New York & Co. Swings to Loss in Q4, to Focus on Outlet Business
New York & Co. reported 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 percent. 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.