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Full year guidance for New York & Co brand reaffirmed
12 Nov '07
2 min read
New York & Company Inc is a specialty apparel chain with 568 New York & Company retail stores. On October 18, 2007, the Company announced that following a thorough review of strategic alternatives for its JasmineSola store concept, the Company has decided to exit the 23 store JasmineSola chain by the end of the fourth quarter of fiscal 2007.
As a result of the exit strategy, the Company is reporting consolidated net sales and providing supplemental information for the New York & Company brand and the JasmineSola brand separately, for the third quarter of fiscal 2007 and the year-to-date period.
Consolidated net sales for the thirteen-week period ended November 3, 2007 increased 5.9% to $287.0 million, as compared to $270.9 million for the thirteen-week period ended October 28, 2006.
Consolidated net sales for the thirty-nine-week year-to-date period ended November 3, 2007 increased 7.8% to $865.3 million, as compared to $802.9 million for the thirty-nine-week year-to-date period ended October 28, 2006.
Richard P. Crystal, Chairman and CEO stated: "We executed our strategy well, maximizing profitability driven by our efforts to control inventory and manage expenses in a challenging business environment.
While comparable store sales declined for the quarter, transactions per average store were essentially even with the prior year demonstrating the continued favorable response to our merchandise offerings particularly in the pant,dress, skirt and jacket categories.
As a result of the exit strategy, the Company is reporting consolidated net sales and providing supplemental information for the New York & Company brand and the JasmineSola brand separately, for the third quarter of fiscal 2007 and the year-to-date period.
Consolidated net sales for the thirteen-week period ended November 3, 2007 increased 5.9% to $287.0 million, as compared to $270.9 million for the thirteen-week period ended October 28, 2006.
Consolidated net sales for the thirty-nine-week year-to-date period ended November 3, 2007 increased 7.8% to $865.3 million, as compared to $802.9 million for the thirty-nine-week year-to-date period ended October 28, 2006.
Richard P. Crystal, Chairman and CEO stated: "We executed our strategy well, maximizing profitability driven by our efforts to control inventory and manage expenses in a challenging business environment.
While comparable store sales declined for the quarter, transactions per average store were essentially even with the prior year demonstrating the continued favorable response to our merchandise offerings particularly in the pant,dress, skirt and jacket categories.
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