NEW DAY FOR NEW BARNEYS
NEW YORK — The new Barneys New York appears to be standing on its own again.
The New York retail institution registered net income of $3.3 million, or 25 cents per share, in the fourth quarter ended Jan. 29. Thanks to an extraordinary gain of $285.9 million on the discharge of debt in connection with its emergence from bankruptcy proceedings, its predecessor company had net income of $277.5 million in the 1999 quarter. Sales in the quarter were $102.1 million versus $90.0 million in the prior-year quarter, an increase of 13.4 percent. Same-store sales were up 16.3 percent.
For the year, Barneys posted a net loss of $5.3 million, or 42 cents per share, versus net income, after the extraordinary gain, of $261.7 million last year. Sales moved up 6.4 percent to $366.8 million from $344.8 million and were ahead 9.0 percent on a same-store basis.
Earnings before interest, taxes, depreciation and amortization were up 47.8 percent to $11.2 million from $7.6 million in the quarter and up 44.0 percent, to $25.4 million from $17.6 million, for the year.
“For the fall season, total comp sales grew 13.8 percent, fueled by double-digit increases in both our full-price and outlet store formats,” said Allen Questrom, chairman, president and chief executive, in a statement. “There was strong performance in merchandising areas across the board which continued into the first quarter.”