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....
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