New York & Company, Inc. announced that the company’s expected loss for the second quarter of fiscal 2010 would be higher than was predicted at the previous guidance update given in May 2010.
New York & Company, Inc. said that the bigger loss was due to current trends of flat comparable store sales, higher promotional discounting and higher operating expenses, including buyer and occupancy costs. The company also expects selling, general and administrative expenses to increase by 300 basis points due to greater investment in the store base.
New York & Company, Inc. reported a net loss from continuing operations of $4.9 million, or $0.08 per diluted share, in the first quarter of fiscal 2010, which was reported on May 10, 2010. This was flat with the first quarter of fiscal 2009.
Comparable store sales increased 2.9% in the first quarter of fiscal 2010, compared to a decline of 15% in the same quarter a year earlier. New York & Company, Inc. will announce the full results for the second quarter of fiscal 2010 during the third week in August.
New York & Company, Inc. operates more than 580 stores in 43 states, and focuses on fashionable yet moderately priced merchandise for women.
For more information on the company, go to www.nyandcompany.com/nyco