New York & Company, a specialty apparel chain with 483 retail stores, has declared results for the third quarter ended October 29, 2016. In the period under review, the fashion retailer’s net sales totalled US $ 213.9 million, which included US $ 3.1 million of royalty revenue from the new private label credit card agreement, as compared to US $ 219.8 million in the prior year’s third quarter.
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During the quarter, comparable store sales plunged 0.7 per cent as an increase in the brand’s e-commerce business. GAAP operating loss was US $ 2.1 million, as compared to the last year’s third quarter GAAP operating loss of US $ 4.9 million. On a non-GAAP basis, adjusted operating loss was US $ 2.6 million, compared to the prior year’s non-GAAP operating loss of US $ 2.6 million.
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In the reporting period, the retailer opened one New York & Company store and closed three New York & Company stores and one Outlet store, ending the quarter with 483 stores, including 130 Outlet stores and 2.5 million selling square feet in operation.
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The company expects net sales to decline in the low single-digit percentage range, reflecting decreased store count, in the fourth quarter of the current fiscal year.
