New York & Company Inc, a specialty apparel chain with 534 stores, announced that total net sales for the four-week period ended May 27th 2006 increased 3.0 percent to $99.7 million, compared to $96.8 million in the prior year period. Comparable store sales decreased 5.2 percent for the four-week period, as compared to a comparable store sales increase of 0.6 percent in the prior year period.
Total net sales for the seventeen-week year-to-date period ended May 27th 2006 were $366.8 million, as compared to $366.8 million in the prior year period. Comparable store sales decreased 8.0 percent for the seventeen-week period, as compared to an increase of 3.1 percent in the prior year period.
Richard Crystal, Chairman and CEO stated: "May sales results were slightly below our expectations, as sales slowed after Mother's Day. However, we were able to achieve our targeted levels of inventory reduction and continue to focus on preparation for the fall selling period."
The company opened five new stores and closed one store in May, ending the month with 534 stores and 3.3 million selling square feet in operation.
New York & Company Inc, founded in 1918, is a leading specialty retailer of fashion-oriented, moderately-priced women's apparel. Its proprietary branded New York & Company merchandise is sold exclusively through its national network of retail stores. It operates 534 retail stores in 45 states.
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