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New York & Co total net sales for Aug drops 5.9%

02
Sep '05
Lifestyle fashion firm New York & Company Inc announced total net sales for the four-week period ended August 27, 2005 decreased 5.9 percent to $72.9 million, as compared to $77.5 million in the prior year period. Comparable store sales decreased 13.4 percent for the four-week period ended August 27, 2005, compared to a comparable store sales increase of 12.4 percent in the prior year period.

Total net sales for the thirty-week year-to-date period ended August 27, 2005 increased 4.4 percent to $597.5 million, as compared to $572.5 million in the prior year period. Comparable store sales increased 0.2 percent for the thirty-week period ended August 27, 2005, compared to a comparable store sales increase of 13.9 percent in the prior year period.
Richard P. Crystal, Chairman and CEO, stated: "While August results were disappointing, September is a critical month and drives business in the third quarter. As indicated earlier in the month, they expected August comparable store sales to be negative; this was primarily due to reduced sales of summer product, the movement of City Cash promotion into September and disappointing sales of denim product. Although sales trends improved slightly towards the latter part of the month, they were unable to drive positive sales with semi-annual pant event."

"On a positive note, the investments they have made in the jackets, outerwear and casual sweater businesses did start to pay off as all of these categories experienced positive comparable store sales during the month and continue to gain strength. On the fashion front they continue to build inventory in gauchos, corset tops and sweater jackets as we move through the month and remain on track to deliver new fall product in mid-September."


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