New York & Company a specialty apparel chain with 514 retail stores commented on its holiday performance and fourth quarter fiscal year 2013 outlook.
Comparable store sales for the nine week period ended January 4, 2014 (“holiday period”) increased 1.0%. Additionally, the Company narrowed its outlook for the 13-week fourth quarter ending February 1, 2014.
The Company detailed that with several weeks remaining in the quarter it now expects fourth quarter fiscal year 2013 GAAP operating income to range between $5.0 million and $6.5 million which is at the midpoint to higher end of its previously issued guidance range of $3.0 million to $7.0 million.
Additionally, the Company expects inventory to be in-line with its guidance previously disclosed in the Company’s third quarter press release dated December 4, 2013.
Gregory Scott, New York & Company’s CEO, stated: “In view of the challenging retail environment, we are pleased with our holiday performance which continued the momentum we experienced throughout the first three quarters of the year.
“Our ability to deliver positive comparable store sales, continued improvement in merchandise margins, and projected fourth quarter operating income well within our guidance is a strong validation of our six keys to success. We look forward to continuing our positive performance in 2014.”