New York & Company Inc, a specialty apparel chain with 530 stores, today announced financial results for the first quarter ended April 29, 2006.
Net sales for the first quarter of fiscal year 2006 decreased 1.1 percent to $267.1 million, as compared to $270.0 million in the first quarter of fiscal year 2005. Comparable store sales for the first quarter decreased 9.2 percent, compared to a 3.9 percent increase in the prior year quarter.
Gross profit for the first quarter of fiscal year 2006 amounted to $79.1 million, or 29.6 percent of net sales, compared to $98.3 million, or 36.4 percent of net sales, in the first quarter of fiscal year 2005.
Second Quarter 2006 Guidance
The Company currently forecasts net sales for the second quarter of fiscal year 2006 in the range of $270.0 million to $275.0 million, an increase of 6.0 percent to 8.0 percent, compared to actual net sales of $254.6 million for the second quarter of fiscal year 2005.
During the second quarter of fiscal year 2006, the Company plans to open 21 new stores and remodel 18 locations. The Company expects to close one store during the second quarter of fiscal year 2006 and anticipates having 550 stores in operation at the end of the quarter, as compared to 506 stores in operation at the end of the second quarter of fiscal year 2005.
Total selling square footage at the end of the second quarter of fiscal year 2006 is expected to approximate 3.325 million square feet, compared to 3.237 million square feet at the end of the second quarter of fiscal year 2005. Exhibit (5) at the end of this release details the actual and projected store openings, closings, remodels and the related selling square footage by quarter for fiscal year 2006.
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