US: New York & Co Q3 losses narrow
- Net losses narrowed to $3.8m
- Sales grew 1.2% to $219.3m
US women's wear retailer New York & Co saw net losses narrow during the third quarter as it worked to improve top line sales and gross margin.
Net losses were $3.8m over the quarter ended 27 October against a $9m loss in the prior year period.
Sales grew 1.2% to $219.3m, from $216.7m. Comparable store sales increased 0.7% on a 5.2% decline in the prior year period.
"During the quarter, we improved our top-line, generated positive comparable store sales and expanded our gross margin, which fuelled a greater than expected improvement in our operating performance versus the third quarter last year," said CEO Gregory Scott.
"Our results were driven by continued strength in our wear-to-work business - a core equity of our brand - along with successful events throughout the quarter that were supported by strategic investments in our marketing initiatives.
"Moving forward, we were pleased to start the holiday season with a strong response to our well-planned Black Friday and Cyber Monday events which resulted in sales and margin gains; however this was partially offset by the impact of Hurricane Sandy earlier in the month.
"While much of the holiday season still lies ahead, we believe we are well positioned to deliver on our goals. We will continue to apply the same disciplines that led to our improved year-to-date results and believe we have compelling merchandising and marketing strategies in place to capitalize on the important holiday season. This year our holiday assortment includes a stronger balance of gifting, fashion, and key items to satisfy our customers' needs while addressing the broader audience that shops our stores during these peak traffic periods."
US clothing company New York & Co swung to a first quarter profit despite sales edging down. ...
Retailer New York & Company returned to profitability in the fourth quarter and full year to 2 February, thanks to a 7.4% revenue increase....
- Improved supplier capabilities benefit Next
- THE FLANARANT: Understand win-win or lose out
- China and Vietnam lead US apparel imports in July
- Next H1: What the analysts say
- Abercrombie & Fitch to lose logos in fashion focus
- Brandix selects first "game-changing" innovations
- H&M goes green with Conscious Denim
- TPP talks "make progress" but issues remain
- Adidas defends position despite investor unrest
- US cotton production set to decline
- Wool in the 21st Century: new prospects for a familiar fibre
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Global market review of denim and jeanswear – forecasts to 2020
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Global Database of the Top 1000 Cut and Sew Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details