New York & Co Feb. total sales, same-store sales dip
02 Mar '06
3 min read
Specialty apparel chain New York & Company Inc has announced that total net sales for the four-week period ended February 25th 2006 decreased 6.1 percent to $80.6 million, compared to $85.8 million in the prior year period.
Same-store sales decreased 12.8 percent for the four-week period, compared to a comparable store sales increase of 9.8 percent in the prior year period.
Richard Crystal, Chairman and CEO, stated, "We are disappointed with our results in February as the strategy that had worked for us during the fourth quarter of driving sales using price incentives on targeted items failed to generate the additional transactions necessary to make up for lower pricing.
"During the month we did order significant quantities of best sellers which we believe will support improved results for the Easter selling period," Crystal continued. "Our next delivery, due to be in store mid-March, is performing well in test. Brighter colors in our casual tops will flow in during this period and knit dressing, a key fashion category, will grow in importance.
"We expect comparative store sales for March to be down versus last year as the Easter holiday moves out of the month and for April to turn positive as our merchandise assortment improves and pricing strengthens as we move through the quarter."
The company opened one new store in February, ending the month with 520 locations and 3.3 million selling square feet in operation.
Based upon February sales, the company noted that it is updating its first quarter and fiscal 2006 guidance as follows:
marketing@alchempro.com
