New York & Company Inc a specialty apparel chain with 569 stores, announced that total net sales for the four-week period ended May 5, 2007 decreased 6.9% to $85.4 million, as compared to $91.7 million for the four-week period ended April 29, 2006.
Comparable store sales decreased 11.4% for the four-week period ended May 5, 2007, as compared to a comparable store sales increase of 2.6% for the four-week period ended April 29, 2006.
Total net sales for the thirteen-week year-to-date period ended May 5, 2007 increased 6.3% to $284.0 million, as compared to $267.1 million for the thirteen-week year-to-date period ended April 29, 2006. Comparable store sales decreased 1.2% for the thirteen-week period ended May 5, 2007 as compared to a comparable store sales decrease of 9.2% for the thirteen-week period ended April 29, 2006.
Richard P. Crystal, Chairman and CEO stated: "April sales were disappointing as we experienced greater than anticipated negative comparable store sales during the early part of the month due to the shift of Easter into March, a weakness in mall traffic and unseasonable weather."
"With more seasonable weather and the corresponding improvement in traffic, our sales rebounded later in the month, but were unable to offset early April sales trends. As a result of this, combined with higher than anticipated costs associated with our JasmineSola business, we have reduced our expectations for first quarter of fiscal 2007."
The low end of the Company's previous earnings per share guidance range of $0.11 to $0.14 per diluted share was predicated on achieving a low single digit comparable store sales increase reflecting earnings of $0.12 per diluted share in the New York & Company brand and a loss of $(0.01) per diluted share in the JasmineSola brand.
marketing@alchempro.com
