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New York & Co improves Q1 comparable store sales

By Prachi Singh

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New York & Company, apparel chain with 504 retail stores, said that for the first quarter ended May 2, 2015, net sales were 223.4 million dollars, as compared to 219.6 million dollars in the prior year. Comparable store sales increased 1.8 percent, following a decrease of 2.2 percent for the same period last year. Gross profit as a percentage of net sales increased 50 basis points versus the fiscal 2014 first quarter.

Commenting on the results, Gregory Scott, New York & Company’s CEO, stated, “We were pleased to continue to gain traction on our key initiatives delivering increases in top line sales, positive comparable store sales and expansion of our gross margins. While incremental investments impacted profitability for the quarter, we expect to be profitable in the second quarter bringing us to approximately breakeven for the first half of the year, on a non-GAAP basis.”

The company opened two New York & Company stores, three outlet stores, closed five stores, converted nine New York & Company locations to outlet stores, and remodeled two stores during the first quarter. Net sales and comparable store sales are expected to increase by a low single-digit percentage versus last year for the second quarter. Gross margin is expected to increase by 100-200 basis points from the prior year’s second quarter rate. The company expects to open approximately two new outlet stores, remodel four existing locations, and close three stores, ending the quarter with 503 stores, including 76 outlet stores.

New York & Company