New York & Company Inc announced that total net sales for the four-week period ended October 28, 2006 increased 3.9% to $79.6 million, compared to $76.6 million in the prior year period. Comparable store sales decreased 2.5% for the four-week period, compared to a comparable store sales increase of 4.7% in the prior year period.
Total net sales for the thirteen week period ended October 28, 2006 increased 6.5% to $270.9 million, as compared to $254.4 million in the prior year period. Comparable store sales increased 0.5% for the thirteen week period, compared to a comparable store sales decrease of 3.1% in the prior year period.
Total net sales for the thirty-nine week period ended October 28, 2006 increased 3.1% to $802.9 million, as compared to $778.9 million in the prior year period. Comparable store sales decreased 4.4% for the thirty-nine week period, compared to a comparable store sales increase of 0.5% in the prior year period.
Richard P. Crystal, New York & Company's Chairman and CEO stated: “While comparable sales were slightly below our expectations, we were able to reduce the level of promotional activity versus October last year, maintain tight control of inventory, and, once again as in September, significantly increase our merchandise margins."
"As a result, we have increased our third quarter guidance range to $0.14 to $0.15 per diluted share. As we look ahead, we believe we are well positioned for the fourth quarter, as we are encouraged by early holiday sales trends.”
The Company opened 12 new stores in October, ending the month with 560 locations and 3.4 million selling square feet in operation.
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