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New York & Company comparable holiday sales decline

By Prachi Singh

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Report

New York & Company has said that its comparable store sales for the nine-week period ended December 31, 2016 decreased approximately 1.7 percent and the company now expects comparable store sales for the full quarter to be down in the low single-digit percentage range.

Commenting on the holiday season trading and outlook, Gregory Scott, New York & Company’s CEO, stated in a press release, “While we are disappointed with our overall results, certain aspects of our business did perform well despite a challenging retail landscape, with soft traffic and a highly promotional environment. Traffic declines and soft sales during the quarter have caused us to increase markdowns, which has negatively impacted our fourth quarter results but ensures that we start the spring season clean.”

New York & Company expects Q4 loss of 2.5 to 4.5 million dollars

The company detailed that with three weeks remaining in the quarter it now expects fourth quarter operating results to reflect a loss of 2.5 million dollars to 4.5 million dollars. Additionally, the company still expects inventory to be approximately flat, as compared to last fiscal year end.

During the quarter, the company saw strength in its seasonal categories such as sweaters, outerwear, winter wear and lounge and the Eva Mendes Collection and dresses. This strength, New York & Company said, was offset by weakness in woven and knit tops, denim and jewellery, a key category for us during the holiday selling period.

Picture:New York & Company

New York & Company