The company sales decreased 3.29 per cent in the first quarter of FY16 to $223.3 million as compared to $216.03 million in the corresponding quarter last fiscal. Net loss reported for the period stood at $5.71 million as compared to $4.67 million, a rise of 22.26 per cent.
As a part of the company game plan for Q2, the strategy for Q2 was slightly revised to include investments for marketing of Jennifer Hudson Jeans line and for growing Eva Mendes business. Enhanced investments will also be made on e-commerce and celebrity collaborations.
“As we move into the second quarter, and for the balance of the year, we are adjusting our game plan so that we leverage on what is working, and at the same time improve our traffic trends to our stores,” Gregory Scott, CEO of New York & Company commented.
“We began the quarter with positive sales trends; however, as we entered the last week of March, we experienced a slowdown in traffic to our brick-and-mortar stores, that continued into April, and led to sales and profitability below our expectations,” he said.
“Overall, we remain confident in our long-term strategy. We believe that the continued expansion of our differentiated celebrity sub-brands, along with our consistent ability to deliver great trends and value and our enhanced omni-channel capabilities, including growth of mobile, have us poised to deliver long-term profitable growth and increased value for our shareholders,” Scott added.
The company expects net sales and comparable store sales to be flat to slightly negative in the second quarter of fiscal 2016. (MCJ)
Fibre2Fashion News Desk - India
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