New York & Company Inc provided a revision to its diluted earnings per share guidance for the third quarter of fiscal 2008.
In the third quarter to date period (August and September 2008), comparable store sales declined by 10.6%, which is significantly lower than the Company's expectations. As a result, the Company now expects to realize a loss of $4.5 million to $7.0 million, or $0.08 to $0.12 per diluted share, for the third quarter of fiscal 2008.
The Company currently believes that the economic environment will continue to be challenging and the levels of promotional activity will accelerate throughout the key holiday selling period. In response, the Company will continue to operate in a disciplined manner, focusing on providing compelling fashion and value, while maintaining tight control of expenses and inventory and by limiting capital outflows.
The Company plans to provide further commentary on the outlook for the fourth quarter and full fiscal year as part of its regularly scheduled third quarter earnings release and conference call on November 20, 2008.
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