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New York & Company maintains strong balance sheet
07
Nov '08
New York & Company Inc announced that based on preliminary unaudited results for the third quarter ended November 1, 2008, it expects a loss per diluted share towards the mid-point of its previous guidance range of a loss of $0.08 to $0.12 per share.

The Company also indicated that this guidance does not include an anticipated charge of approximately $0.03 per diluted share related to the management change announced on October 22, 2008.

The Company further announced that it expects to end the third quarter with a strengthened balance sheet, including increased cash and lower inventory, as compared to the third quarter of fiscal year 2007.

The Company expects to end the quarter with more than $40 million in cash representing an increase of $25 million versus the third quarter of fiscal year 2007, zero borrowings under its revolving credit facility and reduced long-term debt versus the third quarter of fiscal year 2007. Inventory per average store at cost is expected to be down approximately 10% versus the third quarter of fiscal year 2007.

The Company believes that the economic environment will remain challenging and expects promotional activity to accelerate throughout the key holiday selling period and, in response, will continue to maintain tight control of expenses and inventory. Further commentary on the outlook for the fourth quarter and full fiscal year will be provided as part of the Company's regularly scheduled third quarter earnings release and conference call on November 20, 2008.

New York & Company Inc

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Courtesy: AWI

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