Comparable store sales expected to be approximately flat – NY & Co

08 Jun '10

2 min read

New York & Company, Inc., a specialty apparel chain with 581 retail stores, updated its second quarter fiscal 2010 guidance in advance of its participation in the 30th Annual Piper Jaffray Consumer Conference.

Based on current business trends, including comparable store sales over the past three weeks, the Company now projects its second quarter loss per share to widen from its previous expectations provided on May 20, 2010. Regarding its revised outlook for the second quarter of fiscal 2010, the Company provided the following information:

• Comparable store sales are expected to be approximately flat.
• Merchandise margins are projected to decrease by approximately 900 basis points versus last year reflecting higher levels of promotional activity.
• Buying and occupancy costs are expected to slightly increase as a percentage of net sales from the year-ago period.
• Selling, general and administrative expenses are expected to increase as a percentage of net sales by approximately 300 basis points compared to last year primarily as a result of investments in the Company's e-commerce and outlet businesses, along with certain store expenses.

These projections exclude the impact of previously announced charges related to the closure of the Company's test accessories concept. The Company plans to report full results for the second quarter of fiscal 2010 during the week of August 16, 2010.

New York & Company, Inc., founded in 1918, is a leading specialty retailer of fashion oriented, moderately priced women's apparel. The Company's proprietary branded New York & Company merchandise is sold exclusively through its national network of retail stores and e-commerce store. The Company currently operates 581 stores in 43 states.

New York & Company Inc

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