New York & Co disappoints with wider Q3 loss
- Q3 adjusted net loss doubles to US$6.9m
- Net sales fall 3.4% to $210.3m
- Comparable store sales down 3.4%
Apparel retailer New York & Company saw its adjusted third quarter net loss more than double as revenues and comps both dipped by 3.4%.
Gross profit margin was down 80 basis points, as improvements in product costs were more than offset by increased promotional activity, higher freight costs and a deleveraging of fixed store occupancy costs on lower store sales.
Company CEO Gregory Scott said: “We are disappointed to not meet our original expectations, reflecting a soft performance in our wear-to-work category, and the impact of product delays and increased costs related to the labour issues at the West Coast ports.
“There were several positives in the quarter that reinforce our belief that we are implementing the right strategies to increase sales productivity and long-term profitability.”
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