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New York & Co sees positive growth in its specialty apparel chain

20
Mar '08
Net income from continuing operations for fiscal year 2007 was $26.7 million, or $0.44 per diluted share, as compared to prior year net income from continuing operations of $0.81 per diluted share.

Richard P. Crystal, New York & Company's Chairman and CEO, stated: "While we experienced lower sales and earnings in the fourth quarter compared to the prior year, primarily as a result of increased promotional activity due to the challenging retail environment, we did make progress on a number of initiatives. We continued to see strength in our wear-to-work categories.

We began to see improved product offerings in our accessory assortment, and our e-commerce business continued to grow and exceed plans. Finally, we were very disciplined in managing our inventory and expenses. As we move into 2008, we believe continuing these strategies will lead to improved profitability and increased shareholder value."

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