New York & Co. swings to loss in Q4, hones focus on outlet business
Los Angeles -- New York & Co. reported Thursday a loss of $10.9 million in the fourth quarter, compared with net income of $14.9 million a year earlier.
Sales dropped to $271.8 million, from $303.2 million in the same quarter last year, missing Wall Street’s expected $275 million in revenue. Same-store sales fell 6.3%.
Looking ahead, the retailer said it expects to open 11 outlet locations and one full-price store in the first quarter of 2012, as well as
remodel four existing locations, and close two stores, ending the first quarter of fiscal year 2012 with 542 stores.
For fiscal 2012, New York & Co. said it plans to open 15 to 20 new stores, remodel 10 to 15 existing locations, and close between 25 and 30 stores, ending the year with between 517 to 527 stores, including 41 to 46 Outlet stores.