 0.1 % 95 — % Net
income $ 3,067 1.4 % $ 4,823 2.2 % Basic earnings per
share $ 0.05 $ 0.08 Diluted earnings per share $ 0.05 $ 0.08
Weighted average shares outstanding: Basic shares of common
stock 63,749 63,216 Diluted shares of common stock 66,244 63,664
Selected operating data: (Dollars in thousands,
except square foot data) Comparable store sales increase
(decrease) 0.6 % (1.1) % Net sales per average selling square foot
(a) $ 101 $ 97 Net sales per average store (b) $ 503 $ 486 Average
selling square footage per store (c) 4,974 5,028 Ending store count
426 460 (a) Net sales per
average selling square foot is defined as net sales divided by the
average of beginning and monthly end of period selling square feet.
(b) Net sales per average store is defined as net sales divided by
the average of beginning and monthly end of period number of
stores. (c) Average selling square footage per store is defined as
end of period selling square feet divided by end of period number
of stores.
Exhibit (2) New York & Company,
Inc. and Subsidiaries Condensed Consolidated Statements of
Operations (Unaudited) (Amounts in thousands,
except per share amounts)
Six monthsendedAugust 4,
2018
% ofnet sales
Six monthsendedJuly 29,
2017
% ofnet sales
Net sales $ 435,199 100.0 % $ 433,973 100.0 % Cost of goods
sold, buying and occupancy costs 295,864 68.0 % 300,990 69.4 %
Gross profit 139,335 32.0 % 132,983 30.6 % Selling,
general and administrative expenses 132,803 30.5 % 131,679 30.3 %
Operating income 6,532 1.5 % 1,304 0.3 % Net interest
(income) expense (195) — % 517 0.1 % Loss on extinguishment
of debt 239 — % — — % Income before income taxes 6,488 1.5 %
787 0.2 % Provision for income taxes 335 0.1 % 211 0.1 %
Net income $ 6,153 1.4 % $ 576 0.1 % Basic
earnings per share $ 0.10 $ 0.01 Diluted earnings per share
$ 0.09 $ 0.01 Weighted average shares outstanding: Basic
shares of common stock 63,638 63,199 Diluted shares of common stock
65,824 63,713
Selected operating data: (Dollars in
thousands, except square foot data) Comparable store sales
increase (decrease) 1.7 % (0.9) % Net sales per average selling
square foot (a) $ 202 $ 186 Net sales per average store (b) $ 1,007
$ 939 Average selling square footage per store (c) 4,974 5,028
(a) Net sales per average
selling square foot is defined as net sales divided by the average
of beginning and monthly end of period selling square feet. (b) Net
sales per average store is defined as net sales divided by the
average of beginning and monthly end of period number of stores.
(c) Average selling square footage per store is defined as end of
period selling square feet divided by end of period number of
stores.
Exhibit (3) New York & Company, Inc. and
Subsidiaries Condensed Consolidated Balance Sheets
(Amounts in thousands) August 4, 2018
February 3, 2018* July 29, 2017 (Unaudited)
(Unaudited) Assets Current assets: Cash and cash
equivalents $ 94,758 $ 90,908 $ 75,973 Accounts receivable 11,831
12,528 15,646 Income taxes receivable 55 115 115 Inventories, net
82,124 84,498 82,814 Prepaid expenses 17,233 16,447 18,524 Other
current assets 1,963 1,924 1,731 Total current assets 207,964
206,420 194,803 Property and equipment, net 68,331 77,906
80,976 Intangible assets 16,969 17,125 14,879 Other assets 1,618
1,505 1,550 Total assets $ 294,882 $ 302,956 $ 292,208
Liabilities and stockholders’ equity Current liabilities:
Current portion—long-term debt $ — $ 841 $ 841 Accounts payable
73,310 70,089 72,120 Accrued expenses 73,641 70,677 59,210 Income
taxes payable — 28 — Total current liabilities 146,951 141,635
132,171 Long-term debt, net of current portion — 10,644
11,064 Deferred rent 26,066 27,217 28,729 Other liabilities 33,649
36,599 39,930 Total liabilities 206,666 216,095 211,894
Total stockholders’ equity 88,216 86,861 80,314 Total liabilities
and stockholders’ equity $ 294,882 $ 302,956 $ 292,208 *
Derived from the audited consolidated financial
statements included in the Company’s Annual Report on Form 10-K for
the fiscal year ended February 3, 2018.
Exhibit (4) New York & Company,
Inc. and Subsidiaries Condensed Consolidated Statements of
Cash Flows (Unaudited)
(Amounts in thousands)
Six monthsended August 4,
2018
Six monthsendedJuly 29,
2017
Operating activities Net income $ 6,153 $ 576
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: Depreciation and amortization 10,715
11,091 Loss from impairment charges 486 532 Amortization of
intangible assets 156 — Amortization of deferred financing costs 41
94 Write-off of unamortized deferred financing costs 239 —
Share-based compensation expense 1,186 982 Changes in operating
assets and liabilities: Accounts receivable 513 (3,809) Income
taxes receivable 60 29 Inventories, net 2,374 (4,770) Prepaid
expenses (786) 222 Accounts payable 3,221 4,052 Accrued expenses
(2,835) (10,269) Income taxes payable (28) (174) Deferred rent
(1,151) (1,310) Other assets and liabilities (2,085)
(3,012) Net cash provided by (used in) operating activities
18,259 (5,766)
Investing activities Capital
expenditures (1,626) (4,711) Insurance recoveries 184
— Net cash used in investing activities (1,442)
(4,711)
Financing activities Repayment
of long-term debt (11,750) (500) Principal payments on capital
lease obligations (1,046) (821) Repurchase of treasury stock —
(557) Shares withheld for payment of employee payroll taxes
(171) (41) Net cash used in financing activities
(12,967) (1,919) Net increase (decrease) in cash and
cash equivalents 3,850 (12,396) Cash and cash equivalents at
beginning of period 90,908 88,369 Cash and cash
equivalents at end of period $ 94,758 $ 75,973 Non-cash capital
lease transactions $ — $ 818
Exhibit (5)
New York & Company, Inc. and
SubsidiariesReconciliation of GAAP to Non-GAAP Financial
Measures(Unaudited)
A reconciliation of the Company’s GAAP to non-GAAP financial
statement information for the three months ended August 4, 2018 and
July 29, 2017 is indicated below. This information reflects, on a
non-GAAP basis, the Company’s adjusted operating results after
excluding certain non-operating adjustments. This non-GAAP
financial information is provided to enhance the user’s overall
understanding of the Company’s current financial performance.
Specifically, the Company believes the non-GAAP adjusted results
provide useful information to both management and investors by
excluding expenses and credits that the Company believes are not
indicative of the Company’s continuing operating results. The
non-GAAP financial information should be considered in addition to,
not as a substitute for or as being superior to, measures of
financial performance prepared in accordance with GAAP.
Three months ended August 4,
2018
(Amounts in thousands, except per share amounts)
Cost of goodssold,
buyingand occupancycosts
Gross profit
Selling,
generalandadministrative
expenses
Operatingincome
Net income
Earningsper
dilutedshare
GAAP as reported $ 146,996 $ 69,374 $ 66,317 $ 3,057 $ 3,067 $ 0.05
Adjustments
affecting comparability
Reversal of certain severance and
employee relocation accruals
(33)
(33)
(135)
(168)
(168)
Consulting expense — — 165 165 165 Legal expenses — —
412 412 412 Total adjustments (1) (33)
(33) 442 409 409 —
Non-GAAP as adjusted
$ 147,029 $ 69,341 $ 65,875 $ 3,466 $ 3,476 $ 0.05
Three months ended July 29,
2017
(Amounts in thousands, except per share amounts)
Cost of goodssold,
buyingand occupancycosts
Gross profit
Selling,
generalandadministrativeexpenses
Operatingincome
Net income
Earningsper
dilutedshare
GAAP as reported $ 155,555 $ 68,561 $ 63,405 $ 5,156 $ 4,823 $ 0.08
Adjustments
affecting comparability
Certain executive relocation expense — — 401 401 401 Consulting
expense — — 519 519 519
Legal expenses, net of accrual
reversal
(trademark infringement case)
—
—
(2,623) (2,623) (2,623) Total adjustments (1)
— — (1,703) (1,703) (1,703)
(0.03)
Non-GAAP as adjusted
$ 155,555 $ 68,561 $ 65,108 $ 3,453 $ 3,120 $ 0.05
(1) The tax effect of the $0.4
million and $1.7 million of non-operating adjustments during the
three months ended August 4, 2018 and July 29, 2017, respectively,
is offset by a full valuation allowance against deferred tax
assets.
Exhibit (6)
New York & Company, Inc. and
SubsidiariesReconciliation of GAAP to Non-GAAP Financial
Measures(Unaudited)
A reconciliation of the Company’s GAAP to non-GAAP financial
statement information for the six months ended August 4, 2018 and
July 29, 2017 is indicated below. This information reflects, on a
non-GAAP basis, the Company’s adjusted operating results after
excluding certain non-operating adjustments. This non-GAAP
financial information is provided to enhance the user’s overall
understanding of the Company’s current financial performance.
Specifically, the Company believes the non-GAAP adjusted results
provide useful information to both management and investors by
excluding expenses and credits that the Company believes are not
indicative of the Company’s continuing operating results. The
non-GAAP financial information should be considered in addition to,
not as a substitute for or as being superior to, measures of
financial performance prepared in accordance with GAAP.
Six months ended August 4, 2018
(Amounts in thousands, except per share amounts)
Cost of goodssold,
buyingand occupancycosts
Gross profit
Selling,
generalandadministrativeexpenses
Operatingincome
Net income
Earningsper
dilutedshare
GAAP as reported $ 295,864 $ 139,335 $ 132,803 $ 6,532 $ 6,153 $
0.09
Adjustments
affecting comparability
Certain severance expense 286 286 352 638 638 Reversal of certain
employee relocation accruals — — (135) (135) (135) Consulting
expense — — 192 192 192 Legal expenses — — 552
552 552 Total adjustments (1) 286 286
961 1,247 1,247 0.02
Non-GAAP as adjusted
$ 295,578 $ 139,621 $ 131,842 $ 7,779 $ 7,400 $ 0.11
Six months ended July 29, 2017
(Amounts in thousands, except per share amounts)
Cost of goodssold,
buyingand occupancycosts
Gross profit
Selling,
generalandadministrativeexpenses
Operatingincome
Net income
Earningsper
dilutedshare
GAAP as reported $ 300,990 $ 132,983 $ 131,679 $ 1,304 $ 576 $ 0.01
Adjustments
affecting comparability
Certain severance expenses 548 548 — 548 548 Certain executive
relocation expense — — 401 401 401 Consulting expense — — 1,081
1,081 1,081
Legal expenses, net of accrual
reversal
(trademark infringement case)
—
—
(2,153) (2,153) (2,153) Total adjustments (1)
548 548 (671) (123) (123) (0.00)
Non-GAAP as adjusted
$ 300,442 $ 133,531 $ 132,350 $ 1,181 $ 453 $ 0.01
(1) The tax effect of $1.2
million and $0.1 million of non-operating adjustments during the
six months ended August 4, 2018 and July 29, 2017, respectively, is
offset by a full valuation allowance against deferred tax assets.
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version on businesswire.com: https://www.businesswire.com/news/home/20180823005739/en/
Investors:ICR, Inc.Allison Malkin, 203-682-8200
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