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New York & Company reports net loss in Q2

Posted on: Thu, 27 Aug 2009 09:37:00 EDT

Symbols: NWY

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Aug 27, 2009 (Datamonitor via COMTEX) --
NWY | Quote | Chart | News | PowerRating -- Apparel retailer New York & Company has reported a net loss of $4.83 million, or $0.08 per diluted share, for the second quarter ended August 1, 2009, compared to a net income of $8.78 million, or $0.14 per diluted share, for the second quarter of fiscal 2008.

For the second quarter of fiscal 2009, net sales were $247.8 million, compared to $295.7 million for the second quarter of fiscal 2008. Comparable store sales decreased 16.4%, compared to a 2.2% decrease in the second quarter of fiscal 2008.

For the first six months ended August 1, 2009, net sales were $480.7 million, compared to $565.7 million for the first six months ended August 2, 2008. Comparable store sales decreased 15.7%, compared to a 4.3% decrease in the prior-year period.

For the first six months of fiscal 2009, net loss was $9.71 million, or $0.16 per diluted share, compared to a net income of $15.5 million, or $0.25 per diluted share, in the prior-year period.

Richard Crystal, chairman and CEO of New York & Company, said: "Our second quarter bottom line results met our expectations, as we tightly managed expenses and inventory. Customers continue to be selective in their discretionary spending and remain focused on those purchases that deliver an outstanding value proposition. During the quarter we maintained a strong balance sheet and had no borrowings under our revolver, ending the quarter with $53 million in cash and inventory per average store down by 10.9%, as compared to the prior year."

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