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Apparel retailer New York & Company sales up in Dec
06 Jan '06
3 min read
Specialty apparel chain with 527 stores, announced New York & Company Inc that total net sales for the five-week period ended December 31, 2005 increased 16.2 percent to $177.1 million, compared to $152.4 million in the prior year period.
Comparable store sales increased 10.9 percent for the five-week period, compared to a comparable store sales decrease of 5.5 percent in the prior year period.
Total net sales for the forty-eight week period ended December 31, 2005 increased 8.7 percent to $1,067.3 million, as compared to $981.7 million in the prior year period.
Comparable store sales increased 3.3 percent for the forty-eight week period, compared to a comparable store sales increase of 7.5 percent in the prior year period.
Richard P. Crystal, New York & Company's Chairman and CEO, stated: "They were pleased with their double digit comparable sales growth for the month of December.
The retail environment as they anticipated, was highly promotional; however, they were able to achieve greater market share by offering a compelling merchandise assortment at attractive price points.
This strategy resonated well with their customers, who rewarded us by purchasing New York & Company products both for themselves and as gifts."
The Company closed one store in December, ending the month with 527 locations and 3.3 million selling square feet in operation.
On January 4, 2006, the Company prepaid its existing $75.0million term loan plus accrued interest in full, using cash on hand and proceeds from a new $37.5 million term loan facility maturing on March 17, 2009, provided by Wachovia Bank NA.
Comparable store sales increased 10.9 percent for the five-week period, compared to a comparable store sales decrease of 5.5 percent in the prior year period.
Total net sales for the forty-eight week period ended December 31, 2005 increased 8.7 percent to $1,067.3 million, as compared to $981.7 million in the prior year period.
Comparable store sales increased 3.3 percent for the forty-eight week period, compared to a comparable store sales increase of 7.5 percent in the prior year period.
Richard P. Crystal, New York & Company's Chairman and CEO, stated: "They were pleased with their double digit comparable sales growth for the month of December.
The retail environment as they anticipated, was highly promotional; however, they were able to achieve greater market share by offering a compelling merchandise assortment at attractive price points.
This strategy resonated well with their customers, who rewarded us by purchasing New York & Company products both for themselves and as gifts."
The Company closed one store in December, ending the month with 527 locations and 3.3 million selling square feet in operation.
On January 4, 2006, the Company prepaid its existing $75.0million term loan plus accrued interest in full, using cash on hand and proceeds from a new $37.5 million term loan facility maturing on March 17, 2009, provided by Wachovia Bank NA.
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